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国家资本经营的根本目的就是通过国家投资改变现有 的产业结构,实现社会经济的平衡发展。因此,国家 除了在一些军工企业或国家必须垄断的企业中保持独资地位之外,大多数企业都没有必要强调国家控股,因为投资新建的企业一旦形成,它在调整产业结构中的作用就已经基本完成,国家完全可以从已建成的企业中撤出投资,转向那些需要增加投资的领域。国家投资的撤出必须有一个可以自由买卖投资权的资本市场,这样国家资本才能够得以启动流通,发挥其宏观调控的作用。因此,如何通过资本证券化来构建这个资本市场,就显得较为迫切。
The fundamental purpose of state capital management is to change the existing industrial structure through state investment so as to achieve a balanced socio-economic development. Therefore, most state enterprises do not need to emphasize state control except for some military enterprises or state-owned monopoly enterprises. Since the newly established enterprises invest once they have played a fundamental role in adjusting their industrial structure Upon completion, the state can withdraw its investment from the completed enterprises and turn to those areas that require increased investment. The withdrawal of state investment must have a capital market free to buy and sell investment rights so that state capital can start its circulation and play its macro-control role. Therefore, how to construct this capital market through capital securitization becomes more urgent.