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Research on Personalization of State-owned Capital

Author: ChenWei
Tutor: YueYiDing
School: Central South University
Course: Management Science and Engineering
Keywords: State-owned capital Capital personalization Capital of rights and interests Basic contradiction State-owned privately operated
CLC: F123.7
Type: PhD thesis
Year: 2007
Downloads: 203
Quote: 2
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Abstract


It has formed theoretically three different kinds of mentalities about the question that how to realize the personalization of state-owned capital: The thought of the ethics school is to eliminate agent’s moral risk.This is the lowest cost way to realize the transaction of state-owned capital personalization, but it lacks the universal serviceability under the market economy condition; The property right school of thought is state-owned capital privatization.This is an effective way to realize capital personalization, but it gave up the state-owned nature of the capital and jumped out the scope of the subject that has decided; The thought of the management school is to enhance the trustee’s personality and efficiency of conduction, this in the process of realization of state-owned capital personalization is an extremely important link, but under the condition that the trustee’s personality is not yet capitalization, this kind of way only can be the water without a source.Therefore, the topic has not yet obtained the complete solution that in the premise of the insistence of the two principles that the government and enterprise are separation and the capital is state-owned, how molds a personality of the capitalization, and transforms this personality of the capitalization into a movement of the state-owned capital .To provide an experimental solution for this topic is the work which this article needs to do.The paper takes the theory of Marx’s capital personalization as the instruction, takes the neoclassic economic about economic man’s supposition as the premise, takes the theory of enterprises in the new system economic and the theory of driving in the behavioral science as the basic basis, uses the analytic method of contradictory, the analytic method from specially to general, again from generally to the special, the method that the real diagnosis analysis and the standard analysis unifies and so on, in the foundation of absorbing the obtained achievement of theory of the Chinese and foreign scholar, unified the reality of the movement of the Chinese state-owned capital, structured a theoretical model of the personalization of state-owned capital which takes state-owned privately operated as the basic characteristic.Through the research, the paper has yielded the following results:(1) It makes the general theory summary for the condition of the realization of the capital personalization. To the capital personalization research, Marx takes the object of study which sets an example by the classical capitalist enterprise, the neoclassic economist takes the established system as the premise by capital personalization, the new system economist is the object of study which sets an example by the capitalist enterprise of the present age, and the socialism economist takes the object of study by the state-owned enterprise. In the basis of absorbing the theory achievement of the Chinese and foreign scholars, this articl has divided the capital personalization process into two links for personality capitalization and capitalization personality materialization, and condition has carried out the preliminary framework on every link realization sort. The realization condition of the personality capitalization is: Economic subject takes that personal interest maximization as behavior goal; The economic subject has the residual ownship; The economic subject undertakes the enterprise debt to pay off the responsibility. The realization condition of the capitalization personality transformation is: The main body of the price of the capitalization must own the residual control right; The main body of personality of the capitalization must be able effectively to transmit its personality will to the non-capitalization personality main body in the enterprise contract.(2) It has put forward the concept of the accurate duty proprietary rights.The conduction of the capitalization personality will takes the production of the capitalization personality will as a premise, but the production of the capitalization personality will must have certain current economic condition, and these conditions can only establish the foundation of the person proprietary right in above the capital of rights and interests. The research of this article indicated that the common rights and interests of the capital possessions is one kind of non-person property rights of members of society persons. Profits from the two concepts of the accurate land rent and the duty right, this article is called this kind of non-person property rights with the accurate duty property rights.This right may be the quantification to the accurate duty qualifications in, but the energy does not change into the personal rights.The statement of the concept of accurate duty property rights has provided a key for the difficult problem of analysising state-owned capital personalization. It can analyze why that the state-owned enterprise which establishes above the foundation of the state-owned capital of rights and interests cannot realize capital personalization; It may analyze that scholars put the blame on the state-owned capital with difficulty personalization of the economy scale factors such as,the the state economy scale big , too much management level, the principal-agent chain link long and so on,but the factors has not held the essential factor. It also may analyze the intrinsic logic of conception of realizing state-owned capital personalization by state-owned privately operated way that proposed in this article.(3)It carries on the criticalness summary to the advancement of the state-owned capital personalization in our country from the angle which unifies from the history and logic. In traditional planned economy shape, because the state-owned capital capitalization personality main body is unable to form, The owner’s personality will of the capital of rights and interests obtains the effective conduction with difficulty, the state-owned capital personality appeared the attenuated phenomenon. In economical reforming time, regardless of following the reform mentality of the management school or of following the reform mentality of the property right school, all has not been able to mold the main body of the capitalization personality of the state-owned capital .Thus, the goal of the personalization of the state-owned capital has not been able to obtain the effective realization. It is a topic which is extremely important and also does not solve completely to realize the personalization of the state-owned capital.(4) It has brought forward with the state-owned privately operated way realizes the personalization of the state-owned capital idea.This article had ,in the foundation of the absorption the above research results by the state-owned privately operated way realizes the personalization of the state-owned capital, proposed the conception: Reforming the state-owned capital by the capital of rights and interests for the creditor’s rights capital or the preference share capital, introducing the capital of rights and interests owner from the society, and molding it the main body of the personality of the capitalization.The government transforms to the enterprise direct management and operation as to enterprise capital operation risk supervising and managing and the risk of the enterprise’s loss is controlled within capital of rights and interests.At the same time, taking the rights of the government to the capital property as the foundation, taking the government’s purchase as the method, input the state-owned capital demand to the capital of rights and interests owner’s objective function.The capital of rights and interests owner impels the entire enterprise capital in government’s risk control area to make the multiplication movement independently.Thus, both has realized capital personalization, and has persisted separating government administration from enterprise management and the principle of the capital state-owned. It has provided one kind of new theory thought to realize one kind of the operation pattern of the personalization of the state-owned capital called"manage strictly but not dying, lively but no messy".(5)It structures a general theory model of the capital personalization. About how the owners of the capital of rights and interests transmit the will of personality of the capitalization to the main body of personality of the non-capitalization, the new system economist has carried on the design of the driving contract, the management science school of thought has carried on the mathematical analysis, the behavioral science school of thought has conducted the study of the driving model.These research has provided the basic theory basis for the model of the general theory of the structure of capital personalization. But, their these research, is not aims at specially capital personalization, thus, also does not have the structure which capital personalization carries on to leave a model of the general theory of a complete capital personalization.This article has a struture of a model of the general theory of capital personalization ,in the foundation of absorbing the above research results, in the basis of the general provisions of the process of capital personalization, and melts each kind of reciprocity in capital personalization mathematical quantification and the image. This model unites all things in a theoretical model, such as the direction that people making great efforts , the degree making great efforts , the degree making great efforts to the avails relation , the avails relation to effort, the degree of the realization of the personality of capitalization and so on. Take this model as the foundation, this article structures a system of a primary conduction and conducting again of the capitalization’s personality of the state-owned capital.(6)The functions of the SASAC (Stae-Owned Assets Supervision and Administration Commission) made another location. Under the existing theoretical framework, SASAC has been determined owned equity capital owners, this description can not truly realize the separation of government from enterprises to construct the main character of the capital. And to suit the state-owned compatible mode, the SASAC should be classified as capital or state claims preference capital owners, its basic functions should be defined in five areas, such as adjustment of the state-owned capital and the total structure, the state capital transactions of property rights, supervision of state-owned capital operation risks over the state capital in operating income, acquisitions of the external products. To reduce or eliminate the SASAC in the performance of their functions to deviate from the community, we must build up corresponding to the people’s fundamental interests prevail heart functions of the SASAC and positioning correction system.

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CLC: > Economic > The world economic profiles,economic history,economic geography > China's economy > National economic plan and its management > State-owned asset management and evaluation
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