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The Research on Loss of Stated-owned Asset of Chinese Electric Power Industry Problem

Author: ZhangXiaoZuo
Tutor: WuZhenRong
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: State-owned Assets Loss of state assets Property Corporate Governance Structure Principal-agent problem
CLC: F123.7
Type: Master's thesis
Year: 2009
Downloads: 114
Quote: 0
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Abstract

Power as a basis for energy in China's economic development, plays an irreplaceable role in promoting the economic take-off. Due to the natural monopoly characteristics of the electric power industry and the importance of people's livelihood, as one of the few remaining state-owned enterprises after the reform of state-owned enterprises, has always been the national economy \Power industry is also known for its huge state-owned assets have (in 2004 the country's state-owned assets total about 11 trillion yuan, of which about 8 trillion yuan of operating state-owned assets, the electric power industry with state-owned assets of 822.55 billion yuan, accounting for operating state-owned assets 10.3%) in the management of state-owned assets, the same eye. However, the power industry as a pillar of the economy, the loss of state assets more shocking. In June 2004, the National Audit Office of the Auditor-General Li Jinhua at the tenth meeting of the Standing Committee of the National People's Congress submitted a leading bodies of the former State Power Corporation term economic responsibility audit report disclosed the company leadership decision-making errors caused significant losses of state-owned assets. \Summarizes a series of major economic issues related to the \Among them, the decision-making errors caused by the loss or potential loss of 78.4 billion yuan (individual leadership in violation of the decision-making process or unauthorized decisions cause loss or potential loss of 3.28 billion yuan, accounting for 42%); profit or loss is not real 78 billion; 4.5 billion yuan loss of state assets ; the individual leading economic crimes amount of money involved 10 million. Social power workers paid is reasonable, the monopoly benefits erode profits extensive intense discussion. Paid and other issues related to how to allocate power industry after-tax profits of state-owned assets, the state-owned shares of dividends, rights issues. Visible large-scale state-owned assets of the power industry, the loss of state assets amount is huge, diverse pathways, far-reaching impact, must draw our attention. Explore ways to strengthen the state-owned assets management of the electric power industry, there is an urgent need to prevent power loss of state assets. This article would like to economics, new institutional economics, organization theory, public choice theory, information economics as an analytical tool to look at China's current power sector reform from the perspective of the public finances and the state-owned asset management. The status quo through the introduction of the reform and development of the power industry, the power company's assets structure, financial statements analysis operational status of the power companies of state-owned assets, the state-owned assets of the summary of China's electric power industry. Introduction and case studies from a number of different cases of deep-level multi-angle analysis of the state-owned assets of the power industry through the electricity restructuring process is not standardized operation, a huge loss of investment decisions, on-the-job luxury consumption a variety of ways, trying from the system of property rights, corporate governance structure commissioned agents and other reasons. Contrast the foreign electricity industry electricity reform and state-owned asset management mode, experience to explore the idea of state-owned assets management suitable for China's national conditions, to promote the development of the power industry. Finally, according to the different way to the loss of the front part of the analysis of the reasons and foreign experience, explore ways to strengthen the state-owned asset management of the electricity industry to solve the loss problem. From using the law to protect state-owned assets, clear property rights, improve the internal governance structure of the power companies, according to the power industry performance indicators to establish effective incentive and restraint mechanisms to improve the agency relationship, and strengthen internal and external regulatory measures to achieve the state-owned assets of the power industry. increase the value of competition to promote the development of the power industry for China's national economy sustained, harmonious development of the escort.

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