Comprehensive deepening of state-owned enterprises' equity participation management and innovation in exit strategies: insights——from a central SOE group's perspective
国有企业参股管理的全面深化与退出策略革新——从某央企集团视角认识思考参股管理工作

摘要

国有企业参股投资是深化改革的产物。文章基于某央企集团视角，分析其参股管理现状及挑战。主要问题包括：对参股企业监督管理的主动性不足；以及参股退出工作面临审计评估不配合、寻找受让方困难、二级市场低迷等各类难点堵点。建议通过健全长效机制增强监管效能，并多措并举探索新型退出方式和优化审批流程，以提升资产质量和投资效益。

Abstract

State-owned enterprise (SOE) equity investments are a product of deepening economic reforms. This article examines the current management practices and challenges in SOE equity participation from the perspective of a central state-owned enterprise group. Key issues include insufficient proactive supervision over participating enterprises, as well as difficulties in exit strategies such as uncooperative audit evaluations, challenges in identifying transferees, and sluggish secondary market conditions. Recommendations propose enhancing regulatory effectiveness through long-term mechanism improvements, exploring innovative exit methods, and optimizing approval processes to improve asset quality and investment returns.