国有

The capitalist and the corrupt officials collude with steal state-owned and the collective property mainly have " four big secret passages ": Transfers state-owned and the collective property right completely has not entered the market, the minority unlawful element seizes the opportunity the camera operation, receives the bribe, the underestimate sells cheap state-owned and the collective property; The state-owned property right management level from sells buys, even uses the illegal method to fictionalize empty increases the cost and the debt, shifts the hideaway property, embezzles state-owned and the collective property; Inside and outside some units colludes with, underestimated sells cheap the state asset; By expense and so on pre-buckle staff economical compensatory payment names pull down the property right transfer price, finally lets let only then free hold this part state-owned and the collective property.

资本家和贪官污吏勾结窃取国有和集体资产主要有"四大暗道"：转让国有和集体产权没有完全进入市场，少数不法分子乘机暗箱操作、收受贿赂、低估贱卖国有和集体资产；国有产权管理层自卖自买，甚至利用不法手段虚构虚增成本和债务，转移隐藏资产，侵吞国有和集体资产；一些单位内外勾结，低估贱卖国有资产；以预扣职工经济补偿金等费用的名义压低产权转让价格，最终让受让方无偿占有这部分国有和集体资产。

Transfers state-owned and the collective property right completely has not entered the market, the minority unlawful element seizes the opportunity the camera operation, receives the bribe, the underestimate sells cheap state-owned and the collective property; The state-owned property right management level from sells buys, even uses the illegal method to fictionalize empty increases the cost and the debt, shifts the hideaway property, embezzles state-owned and the collective property; Inside and outside some units colludes with, underestimated sells cheap the state asset; By expense and so on pre-buckle staff economical compensatory payment names pull down the property right transfer price, finally lets let only then free hold this part state-owned and the collective property.

资本家和贪官污吏勾结窃取国有和集体资产主要有"四大暗道"：转让国有和集体产权没有完全进入市场，少数不法分子乘机暗箱操作、收受贿赂、低估贱卖国有和集体资产；国有产权管理层自卖自买，甚至利用不法手段虚构虚增成本和债务，转移隐藏资产，侵吞国有和集体资产；一些单位内外勾结，低估贱卖国有资产；以预扣职工经济补偿金等费用的名义压低产权转让价格，最终让受让方无偿占有这部分国有和集体资产。

Competent commercial departments at all localities shall actively coordinate pertinent local departments for support small and medium circulation enterprises to promulgate tax and financial support policies related to pioneering work encouragement and supports given to small and medium circulation enterprises for business innovation, technical innovation and market exploration, reduce costs for the restructuring and reform of small and medium circulation enterprises, encourage the financing by means of income from operation of state-owned enterprises' assets, liquidity of commercial land, reduction of state-owned capital in circulation enterprises, transfer and financial allocation, in places where conditions permit, set up special funds for the reform of state-owned small and medium circulation enterprises which shall be used to pay the restructuring fee which is payable by and fails to be paid by restructured enterprises lacking strength to do so, and to pay the social insurance and economic compensation, the payment of which the cash after liquidity of assets of enterprises in bankruptcy is not sufficient to cover, actively coordinate with the local department for real estate administration for its support, solve problems on the ownership of commercial real estate which has been used for long by state-owned small and medium circulation enterprises, and earnestly implement the preferential policies of the State concerning the reemployment of laid-off workers by enterprises and concerning the establishment of small and medium enterprises by laid-off workers from state-owned enterprises.

各地商务主管部门要积极协调当地有关部门出台鼓励创业、支持中小流通企业经营创新、技术创新和开拓市场的税收政策和金融支持政策，降低中小流通企业的改革、改制成本。鼓励有条件的地方通过国有企业资产经营收益、商业用地变现、流通企业国有资本减持、转让以及财政拨付等方式筹措资金，建立国有中小流通企业改革的专项资金，用于无力支付改制费用企业的改制费用以及破产企业资产变现后不足支付职工社会保险、经济补偿等方面费用。要积极协调，争取地方房产管理部门的支持，解决国有中小流通企业长期使用的商业用房产权归属问题。要认真落实国家关于企业吸纳下岗职工就业和国有企业下岗职工创办中小企业的优惠政策。

Thus the paper puts forward that different forms of expression should be adopted in different fields, the results are as follows: As to the Industry involving national military security, economic security and cultural security, the state-owned capital should be in the form of single proprietorship or conditional diversification, that is to say, taking the solely state-owned company as its main body. As to the strategic industry and basic industry in the vital position to the national economy, the state-owned capital should be As to the strategic competitive industry which plays an important role in development of national economy and society, the state-owned capital account for a certain proportion with the freedom to select holding shares or taking equity participation. As to the industry related to non-strategic competitive fields, state-owned capital does not necessarily exist in the form of state-owned enterprise, it can also obtain the stock right to share the benefit, and to cooperate, even compete with other capitals appropriately.

由此提出了国有资本在不同领域应采取不同的表现形式：在涉及国家军事安全、经济安全、文化安全的产业内，国有资本只能是独资或有条件的多元化，也就是以国有独资公司为主；在关系国民经济命脉的战略产业和基础产业内，国有资本必须保持控股，即还将保留相当数量的国有企业；在对国民经济和社会发展具有重要作用的战略性竞争产业内，国有资本仍要占有一定比重，但可以根据具体情况选择控股和参股；在非战略性竞争领域的产业内，国有资本不一定必须要采取国有企业的形式存在其中，完全可以以股权的形式参与进来，适度与其它性质的资本开展合作与竞争。

Firstly, this paper discussed the principle and agent theory, the corporate governance theory and supervision theory. Second, the paper analyzed special several-levels principle-agent relations of the state-owned enterprise, and used the principle -agent theory and the game theory to analyze several problems caused by this, such as the supervision function avianization about the owner, the enterpriser"s rent-seeking activity, the enterpriser"s conspiracy behavior and the insider control. Thirdly, the paper discussed the present situation of the supervision and restraint system from the management model of the three-levels authorization, financial general supervision system, the corporate governance and the outsider supervision and restraint system. The paper thought that the supervision and restraint system had the following problems: supervision and restraint system was imperfect, the property right restraint was lack, the restraint system was administrative and the supervision system was deformity.

本文首先讨论了经营者监督约束机制的委托代理理论、公司治理理论和监督理论：其次，深入分析了国有企业特殊的多级委托代理关系，并用博弈理论及委托代理理论分析了由此产生的各种问题，如所有者监督职能弱化、国有企业经营者的寻租行为、国企经营者合谋及内部人控制等；再次，本文从三级授权经营模式、财务总监制、公司治理结构及经营者外部监督约束等方面研究了我国经营者监督约束机制的现状，本文认为国有企业经营者的监督与约束存在以下问题：国有股份多级代理与监督约束弱化；国家股东对国企经营者缺乏产权约束，监督约束机制不完善；国有股份高度集中与监督约束的行政化；监督约束机制单一化与监督约束畸形化。

First, it expounded foundational theories of capital operation especially about related state-owned enterprise, then it put forward the SOCO State-Owned Capital Operation Model which had directly aimed at self characteristic and the circumstances of our big-and-middle state-owned enterprise .

首先，本文在对有关资本运营、尤其是国有企业资本运营的相关理论基础作了阐述以后，针对我国大中型国有企业的自身特点和情况，提出了SOCO国有资本运营实施模型(State-Owned Capital Operation Model)，该模型将资本运营的整个实施过程划分为概念层、运作层、支撑环境层三个层面，围绕着三个层面，本文对国有大中型企业如何有效开展资本运营作了详细的论述和探讨，最后在分析我国国有大中型企业现状的基础上，结合本文所提出的SOCO模型，对我国国有大中型企业实施企业资本运营提出了一些建议。

Specific patterns of behavior, the "enterprise of state-owned assets law" will be owned Assets Supervision and Administration the power to limit the choice of enterprise managers, asset disposal and major decisions on matters such as pure "shareholder" rights, and to the "Company Law" and other related laws and fully docking, and will be state-owned assets legislation, the strategic layout of state-owned assets and structural adjustment policies, the state-owned assets management, and so on the basis of public policy, public rights and public management function fully spun off from the rule of law point of view, completed a beautiful turn and functions of the transition.

行为的具体模式，国有&企业国有资产法&将国有资产监督管理的权力，限制的事项，如纯粹的&股东对企业经营，资产处置和重大决策的选择&权利，并在&公司法&和其他有关法律，充分对接，并将国有资产立法，国家战略布局，国有资产和结构调整政策，国有资产管理等公共政策的基础上，公共权利和公共管理职能完全分离出来，从法律的角度来看统治，完成了一个漂亮的转折，过渡功能。

Due to the change of the main body of power and functions caused by internal contra- diction of public owiership,its property right structure is manifested as an organic system fonned by ownership, right of possession and right of man- agement, among which ownership plays a main role, dominates and super- vises the function of the other two rights....

其中，所有权居于主导地位，控制并监督其它两项权利的运行。传统体制下，受文化和理论的双重影响，公有制畸变为国家所有制，行使占有权的国家机构变成所有权主体，这成为国有企业的症结所在。国有企业出现所有者缺位、经营权改革无法到位以及巨额国有资产流失等诸多问题。为保证经济的健康发展，必须在确立劳动者的个人所有权基础上重建国有企业产权体系。为此，人民代表大会、国有资产占有委员会、国有资产经营公司、企业成为构建国企产权体系的重要环节。

It is important for us to change the structure of state-owned property rights and distribute state-owned enterprises rationally and increase the worker"s work positive of state-owned enterprises and the benefit and efficiency by reforming state-owned enterprises" property rights, forcing reformation of state-owned asset system, reorganizing state-owned enterprises strategically.

在产权制度层面对国有企业进行改革，推动国有资产管理体制创新及国有企业的战略性改组对于优化国有企业的产权结构，合理分布国有企业的产业布局，提高国有企业治理结构的有效性，对于调动广大国企工作人员的工作积极性，提高国有企业的效益和效率至关重要。

In Q109, but April +0.4% MoM; 5 Industry split: steel and shipping continued to see losses; petrochemical , machinery and auto saw smaller earnings drop; coal, building material and trading saw stable profits; tobacco and property saw earnings increase.

国企：财政部昨日公布的1—4月全国国有及国有控股企业经济运行情况显示：1）营业收入：1—4月，全国国有企业实现营业收入同比下降7.3%，降幅比1—3月缩小0.3个百分点，4月比3月环比下降5.1%；中央企业实现营业收入4月比3月环比下降10.5%；2）利润：1—4月，全国国有企业实现利润同比下降32.3%，降幅比1—3月缩小4.5个百分点；4月为连续第9周同比下降，但环比上升；其中，中央企业实现利润4月比3月环比下降4.8%；3）成本：1—4月，全国国有企业营业成本同比下降7.1%，管理费用、财务费用同比分别增长2.4%、15.9%；4）存货：1—4月，国有企业存货同比增长13.1%，增幅比1—3月减少1个百分点，4月末比3月末增长0.4%；5）分行业看，钢铁、海运行业继续亏损；石油石化、机械、汽车等行业实现利润降幅收窄；煤炭、建材、商贸等行业实现利润较为稳定；烟草、施工房地产行业实现利润进一步提高。

I didn't watch TV last night, because it .

昨晚我没有看电视，因为电视机坏了。

Since this year, in a lot of villages of Beijing, TV of elevator liquid crystal was removed.

今年以来，在北京的很多小区里，电梯液晶电视被撤了下来。