Reform Logic in Divestiture of Operational Function of State-owned Capital from SOEs and Reconstruction of Performance Appraisal System

The state-owned enterprises are engaged in both capital operation and industrial management. Frequently,indus-trial management is ignored and industrial upgrading of product innovation is neglected. Dependence on capital operation to con-tinuously and even unlimitedly expand the asset scale has become the goals of most state-owned enterprises (SOEs). By deepe-ning the reform in the SOEs with state-owned assets for the divestiture of operational function of state-owned capital from SOEs, the corporations invested and operated by state-owned assets can carry out the specialized operation of state-owned assets,and the SOEs can revert to industrial management of products with focus on real economy,which makes the state-owned capital operation and SOE's industrial management take their own responsibility. To adapt to the divestiture of operational function of state-owned capital from SOEs,the performance appraisal system should be reconstructed for the specialized operation of state-owned assets. The index such as capitalization rate of state-owned assets,annual average rate of total value of state-owned assets,coverage rate of state-owned equity innovation,etc. should be put in the performance appraisal system for the specialized operation of state-owned assets and should be designed to be core index for performance appraisal.