Research On The Transformation And Development Of State-Owned Caital Investment Comanies

At present,the comprehensive promotion of the reform of state-owned capital investment companies has been carried out for nearly four years.Generally speaking,the reform concept of transformation from "asset management" to "capital management" has been gradually accepted by local governments and state-owned enterprises in the process of implementation.However,from the overall situation,the reform of local state-owned capital investment companies is still in the "flood" stage.In the process of transformation to "state-owned capital investment companies",some local state-owned platform companies are still unclear in functional positioning and operation mode,and failed to explore a scientific and reasonable transformation and development path based on the changes of internal and external environment.Therefore,an in-depth study on the transformation and development mode and path of state-owned capital investment companies has theoretical and practical significance.This thesis explores the development path of state-owned capital investment companies to realize market-oriented transformation by using the research methods of literature analysis,case analysis,comparative analysis and questionnaire survey.Firstly,the development status of domestic and foreign state-owned capital investment companies and related literatures are sorted out;secondly,Secondly,it explores the transformation experience of Temasek model of foreign enterprises and China Chengtong of domestic enterprises,and summarizes the relevant experience and Enlightenment suitable for China’s national conditions in combination with the common problems and constraints faced by state-owned capital investment companies in the development of state-owned capital investment companies.Finally,on the basis of this research,L holding group is selected as a typical case to further analyze the development bottlenecks and problem causes faced by L holding group,a state-owned capital investment company.In view of the current operation situation of L holding group and the problems existing in the transformation and development,such as unsustainable business model,unreasonable business model design,low capital operation efficiency,weak incentive and restraint,lack of industrial core talents,etc,This paper analyzes the transformation direction and path of L holding group to realize the "Three Leaps",that is,the leap of functional positioning: accelerating the transformation from regional government financing platform to diversified state-owned capital investment company,the leap of business philosophy: realizing the transformation from government task completion type to full market operation oriented type,the leap of management and control mode: realizing the transformation from centralized operation and management of the headquarters to the group management and control mode of "combination of release and management".At the same time,it refined the "357" strategic system and specific development path to complete three capability improvements,cultivate five listed companies and implement seven business segments.Finally,it puts forward four or three suggestions and measures to ensure the smooth implementation of the transformation,such as optimizing organizational control,strengthening enterprise talent construction,improving internal governance and strengthening financial management.This paper combs the reform and development achievements and development bottlenecks faced by state-owned capital investment companies in recent years,obtains the mode and path of L holding group’s strategic transformation and development through comparative analysis,and puts forward that in the process of transformation and development,state-owned capital investment companies need to deeply integrate the development strategy and relevant business sectors of investment and operation,and establish an internal control system with clear levels and clear rights and responsibilities,So as to promote the healthy and sustainable development of enterprises.