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朔州翻译公司关键字：institutional investors to overcome the traditional system of property rights under the state capital as well as virtual fuzzy set and property rights is difficult to achieve, and the personification of a serious problem, and so the principal drawbacks of state-owned capital to operate independently to provide a theoretical basis and practical support. Investors on the one hand the government is entrusted by law to exercise all of the state capital and the actual possession, use, dispose of, the right of return, on the other hand these rights must be a significant part of the stripped out, entrusted to the state-owned enterprises and other state-owned shares of Capital Holdings various types of enterprises. Therefore, the investor must be operated by state-owned capital of their income, expenditure and state-owned capital stock, increment and the flow of budget monitoring. This budget has the following characteristics of the investor: first, the concept, that the investor is the investor under the jurisdiction of the budget range of operating conditions of the state-owned capital expenditure is expected. Commissioned by the Government of the investor can have the central and local levels, according to the actual situation can be divided into local cities and counties and other levels of province; the same time, institutional investors can set up sub-domains and industries. Therefore, investors are in the main view of the budget level, the state-owned capital management budget monitoring is also part of the concept of budget monitoring. Second, operability, that is, the investor is an executable budget specific budget. Investor capital for state-owned enterprises and state holding shares of the enterprise budget monitoring, and state-owned capital stock, flow, incremental budgetary operations. Third, legally binding, that the national legislature, the "state-owned capital investor Law," "state capital Government Budget Act" to investors and its budget law. Investors in accordance with "investor laws" and in the form of the principal responsible for the budget and the exercise of the rights conferred by law, should bear the legal obligations. Fourth, the independence, that the investor is independent of the main budget. Fifth, can be regulated, that is at the same level with the force of law "state-owned capital management budget of the government" normative regulation rather than administrative management.
Fourth, China's state-owned capital management budget system should be a separation of ownership and achieve a state-owned capital to overcome the agency problem "corporate budget system."
Inefficient state-owned capital management is the crux of one organization as the state capital of state-owned enterprises will inevitably have an agent, namely, the former agent adverse selection, moral hazard and agency after the internal control; the other hand, as the state-owned owners of capital over government intervention in business affairs is always easy, leading to rectitude. The corporate budget system completely overcome the contradictions from these two areas.
Corporate budget system has two meanings: one is state-owned enterprises and state holding enterprises as legal entities must follow the requirements of the investor's budget management, establish a strict system of corporate budget; the other hand, the investor itself is legal, it must the budget constraints of their own, that is to establish a self-management of the corporate budget system. Corporate investors to establish that the budgetary system of the investor double task: first, under the jurisdiction of the state-owned capital operation of the task; the second is the management of their own task, that is the investor of state-owned capital maintenance and appreciation of the pursuit is not only entrusted with the operation and improve regulation, but also to pursue their own interests and efforts. Investor in management and supervision of the process itself is also a market participant. Investors to a certain extent and scope of the legal nature of the profit within the state capital budget may be different from all the existing regulatory system of state-owned capital management system lies. Because our current and past state-owned capital management system or the main body of the state capital as a
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