【作者】 徐莉萍；

【导师】 伍中信； 龚光明；

【作者基本信息】 湖南大学 ， 会计学， 2008， 博士

【摘要】 财权起源于原始产权,与原始产权主体的权能相依附、相伴随。财权表现为某一主体对财力所拥有的支配权,具体包括收益权、投资权、筹资权、财务预决策权、财务监督权等等。原始产权主体(公司委托人)在完全拥有财务收益分配权的基础上,鉴于自身知识、信息、运作等方面的条件局限,必须将其他财权分解、财权配置,并落实其行使。公司治理问题就是解决财权的分解问题,公司治理中财权的分解与预算决策、执行与控制、监督与评价有一定的对应关系。实际上,预算管理就是反映公司治理过程中财权分解、财权配置与财权实施的系统,财权中决策权、执行权与监督权三项权能的具体分解与落实过程就是预算管理的预算决策权、预算执行权与预算监督权的管理过程,预算管理系统是贯穿财权分解、财权配置与公司治理的具体运行系统。本文试图运用规范分析和实证分析相结合、理论研究和调查研究相结合的研究方法,以经济社会学、企业理论、公司治理理论、财务治理理论、全面价值管理理论、“财权流”财务论等理论为指导,建立财权预算管理系统。将财权预算管理系统分为财权预算与作业预算一阶二元子系统,并从财权预算管理系统循环的决策、执行与控制、监督与评价三个环节出发,逐步研究了财权预算管理系统的运行。财权预算是以(财)权配置为侧重的权力预算系统,重点在于组织设置、职能划分及其权力配置,同时,财权预算中也存在着非显性财力预算线索;作业预算是以财(权)配置为侧重的财力预算系统,重点在于生产经营过程中由于技术约束所对应的财力配置,同时,作业预算中也存在着非显性权力预算线索。财权预算以投资者为预算主体,作业预算以企业总经理为预算主体。本文主要的研究内容包括以下几个方面:(1)首先对财权预算管理理论基础及其逻辑进行概括,理论基础主要包括企业理论、公司治理理论、财务治理理论、全面价值管理理论、“财权流”财务论等,这些为财权预算管理理论及运行提供了支持。然后论证了实施财权预算管理系统能缓和与化解传统企业预算管理系统的功能矛盾,提出了财权预算管理理论框架,进而提出财权预算管理系统运行的实施步骤与方案。(2)在财权预算管理系统运行环节,在预算决策上,以企业预算决策过程中的风险为研究起点,对企业财权预算管理系统决策权配置模式及模式选择的影响因素进行了分析,对企业财权预算管理系统决策权实现与授权关键环节重点研究,并力图重点在组织制度与授权管理上予以保障。在预算执行与控制上,研究了企业预算战略执行中战略传导的要素与动力。建立健全财权预算管理系统中预算责任机制、纠偏机制、报告机制。在预算监督与评价上,理顺“老三会”与“新三会”的关系,设计财权预算监督与作业预算监督机制及二者沟通的桥梁,在理论上分析了预算监督难点的解决方案;建立以BSC为评价主体的财权预算管理系统评价工具,同时,也在理论上分析了企业财权预算管理系统功效评价难点的解决方案。(3)通过问卷调查与实证研究,证实了实施财权预算管理系统的必要性、可能性与价值增值的递增性,寻找到了影响企业预算管理的显著因素,这为我们对现行企业预算系统改进提供了方向。本项研究的创新点如下:第一,创新建立了财权预算管理一阶二元系统,及其系统运行框架。并深入研究了财权预算决策、执行与控制、监督与评价的具体运行三个重要环节的难点与重点;第二,创新预算组织及组织之间的关系。明确预算管理委员会与预算办公室的职责,提出建立包括战略委员会、薪酬委员会、审计委员会、提名委员会等在内的预算管理委员会;第三,创新资本市场预算信息披露内容。企业应该对与财权预算相关的、反映战略实施效果的、主要以资本预算与专门决策预算为主的财权预算执行过程与结果信息予以自评强制披露;对与作业预算相关的、反映内部控制制度完善下价值创造额为主的信息予以自愿披露。政府是资本市场秩序的维护者,现行上市公司所遵守的资本市场制度并没针对我国公司治理结构的现状,在公司治理机制中对中小股东治理、债权人治理加以保护。通过我们对财权预算管理系统的研究,得出在我国可以由政府规范一个约束上市公司预算战略执行过程与结果的信息传导、报告程序的结论,以达到增加企业预算战略信息传导动力的目的。所以,财权预算管理理论为指导,能逐渐完善《上市公司治理准则》、《上市公司信息披露事务管理制度指引》等规范,重点在中小股东治理、债权人治理保护上有所作为;以财权预算管理理论为指导,能大大促进经理人市场的建设与发展。更多还原

【Abstract】 Financial rights originate from original property rights, and are associated with the power of original property rights subjects. Financial rights perform as one subject’s rights to financial resources, including the rights of profit, investment, financing, pre-financial decision-making, financial supervision and so on. On the basis of the full possession of the financial remuneration and distribution rights, original property rights subjects (client) have to decompose other property rights, allocate property rights and then implement them in view of the limitations of their own knowledge, information, operation and so on. Corporate governance is to solve financial rights decomposition problems. There are certain corresponding relationship between financial rights decomposition and the budget decision-making, execution and control, supervision and evaluation in corporate governance. In fact, budget management is a system reflecting the decomposition, allocation and implement of property in corporate governance. The specific decomposition and implement of decision-making, enforcement and supervision rights of financial rights are to the management process of the budget decision-making power, enforcement power and supervision power of the budget management. Budget management system which is the specific operating system runs through the decomposition of financial rights, the allocation of financial rights and the corporate governance.This article attempts to use the research approach of a combination of normative analysis,empirical analysis and a combination of theoretical research and survey research to establish the financial rights budget management system under the guidance of economic sociology theory, enterprise theory, corporate management theory, financial management theory, total value management theory,“financial rights flowing”and so on. This article divides corporate budget management system into the first order and binary subsystem including financial rights budget and activity budget, and studies the operation of the property-based enterprise budget system step by step, using decision-making, implementation and control, supervision and evaluation ,which is three links of systemic circulation of corporate budget management as the starting point.Financial rights budget is the power budget system which focuses on the (financial) rights allocation, with emphasis on organization framework,function division and power disposition. At the same time, property budget also has non-dominant financial budget clues; activity budget is financial resources budget system which focuses on the financial (rights) allocation, with emphasis on the allocation of financial resources due to technical constraints on the production and operation process. At the same time, activity budget also has non-dominant power budget clues. The investors are the main budget subjects in financial rights budget, while the general manager of the enterprise is the main budget subjects in activity budget activity. The main research content in the paper includes several topics as follows:(1) First, sum up the theories foundation and logic of the financial rights budget management. The theories foundation mainly includes enterprise theory, corporate management theory, financial management theory, total value management theory,“financial rights flowing”and so on, which provide support for the theory and implementation of the financial rights budget management. Second reason that implementing the financial rights budget management system can ease and resolve functional contradictions of the traditional corporate budget management system, put forward the theory framework of the financial rights budget management, and then put forward enforcement steps and programs of the financial rights budget management system operation.(2) On the budget decision, make the risk of the corporate budget decision process as the starting point, analyze the configuration mode of the enterprise financial rights budget management system decision-making authority and influencing factors of mode choices, conduct a major study on the main links including the implementation and authorization of the enterprise financial rights budget management system decision-making authority, and strive to focus on the guarantees for organization and entitlement management in the operation link of the financial rights budget management system. On the implementation and control of budget, study the elements and motivations of the strategy transmission in the implementation of corporate budget strategy. Establish and improve budget responsibility mechanism,deviation-rectification system and report mechanism in the financial rights budget management system. On the supervision and evaluation of budget, rationalize the relationships between“the new three organizations”and“the old three organizations”, design the financial rights budget supervision mechanism,activity budget supervision mechanism and the bridge for the communication between them, analyze the solutions of the difficult points of budget supervision in theory; establish appraisal tools taking BSC as the main body in the financial rights budget management system, and analyze the solutions of the difficult points of the enterprise financial rights budget management system efficacy evaluation in theory at the same time.(3) By means of questionnaire survey and empirical research, confirm the necessity, probability and increase of value enhancement of the implementation of the financial rights budget management system, and search out the main factors of influencing corporate budget management, which offer us clear directions of improving active corporate budget system.The innovations of this research are as follows: First, establish innovatively first order and binary system of the financial rights budget management and system operational frame. And go into the difficulties and emphases of three important links including the specific operation of the financial rights budget decision-making, implementation and control, supervision and evaluation; Second, innovate the relation between budget organization and organization. Clarify about the responsibilities of budget management committee and budget office, and offer to establish budget management committees including strategic committee, compensation committees, audit committee, nominating committee and so on; Third, innovate the contents of budget information disclosures of capital market. The corporate should provide the implementation and result information compulsively, which is related with the financial rights budget, reflecting the results of strategy implementation, and focused on capital budget and special decision budget; while the corporate should provide the information voluntarily, which is related with activity budget and focused on value creation amount reflecting the perfection of internal control system.Government is the defender of the capital market order, but the capital market system the existing listed companies comply with is not aimed at the situations of Chinese corporate governance structure to safeguard medium and small-stock shareholders and creditors in the corporate governance mechanism. We can conclude that the government can specify information transmission and report procedure of disciplining the budget strategy implement process and results of the listed companies to achieve the purpose of increasing strategic information transmission power of enterprise budget. Therefore, the financial rights budget management theory serves as a guide, which can gradually improve the norms such as“The criterion for governance listed company”,“The guide for information disclosure management system of listed company”and so on, with emphasis on doing something with the protection of medium and small-stock investors management and creditors management. Property-based enterprise budget theory serves as a guide, which can greatly facilitate the construction and development of the manager market.更多还原