【作者】 罗振；

【导师】 文宗瑜；

【作者基本信息】 财政部财政科学研究所 ， 会计学， 2014， 博士

【摘要】 金融性国有资本是依附于各种金融机构而参与资本运营的国有资本。在当今中国经济高速发展的大环境下,金融性国有资本已然成为中国经济增长的动力引擎,其运营效率越来越受到关注。作为国有资本的重要组成部分,金融性国有资本与其他国有资本一样,不仅具有经济属性,还具有社会属性。遗憾的是,在中国仍热衷于GDP增长的背景下,金融性国有资本的经济属性成为关注的焦点,而社会属性被深度掩盖。毋庸置疑,从保值增值的角度看,近十年,依靠金融机构的大发展,金融性国有资本实现了价值大幅增值。但是,中国经济增长的乏力和国有资产管理体制的缺陷,正在逐步压缩金融性国有资本的增值空间。可以说,中国的金融性国有资本运营正处于两难境地,即经济效率逐渐降低,而社会效率又被忽视掩盖。当然,中国金融性国有资本运营走出困境不可能一蹴而就。现阶段的主要任务应当是发现问题和解决矛盾,而当务之急就是构建一套行之有效的金融性国有资本运营效率评价体系,既要发挥“照相机作用”而全面客观的反映金融性国有资本的运营效率,又要发挥“指挥棒作用”而引导金融性国有资本的优化配置。需要强调的是,构建金融性国有资本的运营效率评价体系,不能单纯强调资本保值增值,而要着眼于金融性国有资本的公共职能,统筹经济效率和社会效率而构建一个全方位的评价体系。金融性国有资本运营效率评价体系构建是一项系统性工程,涉及微观、宏观两个层面的指标设计及信息披露机制建立。本文在论述金融性国有资本运营效率评价相关理论及其运用的基础上,深入剖析了中国金融机构的概况及金融性国有资本的分布。基于此,立足于中国金融性国有资本的运营现状,提出了构建中国金融性国有资本运营效率体系的思路,并设计一套符合中国现实需要的指标评价体系。总体而言,本文设有八章,共分三个层次,依照“理论分析——提出并分析问题——解决问题”的技术路线而展开。第一～二章为“理论分析”部分。该部分主要探讨了选题背景、研究意义、基本理论等问题,从而为全文的研究奠定基础。其中,第一章阐述了中国金融性国有资本运营效率评价的选题背景及意义,并就国内学者对金融资本运营效率的相关研究进行综述与评论。第二章首先就金融性国有资本及其运营效率的概念、特征、属性进行了论述,然后从经济学和管理学两个角度,回顾了新福利经济学、新制度经济学、X-效率理论、公共产品理论、系统管理理论权变管理理论、企业社会责任理论和信息管理理论共八个理论,并依托这些理论简述了如何构建金融性国有资本运营效率评价体系。第三章为“提出问题、分析问题”部分。本部分首先就金融机构进行分类,即将其分为银行类金融机构和非银行类金融机构两类。在此基础上,本部分探讨了国有资本分别在银行类金融机构和非银行类金融机构中的分布,认为不论从绝对量还是相对量上讲,国有资本在金融机构都占据主导地位。可以说,正是基于这种垄断地位,金融性国有资本的盈利能力非常突出。但是,与高盈利水平相悖的是,金融性国有资本的社会效益却被忽视为,从而导致经济效率突出而社会效益低下。第四～八章为“解决问题”部分。该部分主要就构建金融性国有资本运营效率评价体系进行探讨。其中,第四章为金融性国有资本运营效率评价体系的构建原则与方法,为整个体系构建提供总体思路；第五章与第六章分别从微观和宏观两个层面设计评价指标,并综合运用层次分析法就指标设置权重与评价标准,这是体系构建的核心部分；第七章就评价结果的信息披露机制建立进行了探讨。应该说,基于第四章的总体思路,第五～七章就金融性国有资本运营效率的评价体系构建进行了详细论述,从而形成一个相对完善的系统。最后,第八章就推动金融性国有资本运营效率评价体系实施的配套政策进行了研究,对评价体系形成保障与支撑。更多还原

【Abstract】 Financial state-owned capital one k ind of capital s which i s dependent on a variety of financial institutions and participate in capital operations. In today’s environment of rapid development of China, the financial capital of the state-owned has become the engine of economic growth, and its operational efficiency is paid more and more attention. As a sub class of the state capital, like other state-owned capital, the financial capital of the state-owned not only has the economic attributes, but also has the social attribute. Unfortunately, China is st i I I keen to GDP growth, the economic attribute of state financial capital has become the focus of attention, and the social attribute has been neglected. There is no doubt, from the va I ue perspective, near ly ten years, relying on the development of financial institutions,the state financial capital realized value appreciation. However, the defect Chinese anaemic econom i c growthand the state-owned assets management system, i s gradually compressedstate financial capital value-added space.China financial state-owned capital operation is in a dilemma, that the economic efficiency decrease gradually, and the social efficiency has been neglected. Of course, if the f i nanc ial state-owned cap ital want to operate out of the predicament, it cannot accomplish at one stroke. At this stage the main task should be to find problems and resolve conflicts,and a pressing matter of the moment is to construct a set of effective financial state-owned capital operation efficiency evaluation system. It is necessary to play the "camera" and reflect the state financial capital operating efficiency comprehensively and objectively, but also to play a"baton" and to guide and optimize the allocation of financial state capital. Needs to be emphasized is, to construct the state financial capital operation efficiency evaluation system, not only to emphasize the value of capital, but also to emphasize the public funct ion, and focuse on the state financial capital, the overall economic efficiency and social efficiency and build a comprehensive evaluation system.The efficiency of state-owned capital operation and financial evaluation system construction is a systematic project, setting up the mechanism of index design and information disclosure relates to micro and macro two levels. Based on the discussion of state-owned capital operation of financial efficiency evaluation theory and its application, in-depth analysis of the situation and the state financial capital distribution Chinese financial institutions. The operation based on the status of Chinese state financial capital, put forward the construction of China financial operating efficiency of state-owned capital system, and design a set of evaluation index system China real ity. Overall, this paper has eight chapters, divided into three levels, in accordance with the technicalroute of "theoretical analysis-questions-problem solving".The first to the second chapter is "theory analysis" section.This part mainly discusses the background,research significance,basic theory and other issues, so as to lay the foundation for the full text of the study. Among them, the first chapter describes the background and significance of the evaluation China financial operating efficiency of state-owned capital, and domestic scholars research on operational efficiency of financial capital for review and comment.The second chapter discusses the concept of the state financial capital and its operation efficiency characteristics,attributes, and then learn from the two perspectives of economics and management, reviews the new welfare economics, new institutional economics, X-efficiency theory, public goods theory, system management theory, cont i ngency theory of management, corporate social responsibility theory and i nformat i on management theory a total of eight theories, and based on these theories briefly expounds how to construct the evaluation system of the state financial capital operation efficiency.The third chapter is the "problem" section. This section carries on the classification on the financial institutions, will be divided into banks and non bank financial institutions. On this basis, this part discusses the state-owned capital in the banking financial institutions and non bank financial institutions in the distribution, believe that regardless of the absolute or relative amount of speaking,the state-owned capital plays a dominant role in financial institutions. Can say, it is the monopoly position based on the state financial capital,profitability is very prominent. However, conflicting with the high level of profitability, the state financial capital social benefits are neglected, which leads to economic efficiency and social efficiency prominent.Fourth to the eight chapter is"problem solving" section. This part mainly on the construction of evaluation system of the state financial capital operation efficiency. The fourth chapter for the construction, principle and method of evaluation system of the state financial capital operation efficiency, provide the general idea of the whole system construction; the fifth chapter and the sixth chapter separately from the two aspects of microcosmic and macroscopic design evaluation index, and comprehensive use of AHP index weight and evaluation standard set, which is the core part of the system construction of the information disclosure mechanism; the seventh chapter discusses the establishment of the evaluation results. It should be said, the general idea of the fourth chapter is based on the fifth to seven chapter, the state financial capital operation efficiency evaluation system construction in detail, which formed a relatively complete system. Finally, the eighth chapter will promote the implementation of the evaluation system of the state financial capital operation efficiency of supporting policy research, to form the protection and support of evaluation system.更多还原