摘 要 资本运营是指资本所属的主体将拥有的各种资源、资金以及其他资本要素，通过市场流通、重组以及裂变等运营操作实现资本的优化利用，实现对原始投资资本的增值过程。国有资本营运不同于一般的企业资本运营，因为其主要监督管理主体是国家，其资本运营好坏直接关系到国家的经济改革进展以及计划制定。近些年来国有企业的市场竞争实力、国际影响力以及发展力都在不断地增强，但因其资本运营的时间短，国有企业存在资本产权关系不明晰，资本运营过程成本不可控且居高不下，社会保障体制不完善，资本市场发展不完善等诸多问题，这些问题的存在都导致了国有资产运作效率低下甚至出现破产、被兼并等重大问题。国有企业要在资本市场中做强做大，就需要掌握资本运营的内在规律，通过选择合适的资本运营模式，合理有效利用资本，提升产业升级。 本文运用文献研究法、定性分析法等方法，以国有企业为主体，结合我国国企改革发展历程，以及国有资本经营现状，分析了现阶段国企资本运营存在的问题及原因，提出当前我国国有企业可选择扩张型、调整优化型、公司控制型和股权投资基金四种国有企业资本运营模式，并结合房地产行业中的保利地产公司案例，分析了资本运营历程和成功的启示。根据我国国有企业资本运营所面临的问题，遵从现有的资本运营模式，提出了要想进一步搞好我国国有企业的资本运营必须推创新融资运营模式，强化宏观经济调节和监督，加快资本运营主体建立，积极培育和发展资本市场，旨在优化国有资本的布局结构，完善国有资本管理体制，提升国有企业的活力以及竞争力。

Abstract The capital operation is the main capital of various resources owned, capital and other capital elements, through market circulation, reorganization and fission operations achieve capital utilization, realize the value-added process of the original investment capital. The state-owned capital operation is different from the enterprise capital operation in general, because the main subject is the supervision and management the state, its capital operation is directly related to the progress and plan of the national economic development. In recent years the reform of state-owned enterprises market competitiveness, international influence and development are constantly increasing, but because of the capital operation in a short time, the state-owned enterprise capital property relations are not clear, the process of capital operation and the cost is not controllable high, the social security system is not perfect, many problems in the development of capital market is not perfect, these problems have led to the operation of state-owned assets If the state-owned enterprises want to become stronger and bigger in the capital market, they need to master the inherent law of capital operation, and choose the appropriate capital operation mode to make rational and effective use of capital and upgrade the industry This paper uses literature research method, qualitative analysis method, the state-owned enterprises, combined with the reform and development of state-owned enterprises in China, and the state-owned capital management situation, analyzes the problems and reasons for this stage of state-owned capital operation, the choice of China's state-owned enterprises expansion, adjustment and optimization, and control of the company the equity investment fund of four state-owned enterprise capital operation mode, and combining with the case in the real estate industry of Poly Real estate company, analyzes the capital operation process and successful enlightenment. According to the capital operation of state-owned enterprises in China are faced with the problem of respect from the existing mode of capital operation, put forward to further improve the capital operation of state-owned enterprises in China must push the innovation of financing operation mode, strengthening macroeconomic regulation and supervision, accelerate the capital operation of the main building, and actively cultivate and develop the capital market, the layout structure to optimization of state-owned capital, state-owned capital management system, enhance the vitality and competitiveness of state-owned enterprises.