發(fā)布時間：2018-04-13 20:37

  本文選題：股權(quán)變更 + 財務(wù)治理效率��； 參考：《哈爾濱商業(yè)大學(xué)》2017年碩士論文

【摘要】：在經(jīng)濟(jì)危機余波下,世界上大部分國家還處于經(jīng)濟(jì)下滑或復(fù)蘇的階段,加之我國的勞動力成本逐漸提高的同時我國對外資企業(yè)的政策優(yōu)惠不斷減少,導(dǎo)致了許多外國資本撤離我國,而我國的經(jīng)濟(jì)發(fā)展形式仍處于上升階段,民間資本持續(xù)積累,這就出現(xiàn)了許多國內(nèi)民間資本收購撤離的外資股權(quán)的現(xiàn)象,致使許多原外資企業(yè)發(fā)生了比較重大的股權(quán)變更。外資企業(yè)轉(zhuǎn)換為國內(nèi)民間資本控股企業(yè)的情況屢見不鮮。而股權(quán)的變更必然會影響到公司治理的效果,最終體現(xiàn)現(xiàn)出來的就是公司持續(xù)發(fā)展能力和核心競爭能力提高和下降,而公司治理中的核心就是財務(wù)治理,財務(wù)治理的最終目標(biāo)是使的財務(wù)治理的成本最優(yōu),提升企業(yè)的財務(wù)治理效率。這也說明了如果在我國民間資本掌控下的公司想要提高自身的核心競爭力和可持續(xù)發(fā)展能力,就必須保證企業(yè)的財務(wù)治理真正有效,這就應(yīng)該對財務(wù)治理的成本和效率進(jìn)行更深入研究;找出影響財務(wù)治理成本和財務(wù)治理效率的因素,探究降低財務(wù)治理成本、優(yōu)化財務(wù)治理效率更好的辦法,從而為企業(yè)提供持續(xù)發(fā)展的核心動力。所以,為了解決我國大多數(shù)企業(yè)目前普遍缺乏財務(wù)治理問題,財務(wù)治理成本與效率的研究應(yīng)該占據(jù)主導(dǎo)位置。我國眾多企業(yè)若想提高企業(yè)的核心競爭力和可持續(xù)發(fā)展力,應(yīng)該高度重視企業(yè)的財務(wù)治理水平。降低財務(wù)治理成本,提高財務(wù)治理效率從而達(dá)成公司治理效益最大化的目標(biāo)。通過介紹背景、國內(nèi)外研究現(xiàn)狀與委托代理理論、所有權(quán)關(guān)系理論、公司治理理論、財務(wù)關(guān)系理論等基礎(chǔ)理論為研究股權(quán)變革如何影響財務(wù)治理效率奠定理論基礎(chǔ),通過分析由外資絕對控股轉(zhuǎn)為我國民間資本控股的樣本公司的股權(quán)變更前后的代理成本變動、交易成本變動,并將之以財務(wù)管理的指標(biāo)予以量化分析,來得出財務(wù)治理成本的變化,以及股權(quán)變更對財務(wù)治理成本的影響。通過分析股權(quán)變更前后的盈利能力變動、償債能力變動、可持續(xù)增長能力變動并將之以財務(wù)管理的指標(biāo)予以量化來得出財務(wù)治理效率的變化,以及股權(quán)變更對財務(wù)治理效率的影響。將以上的分析結(jié)果綜合考量,最終得到了優(yōu)化了的股權(quán)結(jié)構(gòu)、優(yōu)化了財權(quán)配置、促進(jìn)了產(chǎn)業(yè)鏈的優(yōu)化升級等可供其他正處于股權(quán)變更背景下并亟待提高自身核心競爭力的的企業(yè)學(xué)習(xí)和借鑒的經(jīng)驗。以保證我國企業(yè)的核心競爭力和可持續(xù)發(fā)展力不斷提高。進(jìn)一步落實走出去戰(zhàn)略。
[Abstract]:In the aftermath of the economic crisis, most of the countries in the world are still in the stage of economic decline or recovery, coupled with the gradual increase in labor costs in China, while our policy preferences for foreign-funded enterprises continue to decrease.This has led to the withdrawal of a lot of foreign capital from China, but the economic development of our country is still on the rise, and private capital continues to accumulate. This has led to the phenomenon of many domestic private capital acquiring and withdrawing foreign equity.As a result, many original foreign-funded enterprises have a relatively significant equity changes.Foreign-funded enterprises to convert into domestic private capital holding enterprises, the situation is common.The change of stock right will inevitably affect the effect of corporate governance, and the ultimate manifestation is the improvement and decline of the company's sustainable development ability and core competitiveness, and the core of corporate governance is financial governance.The ultimate goal of financial governance is to optimize the cost of financial governance and improve the efficiency of financial governance.This also shows that if the company under the control of our private capital wants to improve its core competitiveness and sustainable development ability, it must ensure that the financial governance of the enterprise is truly effective.Therefore, we should study the cost and efficiency of financial governance more deeply, find out the factors that affect the cost of financial governance and the efficiency of financial governance, explore ways to reduce the cost of financial governance and optimize the efficiency of financial governance.In order to provide the core power of sustainable development for enterprises.Therefore, in order to solve the problem of lack of financial governance in most enterprises, the research on the cost and efficiency of financial governance should occupy the leading position.If many enterprises in China want to improve their core competitiveness and sustainable development, they should attach great importance to the level of financial governance.Reduce the cost of financial governance, improve the efficiency of financial governance to achieve the goal of maximizing corporate governance benefits.By introducing the background, current research situation and principal-agent theory, ownership relationship theory, corporate governance theory, financial relationship theory and other basic theories at home and abroad, this paper lays a theoretical foundation for the study of how equity reform affects the efficiency of financial governance.By analyzing the change of agency cost and transaction cost before and after the change of stock right of the sample company which is transferred from absolute foreign capital to private capital holding in our country, and quantifying it with the index of financial management,To get the change of financial governance costs, and the impact of equity changes on financial governance costs.By analyzing the change of profitability, solvency and sustainable growth ability before and after the change of stock rights, and quantifying it with the index of financial management, the change of financial governance efficiency is obtained.And the impact of equity changes on the efficiency of financial governance.Taking the above analysis results into consideration, we finally get the optimized ownership structure and optimize the allocation of financial rights.It promotes the optimization and upgrading of industrial chain, which can be used for reference by other enterprises which are in the background of stock right change and need to improve their core competitiveness.In order to ensure the core competitiveness and sustainable development of Chinese enterprises to improve.We will further implement the strategy of going global.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F406.7

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