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Legal perspective, Article public property on behalf of state-owned enterprises, state ownership of Article VIII of the properties on behalf of state-owned enterprises. From the perspective of equity operations, the former state-owned enterprises strategic goal, which is the tactical objectives. When the SAC as investor representative established bureaucracy to operate as a state-owned stake, 'can only see the control, see the uncontrollable', 'only easily proved,' it enacted by the number in the hundreds all kinds of rules and regulations meter, showing its state-owned assets, controls to prevent the pursuit of negative goal (Article 8) the loss of assets, overwhelmed the state economy's layout and structure optimization of positive goal (Article 7), so that State ownership of state-owned property of overwhelming social and universal properties. In fact, as in a regulation to limit the duties of the executive, it can not, and no ability to complete a positive goal. SASAC responsibilities of investor, according to the law known as the 'capital proceeds, participate in making important decisions, choose managers and other rights of investors,' 'state-funded enterprises involved in the development of the Constitution.' The 'State-owned Assets Law' Article XIV except perform the function according to the law, the Agency shall perform the function of intervention business activities. However, combing through all these years and regulations promulgated by the SASAC, the SAC of the market and you can see the corporate control and intervention, in fact, far beyond the responsibilities of investor law, the SASAC enterprises intervention is very comprehensive, systematic and wayward. These interventions are restricted and suppressed, undermine the general principles of corporate governance. First, the SASAC bundle died almost all aspects of the operation of the state-owned company's capital, covered the state-owned foreign investment, acquisitions, bond issuance, equity issuance, changes in shares, split, division, etc. involved in any activity capital, must obtain the SASAC approval, and the approval criteria of the SASAC, is 'existing interest' is not lost. Any slight investment experience can know that the capital should focus on the interests of future returns, while SASAC lack of capacity, the motivation to take care of this goal. Needless to say, more tall target we expect: the market value management, capital markets effectively reflect the performance of state-owned companies