Deepening state-owned assets management system reform must enhance state-owned assets supervision based on the management of capital. The survey on medium-level and high executives of SOEs in Shanghai shows that currently, Shanghai state-owned assets management mainly has the problems, for example, State-owned Assets Supervision Commission position is not clear from the perspective of management main body, that management organizations have too many levels and the relation between rights and responsibilities is not clarified, that from the perspective of supervision objects, the contradiction between marketization and administration exists in micro-operation of SOEs, that from management environment, government and enterprises still share rights, capitalists and administration still share rights, and matched reform is not enough. Thus, state-owned assets management reform mainly based on the management of capital is a systematic engineering, needs top executives design from above to bottom and needs perfection of basic environment from bottom to above. Shanghai SOEs should further separate politics from enterprises, separate capitalists from administration, clearly define the position, rights and responsibilities of State-owned Assets Supervision Commission, optimize grassroots institution arrangement, solve the contraction between marketization and administration of SOEs in micro-operation, coordinately boost the matched reform, and perfect the institutional environment for intensifying state-owned assets management based on the management of capital.