网络条件下的集团公司融资研究

【作者】 何德好；

【导师】 蒲果泉；

【作者基本信息】 西南财经大学 ， 金融学， 2005， 硕士

【摘要】 计算机网络技术的发展及其广泛运用,引导人类社会进入一个崭新的时代。从网络通信到信息搜寻,从电子报刊到网络教学,从网上购物到网上证券交易,从政府工程招标到企业电子商务……,这一切已经悄然来到我们身边。网络技术的发展正在带来观念、理念的嬗变,改变着人们的工作、学习、生活方式。人类社会也正不断的借助网络技术而开拓创新,基于网络技术的各种新技术层出不穷并被广泛应用。现代网络技术与财务管理有机结合催生的网络财务管理软件,极大地提高了公司的信息处理能力和管理水平;网络技术条件下,银行的服务平台不断创新,给客户提供优质、高效的服务;网上证券交易的开展和资本市场上信息的快速传播,极大地提高了资本市场的透明度,改进了市场的效率。这些都必将改善公司的融资环境,对公司的融资活动产生深远的影响。其中,集团公司因其组织庞大、复杂,资金流量大而分散,资金需求量大等特点而首当其冲。集团公司各分、子公司行政区域不同,成员公司之间存在资金来源、支出、分配渠道条块分割,管理分散的弊病,集团公司难以充分发挥资金运用的聚合优势。如何认识、利用网络技术支撑的新技术平台,认识、利用改善了的融资环境,加强集团公司的资金管理、聚合,赢得公司融资优势、降低公司融资成本和风险,并最终优化公司资本结构,是我们需要亟待认识和解决的问题。本文遵循以下线索和思路展开: 首先,本文以融资理论为逻辑起点,通过对融资方式、融资结构理论、集团公司的融资目标及任务的探讨,提出集团公司的融资方式选折;着重论述信息对集团公司融资决策的重要性,并以此为基点,系统地考察网络技术的运用如何改善集团公司内源融资、外源融资环境,分析由此带来的优势,提出相应的应对措施。其次,本文按照“考察网络技术的运用和基于网络技术的新技术及其应用——分析其优势——提出集团公司融资管理对策”的步骤模更多还原

【Abstract】 The development of electronic Network technology and its wide use have led the human society into a new age. Human society is constantly innovating with the advantages of Network technology. Various new technologies based on Network have been brought in and widely used. The use of Network accounting management software has greatly improved the information processing ability and the administrative management of the companies. With the development of Network technology, the supporting system of the banking innovates rapidly, offering customers better and more efficient services. The online security transactions and the information’s rapid spread in the capital market have greatly improved the openness and the efficiency of the capital market. All these will improve the outside financing environment of the company, and will have a great effect on the financing itselt. The difference among the subsidiaries and branch companies in the defferent administrative areas has led into some shortcomings in the sources of capital, expenses, distribution channels and management of the group corporation, making it hard for the group corporation to bring the polyadvantages into full play in the capital management. How to make full understanding and use of the new technology terrace supported by Network technology to enhance the capital management of the group corporation in the improved financing environment, to lower the cost and risk in financing, and finally to optimize the capital structure of the corporation, is the main problems to be understood and solved. This essay spreads out according to the following clues and train of thoughts: Firstly, the essay takes the financing theory as a logic starting point, putting forward some factors to be considered by the group corporation in financing by probing into the ways of financing, the structure theory of financing and the financing target and task of the group corporation, pointing out the importance of the information for the finangcing policy of the group corporation. It also explores on the advantages and disadvantages of the internal and external financing and the countermeasures to be taken. Secondly, the essay is organized and constructed according to the model of ‘describing, analyzing, and bringing forward countermeasures’to draw the conclusion. The content of the essay is arranged as following: Chapter One: the summary of financing theory and the group coporation financing. Firstly, it analyzes the concept of finacing and its classification, and explores on the factors that affect the choice of the ways to finance: the target, the financing cost, and the financing risk of the group coporation. Secondly, it explians the structure theory of financing, and thinks that the internal financing should be considered firstly, then the debt financing, and the equity lastly. Thirdly, it analyzes the influence of the information on the financing cost and risk of the group corporation, setting up the basic point of the whole essay, that is, the smoothness of the financing channels of the group corporation is derectly linked to its information management capacity and the banking’s information service ability, and the external financing is based on the synthetic analysis on the certain information of the past and the uncertain information of the future. Therefore, information is an important factor in deciding the financing condition and the financing itself. Finally, it explores on the financing target, task and the choice of financing ways that are in accordance with the characteristics of the group corporation. Chapter Two: The internal financing under the condition of Network technology. Firstly, it briefly explains the source of the internal financing of the group corporation, and puts forward the condition under which the internal financing can go efficiently according to the characteristics of thegroup corporation. Secondly, it makes a list of the developments of the Network technology and brings forward the efficient combination between modern Network technology and the financial management, the Network finance; explains in details the two management systems of Network financial management, the dynamic accounting system and the internal capital management system; and analyzes on the advantages of the two management systems. Then, it analyzes on the influence the Network finance has on the financing management of the group corporation. Thirdly, it lists the every aspects of the innovations that the bank service system has made under Network technology and the new service it brings about for group corporation finance. Finally, it puts forward the main systems and measures to tap the internal financing to its potential under the Network condition. Chapter Three: The external financing of the group corporation under the Network condition. It firstly discusses the ways of external financing of group corporation, and the necessarity of the external financing. Secondly, it discusses the relationship between the external finance and information, that is, the asymmetrical information which gives rise to many kinds of hazard, such as adverse choice and moral risk, increases the cost of financing of the group corporation, and prevents the smooth process of financing activities. Thirdly, it discusses in detail the new technical means and new ways in production of information,and its advantages, under the Network condition. Fourthly, It thinks that the development and its wide use of the Network technology have weakened the information’s security of financial medium agency and its ability to extort rents that comes from the financial medium agency’s special advantages in the group corporation’s information production and supervision, which has improved the financing environment greatly. Fifthly, it discusses that the wide use of the Network gives rise to another revolution in capital market information transmission and the tradingmeans,which mainly reflects in the securities dealings online. It stresses the online security exchanges, online security brokerage, ECNS, the online public issue of securities, and their advantages. It also points out that the group corporation must copes with the new changes, adjust to it and make full use of the improved financing environment, must strengthen the information publication of the group corporation, and must put forward the outline of the information publication of the corporation and how to carry out it as well as manage it. Chapter Four: The financing risk management under the Network condition. First, it summarizes the general financing risk of the group corporation, the internal and external financing risks, and the common managing methods of these risks. Secondly, it analyses the risk of the group corporation in the formation and transmission of the internal information under Network financial environment, and the risk of publishing information online. It also puts forward the ways for the group corporation to control and manage these risks. The contribution of this essay is as following: At first, it chooses a very realistic topic to study. Beginning with the characteristics of the group corporation and the financing theory, referring to the development and application of the Network technology, it brings forward the object to be studied in this essay—financing of the group corporation under Network condition. Secondly, standing on the base of the group corporation, from the micro-and macroeconomics perspectives, the essay studies the changes in the internal and external environment of the group corporation under Network background, explores on the influence of these changes on the group corporation financing and corresponding countermeasures. At last, it brings forward the author’s own understanding and contemplation on the financing risk management of the group corporation, thinking that one of the important content of the financing risk更多还原