【作者】 张文；

【导师】 江春；

【作者基本信息】 武汉大学 ， 金融学， 2010， 博士

【摘要】 在西方发达国家,财务公司作为金融中介的一种组织形式发展由来已久,早在1878年的美国,就已经成立了的世界上第一家财务公司Household Finance。目前,财务公司在西方发达国家金融市场上占据着重要的地位,为企业集团创造了巨大的商业利润。在我国,自从1987年成立了第一家财务公司——东风汽车财务公司以来,我国企业集团财务公司至今已经有了二十多年的实践历程,逐渐成为我国金融市场和金融体系中一支重要力量。在过去二十多年,企业集团财务公司作为企业集团内部的非银行金融机构,为企业集团的发展做出了卓越的贡献,它立足于企业集团,服务于企业集团,对我国企业集团的发展、壮大,起了一定的推动作用,在服务、支持所在企业集团的经济发展、深化企业改革等方面,财务公司发挥了其它金融机构无法替代的作用。但是,随着我国加入世贸组织,企业集团在加速扩张,金融业市场竞争不断加剧,财务公司的生存与发展空间面临着新的挑战。本文从金融功能和效率的视角出发,对我国企业集团财务公司进行系统性的研究,目的在于研究有助于我国财务公司能够认清所处的金融环境,以及准确的进行财务公司金融功能定位,不断提升其金融效率,在与商业银行等其他金融机构的竞争中立于不败之地。因此,探讨我国企业集团财务公司金融功能和效率问题,具有重要理论价值和现实意义。本文共分为六个部分。第一部分：问题的提出。本部分为论文第一章“绪论”。本章回顾了国、内外学者关于财务公司的研究文献,提出了本文研究的主要问题与选题的依据,并且对企业集团、财务公司以及金融功能与效率等相关概念进行了辨析。第二部分：理论基础。本部分为论文第二章“财务公司金融功能的理论基础”。本章分别从金融中介的理论(特别是金融中介功能观)、内部资本市场理论、信息不对称理论、产融结合理论、企业价值链理论五个视角,系统性地论述了财务公司存在的理论基础,回答了“财务公司为何存在”、“财务公司具有什么金融功能”这一个核心问题。第三部分：财务公司金融功能研究：本部分为论文的第三章和第四章。第三章“财务公司金融功能：国际比较”从金融功能的视角出发,先对财务公司金融功能的国际经验进行了比较分析,本文认为我国企业集团财务公司应该从西方发达国家财务公司的金融功能和业务、特色业务、运营环境与法律环境、资金来源以及风险管理体制等方面,认真汲取经验和教训,为我国企业集团财务公司的健康、快速发展提供有用的借鉴。第四章“中国财务公司金融功能：历史演进与现状分析”,对我国企业集团财务公司金融功能的历史演进与发展现状进行了分析,对我国企业集团财务公司金融功能发挥的存在的问题进行了探讨,认为财务公司面临了行业内部和其他金融机构的激烈竞争,由于监管政策的制约,抑制了金融创新,造成财务公司资金来源结构、期限单一,业务品种单一、服务配套措施不完善,风险管理功能欠缺、信用体系不完备,金融专业人才匾乏,从业人员素质参差不齐等诸多问题,影响了财务公司金融功能的发挥。第四部分：财务公司金融效率分析：从效率的视角,对财务公司金融功能进行实证分析。本部分为第五章“中国财务公司金融功能：基于效率的实证分析”。本章对我国财务公司金融效率进行了实证研究,并根据实证结论和实践经验,对我国财务公司相对效率偏低的原因进行了探析。笔者认为：由于财务公司融资渠道单一、业务品种单一、经营活动的独立性不高、经营目标的“多样性”、资金来源结构、期限单一等诸多原因,导致了我国企业集团财务公司的相对效率偏低。第五部分：对策研究。本部分为论文的第六章、第七章。第六章“中国财务公司金融功能：外部环境分析”,笔者结合在财务公司工作多年的经验,从金融监管部门、利益相关者、金融同业、财务公司四方的博弈参与者入手,提出了完善与优化中国财务公司经营环境,提升财务公司金融功能与效率的对策建议。第七章“中国财务公司金融功能：挖掘与提升”,本章,基于第五章的实证分析,对我国财务公司金融功能提升和挖掘进行了论述。从宏观上提出我国财务公司金融功能提升的阶段性选择问题。在不同的阶段,我国财务公司金融功能定位不尽相同,各个阶段都有其侧重的金融功能定位。针对对我国财务公司金融功能发挥不足的问题,笔者从微观上提出大力发展中间业务、重点发展投资银行业务、挖掘资产类业务新的品种、大力发展保险代理业务、加强风险管理、大力提倡发展企业价值链金融功能理念等六个方面,对我国财务公司金融功能进行挖掘的政策建议。第六部分：研究结论。本部分为论文的第八章“结论与展望”。根据全文的论证和分析,本文得到了以下几个方面的的结论：我国财务公司与西方发达国家财务公司之间存在着巨大的差距；我国财务公司金融功能定位不清,未发挥出其独有的优势；我国财务公司整体金融效率偏低,金融功能发挥严重不足；我国财务公司需要在宏观上提升其金融功能,微观上对其金融功能进行挖掘,不断提高其金融效率。本文可能的创新点：1、在研究视角上,本文首次从金融功能与金融效率的分析视角出发,对我国企业集团财务公司进行了系统性研究,将财务公司金融功能与金融效率相结合,按照规范分析与实证分析的范式,对我国财务公司金融功能问题进行了深入探讨,这是本文最大的创新之处。2、在理论创新上,扩充了财务公司存在的理论基础。本文分别从金融中介的理论、内部资本市场理论、信息不对称理论、产融结合理论、企业价值链理论五个视角,论述了财务公司存在的理论基础,回答了“财务公司为何存在”这一个核心问题,进一步扩充了“财务公司为什么存在”的理论基础。3、在研究方法创新上,本文运用DEA方法,对我国企业集团财务公司金融功能进行了基于效率的实证研究,对中国财务公司金融效率进行了分析和评价,且在设计财务公司评价指标时,考虑了财务公司金融功能的指标,得到了一些很有现实意义的实证分析结论。4、在国际经验总结上,本文运用比较分析法,基于金融功能的视角,对我国和西方发达国家财务公司进行了深入的比较分析研究,总结了国外财务公司发展的经验。5、在政策建议方面,本文在对企业集团财务公司的金融功能进行规范分析与实证分析的基础上,对中国财务公司金融功能定位方面,财务公司金融功能定位的阶段性选择方面,提出了自己的见解与政策建议。6、在实践意义上,本文对财务公司金融功能与效率提升中存在的问题,结合自己的工作与实践经历,提出了一些来源于实践的建议,对提升企业集团财务公司金融功能与效率,总结我国财务公司发展对策方面,具有一定的现实意义。更多还原

【Abstract】 In the western developed countries, the financial company has developed a long time as a financial intermediary. Early in 1878, the first financial company’the Household Finance’ in the world has been established in America. The western financial companies played an important role in western developed countries financial market, and they created huge profits for the group company.In China, since the first financial company’dongfeng automobile financial company’established in 1987, Our financial companies of enterprise groups have twenty years of practice, which gradually become an important power of China’s financial markets and financial system. In the past twenty years, financial companies of enterprise groups have made outstanding contributions for the development of enterprise group. As the enterprise group’s internal non-bank financial institutions, it is based on enterprise group, serviced for enterprise group, and it plays a role to our country enterprise group’s development and expansion. In the aspects of service, supporting the economic development and deepening the reform of enterprises, it also plays an important role which other financial institutions can’t replay. But, With the accelerating expansion of enterprise group after China joined WTO, financial market has gradually increased in competition. The survival and development of financial company are confronted with new challenges. In this paper. Our financial companies of enterprise groups have been systematicly researched from the financial function and efficiency. This is helped for understanding the financial environment and accurate financial functions. Then Our financial companies of enterprise groups can be invincible in competition with other financial institutions, such as the commercial Banks. Therefore, explorering the financial function and efficiency of our financial companies of enterprise groups has important theoretical and practical significance. The article is divided into six parts.In the first part, the chapter is the introduction. The research about financial company of scholars both at home and abroad is analyzed at first. The main problems and the research topics are raised. Then the related concepts of financial companies of enterprise groups are explained. Chapter 2 is the theoretical basis of financial companies. This chapter discusses the theoretical basis of financial company respectively from the financial intermediary theory, the theory of internal capital market, information asymmetry theory, theory and the value chain theory.In the second part, international experience of financial finance companies were compared from the perspective of functions. We should draw experiences and lessons from financial companies of enterprise groups of the western developed countries in financial functions and business, characteristic business, operation environment and legal environment, capital sources and risk management system. This can provides a useful reference for the healthy and rapid development of our financial companies of enterprise groups.In the three part, the current situation of financial companies of enterprise groups in China is analyzed. The existing problems of our financial function were discussed. Financial companies faced fierce competition in internal and other financial institutions. Due to the regulatory policies, the financial innovation is inhibited, which is causing single capital source structure and single term, single species, incomplete services, defective risk management function, incomplete credit system, poor financial professionals. It will affect the financial function.In the fourth part, the perspective of efficiency. This section contains the fifth chapter. Chapter 5 for our financial company financial efficiency, empirical studies conducted by China financial company financial efficiency, and to find the cause of low efficiency of financial companies are discussed. Think of the regulatory policies, inhibit the financial innovation, causing financial company capital source term structure, a single species, services, business is not perfect, measures of risk management function lack, credit system is incomplete, financial professionals short, uneven professionals such problems, affects its financial function.The fifth part countermeasures. The author was occupied in the financial company working experience for many years, In my view asl a regulator, stakeholders and financial trade and financial companies of all participants in the game and puts forward the financial companies of enterprise groups with efficiency of financial functions of ascension. Chapter 6, based on the analysis of the fifth chapter on our financial companies, financial function and was discussed. Macroscopically in financial company financial function ascension of selection problem. In different stages, our financial company financial function orientation is endless and same, every stage has its financial function orientation of focus on. According to our country’s financial company financial function to display the problem of insufficient, The author puts forward from microcosmic among developing business, focus on developing investment banking, mining assets business new varieties, vigorously develop an insurance agent, strengthen risk management, strongly advocated the development of financial function value concept of six aspects of our country’s financial company financial function.The sixth part is conclusion. This section is the conclusion and prospected. According to the foword text and analysis, this paper have obtained the conclusion of the following aspects:our country finance companies and financial companies in the western developed countries gap exists between, Our financial company financial function orientation, with its unique advantages, Our financial company overall financial efficiency is low, the financial function shortage, Our financial companies need in ascension, On the micro financial function to excavate and imporve its financial efficiency.Those may be the innovation points:(1)Study on the financial function and efficiency of our country, from the perspective of financial companies of enterprise groups for the systematic research.(2) the comparative study of the system is analyzed betwwen Chinese and western developed countries financial company financial function.(3) Using DEA method, Research and evaluation of financial efficiency of financial companies of enterprise groups of my country.(4) On the basis of research, How to improve our financial company financial function and efficiency, The paper puts forward a feasible countermeasures and Suggestions.(5) In this paper, the policy suggestions for financial companies of enterprise groups in the financial function to regulate baseed on analysis and empirical analysis. Financial companies of China’s financial function orientation of financial companies, financial function orientation of choice, the author puts forward his own opinions and suggestions.(6) In practice, the problems in financial company financial function and efficiency ave been pointed out, Puts forward some advice from practice,to promote financial function and efficiency of financial companies of enterprise group, summarizing financial company development countermeasure of China have certain practical significance更多还原