【作者】 朱红艳；

【导师】 郭复初；

【作者基本信息】 西南财经大学 ， 会计学， 2007， 博士

【摘要】 本论文以金融控股公司财务调控机制研究为主题,目标是在财务调控机制理论、宏观经济调控等相关理论的引导下,借鉴现代商业银行资本管理新技术,探索设计一个有效的金融控股母公司的财务调控机制。而且这样的机制被要求:一要有助于母公司对各子公司以及整个集团进行财务调节和控制;二要有助于实现在风险—效益均衡下的集团价值最大化。金融控股公司是以金融资产和金融负债为主要经营对象,从事货币和信用等业务的特殊企业联合体,产业独特,组织结构复杂,其财务调控又有自身的行业独特性和运行规律。金融控股公司的这种特殊性在内在机理和表现形式上都独立于一般企业集团的调控理论。从财务调控的角度看,金融控股公司呈现出以母公司财务调控为核心,以资本和财务关系调控为主要内容,以风险调控为显著特征的财务管理特点,以及分层性、联动性、放大性、行政性的财务调控机制特征。学者卢鸿在其专著《现代商业银行内部控制系统论》中揭示,系统方法是从系统的观点出发,着眼于整体与部分、整体与环境的相互联系和相互作用的关系中综合地精确的考察对象、求得最佳功能的科学方法1。本文依据金融控股公司的这些财务特性,按照其自身的系统性,把研究对象放在系统的体系中加以考察,认为金融控股公司的财务调控机制由资本子系统、财务关系子系统、财务信息子系统和财务调控方法子系统组成。事业型金融控股母公司自身经营金融业务,同时担负对子公司的财务调控。当我们放宽视野,将金融控股公司作为一个中观的经济体来看时,母公司的财务调控与宏观经济的调控惊人的相似。事实也正如此,金融控股母公司确在集团中承担了“宏观调控者”的重要角色。笔者受此启发,在研究中认为,母公司作为调控主体,应通过建立资本调控和财务关系调控两个机制,实施对子公司以及集团的财务调控。金融产业的特殊性,使市场对其监管要求与企业集团大不相同。因此,金融控股母公司在实施资本调控时,必须以外部的资本监管为出发点。在研究中笔者提出借鉴商业银行资本管理新技术—经济资本管理,利用经济资本的内涵关系和功能,建立金融控股母公司风险—效益型资本调控机制的思路,通过对资本充足和回报、资本筹集和盈余、资本运营等几项活动内容实施调控,实现母公司的调控目标。同时认为金融控股母公司还应从财务治理体系建立以及财务文化建设两方面对子公司实施财务调控,从而使集团内各财务主体实现财务责权利的结合、财务结构的合理、财务文化的统一以及利益主体财务关系的和谐。这也是本研究构建的金融控股母公司财务调控机制的另一个主要内容—财务关系调控机制。论文总体分为四部分,共六章。第一部分由第一章构成。主要明确金融控股公司的基本概念、种类,界定论文所要研究的样本类型。认为,应从广义和狭义两种角度对金融控股公司进行解释。广义上讲,金融控股公司就是金融控股集团(Financial Conglomerates),其概念界定同巴塞尔银行监管委员会国际组织定义,即在同一控制权下,所属的受监管实体完全或主要在银行业、证券业、保险业中至少两个不同的金融行业大规模提供服务的金融集团。狭义上讲,金融控股公司专指金融控股集团的控股母公司。本论文采用巴塞尔银行监管委员会的定义,针对事业型金融控股公司,从母公司的角度进行研究。在本章中,笔者还进一步总结了金融控股公司的组织和财务特点,梳理了金融控股公司的财务管理特征。认为金融控股公司是金融资本集聚和运营的结果,在组织中形成了公司个体相对独立和母公司绝对控制的资本运行结构;在产业中形成了数量巨大的规模经济和经营多元化的范围经济;在管理中形成了母公司宏观调控的微观环境。这些组织特点,衍生其财务特质,形成独特管理特征。即金融控股公司的财务管理以母公司的调控为核心,母公司的财务调控是以资本为主要调控内容的风险—效益型调控。第二部分包括第二章,第三章。主要分析和研究了金融控股公司财务调控机制的相关理论,初步构建了金融控股公司财务调控机制框架。在第二章首先回顾了有关企业财务调控机制的研究成果和现状,在此基础上,提出了重新的分类和研究思路,拓展了企业财务调控机制的内涵和外延。认为,“财务调控机制”是财务系统内部组成要素体系,即对资本的投入、收益活动及其产生的经济关系等相互联结的部分进行调节和控制所构成的活动体系。在本章,笔者进一步明确了金融控股公司财务调控的基本概念和内涵,认为,从本质上看,金融控股公司财务调控机制是一个系统,是根据组织结构特点、公司治理结构的需要和财务特征而设计的制度安排。从性质上看是财务主体以资本运动及财务关系为调控对象,通过系统性的制度安排对调控的财务资源进行配置,进而对子公司财务行为和财务关系进行协调、监督、引导和干预的管理过程;从基本功能看能够配置资源、创造价值、维持公司治理结构中相关利益主体相互制衡关系,促进集团整体利益和战略目标的实现;从体系上看是调控主体、调控对象、一系列制度、目标、方式和手段、组织、流程等的组合。本章还从金融控股公司财务目标入手,分析了其财务调控目标,认为金融控股公司财务调控目标应与财务目标高度一致,即着眼于企业自身的生存与发展,实现企业价值最大化。第三章,仍然是基础理论部分,主要阐述金融控股公司财务调控机制的结构功能、传导机理、原则和方法等内容。从结构的角度,对金融控股公司财务调控机制的对象、内容、方式手段和内部调控环境进行研究,对构成财务调控机制的资本子系统、财务关系子系统、财务信息子系统和财务调控方法子系统及其关系进行了阐述;总结了金融控股公司财务调控机制分层性、联动性、放大性、行政性的特点;随后,从纵横两方面概括了其财务调控的运行机理,进一步阐述了母公司财务调控的四项原则和方法。第三部分包括第四章和第五章。由于篇幅所限,在这部分没有对财务调控机制的四个子系统一一进行阐述,而是选择性的针对金融控股公司财务调控机制中的核心和关键内容—资本调控机制和财务关系调控机制作了进一步的探讨。第四章主要研究了金融控股公司的资本调控目标和主要的调控活动。从资本充足和回报、资本筹集和盈余、资本运营几项资本调控活动出发,分析金融控股母公司资本调控内容、方法、技术等内容;着重讨论了金融控股公司在市场监管环境下,利用经济资本的内涵关系和功能,建立风险—效益型资本调控机制的思路。第五章,详细阐述了金融控股母公司财务调控机制的另一个主要内容—财务关系的调控机制。认为金融控股母公司还应从财务治理体系建立以及财务文化的建设两方面对子公司实施财务调控,从而确保使各层级财务关系的和谐,实现财务调控目标。第四部分,包括第六章。以经济资本为基础建立风险型的资本调控机制是一个新技术,这一章主要以银行控股母公司为例进一步研究相关内容,阐述如何建立风险—效益型资本调控机制。全文逻辑路线图如下:论文的主要创新:1.初步构建了一个组合型企业财务调控机制。认为企业财务调控机制是这样一个组合,即财务调控机制=1+2+3+4。其中,1:一个调控目标,即公司价值最大化;2:二种调控机制,即财务资本调控机制,财务关系调控机制;3:三大调控手段,即价值、行政和制度手段;4:四项调控原则,即目标协调、集中一体化、全过程调控和动态调控。2.运用系统和结构分析方法,研究了金融控股公司财务调控机制结构,构建了资本调控子系统、财务关系子系统、财务信息子系统和财务调控方法子系统的机制结构和关系。3.认为金融控股母公司在集团中承担了“宏观调控”的重要角色。在研究中初次提出母公司作为调控主体,应通过建立资本调控和财务关系调控两个机制,实施对子公司以及集团的财务调控。4.提出财务关系调控概念,建立以财务治理体系和财务管理文化调控为主要内容的财务关系调控机制。5.在观点上有所创新,提出金融控股公司是一个风险型的财务调控机制,引入商业银行经济资本管理理念,在金融控股母公司财务调控中建立以经济资本为核心的风险—效益型资本调控机制。6.观点上的创新,认为金融控股公司再生产过程是财务过程,二者有绝对的统一性。从财务的角度,金融控股公司再生产过程是财务过程,从再生产过程看,财务过程是再生产过程。因此,金融控股公司的经营过程是一种财务调控过程,财务调控是一个全过程的调控。7.发展和补充了财务调控机制相关理论。在对企业财务调控机制基础理论方面,对财务调控的手段、内容、对象等方面进行不同角度的研究和分类。如建立了不同的调控方法矩阵;按照财务运动过程划分调控对象和内容等,进一步拓展和补充了以前的理论研究内容。更多还原

【Abstract】 This paper focuses its study on the topic of financial control mechanism of financial holding companies. Under the guidance of relative theories such as macro-economic control theory and financial control mechanism and with reference to new modern commercial bank capital management technologies, this paper aims to explore and design an efficient financial control system for the parent financial holding companies. This kind of financial control system should serve the following functions: first helps the parent company to exercise financial adjustment and control over all its subsidiaries and the group as the whole; second helps to maximize the group’s risk-benefit balanced value.Financial holding companies are special enterprising consortiums involving in money and credit businesses with financial assets and liabilities as their main operation objects. Due to the uniqueness of the industry they are in, financial holding companies have complex organization structure and their financial control has its own unique operation rules. This uniqueness of the financial holding companies is independent of the control theories of general enterprising consortiums both in the inherent mechanism and the existing form. From the perspective of financial control, financial holding companies have their own financial management characteristics with parent company’s financial control as the core, capital and financial relations control as the major content and risk control as the most remarkable feature; the financial control mechanism features stratification, co-functioning, magnification and administration. In his monograph Internal Control System of Modern Commercial Banks, Scholar Luhong defines systematic methodology as a scientific methodology of using systematic perspective to comprehensively and precisely study the objects and figure out the best functions based on the inter-relation and inter-action between the whole and the part, the whole and the environment. Based on these financial characteristics of the financial holding companies, this paper reviews the study object in its own system and defines that the financial control system of financial holding companies is made up of capital subsystem, financial relationship subsystem, financial information subsystem and financial control method subsystem.Enterprising parent financial holding companies deal in financial businesses of its own and at the same time take the responsibility of exercising financial control on their subsidiaries. If we broaden our view and consider the financial holding company as an economic entity, the financial control of the parent company is surprisingly similar to the macro-economic control. Indeed, the parent company does play the key role of macro-controller in the group. Inspired by this, the study suggests that the parent company, as the controller, should exercise financial control on its subsidiaries and the group by establishing capital control and financial relations control system.The uniqueness of the financial Industry determines great differences between the market regulating requirements on financial companies and general enterprising consortiums. Therefore, the parent financial holding company should start from the perspective of exterior capital supervision when exercising capital control. In the study, the writer suggests to leverage the new commercial bank capital management technology- economic capital management technology, specifically, the economic capital’s functions and set up risk-benefit capital control mechanism in the parent financial holding company and realize the parent company’s control target by exercising control on capital adequacy and return, capital raising and surplus and capital operation and so on. At the same time, the parent financial holding company should also exercise financial control on its subsidiaries with respect of establishment of financial governance system and financial culture, and therefore to help the group’s financial entity to realize the goal of aligning the responsibility, the power and the benefit, driving a rational financial structure and unifying the financial culture, and to ensure the harmony among each level of financial relationships and achieve the financial control target. This is also another main content of the studied financial control mechanism of the financial holding company—the financial relationship control.The paper is divided into four parts, consisting of six chapters. The first chapter makes the first part. This part mainly identifies the basic concepts and types of the financial holding company and the sample type studied in the paper. It points out that the financial holding company should be defined from both a broad and narrow aspects. This paper adopts the definition given by the Basel Committee on Banking Supervision and conducted its study from the parent company’s perspective focusing on enterprising financial holding companies. In this part, the writer also summarizes the organizational and financial characteristics and the financial management features of the financial holding company. The writer holds that the financial holding company is the result of the financial capital centralization and operation, which further forms a capital operation structure in which the organizational entities are relatively independent and the parent company owns the absolute control, a massive scale economy and a scope economy with diversified operation in the Industry and a micro-environment in which the parent company provides macro-control in the management. All these organization characteristics lead to special financial features and forms unique management characteristics, that is, financial holding company’s financial management is centered on parent company’s control and the parent company’s financial control is risk-benefit control focusing on capital as the key control content.The second part consists of the second and the third chapters. This part mainly analyzes and studies relevant theories on financial holding company’s financial control mechanism and preliminarily establishes the financial holding company’s financial control mechanism framework. The second chapter first reviews research accomplishments and current situation on enterprise financial control mechanism, based on this, puts forward some new ideas on re-categorizing and researching and extends the concept and extension of the enterprise financial control mechanism. The paper holds that the financial holding company’s financial control mechanism is, in its essence, a system and a institutionalized arrangement designed according to the characteristics of the organizational structure, the requirements of the corporate governance structure and financial features, and a combination of controller, the control objects , a series of policies, objectives, method, organization and process. Therefore the goal of the financial holding company’s financial control should be closely in line with the financial goals , that is , focusing on the enterprise’s own existence and development and realizing the maximization of the enterprise’s value. The third chapter is still theory part, mainly describing the structural function, conducting mechanism, principal and methods of the financial holding company’s financial control mechanism. This chapter studies on the objects,contents, means and methods and internal control environment of the financial holding company’s financial control mechanism from the structure aspect, elaborates on the subsystems which constitute the financial control mechanism such as capital subsystem, financial relationship subsystem, financial information subsystem and financial control method subsystem and their relationship, summarizes stratification, co-functioning, magnification and administration features of the financial control mechanism , and then outlines the operational mechanism of its financial control vertically and horizontally and elaborates on the four principals and methods of parent company’s financial control.Part 3 comprises of Chapters 4 and 5. I don’t have the space to elaborate all the four subsystems of financial control, instead I just focus on the core of financial holding company’s financial control—capital control and financial relationship control. Chapter 4 deals with financial holding company’s capital control goal and major control activities. Based on the capital control activities such as capital adequacy and return, capital raising and surplus, capital operations, the content, methodology and techniques of capital control for financial holding companies are analyzed. Stress is placed on how to set up a risk-profitability-based capital control mechanism by using the internal relations and functions of economic capital under the regulated market environment for financial holding companies. Chapter 5 elaborates on another key point in the financial holding parents’financial control mechanism—financial relations control.To maintain a harmonious financial relationship between different levels and arrive at the financial control goal, two other measures should also be adopted: the parents should be committed to the establishment of a financial governance system and a sound financial culture.Part 4 comprises of chapter 6 which proceeds to analyze the relevant content based banking holding parents and elaborate on how a risk-profitability capital control mechanism.The main innovations of this thesis are as below.1.A preliminary combined financial control model is proposed which characterizes a combination, i.e. financial control = 1+2+3+4, where 1 means one control goal;2 means two control elements: financial capital control and financial relations control;3 means three measures: by means of value, executive and rules;4means four principles: centralization, risk-benefit balance, end-to-end control and dynamic control.2.Through systematic and structured analysis, the financial control structure for financial holding companies is studied, and the structures of and relations among the capital control subsystem, financial relationship subsystem, financial information subsystem and financial control methodology subsystem are established.3.The study suggests that the parent financial holding company plays the key role of macro-controller in the group.,as the controller, should exercise financial control on its subsidiaries and the group by establishing capital control and financial relations control system.4.In paper I take a concept of financial relationship , establishment of the financial control mechanism with financial governance system and financial culture.5.I get a new idea in the paper. Stress is placed on how to set up a risk-profitability-based capital control mechanism by using the internal relations and functions of economic capital risk-profitability capital control mechanism.6.The financial control of financial holding company is a all process control.7.There is a great progress with the theory of Financial control mechanism in the study, where the other analysis way is used .更多还原