【作者】 孟庆南；

【导师】 朱永明； 张浩云；

【作者基本信息】 郑州大学 ， 技术经济及管理， 2013， 硕士

【摘要】 随着资本扩张的不断深化,企业集团这种组织形式在现代企业经营管理中的地位变得日益重要。而财务控制作为企业集团控制子公司的重要手段,渗透到了企业生产经营的各个环节。控制好子公司的财务活动,才能更有效的控制子公司的经营活动。因此,对于企业集团而言,加强对子公司财务控制的研究有着重要意义。在企业集团中,存在着高度的信息不对称,子公司经营者拥有比集团母公司更多的私有信息,比如子公司经营者更了解自身所处的竞争环境,更了解自身内部条件、更了解自己的能力等等。由于信息不对称的影响,子公司经营者可能会利用拥有的信息优势做出损害集团而利己的行为。其中主要有逆向选择和道德风险,对此,集团母公司必须制定一系列激励约束措施,对子公司经营者的行为进行约束控制,使其朝着集团整体发展目标而选择自身行为。本文以信息不对称为基础,从信息传递渠道、逆向选择、道德风险以及其他重要控制手段四个维度构建了母公司对子公司的财务控制体系。首先,信息不对称下,企业集团母子公司之间要建立畅通的信息传递通道,以保证信息的有效沟通。其次,根据信息经济学原理,逆向选择问题可以从信号传递和信息甄别两方面入手,相应地提出健全财务控制制度、强化内部审计等控制方法和手段；道德风险问题可以从参与约束和激励相容约束两方面入手,而有效的激励——约束机制要以科学的经营者业绩评价体系为基础,在业绩评价指标的选择上,本文选取基于6个维度的18个具体指标,在指标权重的计算上,对一级指标采用德尔菲法计算权重,二级指标采用基于差异驱动原理的客观方法计算权重,在对各种评价方法进行比较的基础上,最终选择模糊综合评价法进行业绩评价的计算。再次,一个完整的财务控制体系还应该考虑到预算控制和资金控制两个重要方面,在预算控制方面,联合确定基数法的引入提高了信息不对称下子公司预算上报的准确度。在文章的最后,选取A集团为案例,对上述构建的财务控制体系进行实证分析,并以A集团下五家子公司2012年的经营数据计算得到相应的指标值,对五家子公司的经营业绩进行了综合评价,并对评价结果进行分析。更多还原

【Abstract】 Along with the constant deepening of capital expansion, the status of organization form like enterprise groups becomes increasingly important in modern enterprise management. As an important means of controlling subsidiary companies in enterprise groups, financial control infiltrates into every link of production and operation activities. Good control of subsidiary companies’ financial activities leads to the successful control of subsidiary companies’ business activities. Therefore, it is significant to strengthen the study of subsidiary companies’financial control system for enterprise groups.There is serious information asymmetry in an enterprise group. The manager of subsidiary company has more private information than the parent company. For example, the subsidiary company knows more than the parent company about their competition environment, internal conditions and their own ability etc. With the impact of information asymmetry, the manager of subsidiary company may make damage to the whole enterprise group’s benefit by using information advantages. It mainly includes adverse selection and moral hazard. Therefore, the parent company must take a series of incentive and constraint measures to control the subsidiary company choose their behavior towards the enterprise group’s overall development goal.Based on the theory of information asymmetry, this thesis builds the financial control system from four aspects which include information transmission channels, adverse selection, moral risk and other important methods. Firstly, under the information asymmetry, an unimpeded information communication channel should be built between the parent company and the subsidiary company to ensure the effective communication of information. Secondly, according to the principle of information economics, the adverse selection problem can be solved from two aspects, which are signal transmission and information screening, and accordingly we put up control methods such as improving the financial control system, or strengthening internal audit. And the moral hazard problem could be solved from two aspects, which are participation constraint and incentive compatibility constraint. While an effective incentive and restraint mechanism is based on a scientific manager’s performance evaluation system. This thesis chooses18indicators from6dimensions, and on the index weighs calculation, this thesis uses the Delphi method to calculate weights on level1and the objective method of driven principle on level2.Compared to various evaluation methods, this thesis finally chooses the fuzzy comprehensive evaluation method for the calculation of performance evaluation. Again, a complete financial control system should contain budget control and capital control, and the use of joint base determination method improves the accuracy of the budget report. At the end of the thesis, we select company A as a case to test the financial control system, and calculate the corresponding parameter values of the5subsidiary companies in2012. Finally, this thesis evaluates the business performance of the5subsidiary companies and analyzes the evaluation results.更多还原