【作者】 张知；

【导师】 余玉苗；

【作者基本信息】 武汉大学 ， 会计学， 2009， 博士

【摘要】 随着中国经济市场化、全球化的不断发展,大型企业集团在我国社会经济中占据着越来越重要的地位。但企业集团在运行及发展过程中也面临着许多突出的现实问题,例如集团整体财务风险的提高。企业集团由核心企业母公司和众多成员企业——子公司组成。企业集团子公司的财务风险在企业集团内部具有传导性,在企业集团外部具有扩散性。企业集团母公司如何有效地控制子公司的财务风险,是企业集团公司治理、财务管理和内部控制等领域急待研究的重要课题。研究此课题不仅具有重要的实践价值,即在微观层面有利于防控企业集团陷入财务困境、财务危机与财务破产,增强企业集团的生命力和持续竞争力,在宏观层面有利于促进国家的社会经济稳定发展、保障国家经济安全；而且具有重要的理论意义,可以丰富和深化对公司治理、内部控制、风险管理等方面的理论研究。本文在对子公司科学分类的基础上,以经济学、管理学、财务管理学、组织行为学等方面的理论成果为基础,创新地从企业集团母公司控制的视角来研究母公司对子公司的财务风险控制问题,构建了母公司对子公司财务风险控制的体系,并提出了有针对性的财务风险控制应对措施。全文除导论和研究结论部分,共分六章,主要内容如下：在导论部分,本文基于我国企业集团面临的财务风险状况,提出了论文的选题背景,并分析了论文研究的理论意义以及微观、宏观层面的现实意义；还就母公司对子公司财务风险控制的研究内容,以及以规范研究为主、实证研究为辅的研究方法进行了概述；指出了论文的主要创新及局限性。在第一章,首先阐述了国内外企业集团发展的历程,对企业集团、母子公司的概念进行了界定；其次创新地提出了“单一产品战略功能型子公司”、“多元化产品战略控股管理型子公司”、“境外跨国经营型海外子公司”、“独立公开上市公司治理型子公司”四种类型子公司的分类,并对财务风险以及财务风险控制的内涵予以了论述；随后就国内外母公司对子公司财务风险控制的相关研究成果及进展进行了回顾与评论；最后对论文选择我国家用电器类企业集团财务风险控制为研究范畴进行了说明。第二章是全文研究的理论基础,分别从产权理论、公司治理理论、全面风险管理理论和企业能力理论四个重要的理论出发,较为深刻地论述了相应的所有者财务及财务控制权、企业财务治理、企业内部控制、企业财务风险控制等问题,论述了本文研究的理论依据,同时就上述理论在企业集团财务风险控制中的应用进行了探讨。第三章在概述企业集团单一产品战略功能型子公司的类别、功能与特征的前提下,通过等级全息建模识别了营销子公司的存货、应收账款与财务人力资源三种财务风险,进行组织设置及制度安排的前提下,提出了营销子公司财务风险控制的具体管控型措施及抑制型措施。同时,在分析功能型子公司税务风险成因及显著风险特征的基础上,提出了税务风险防范与控制的系列机制。第四章是研究多元化产品战略的控股管理型子公司财务风险的控制,由前后两部分组成。前半部分指出了企业集团多元化经营的战略目标与类型,对企业集团多元化经营的主要风险表现及特殊风险进行了分析；通过等级全息建模的方法识别了多元化经营子公司的财务风险,并设计了多元化经营子公司财务风险评估及预警体系,构建了企业集团多元化经营子公司财务风险控制的公司治理与内部控制机制。后半部分是案例分析,选择HX集团多元化经营这一典型案例,基于HX集团的财务管理理念、财务风险预警及财务管理控制系统,剖析了HX集团母公司对多元化子公司投资风险、筹资风险、现金流风险的控制方法体系,以期对实行多元化经营的企业集团有效控制子公司的财务风险有所借鉴。第五章研究了境外跨国经营型海外子公司财务风险的控制。在对中国企业集团海外投资概况及海外子公司风险特征分析的基础上,基于比较分析、风险识别与风险控制的前期筹划,设计了海外子公司内部控制环境、税务风险、外汇风险的前馈控制体系,建立了海外子公司税务风险、外汇风险、流动性风险和财务信息系统风险控制的应对措施体系。第六章从企业集团母公司对子公司公司治理机制与公司治理边界的视角,来研究独立公开上市公司治理型子公司财务风险的控制。该章通过实证研究,得出了我国上市公司及我国家用电器企业集团上市子公司自身禀赋特征下财务风险特征的研究结论。随后,基于功效系数法在我国家用电器企业集团上市子公司财务风险预警中的案例研究,为客观地评价上市子公司的企业财务状况、预测上市子公司未来发展趋势提供了有益的方法模式。最后依据该章前两部分实证研究的结论,对企业集团母公司基于自身禀赋特征的“自我治理”及企业集团母公司对上市子公司的治理路径与逻辑进行了分析,提出了对上市子公司有效治理的路径安排。本文可能的创新与贡献之处在于：第一,首次提出了“单一产品战略功能型子公司”、“多元化产品战略控股管理型子公司”、“境外跨国经营型海外子公司”、“独立公开上市公司治理型子公司”四种类型的子公司分类模式,为企业集团母公司甄别不同类别子公司差异性的财务风险特征,以及如何有针对性地控制不同个性特征、特点的财务风险,进行了风险控制研究上的细分,该分类也使企业集团对子公司控制客体的定位更为准确、清晰；第二,从企业集团母公司控制的视角研究了母公司如何控制子公司的财务风险问题,这是风险控制研究在视角及研究内容方面的创新；第三,将企业能力理论下的自生能力引入企业财务风险控制理论体系中,这则是对风险控制及企业能力理论的进一步丰富；第四,论文将大规模、复杂、等级结构多的等级全息建模(Hierarchical holographic modeling,简称“HHM”)引入企业集团对多类型子公司的多种财务风险的识别,这是对HHM的创新应用；第五,本文对子公司财务风险控制体系上提出了较多富有创新性的风险控制措施,如通过信托基金、资产证券化、保险产品等金融工具的组合出售应收账款,转移财务风险；通过直接与间接投资海外子公司的各类财务风险比较,提出了建立境外国际地区财资与管理中心的建议,即通过境外间接投资,企业集团母公司既实施了国际税收筹划,也规避了国内的外汇政策风险与税务政策风险,同时还达到了管控境外外汇资金风险的目的等。更多还原

【Abstract】 With continuous marketization and globalization development of Chinese economy, large enterprise groups play more and more important role in society and economy of China. However, these large enterprise groups are confronting lots of seriously practical problems in their operation and development, e.g. the increase of integral financial risks of the group. Enterprise group comprises a core parent company and many member companies known as "subsidiaries". The financial risks of the subsidiaries are infectious inside and diffusible outside the enterprise group. How to effectively control financial risks of subsidiaries within the enterprise groups becomes a significant and urgent subject of research in fields like enterprise group governance, financial management, and internal control. Research on this subject has not only significant practical value (i.e.①micro-economically, it can help preventing the enterprise group from financial difficulty, financial crisis, and bankruptcy, and strengthen the vitality and continuous competitiveness of the enterprise group;②macro-economically, it can help promoting the stable development of the social economy and guaranteeing safety of national economy), but also significant theoretical meaning, i.e. the research can diversify and deepen theoretical research on company governance, internal control and risks management.Based on scientific classification of subsidiaries and theoretical research fruit of Economics, Management, Financial Management, and Organizational Behavior, this paper innovatively explores the issue of financial risk control of parent company over its subsidiaries at the viewpoint of enterprise group; establishes a financial risks control system for parent company; and proposes some practical measures for financial risk control as well.This paper contains 6 chapters excluding Introduction and Conclusion. The major contents are as follows:In Introduction, this paper introduces the subject selection background based on financial risk situations that Chinese enterprise groups confront, and analyzes the theoretical significance and microcosmic and macroscopic practical significance of such research. Moreover, it also summarizes the research method that focuses on criterion research, and subordinates by demonstration research aiming at the research on financial risk control implemented by parent company to its subsidiaries. The major innovation and limitations of this research are introduced in this part also.ChapterⅠ:firstly, this paper describes the development process of both domestic and foreign enterprise groups, and defines the concepts of enterprise group and parent company. Secondly, it proposes innovatively the classification of subsidiaries by 4 types, which respectively are "strategic functional subsidiary with single product", "strategic holding and managing subsidiary with diversified products", "overseas subsidiary with transnational business in foreign regions" and "subsidiary with company governance of independently and publically listed companies"; and addresses about the contents of financial risks and financial risk control. Then, it reviews and comments on relevant research results of the financial risk control implemented by domestic and foreign parent companies to their subsidiaries. At last, it explains the reason why this paper has selected financial risk control of Chinese household appliances enterprises as the research target.ChapterⅡ:Being the theoretical base of the whole paper, it argues the issues in detail like corresponding ownership finance and financial control rights, financial administration, internal control, financial risk control by applying 4 important theories, namely, theory of property rights, theory of company governance, theory of all-directional risk management and theory of capacity. It addresses the theoretical evidence of this research; at the same time, this paper also discusses the application of the above theories in financial risk control of enterprise groups.ChapterⅢ:Based on introduction of the classification, function and characteristics of "strategic functional subsidiary with single product", it identifies three kinds of financial risks like the stock, receivables, and financial HR of distribution subsidiary through Hierarchical Holographic Modeling. In respect of organization setting and scheme arrangement, it proposes particular managing and controlling measures and restricting measures for financial risk control of subsidiaries. At the same time, it points out a serial of schemes for tax risk defense and control based on analysis of causes and obvious characteristics of tax risks for functional subsidiaries.ChapterⅣ:it researches on financial risk control of "strategic holding and managing subsidiary with diversified products", which consists of two sections. In the first section, it points out the strategic target and classification of the diversified operation of enterprise groups, and analyzes representation of major risks of diversified operation and the special risks. It identifies the financial risks of subsidiaries with diversified operation through Hierarchical Holographic Modeling; and it designs a evaluation and alarming system for financial risk control of subsidiaries with diversified operation; and it establishes administration scheme and internal management scheme for financial risk control of subsidiaries with diversified operation. The latter section is case study, in which diversified operation of HX Group is selected as the typical case. It analyzes the control system of investment risks, financing risks, cash flow risks implemented by HX Group over its subsidiaries with diversified operation based on financial management concepts, financial risk alarming and financial management system of HX Group. It is expected to be helpful for enterprise groups with diversified operation to carry out more effective financial risk control over their subsidiaries.ChapterⅤ:It researches on financial risk control of "overseas subsidiary with transnational business in foreign regions". Based on analyzing overseas investment of Chinese enterprise groups and risk characteristics of overseas subsidiaries, it designs a feedforward control system of internal controlling environment, tax risks, and foreign exchange risks for overseas subsidiaries relying on prophase planning for comparative analyzing, risk identification and risk control; it establishes a response system for tax risks, foreign exchange risks, liquidity risks and controlling of financial information system risks for overseas subsidiaries.ChapterⅥ:It researches on financial risk control of "subsidiary with company governance of independently and publically listed companies" from the stand of the governance scheme and borderline of the parent company in the enterprise groups over their subsidiaries. This chapter comes to a conclusion of intrinsic financial risk features of Chinese listed companies and listed companies in Chinese household appliances enterprise groups through demonstration research. And then, it provides a favorable method and mode for objective judgment of the financial status of the listed subsidiaries and prediction of their future developing trend based on the case study of the application of efficiency coefficient method in financial risk alarming of listed subsidiaries in Chinese household appliances enterprise groups. At last, it analyzes on self-governance of parent company in the enterprise groups based on their own gift and governance route and logics implemented by the parent company to its listed subsidiaries based on the conclusion in demonstration research in the former two sections of this chapter. And it proposes road map of effective governance for listed subsidiaries.Potential innovations and contributions of this paper:Firstly, it has proposed for the first time the classification mode of four types of subsidiaries namely "strategic functional subsidiary with single product", "strategic holding and managing’ subsidiary with diversified products", "overseas subsidiary with transnational business in foreign regions" and "subsidiary with company governance of independently and publically listed companies"; it has provided evidence for parent company in the enterprise group to identify different features of financial risks of its subsidiaries; and it has provided subdivision in risk control research so that parent company can control financial risks of different characteristics and features with pertinence. Such classification helps the positioning of control object of enterprise group over the subsidiaries become more accurate and clear. Secondly, it researches the issue that how shall parent company control the financial risk of the subsidiaries from the aspect of controlling implemented by parent company in the enterprise group, which is an innovation in researching aspect and researching contents of risk control research. Thirdly, it has introduced the spontaneity under theory of capacity into the theoretical system of financial risk control, which is a further diversification to risk control and theory of capacity. Fourthly, this paper has introduced hierarchical holographic modeling (HHM) by large scale, complexity, and multiple grading structures into identification of various financial risks of the subsidiaries, which is an innovative application of HHM. Fifthly, this paper has proposed many innovative risk control measures aiming at control system of financial risk for subsidiaries, like selling the receivables through combination of financing tools like trust fund, securitization, and insurance products to transfer the financial risks. Through comparison of financial risks between direct investment and indirect investment in overseas subsidiaries, this paper has proposed a suggestion of establishing finance and assets center and management center for foreign regions, i.e. through indirect overseas investment, the parent company in the enterprise group can implement international tax planning, and avoid risks of domestic policies on foreign exchange and risks of tax exposure, at the same time, it can control and manage the risks of overseas foreign exchange.更多还原