【作者】 刘放；

【导师】 陈毓圭；

【作者基本信息】 财政部财政科学研究所 ， 会计学， 2014， 博士

【摘要】 当前中国企业财务学的理论框架和基本结论,明显地借鉴了西方发达经济体财务研究成果。西方发达经济体财务理论的引入,对于中国财务学科建设和财务管理实践无疑发挥了重要的借鉴和指导作用,可以说功不可没。但是我们也看到,中国作为转型经济体,经济体制、发展阶段、市场环境等都与西方发达经济体有着显著区别,作为经济机制重要因素的上市公司财务机制必然有所不同,甚至有很大区别。我们如果不能清晰地识别出这样的区别,由此建立的中国财务学理论框架和提出的基本结论对于财务管理实践的指导意义就会大打折扣。我们清楚地看到,正是由于这方面的原因,现有的中国企业财务学理论框架和基本结论,对中国企业财务机制的研究不够,使得中国财务学教科书提出的许多结论并不能反映并适合中国的财务实践。国有企业在整个经济体系中的主导地位是中国特色社会主义的本质要求和特色所在,用正确的财务理论指导中国国有企业的财务实践是坚持和完善中国特色社会主义制度题中应有之义,也是摆在中国财务经济学家面前的一项学术课题和政治任务。中国国有控股上市公司(以下简称国有上市公司)是中国企业的典型现象,研究国有上市公司财务行为和财务机制,对于进一步分析中国企业财务行为,建立中国的企业财务学,无疑具有代表意义和示范作用。基于以上分析,本文对国有上市公司的财务机制进行研究,希望能为进一步建设中国特色的财务学的理论框架提供思路。本文将财务机制作为核心范畴,运用抽象分析法,通过对国有上市公司投资、融资、分配等财务行为和财务现象的识别、梳理和归纳,提出了国有上市公司财务机制的结构及其特征。以对国有上市公司财务机制结构和特征的分析结论为指导,对国有上市公司投资、融资、分配机制进行分析,提出了国有上市公司投资、融资、分配行为的机制表现。全文的主要内容和研究结论如下：第一章为绪论,主要是介绍论文的选题背景、写作目的及意义；研究思路及方法；论文的结构及章节安排；主要研究贡献与研究局限。第二章对机制与财务机制进行一般分析,是论文的基础部分。本章阐述了机制与财务机制作为经济范畴的内涵、特性及其要素。机制是揭示自然社会系统运行规律的一个认识范畴,它是内在于自然社会系统、并自发地作用于系统本身的因果联系；将机制作为经济学的范畴时,它与经济制度、经济体制(以下简称为制度、体制)有着深刻的逻辑关系,制度和体制决定机制,机制是二者发挥作用的形式和结果；财务机制作为经济机制的内部要素,是指财务系统中各要素之间相互联系、相互作用并最终实现财务功能的过程；财务机制的要素有四个：主体、目标、激励和约束；财务机制体现于投资、融资和分配等财务活动的各领域中。第三章着重研究国有上市公司财务机制的要素与特征。这一章是论文的重点和核心,以机制和财务机制的研究结论为基础,对国有上市公司的财务机制进行了要素分析,旨在阐述国有上市公司的财务行为方式及其运行规律。研究发现,在产权特性、股权结构、考核制度、激励方式及监管制度的共同影响下,国有上市公司的主要财务目标是规模最大化。当然,国有上市公司在追求规模最大化这一主要财务目标的同时,也会兼顾盈利或不能亏损、保障就业等一系列约束条件；董事会、总经理等管理层的决策意志受制于大股东,大股东通过人事任命、控制股东大会、董事会和监事会,将自己的意志和愿望渗透至公司的经营中,因此,大股东成为国有上市公司的隐形财务主体,有时甚至是显形的财务主体；国有上市公司管理层的激励机制中存在权力和需求的全面捆绑,出现“一荣俱荣,一损俱损”的连动效应,这是其激励机制的重要特点；国有上市公司在进行财务活动时还要受到政治风气、国家政策导向、法律法规、监管、公司内部约束机制等方面的约束。第四章研究国有上市公司的投资机制。研究发现,国有上市公司的投资行为是在其财务目标的导向下,在政府目标和管理层个人目标的共同影响下所作出的选择。由于国有上市公司管理层和政府之间具有同源特征,而扩大投资规模能在较大程度上满足政府的要求,符合两者的共同利益,因此,理性的管理层会在符合国家政策的范围内热衷于进行投资规模的扩张,并且较少考虑投资的效率。第五章研究国有上市公司的融资机制。研究发现,国有上市公司的融资行为受到大股东和管理层共同作用的影响,同时还要受到融资的难易程度和到位时间、市场环境、可供选择的融资工具等方面的影响。由于外部资本市场环境中股权融资的成本较低,对融得资金后续的相对监管较为宽松,国有上市公司在融资结构中表现出内源融资比重较低,更依赖外源融资,在外源融资中,股权方式融资比重大于债权方式融资比重的现象。第六章研究国有上市公司的分配机制。研究发现,在中国目前的资本市场环境和公司过度资本需求的背景下,由于资金使用成本软约束、国有股股东虚置、行政化的国企经理人选择机制,市场投资者投机心理、税收政策等诸多因素的共同作用,理性的公司管理层必然服务于大股东意志,寻求利益上的“合谋”,不分配或者少分配是必然的选择。第七章为论文的主要研究结论和未来的研究展望。本文的选题,致力于对国有上市公司财务行为作出机制层次上的描述,形成能够说明国有上市公司财务规律的理论框架,这当中,固然有西方发达经济体财务学在分析框架上的借鉴,但是分析角度和分析结论是全新的,作者在准备论文过程中深知这个选题的挑战性。为得出国有上市公司财务机制的切实结论,就国有上市公司到底是如何理财的提供一个可信的系统的答案,有赖于大量观察和实证数据的支持,从这个意义上讲,本文得出的结论还是初步的。“路漫漫其修远兮”,作者愿将此文作为引玉之砖,并以此文为新的起点,与学界同行共同努力,为建立中国企业财务学作出不懈努力。更多还原

【Abstract】 Currently in China, Corporate Finance theory and its basic principles are obviously drawn from the finance research for developed economies. It is undoubt that the finance theory for developed economies had contributed to the finance science construction and finance practice in China. However, due to the significant differences in economic system, development stage and market environment between China and developed economies, as an important factor of economic mechanism, finance mechanism for the listed companies must be significantly different. If the distinction not be clearly recognized, corporate finance theory and its basic principles constructed accordingly to guide the finance practice should recede. That is why the study of finance mechanism for Chinese companies is not enough, we see clearly that the existing finance theory does not reflect the finance practice in china.The dominant position of enterprises with state-control in the whole economic system is the essential requirement of Chinese socialism. With proper finance theory to guide the finance practice for these enterprises is requirement and implication to uphold and improve the socialist system in china. This is not only an academic subject but also a political task facing Chinese economists. To study on finance behavior and finance mechanism for Chinese listed companies with state-control, the very emblem of Chinese enterprises, will undoubtedly play a representative significance and exemplary role to establish Chinese corporate finance theory.Therefore, this dissertation aims to conduct an exploratory study on finance mechanism for Chinese listed companies with state-control, and provide some inspirations to further construction of Chinese corporate finance theory. The dissertation is organized as follows: Chapter I is the introduction. The background and significance, the research ideas and methods, the structural arrangements and the major contributions and limitations of the dissertation are presented in this part.Chapter II describes mechanism and finance mechanism. As the theoretical basis for the entire dissertation, in which I had systematically expounded all the basic problems with the characteristics and elements of mechanism and finance mechanism. Mechanism is to reveal the natural laws governing the operation of natural or social system, which is inherent causality in things and spontaneously act on principle of the thing itself. When we relates to economic mechanism, the mechanism has a a profound logical connection with system, system determines mechanism, while mechanism is the form when the system in action. As an important component of economic mechanism, finance mechanism is the process of the elements to link, interact and ultimately achieve finance functions in finance system. There are four elements in finance mechanism:the subject, the objective, incentives and constraints. The effects of finance mechanism on specific finance activities mainly reflect in three aspects:investing, financing and dividend distribution.Chapter Ⅲ presents the elements in finance mechanism for listed companies with state-control. As a core of the dissertation, this part is to reveal the finance behavior and operating rules of listed companies with state-control. I find out that, under the interaction of property characteristics, ownership structure, performance appraisal system, incentives and regulatory system, the main company finance objective is to maximize the scale. Meanwhile, a series of constraints must be taken into account, just as having profit, certain employment ratio, etc. The majority shareholder penetrates his own will in the company operation by controlling the shareholders’ meeting, board of directors and board of supervisors. So the implicit or explicit finance subject of these companies is the majority shareholder. The leadership incentives in these companies has an important feature that the power and the demand are bounded together. Finance activities in these companies are also restrained by the political climate, national policy, laws and regulations, the company internal supervision.Chapter Ⅳ presents how these companies investing. I find that the investing behavior is obviously goal-oriented, it is the result of joint action from both government goals and personal goals. Due to the homologous instrests of the company and the government, the company keens to expand the investment scale to meet with their common interests and pay less attention to the investment efficiency.Chapter Ⅴ presents how these companies to financing. The company financing behavior is jointly affected by the major shareholder and the company manager, it is also affected by the financing difficulty degree, how long to finance, market environment, alternative financing tools, etc. Due to both the lower cost and more relaxed regulation of equity financing in external capital market environment, the financing structure in those companies shows lower internal financing proportion but higher external financing proportion. And equity financing proportion is greater than debt financing proportion.Chapter Ⅵ presents how those companies to distribute. In current capital market environment, due to the coaction of capital overneed, soft constraints of capital cost, selection mechanism of executive manager, market investor speculation, tax policy and other factors, the rational company manager will seek interests conspiracy with the majority shareholder. The inevitable distribution policy is not to distribute or to distribute as less as possible.Chapter Ⅶ summarizes the main conclusions of this dissertation and discusses the prospects of future research.This dissertation is committed to making a description of finance behavior, in order to construct a theoretical framework to reveal the behavior disciplines for the Chinese listed companies with state-control. Although the analysis framework is learned from the finance theory for developed ecomomies, analysis and conclusions are brandly new. To provide a credible answer to how these companies conducting finance activities depends on mass observations and supporting data, in this sense, the conclusion of this dissertation is still preliminary. As an exploration in this field, Ⅰ expect this dissertation play a valuable role in further academic studies, and Ⅰ will make unremitting efforts for the establishment of Chinese corporate finance theory.更多还原