本论文通过具体描述国有资本运营公司GX集团助力央企集团ZL集团改革脱困历程，以尝试剖析国有资本运营公司在助力国资国企改革发展等方面的具体功能作用。国有资本运营公司从最初的试点已经转化为持续深化改革阶段，意味着国有资本运营公司在承担重大改革任务等方面被给予了更高期待，但是以往国有资本运营公司多以财务性持股为主，主要是通过简单的资金支持去帮助央国企改革发展。因此，简单的财务性持股与新时代发展要求以及党中央、国务院对于国有资本运营公司的新定位可能存在不匹配。通过复盘GX集团助力ZL集团改革脱困的整体历程，可以明显发现GX集团在助力央国企改革发展及脱困的工作中扮演了很多角色，是国资国企重大改革工作的执行者、是推动国有资产保值增值的主动管理者、更是以市场化、法制化、专业化方式推动国有企业深化改革的方案参与制定者。经过多年改革试点，国有资本运营公司也在不断转型升级，职能功能不仅仅停留在简单的投融资及金融服务上，已经延伸到被投企业的实际管理中。在助力ZL集团改革脱困的工作中，首先，GX集团是国资委向ZL集团提供资金支持的资金平台，向ZL集团提供120亿元的流动资金，助力ZL集团成功度过债务接续高峰；其次，GX集团是国资委推动ZL集团改革脱困的管理赋能平台，联合ZL集团合作打造国家绿色发展“双碳”平台，大力推动国储林、碳汇业务落地，探索碳资产管理等新兴业务，助力ZL集团能够找到新的主业方向及未来的新增盈利点；第三，GX集团是国资委进一步把控ZL集团整体债务风险的风险防控平台，随着GX集团成为ZL集团核心资产的股东并深入到企业治理中，有助于把控企业治理风险并及时发现问题，可以形成国资委管总、国有资本运营公司以市场化、法制化为原则管细节的局面；最后，GX集团是直接赋能ZL集团的金融服务平台，从资本运营角度研究国储林、林业碳汇的业务机会，提供配套资本服务等。GX集团从资金支持、管理赋能、风险防控以及金融服务共四个方面为央企改革提供了系统化的资本运营服务，不仅丰富了国有资本运营公司的功能内容，更充分发挥了国有资本运营公司的定位作用，为国资国企改革提供了新动能。

This paper attempts to analyze the specific function of the state-owned capital operating company in helping the reform and development of state-owned enterprises by describing the state-owned capital operating company GX Group to help the reform and relief of the state-owned enterprise group ZL Group. State-owned capital operating companies have been transformed from the initial pilot to the stage of continuous deepening of reform, which means that state-owned capital operating companies have been given higher expectations in undertaking major reform tasks and other aspects. In the past, however, state-owned capital operating companies mainly provide financial support to help the reform and development of state-owned enterprises. Therefore, the simple financial shareholding may not match the development requirements of the new era and the new positioning of the Party Central Committee and the State Council for state-owned capital operating companies.Through the overall process of restructuring GX Group to assist ZL Group, it is evident that GX Group has played many roles in assisting the reform, development, and difficulty relief of central state-owned enterprises. It is not only the executor of major reforms of state-owned assets and the active manager of promoting the preservation and appreciation of state-owned assets, but also the participant in the formulation of plans to deepen the reform of state-owned enterprises in a market-oriented, legal, and professional manner. After years of reform and pilot projects, state-owned capital operating companies have also been continuously transforming and upgrading, with their functional functions not only remaining in simple investment, financing, and financial services, but also extending to the actual management of invested enterprises. First of all, In helping ZL Group reform and relieve itself from difficulties, GX Group is a funding platform provided by the SASAC to provide financial support to ZL Group. By providing 12 billion RMB of working capital to ZL Group, ZL Group successfully overcome the debt continuation peak; secondly, GX Group is a management enabling platform for the SASAC to promote the reform of ZL Group. It cooperates with ZL Group to create a national green "dual carbon" development platform, vigorously promotes the implementation of national forest storage and carbon sequestration businesses, explores carbon asset management, and helps ZL Group find new main business directions and new profit points in the future; Thirdly, GX Group is a risk control platform for the SASAC to further control the overall debt risk of ZL Group. With GX Group becoming a shareholder in the core assets of ZL Group and deepening into corporate governance, it is helpful to control corporate governance risks and timely identify issues, which can form a situation where the SASAC manages the general picture and state-owned capital operating companies manage the details based on the principles of marketization and legalization; finally, GX Group is a financial service platform that directly empowers ZL Group, studying business opportunities for national forest storage and forestry carbon sequestration from the perspective of capital operations, optimizing and adjusting corporate strategies, and providing relevant capital services.GX Group has provided systematic capital operation services for the reform of central enterprises from four aspects: financial support, management empowerment, risk prevention and control, and financial services. This not only enriches the functional content of state-owned capital operation companies, but also fully exerts the positioning and role of state-owned capital operation companies, providing new momentum for the reform of state-owned assets and state-owned enterprises.