【作者】 李霞；

【导师】 李玉周； 李国盛；

【作者基本信息】 西南财经大学 ， MPAcc， 2008， 硕士

【摘要】 上世纪80年代,国有企业普遍存在规模效应不突出、市场竞争能力弱等问题。为应对市场竞争,在政府行政干预下,以产业和地区为基础组建了国有企业集团。随着国民经济的发展和经济体制改革的不断深入,国有企业集团通过体制改革、产品革新、管理创新等手段积极参与市场竞争,逐步掌握了一定的市场主动权,有了快速发展。但它并非以资本运营为基础自发形成,存在先天性缺陷。国有资产监管机构行政干预过多,集团内部管理体制混乱、责权利不分、协同效应较差,体现在财务治理尤其是财权配置方面不尽合理,大大削弱了国有企业集团核心竞争力,影响其可持续发展。本文将国有企业集团财权配置作为研究对象,将财权的内部层级配置作为研究重点,通过分析企业集团、财权的主要内容及配置机制现状及特征,提出要有效的实现财权配置,必须在国有企业集团内部建立多手段、科学的激励、约束机制,从而实现企业集团的整体协同效应。本文以我国国有企业集团的特点和财权配置的现状及相关理论作为支撑,并结合国资委监管的某国有企业集团“A集团公司-B子公司-C专业化分公司”三级财权配置,对本文理论体系进行论证和具体阐述。将具体实例与本文研究内容有针对性的紧密结合,对上述问题进行阐述和论证是本文研究方法的创新点;在利益相关者财权配置理论的基础上,立足全员财权角度讨论财权配置以及从盈余管理、会计政策的制定、选择权的角度分析国有企业集团内部财务决策权的配置是本文的创新点。以利益相关者财务共同配置理论为指导基础,在界定企业集团、公司治理、财权、财权配置概念的基础上,结合我国国有企业集团发展历程、现状特点,从理论上提出其财权合理配置的必要性,并指出国有企业集团财权配置的多层级性,其财权配置的架构模式是集权基础上的适度分权模式。从财务决策权、财务控制权、财务监督权的角度,从实践上结合A集团公司情况对国有企业集团财权配置的构架进行具体阐述和分析,并对A集团公司相关政策及制度进行了评析,提出了改进建议。首先,从多层级角度阐述内外部财务决策权配置机制,有针对性的从理财政策决策权、投资决策权、会计制度制订权角度阐述内外配置机制。尤其针对央企集团通过关联交易实现盈余管理使经济活动发生扭曲的现象,提出央企整体上市、按照《公司法》进行规范运作是实现多层级财务决策权合理配置的根本。其次,立足于全员财权配置角度阐述国有企业内部财务控制权的配置机制,在对企业集团内部控制、预算管理、集中管理等制度进行分析的基础上,从内部会计机构的设置、各层级绩效考评角度提出内部剩余权的分配是实现财务控制权配置的关键。最后,着重阐述了财务监督权在行政监督、会计监督、审计监督、全员监督的实现。对监事会和独立董事职能交叉做了论述,提出了将独立董事部分监督权赋予监事会的解决办法。本文通过对国有企业集团财权的主要内容及配置机制的分析,取得了如下一些研究结论:(1)我国国有企业集团财权配置具有很强的实践性,对我国国民经济发展、和谐社会的创建有着重要的意义。一些学者对该问题做了有意义的探索,同时,政府作为出资者代理人也日渐认识到该问题的重要性,并采取了各种手段进行监控。但目前,研究成果与实践存在一定的脱节。(2)国有企业集团国家出资、内部的层级管理使财权配置具有利益相关者共同配置和多层级特征。由于企业集团固有的整体协同效应,国有企业集团财权配置必须建立在集团整体发展的基础上,实行集权下的适度分权模式。(3)国有企业集团财权包括财务决策权、财务执行权、财务监督权,财权在集团内部的合理配置能有效调动各级经营者的生产经营积极性和创造力。尤其在财务决策权方面,本文通过对内部盈余管理、会计政策的制定选择权做了分析,得出了内部盈余管理、会计政策的选择对企业集团是重要的且必要的。由于财权配置的复杂性和国有集团公司的个体差异,本文存在着一定的不足,也是以后研究的重要内容和方向。主要表现在:(1)对国家作为出资者行使财权和债权人参与财权配置的研究还需进一步深入,尤其是从利益相关者财权配置视角进行更为深入的研究;(2)对财权配置的机制需作进一步的研究,对其动态性从理论上作更为深入的研究。更多还原

【Abstract】 In the 1980’s, state-owned enterprises had some common problems such as no outstanding scale-effects and weak market competition capabilities. In order to adapt to market competition, the state-owned enterprise groups (SOEGs) were founded under the government intervention and based on the production and region. The SOEG has grasped some market initiatives and gotten rapid development through the innovation in system, production and management. However, it has inherent defect because it is not founded on the basis of capital operation. Because of much intervention of the state-owned assets supervision, absence and offside, many problems such as chaotic management system, non-distinguishing between responsibility, rights and interest and weak synergy effect are existed in SOEG, as a result, it is unreasonable in financial collocation. Thus, its core competition ability is so weak and its sustainable development is effected, consequently.This paper studies the financial rights collocation of SOEG and mainly focus on the inner hierarchical assignment. By analyzing the situation and feature of SOEG, main contents of financial rights and collocation mechanism, it is suggested that various means and scientific inspirit and constraint mechanisms should be established in the inner of SOEG in order to collocate financial rights effectively. So, the integrated synergy of SOEG is achieved. We use an enterprise group as an example to confirm our theory. How to collocate the financial rights between the company, son-company and grandson-company is the fundamental research point.The first innovation of this paper is to discuss the financial rights collocation by combining the practice with the theory closely. The other is to analysis the collocation of financial decision rights of the inner of SOEG through the view of all-staffer financial rights collocation, earnings management and constitution and selection of accountant rules and on the basis of the theory of financial rights collocation of benefit correlation.Based on the theory of financial rights collocation of benefit correlation and the concepts of enterprise group, corporate governance, financial rights and financial rights collocation, this paper points out that it’s necessary to collocate the financial rights of SOEG reasonably by analyzing the history, situation and feature of Chinese SOEG and point out that the frame of financial rights collocation of SOEG should be moderate dispersion rights under the concentration rights for its hierarchical characteristic.This paper discusses and analyzes the frame of financial rights collocation of SOEG on the aspects of financial rights of decision, control and supervision and the practice of enterprise group A. Evaluate the correlative policy of enterprise group A and propose the improvement suggestion. Firstly, we discuss the inner and outer mechanism through the hierarchical view of financial policy decision, investment decision and account rule policy making. Particularly, we point out that the whole assets listing of state-owned enterprise and standardizing operation according to Company Law is the root of reasonable hierarchical financial decision rights according to the phenomena that SOEG distorts the economic activity through the earnings management implemented related transaction. Secondly, we discuss the collocation mechanism of inner financial control rights of state-owned enterprise on the view of all-staff financial rights collocation. We point out that the collocation of inner residual rights is the key of financial control rights collocation through the view of the setting of inner accounting department and performance evaluation of each class. Finally, the financial supervision rights how to implement in the administrative supervision, account supervision, audit supervision and all-staff supervision is studied. Some overlap functions between the board of supervisors and the board of managers are also discussed. For this reason, putting some supervision rights of the board of managers to the board of supervisors is reasonable.Some results are achieved in this paper. Firstly, research on the financial rights collocation of SOEG has critical value in national economy development and building of harmonious society. Some scholars have investigated on this topic. At the same time, as the agent of investor, the government also realizes its essentiality and takes various means to supervise it. However, there are some gaps between the research and the practice. Secondly, the financial rights collocation of SOEG has property of correlation benefit and hierarchical collocations because of state-investment and inner hierarchical management. The reasonable style of the financial rights collocation of SOEG is moderate dispersion rights under the concentration rights on the basis of integrated development of enterprise because of the inherent integrated synergy effects. Thirdly, the financial rights of SOEG involve financial decision rights, financial control rights and financial supervision rights. The reasonable financial rights collocation of inner enterprise group could initiate the enthusiasm and creativity of each classical producer. We analyze the inner earnings management and account policy making and selecting, and obtain that financial decision rights are important and necessary for enterprise group and are the expression forms of residual income rights.There are some insufficiencies in this paper since the difficulty of financial rights collocation and the difference between each SOEG. The government, as the investor and creditor, how to implement the financial rights and participate the financial rights collocation should be studied deeply, especially on the view of financial rights collocation of benefit correlation. The mechanism of financial rights collocation should be studied further especially on its dynamic characteristic.更多还原