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Abstract The classified reform is the core of the reform of state-owned enterprises. To realize the goal of the classified reform, we must re-examine the mode of the state-owned investor related to the management system of state-owned enterprises. There are two modes of state-owned investor in China: the centralization mode and the decentralization mode. However, the main defects of both the centralization mode represented by State-owned Assets Supervision and Administration Committee (SASAC) and the decentralized mode based on industry or region are that they do not respond to the requirements of the classified reform, so the system of state-owned investor was not separately constructed according to the distinction between profit-only entities and those for public welfare as well. In fact, under the classified reform of state-owned enterprises, it is necessary to establish the hybrid mode of state-owned investor with two parallel modes. For profit-only entities, the mode of centralization investor by SASAC should be adopted, and SASAC should be responsible for “managing capital” with the supervisory function divested. For those dedicated to public welfare, the dual-function model should be adopted, and multiple agencies work together for “managing capital” as well as “managing enterprises” in order to achieve the goal of effective supervision.
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Received: 08 January 2020
Published: 15 March 2020
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Corresponding Authors:
YUAN Bihua
E-mail: ybh2088@163.com
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2020, Vol. 40 
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