出资者视角企业集团财务管理.pdf

ABSTRACT Enterprise group iS one of combination which iS made of many aside trade、area、property enterprise．compared with general enterprise，enterprise group finanee management IS more complication． ． ．。 Normative enterprise group iS format by down in and capital separate．In an enterprise group core enterprise 1s the owner ot the other enterprise．in tWO authority separate modern enterprlse regime，core enterprise and member enterprise are also lawman with equal power．The relation between them are shareholder and enterprise．for realize the aim of the total group，core enterprise should control and collaborate member enterprlse financial action．this iS a indirect fashion，This article from owner’S angel probing enterprise group finance management’S base theory，and expound myself some attitude to our country in particular shougang group finance management．The hole article iS separated four part： ． The first part deeply analyze and compare our country and foreign enterprise group development and feature．try to delimit our country enterprise group． The second part is the emphasis of the whole article，general enterprise emphasis research fund but group emphasis capital，it base content include enterprise manager’management and group c011aboration The third part analyze and research the problem which our country enterprise group facing The fourth part analyze and research the problem which shougang group facing ．and believe that SG group finance management should convert from manager finance to owner finance． Keyword ：enterprise group owner finance 东北大学顾jj论文 出资者视角的企业集团财务管理 前 言 我国企业集团产生于八十年代中期，对优化我国产业结构和资源配置 ，提高综合国力都发挥了重要作用，但也应看到由于我国企业集团大都产 生于《公司法》颁布之前，而且大多属于行政划拨，产权关系混乱，各企 业利益不同，缺乏凝聚力。9 2年起国家对大的企业集团核心企业进行授 权经营，将各子公司变为核心企业的投资，有效的解决了子公司的出资者 缺位问题。但企业集团形成的非市场性，又决定了授权公司不能对子公司 行使“用脚投票”的权利，将出资者财务引入企业集团财务管理，对于明 确集团公司在企业集团中投资主体的地位，解决集团公司如何对集团内企 业进行财务管理，增强集团凝聚力，实现国有资产的保值增值都有现实的 意义。 西方财务管理理论中并没有出资者财务的概念，其研究的重点是财务 经理层的财务管理，也就是我们常说的企业财务管理，正如美国财务学家 J．弗雷德．韦斯顿在所著的《管理财务学》中第一句话所言“财务学可用 财务经理的职能和责任