本文選題：系族企業(yè)　切入點(diǎn)：金字塔控股結(jié)構(gòu)　出處：《石河子大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：關(guān)于如何有效的管理資本,內(nèi)部資本市場(chǎng)(英文簡(jiǎn)稱(chēng):ICM)與外部資本市場(chǎng)在管理方式上存在著實(shí)質(zhì)上的不同,它們分別依靠“行政命令”和“契約合同”管理各部門(mén)、各企業(yè)間資本的流動(dòng)。內(nèi)部資本市場(chǎng)具有外部資本市場(chǎng)可望不可得的信息全面、融資便利和激勵(lì)效果等優(yōu)勢(shì),其在提高資金分配水平和優(yōu)化資本配給方面均發(fā)揮出顯著的效果。但是,內(nèi)部資本市場(chǎng)是一把“雙刃劍”,其在對(duì)低效的外部市場(chǎng)融資起增補(bǔ)和替代作用的同時(shí),也由于外部資本市場(chǎng)的落后和公司管理的缺陷而產(chǎn)生功能異化。目前,我國(guó)存在著市場(chǎng)化水平較低、外部資本市場(chǎng)低效的客觀現(xiàn)實(shí),企業(yè)運(yùn)用內(nèi)部資本市場(chǎng)的功能手段來(lái)緩解融資管束是可行的。但現(xiàn)有與內(nèi)部資本市場(chǎng)關(guān)聯(lián)的制度不夠健全,金字塔控股結(jié)構(gòu)的普遍存在、政府監(jiān)察缺位等原因易誘發(fā)控股股東的機(jī)會(huì)主義行為,引致企業(yè)內(nèi)部資本市場(chǎng)優(yōu)化資源配給、緩解融資管束的功能發(fā)生異化,降低企業(yè)的市場(chǎng)價(jià)值,阻礙資本市場(chǎng)的健康發(fā)展。如何在減弱企業(yè)集團(tuán)ICM功能異化引致的負(fù)面影響的同時(shí)發(fā)揮企業(yè)內(nèi)部資本市場(chǎng)的應(yīng)有功能是現(xiàn)下我國(guó)資本市場(chǎng)迫在眉睫的問(wèn)題。本文采用案例研究的方式,以復(fù)星系旗下的豫園商城、南鋼股份、復(fù)星醫(yī)藥三家上市企業(yè)為切入點(diǎn),借助理論研究、財(cái)務(wù)指標(biāo)分析與圖表分析相結(jié)合等方法,通過(guò)對(duì)比分析上市企業(yè)的財(cái)務(wù)數(shù)據(jù)和模型對(duì)復(fù)星系內(nèi)部資本市場(chǎng)是否存在ICM功能異化做出判斷,通過(guò)分析確定復(fù)星系內(nèi)部資本市場(chǎng)存在功能異化現(xiàn)象。其后基于復(fù)星系各上市企業(yè)的年報(bào)和國(guó)泰安數(shù)據(jù)庫(kù)數(shù)據(jù),從股權(quán)交易、資金占用和互相擔(dān)保等方面來(lái)探究復(fù)星系內(nèi)部資本市場(chǎng)功能異化的表現(xiàn)形式及其經(jīng)濟(jì)結(jié)果,進(jìn)一步從微觀(企業(yè)自身因素)、中觀(行業(yè)特征和周期)和宏觀(制度監(jiān)管)三個(gè)層次分析復(fù)星系內(nèi)部資本市場(chǎng)功能異化的原由。與其他研究系族企業(yè)內(nèi)部資本市場(chǎng)功能異化的案例角度不同,本文將內(nèi)部資本市場(chǎng)功能異化問(wèn)題置于以三家上市公司為支點(diǎn)的整個(gè)復(fù)星系內(nèi)部資本市場(chǎng)進(jìn)行對(duì)比分析,試圖解析系族控制人對(duì)各上市企業(yè)進(jìn)行或掏空或支持的深層原因。系族企業(yè)ICM功能異化實(shí)質(zhì)上是企業(yè)家利益或者系族整體利益與上市企業(yè)局部利益和中小股東權(quán)益之間的博弈,系族控制人正是在權(quán)衡不同層面的利益后對(duì)系內(nèi)上市企業(yè)進(jìn)行掏空與支持,在滿足系族整體戰(zhàn)略或者企業(yè)家私利的同時(shí)會(huì)損害上市企業(yè)以及中小股東的權(quán)益。由此提出具有針對(duì)性的對(duì)策建議,對(duì)我國(guó)系族企業(yè)的健康發(fā)展和規(guī)范內(nèi)部資本市場(chǎng)運(yùn)營(yíng)等提供經(jīng)驗(yàn)借鑒。
[Abstract]:As to how to manage capital effectively, there are substantial differences between internal capital market and external capital market. They depend on "executive order" and "contract contract" to manage each department respectively. Capital flow among enterprises. The internal capital market has the advantages of comprehensive information, convenient financing and incentive effect which can not be obtained from the external capital market. However, the internal capital market is a "double-edged sword", which can supplement and replace the inefficient external market financing. At present, there is an objective reality that the level of marketization is low and the external capital market is inefficient, because of the backwardness of the external capital market and the defects of the company's management. It is feasible for enterprises to use the functional means of internal capital market to ease the financial constraints. However, the existing system associated with the internal capital market is not perfect enough, and the pyramid holding structure is widespread. The absence of government supervision can easily induce the opportunistic behavior of controlling shareholders, lead to the optimization of resource allocation in the internal capital market of the enterprise, alleviate the alienation of the function of financing management, and reduce the market value of the enterprise. How to weaken the negative influence caused by the alienation of ICM function and give full play to the proper function of the internal capital market of the enterprise is an urgent problem in the present capital market of our country, which hinders the healthy development of the capital market. Using case studies, Taking the three listed enterprises of Yuyuan Mall, Nangang and Fosun Medicine, which are owned by Fosun Department, as the breakthrough point, with the aid of theoretical research, financial index analysis and chart analysis, etc. By comparing and analyzing the financial data and models of listed enterprises, this paper makes a judgment on whether there is ICM function alienation in the capital market of Fosun system. Based on the annual report of the listed companies of Fosun and the data of Cathay Tai'an database, the paper analyzes the existence of functional alienation in the capital market of Fosun. To explore the manifestations and economic results of the functional alienation of the capital market within the Fosun system from the aspects of capital occupation and mutual guarantee. This paper further analyzes the causes of the dissimilation of the internal capital market function of Fosun system from the three levels of microcosmic (enterprise's own factors), meso (industry characteristics and cycles) and macro (institutional supervision). The case of market function alienation is different. In this paper, the function alienation of internal capital market is compared and analyzed in the whole Fosun capital market with three listed companies as its fulcrum. This paper attempts to analyze the deep reasons why the family controllers have emptied or supported the listed enterprises. The functional alienation of the ICM is essentially a game between the interests of the entrepreneur or the whole family, the local interests of the listed enterprises and the rights and interests of the minority shareholders. It is after weighing the interests of different levels that the family controller empties and supports the listed enterprises in the department. At the same time, it will harm the rights and interests of listed enterprises and small and medium-sized shareholders while satisfying the overall strategy of family members or the private interests of entrepreneurs. It can be used for reference for the healthy development of Chinese clan enterprises and the standardization of internal capital market operation.
【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F279.26;F832.51;F275

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