【作者】 赵全超；

【导师】 汪波；

【作者基本信息】 天津大学 ， 管理科学与工程， 2007， 博士

【摘要】 目前,我国国有企业集团正处于经济转型的特殊历史时期,承载着重要的历史使命。通过建立健全的集团财务治理结构,构建科学的集团财务治理机制,实施有效的集团财务控制模式,进而提高企业集团的财务协同能力,是推进我国国有企业集团发展和壮大的必经之路。企业集团财务治理问题是横跨公司治理、公司财务和企业组织三个学科的交叉领域,为深入研究我国国有企业集团改革与发展过程中的有关问题提供了很好的切入点,具有较高的理论研究价值和较强的现实指导意义。本论文的选题背景、理论研究和实证分析,主要来源于作者做为主要参加人参与的天津大学管理学院与天津钢管集团有限公司、天津冶金集团有限公司等大型国有企业集团的合作研究课题。论文在注重理论整合研究和集成创新的同时,十分注重与我国国有企业集团改革与发展的实际相结合,强调理论研究的现实指导意义和实际应用价值,做到理论联系实际。本论文综合运用公司财务理论、公司治理理论、现代企业理论、耗散结构理论和协同学等理论工具,以我国国有企业集团为研究背景,以财务治理为研究主线,以财权配置和财务协同为研究核心,系统的对国有企业集团财务治理问题进行了综合研究。本论文进行上述研究所取得的创新性成果主要有以下几点:1.构建了国有企业集团财务治理系统框架。基于公司财务理论、公司治理理论和现代企业理论,从耗散结构和协同学视角构建了国有企业集团财务治理系统框架;基于此系统框架,系统地研究了股东主导下利益相关者共同财务治理模式、财务资本结构治理效应、财务治理结构安排与治理机制设计等基础性问题。2.构建了国有企业集团三维度财权分层配置模型。基于产权经济学、财务分层理论和利益相关者财务论以及国有企业集团多级委托代理结构,构建了国有企业集团三维度(利益相关者财务维度、财务治理结构维度和多级委托代理结构维度)财权分层配置模型;并在母子公司财务冲突与协调的分析基础上,提出了国有企业集团母子公司财务控制模式和体制;解决了国有企业集团财务治理的核心问题。3.系统研究了国有企业集团财务协同效应生成机制、测度机制和评价机制。基于资源、能力、知识三维视角,从静态协同和动态协同效应两个层次,对国有企业集团财务协同效应生成机制和协同价值测度进行了深入研究;构建了国有企业集团财务治理能力成熟度(FG-CMM)评价体系和基于熵权优属度矢量算法的财务治理评价模型;为国有企业集团财务治理提供了综合评价体系和信息反馈机制。更多还原

【Abstract】 At present, the state-owned enterprise groups of China are in a special economy transformation era and take on important historical missions. The developments and improvements of state-owned enterprise groups require the establishment and perfection of financial governance structure, financial governance mechanism,financial control system and financial synergy capability of enterprise group. The financial governance problem of state-owned enterprise group is the crossing field among corporate governance theory, corporate finance theory and enterprise organization theory. It provides a very good breakthrough point for the research on some problems in the process of state-owned enterprise group’s reformation and development. It has important theoretical research value and realistic guiding significance.The background of topic selection, theoretical research and experimental analysis are all based on the actual research projects between management school of Tianjin University and some large state-owned enterprise groups such as TPCO Group, TM Group. The dissertation not only pays attention to the theoretical research and integrated innovation, but also attaches importance to the connection between theory and practice.Based on modern corporate finance theory, corporate governance theory, modern enterprise theory, dissipative structure theory and synergy theory, this paper studies the financial governance of state-owned enterprise group, regarding financial rights allocation and financial synergy as the core. The main innovation points of the dissertation are listed as below:(1) This paper constructs the system framework of state-owned enterprise group financial governance. Based on the theory of modern corporate finance, corporate governance and modern enterprise, the complete system framework of state-owned enterprise group financial governance is constructed from the viewpoint of dissipative structure and synergy theory. On the basis of the framework, this paper brings forth the stakeholders co-governance mode dominated by shareholders, and also analyses the governance effect of financial capital structure, the arrangement of financial governance structure and the design of financial governance mechanism.(2) This paper brings forth the three-dimension financial rights stratified allocation model of state-owned enterprise group. Based on the property rights economics, the financial stratification theory, the stakeholders financial theory and the multilevel principal-agent structure of the state-owned enterprise group, the three-dimension financial rights stratified allocation model of the state-owned enterprise group is proposed. On the basis of financial conflict and harmony, the financial control modes and system of the parent-subsidiary company is provided.(3) The creation mechanism, the measurement mechanism and the evaluation mechanism of state-owned enterprise group’s synergy are thoroughly studied in this dissertation. Based on the three-dimension viewpoint of resource, capability and knowledge, the generative mechanism and the measure algorithm of enterprise group financial synergy effect are thoroughly discussed according to the two levels of static synergy and dynamic synergy. This paper provides the evaluation system of governance capability maturity model and the evaluation mode of financial governance using entropy weight optimal degree vector algorithm, which are the information feedback mechanism and the integrated evaluation system for the financial governance of the state-owned enterprise group.更多还原