研究生导师签名:夏冬日期:国有资本投资运营公司发展路径研究
—
—以Y地方国资集团为例
研究生:徐爱君
导师:吴艽
东南大学
摘要
近四十年来,国有企业改革取得了从计划经济向市场经济的质的飞跃,改革成效有
目共睹。但是,既往改革中仍然存在诸如政府监管偏位、市场意识薄弱等治理机制方面
的问题,影响了国有资本的运作效率和效果,制约了我国经济的更快发展。因此,国企
改革任重道远。十八大以来,国家在明确改革已步入深水区、攻坚期的基础上,加大全
面深化改革的力度,出台了一系列改革指导意见,尤其在国有资产的监督管理模式上,
更是提出了基于专业投资运营公司为平台,从“管资产”向“管资本”转变的重大改革措施

至此,国企监管模式进入新的局面

关于国有资本投资运营公司的组建定位,国家的指导意见提出了改革方向和原则,&39;
但组建后如具体发展路径在实践中仍处于试点摸索阶段,还没有一套完善的操作层面的
&39;
改革方案。”它山之石,可以攻玉”,国际上公认的国有资本运营的成功案例之一是新加
胃
坡的淡马锡模式,新加坡与中国的文化渊源背景也有一定的相似度。因此,本文通过对
淡马锡制度设置与现实运用的分析,探究其成功经验,并充分结合我国国情实际辩证地
吸收优化,为我国国有资本运作的具体发展路径研究带来有益肩示。.
本文围绕国有资本投资运营公司发展路径这一主题,综合运用文献梳理、比较分析
和案例研究等方法开展研究。首先,对国企改革领域内的研究现状及相关理论进行归纳,
以此作为本文的理论依据;然后,本文系统地回顾了中国的国有资产管理模式的演变过
程,并分析了现阶段存在的问题及原因;第三,在探究新加坡淡马锡国资运作模式的同
时,进一步对比与我国国情的差异,并总结出适于中国的经验启示;最后,在前几章研
究的基础上,以Y地方国资集团为实例,结合淡马锡经验及我国当前改革需求,提出了
将该集团试点改组为国有资本投资运营公司及发展路径的相关建议,以期能够以点带
面,为该类平台后续健康有效的运作提供一些参考

综上,本文在淡马锡模式的经验启示下,以Y地方国资集团为例,对我国国有资本
运营公司的改革路径进行了探讨,我们的研究成果将有助于我国全面深化改革中国有资
本运作具体发展路径在实操层面的有效推进,具有一定理论意义和较强的现实意义

关键词:国有资本、管理模式、淡马锡、发展路径
I The Study on the Development Path of State-owned
Company of Capital Investment and Operation:
The Case of Y Local State - owned Enterprise
Postgraduate: XU Ai-jun
Tutor: WU Peng
Southeast University
ABSTRACT
Over the past foxir decades, the reform of state-owned enterprises has made a qualitative
leap from the planned economy to the market economy. The reform effect is obvious to
all.However, In the previous reforms, the problems of governance mechanism, such as
government regulation bias and weak market consciousness, which affects the efficiency and
effect of state-owned capital and restricts the rapid development of China’s economy.
Therefore, state-owned enterprises reform long way to go. Since ttie 18th National Congress,
the state has intensified its efforts to deepen reform in a clear way that the reform has been ＊
stepped into the deep water area and attacked, and introduced a series of reform guidance,
especially in the supervision and management mode of state-owned assets. To the enterprise
of professional investment and operation of the company as a platform, from the tube assets
to management of capital to change the major reform measures. At this point, state-owned
enterprises to enter a new regulatory model.
On the formation of state-owned capital investment operation company positioning, the
country^ guidance put forward the direction and principles of reform, but after the formation
of the specific development path in practice is still in the pilot stage, there is no complete
operational level of refonn program. One of the success stories of internationally recognized
state-owned capital operation is the Temasek model in Singapore, and Singapore has a similar
cultural background to Chinas cultural origins. Therefore, through the analysis of Temasek
system and practical application, this paper explores its successfiil experience and fully
combines the actual dialectical absorption and optimization of China&39;s national conditions,
which brings useful enlightenment to the study of the specific development path of
state-owned capital operation.
This paper focuses on the theme of the development path of the state-owned capital
investment operation company, and makes use of the method of combing the literature,
comparing the analysis and the case study. First of all, the research status quo and related
n theories in the field of state-owned enterprise reform are summarized as the theoretical basis
of this paper. Then, the process of reform and evolution of state-owned assets management
mode is systematically sorted out and the existing problems are analyzed And the causes;
thirdly, on the basis of the analysis of the successful mode of state-owned management of
Temasek in Singapore, the author further compares the differences with China&39;s national
conditions and sums up the experience of enlightenment suitable for China. Finally, on the
basis of the previous chapters This paper puts forward the relevant suggestions to reorganize
the pilot group into the state-owned capital investment operation company and the
development path in order to be able to take the point area as the follow-up health and
efficiency of the operation platform, taking the Y local state-owned group as an example and
combining with tiie experience of Temasek and the current reform demand of our country, and
provide some reference for the healtixy and effective operation of the platform.
In summary,, this paper under the inspiration of experience Temasek model, takes Y local
state-owned group as an example to discuss the reform path of state-owned capital operation
company in our coxmtxy. Our research results will help China to deepen the development of
state-owned capital in reform. The effective promotion of the operational level has certain
.
-theoretical significance and strong practical significance.
Key words: State - owned capital, Management model, Temasek, Development path
hi 目录
摘要 I
ABSTRACT II
第一章绪论1
1.1选题背景和意义1
1.1.1选题背景1
1.1.21.2研究思路3
1.3研究方法及框架3
1.4本文可能的仓&39;J新点4
第二章相关研究综述及理论概念2.1相关研究综述5
2.1.1对国有企业改革的研究2.1.2对国有资本运作平台的研究2.1.3淡马锡模式及其借鉴的研究
:.2.22.2.1政府作用相关理论.
2.2.2现代产权理论:
:2.2.3委托代理理论9
2.2.4内部人控制理论第三章我国国有资产管理模式发展及现存问题3.1国有资产管理模式发展历程3.1.1国有资产管理局时期
:3.1.2国有资产监督管理委员会阶段3.1.3国有资本投资运营公司阶段3.2国有资产管理模式现存问题3.2.1国资委的履职难以准确到位3.2.2投资运营平台的独立性难以保证3.2.3法规层面的相关规定尚未统一3.3Mm
w
4.1新加坡淡马锡模式分析4.1.1淡马锡基本情况4.1.2淡马锡治理特点
22
4.2新加坡与我国国资管理背景比较
26
4.2.1法治文化环境不同
26
4.2.2经济发展阶段不同
26
4_2.3国企规模使命不同
27
IV 4.3淡马锡模式的启示27
4.3.1依法实施国有产权监管
27
4.3.2坚定国有独资管理模式
28
4.3.3强化公司治理董事会为核心
28
4.3.4制定科学的绩效薪酬体系
29
4.4
29
第五章案例分析:Y地方国资集H发展路径研究
30
5.1集团基本情况30
5.1.1背景介绍30
5.1.2治理结构31
5.1.3发展现状32
5.2改革发展契机32
5.2.1制度层面已明确改革方向
32
S.2.2国家级新区先行先试、创新发展的天然要求
33
5.2.3新区管委会与集团改革的现实需要
34
5.3改革发展路径建议36
5.3.1以顶层设计监管规范为基础
36
5.3.2以试点直接授权模式为目标
37
5.3.3以完善法人治理结构为核心
..38
5.3.4以优化子企业管控为手段
:
40
5.3.5以健全薪酬机制
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.....41
&39;5.4&39;本章小结
:
:
.43
第六章结论和展望44
6.1^44
6.2 MM 44
致谢
‘
.V
46
参考文献47
V 东南大学硕士学位论文