【作者】 张宝强；

【导师】 张友棠；

【作者基本信息】 武汉理工大学 ， 管理科学与工程， 2013， 博士

【摘要】 企业集团是由多个企业或者组织通过有机的经济联结而形成的多法人联合体,是一个国家企业竞争力的集中表现。改革开放以来,一大批拥有自主知识产权、知名品牌和国际竞争力的企业集团迅速成长起来,成为国民经济的脊梁。然而,由于企业集团组织形式的复杂性和多样性,其财务协同治理问题成为一个重大而迫在眉睫的现实问题。近年来国内外学者围绕企业集团财务协同发展动因、机制及影响等方面开展了大量的研究,然而现有研究尚未有效解决传统企业集团财务治理理论与系统学的融合问题,且其研究视角缺乏动态性和应用导向性,因而难以有效阐释企业集团财务协同治理的深层次问题。基于此,本文在借鉴现有研究成果的基础上,综合运用经济学、管理学和系统科学的相关理论,采用文献研究、问卷调查、实证分析与理论推理等研究方法,力图解决企业集团财务协同两个关键问题：一是揭示企业集团财务协同治理的内在机理和模式构建问题；二是企业集团财务协同治理效应的评价与优化问题。围绕上述研究目标,本文重点开展了四个方面的研究内容：(1)企业集团财务协同治理的机理分析。从企业集团财务协同治理的内涵入手,依据协同关系的动态发展变化特征,构建了由形成机理、运行机理和动态博弈机理构成的协同框架体系,并运用序参量方程模型、种群生态学思想和博弈理论对企业财务协同治理机理进行分析。(2)企业集团财务三维协同治理的模式。在分析传统财务治理模式缺陷的基础上,运用系统学原理,从财务战略协同维度、财务资源协同维度和财务利益协同维度构建了三维协同治理模式,并对财务战略协同、财务资源协同和财务利益协同三个了系统的构成及其相互作用机理进行了分析。(3)企业集团财务三维协同治理效应测评体系与方法构造。在参考现有文献及实地调研的基础上,构造企业集团财务三维协同治理效应测评体系,即财务战略协同、务资源协同和财务利益协同三个维度,并对指标层包含的10个指标的内涵及其量化方法进行说明。考虑企业集团财务协同评价指标包含专家主观评价,因此运用未确知测度理论建立了企业集团三维财务协同治理效应未确知评价模型,实现对20家样本企业财务协同三个维度的协同效应以及整体协同效应的评价。(4)企业集团财务三维协同治理的路径分析。结合企业财务三维协同治理效应评价实证分析结论,提出企业集团财务协同效应优化路径,主要包括以企业集团财务环境适应能力协同治理路径、企业集团财务资源配置能力协同治理路径、企业集团财务利益协调能力协同治理路径,并对实现途径的具体策略进行了分析。通过本文研究发现：第一,企业集团财务协同是一个动态的变化过程,其变化过程依次经历财务协同形成阶段、财务协同运行阶段和财务协同动态博弈三个阶段；第二,企业集团财务协同治理要素构成一个完整的大系统,其具体包含企业财务战略协同子系统、企业财务资源协同子系统和企业财务利益协同子系统,且三个子系统既相互影响、相互制衡；第三,从理论与实证结果表明,企业集团财务协同治理效应评价体系包含财务战略协同、财务资源协同和财务利益协同三个维度,且该评价体系具有可靠性；第四,当前企业集团财务协同治理效应整体水平较低,主要是由于企业财务资源协同能力不足所导致。因此,要提升企业集团财务协同治理效应,首先要着力提高企业财务资源协同能力,其次增加企业财务利益协同能力,再次改善企业财务战略协同能力。上述研究发现一方面丰富、拓展了当前该领域研究的理论基础,另一方面对当前企业集团财务协同治理的实践提供了决策依据。更多还原

【Abstract】 Enterprise group, as a legal person united-corporations formed by a plurality of enterprises or organizations through organic economic connection, is the concentrated expression of national competitiveness. Especially since the reform and opening up, a large number of enterprise groups with well-known brands, independent intellectual property rights and the international competitiveness grow up rapidly, and become the backbone of the national economy. But due to the complexity and diversity of the organizational form of enterprise group, the financial cooperative governance issues exist as a great and real problem.Scholars at home and abroad have done a lot of research on the impact of financial cooperative development and mechanism, however, the existing researches have not effectively solved the fusion problem of traditional financial management theory and system, and the research perspective lacks dynamic and oriental application, making it difficult to effectively interpret the deep financial cooperative control problems. Based on this, this dissertation, on the basis of the existing research results, with the comprehensive use of theory of economics, management science and system science, using literature research, questionnaire survey, empirical analysis and theoretical reasoning and other research methods, tries to solve two key collaborative enterprise financial problems:the first is to reveal the inherent mechanism and the mode of enterprise group governance construction issues; the second is the evaluation and optimization of financial collaborative governance effect.Around the objectives of the study, this dissertation mainly focuses on the research of four aspects:The first aspect is the analysis of mechanism of financial cooperative control. Starting from the connotation of enterprise group governance, based on the dynamic change characteristics of collaborative relationship, the dissertation tries to construct synergy mechanism system composed by the formation mechanism, operation mechanism and the evolution mechanism and analyze enterprise financial co-evolution mechanism though the order parameter equation mode), population ecology theory and game theory.The second aspect is a three-dimensional mode of enterprise group governance. Based on the analysis of the traditional financial management mode defects, with the system theory, the dissertation tries to construct the three-dimensional collaborative mode from the financial strategy cooperative dimension, financial resource cooperative dimension and the cooperative dimensions of financial interests, and analyze the interaction mechanism and the form of three subsystems of coordination of financial strategy, financial resource synergy and financial interests.The third aspect is the evaluation system and method of construction of financial synergy effect of the enterprise groups. On the basis of the existing literature and field research, the dissertation tries to construct a three-dimensional evaluation system of enterprise group financial synergy, namely, in three dimensions of the financial strategy cooperative, financial resource cooperative and collaborative financial interests, and describes the connotation of the10indicators included in the index layer and quantification method. Considering the fact that the enterprise financial synergy evaluation index contains experts’subjective evaluation, the dissertation establishes a unascertained evaluation mode of the enterprise groups by applying the unascertained measure theory, and achieves the evaluation of financial cooperative effect in three dimensions and the synergetic effect evaluation in a sample of20enterprises.The forth aspect is the analysis of optimal path of enterprise financial synergy effect. Combined with the enterprise financial synergy effect evaluation and empirical analysis conclusion, the dissertation tries to propose a enterprise group financial synergy optimization path, including the strategic integration to promote financial cooperation ability, enterprise element integration to improve the ability of resource allocation, enterprise relation integration to improve coordination of interests, and analyze the ways to realize the specific strategies.Through this study, the dissertation finds that:(1) The financial cooperative of the enterprise groups is a dynamic process, and the process experiences three stages of the construction of the financial synergy, the operation of financial synergy and the evolution of financial synergy.(2) The financial cooperative elements of the enterprise groups constitute a complete system, including the subsystems of enterprise financial strategy cooperative, enterprise financial resource cooperative and enterprise financial interest coordination, and the three subsystems influence, control and check each other.(3) Theoretical and empirical results show that enterprise financial interest coordination effect evaluation system includes the three dimensions of financial strategy cooperative, financial benefits cooperative and financial resource cooperative, and the evaluation system is reliable.(4) The overall low level of enterprise financial synergy effect is mainly due to the deficiency of the enterprise financial resource cooperative ability. Therefore, in order to improve enterprise financial synergy effect, we must first focus on improving enterprise financial resource cooperative ability, then increase the enterprise financial interest coordination ability, improve enterprise financial strategy cooperative ability. The study develops and enriches the present theory of basic research in the field as well as offers the decision basis for the current practice of financial cooperative control.更多还原