【作者】 陈瑶；

【导师】 邓明然；

【作者基本信息】 武汉理工大学 ， 会计学， 2002， 硕士

【摘要】 正文：二十世纪九十年代以来，我国企业资本运营方兴未艾，兼并、收购、股份制改造、分立、剥离、公司控制等各种资本运营方式层出不穷，资本运营作为企业发展和改革的重要途径以及一种制度创新，在我国的大力开展，将有利于调整经济结构，促进资源优化配置，对增强企业市场竞争力和实现企业优势集中等都具有十分重要的意义。近几年来，我国理论界和实务界对企业资本运营的研究给予了前所未有的重视，成果颇丰。但综观各种论著，大都是从宏观的角度对企业资本运营的问题进行论述，从微观的角度，特别是从财务管理的角度来对企业资本运营的问题进行研究者尚不多见。企业资本运营的目的是通过对生产要素的组合与裂变，流动与优化配置，以实现资本的最大限度增值。这与财务管理的目标是一致的。财务管理就是对资本的管理，企业资本运营中的大部分问题属于财务问题。基于此，在参考诸多论述的基础上，我特从财务管理的角度着手这篇论文，试图对规范我国企业的财务运作起一种抛砖引玉的作用。 目前，许多企业管理者对企业的生产经营了如指掌，对资本运营则较为生疏，不善于根据市场的长期预测，决定企业的经营战略和资本流动方向，致使企业资源在闲置和凝固中浪费和损失。资本运营理念强调要将资金、土地、技术等一切生产要素通过市场机制进行优化配置，即要将一切资源、生产要素在资本最大增值的目标下进行结构优化。这一经营理念对于企业的经营者将思考问题、解决问题的思路和方式转到市场经济上来有着重要意义，对企业的发展将产生深远的影响。论文将从以下几方面来对企业资本运营进行探讨： 首先要明确资本的含义。对于资本的含义，争论的焦点在于对资本是作为生产要素的资本，还是作为社会关系的资本。在企业家眼里，资本则是用来创造财富，获得利润，繁荣经济，推动社会进步和发展的。明确了资本的含义，将有助于更好地理解资本运营理念。 其次是对资本运营的财务目标的确立。西方企业财务管理的目标经历了多种提法。目前比较一致的说法是“股东财富最大化”，很多学者认为“企业价值最大化”才是理想的企业财务管理目标。现在人类社会正在经历知识经济这一历史性的巨变，整个工业经济时代的财务管理必然要受到较大程度的影响，财务管理目标也应该重新加以定位。相关者利益最大化应该是我国市场经济条件下的企业财务目标。 再次是要确定资本运营的财务主体和财务对象。资本运营的过程实际上就是一个不断地获取或放弃控制权的过程，也就是所控制资产不断优化的过程，通过这一过程，企业实现资本收益的最大化，企业实现资源配置的最优化。那么，如何使国有企业产权关系明晰化呢?其中很重要的一条就是确立企业法人财产权。 资本运营主要是通过对出资者产权的运作，实现产权收益最大化目标，在形态和类型上纷繁复杂，其具体形式包括资本扩张形式、资本收缩形式和所有权结构变更。 无论采用哪一种形式，都要按照市场机制规则，以资本效率为目的，把资本运营这个 蛋糕不仅做大，还要做得有内涵、有花样、有营养。 资本运营主要是产权交易问题，凡是交易都要涉及到支付方式和融资渠道问题。 在产权交易中，支付方式及其资金来源的选择十分重要，它对产权收益都会产生重要 影响。在实践中，产权交易常有现金支付、股票支付、债务支付、混合证券支付等多 种方式。与支付方式密不可分问题是如何筹集所需要的资金。目前适用于资本运营的 特殊的筹资方式有增资扩股、杠杆收购和员工持股计划。 为了对经营者进行监督和激励，需要对资本运营的效果或业绩进行评价。传统的 资本报酬率指标仅仅反映了资本的账面收益，没能体现出资本运营的要求，有时会出 现企业的投资报酬率很高，而资本运营却处于亏损状态的评价有误问题。用经济增加 值和修正了的市场增加值指标评价资本运营效率更为有效。这两个指标的共同特点是 考虑了资本的机会成本，从经济学的角度而不是从会计的角度来反映公司资本增值状 况，更为客观、真实。更多还原

【Abstract】 Content: From the nineties of 20th century,the wave of Chinese enterprise capital management is urging.A11 kinds of types are appearing one after another. The spread of capital management,as an important method of development and reform,also as an innovation of system,will contribute to the adjustment of economic structure,the best installation of resource.It is of great significance to enhance the competing power and to realize the converge of superiority.In recent years, the theoretical and practical class has unprecedingly focused on the research of capital management. The works are abundant, but most of them are just from macro angle to demonstrate. While works from micro angle are too rare. The objective of capital management is to realize the maximum of capital through the melting and split of productive gradient, the floating and best manipulation. That is the same to the objective of financial management.Financial management, in fact, is the management of capital. Most of the problems of capital management belong to financial problems. So, on the base of kinds of works and pieces, I finish this paper from the angle of financial management. I try to make rules for the financial working of Chinese enterprise.Now many managers are quite familiar with the production,while they are strange to the capital management.They are not good at deciding on the productive strategy and capital inflow according to the long trend of market.So many resources are laid out and wasted.The notion of capital management emphasizes on installing all kinds of productive gradients ,such as capitaU land^ technology through market machanism.This notion will help the managers change their thoughts and methods to market economics.It will also influence the development of enterprises very deeply.So,in my paper make a research from several aspects below:The definition of capital.The argument about capital focuses on the problem that, it is the capital of productive gradient,or the capital of social relation.In the eyes of entrepreneurs,capital is used to produce fortune,make profit,prosper the economics,and push the social development. Make sure of the definition of capital will better the understanding of capital management notion.The orientation of the financial objective of capital management. The maximization of the enterprise’s value and the share-holders’ wealth are the common accepted goals. The difference between the financial objective in America and in Japan is established. American enterprises often make financial decisions according to the price of the stock, while Japanese enterprises choose the maximization of the enterprise’s value as a reasonable objective. These two countries have found ways to decide their financial objectives, which are suitable for their national situation. Now in China, the enterprise’sfinancial objective should be the maximization of the profit for the concerned.The financial host and target of capital management. The course of capital management is to obtain and give up the power of control continuously. During the course, the enterprise realizes the maximization of capital profit, the best installation of resource. So,how to make clear of the relation between assets and rights? The very important point is to ensure the right of assets of legal human. This problem is hard to solve in practices.Types of capital management.The types include capital expand > capital contract and the change of owning right.There are various types of capital flow you can choose .Whichever you choose you must get along with the system of market mechanism.And the biggest objective is capital efficiency.The cake of capital management must be make not only big,but also vivid and nutritious.Financing of capital management. Capital management is a transaction of assets power. The transaction involves in the paying and financing methods. Corporate financial theory indicates that the paying and financing methods will not only influence the capital profit, but also declare important information abou更多还原