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论文编号：	3977
作者编号：	2220090868
上传时间：	2012/3/9 15:00:36
中文题目：	企业集团治理机制的案例比较研究
英文题目：	Comparative Research on the cases of Group Enterprises'' Governance Mechanism
指导老师：	周建
中文关键字：	企业集团、上市公司、治理机制、控制
英文关键字：	Group Enterprises, Public Company, governance mechanism, control
中文摘要：	随着全球经济一体化的发展，在外国跨国公司纷纷进入中国这一全球最大的新兴市场参与竞争的同时，中国的企业也面临如何“走出去”的战略实施。纵观美国《财富》杂志评选的世界500强企业，该等企业均非以单体企业身份参与全球竞争，而是以企业集团的身份参与全球竞争。毫无疑问，企业集团与单体企业相比，它更具有规模性、竞争性，更适应市场经济内含的专业化、规模化要求。自20世纪80年代初至今，企业集团在中国已发展了30余年，中国也出现了诸如中石油、中国电信等跻身世界500强的大型企业集团，但中国的企业集团离真正形成一批具有自主知识产权、主业突出、核心竞争力强的大型企业集团还有很长的路要走。公司治理作为提高企业竞争力的一个重要方面，已成为社会各界的共识。企业集团作为一种介于市场和企业之间的中间型组织，是由若干单体企业或组织构成的一个法人联合体。因此，企业集团治理边界已经突破单体企业的法人边界，其治理较之单体企业的公司治理更为错综复杂。本文以具有企业集团形态的三家中国上市公司亚泰集团、五粮液、曙光股份为样本，通过对该等不同所有制、不同控制权结构、不同类型上市公司治理机制的比较分析，揭示出该等企业集团的母子公司控制机制、激励机制、监督机制、决策机制的异同及存在的问题，进而总结出控制权结构是建立和完善企业集团治理机制的基础、产权主导下的直接控制是母公司控制子公司的主要方式、子公司债权人利益保护依赖外部治理，子公司中小股东利益保护依赖内部治理；进一步完善信息披露是提高企业集团治理水平的重要保证等主要结论。本文以样本公司公开披露的资料为依据，立足实务操作，期望研究结论对进一步规范、完善企业集团的公司治理机制能有所裨益。
英文摘要：	Along with the development of global economic integration, lots of foreign multinational enterprises enter the Chinese market which is the largest emerging market in the world to participate market competition. Against this background, Chinese enterprises also have to face the strategy implementation of how to “go out”. Throughout the world's top 500 enterprises published by “Fortune” magazine of America, all of them participate in global competition as Group Enterprises, rather than as Monomer Enterprises. Out of question, compared with the Monomer Enterprise, Group Enterprise has larger scale and more competitiveness, it can be better to adapt the requests of professionalization and scale included in the market economy. Since the early 1980s, Group Enterprises have been developing for more than 30 years in China, also some Chinese scale Group Enterprises are published as the world's top 500 enterprises, such as China National Petroleum Corporation, China Telecom and so on. While, there is still a long way to go for Chinese Group Enterprises to really form a number of scale Group Enterprises with independent intellectual property rights, outstanding main business and strong core competitiveness. It has become the consensus of all circles of the society that corporate governance is an important aspect to enhance the competitiveness of enterprises. As a kind of middle organization between market and enterprises, Group Enterprises are association of legal persons consisting of several Monomer Enterprises or Organizations. Therefore, the governance boundary of Group Enterprises has broken through the legal person boundary of Monomer Enterprises, the governance of Group Enterprises are much more complicated than Monomer Enterprises. The article uses three Chinese listed companies (Yatai, Wuliangye and Shuguang Groups) with the form of Group Enterprise as samples, through comparative analysis of these public companies' governance mechanism under different ownership, different control power, different types to disclose such Group Enterprises' similarities and differences on their control mechanism between holding company and its subsidiaries, incentive mechanism, restraint mechanism and decision mechanism and their problems existing. Finally, based on the above analysis, the author summarizes the following main conclusions: (1) control power structure is the basis to establish and improve the governance mechanism of Group Enterprises; (2) direct control under property dominating is main way for holding companies to control its subsidiaries; (3) interest protection of subsidiaries' creditors is dependent on external governance, while interest protection of subsidiaries' minor shareholders is dependent on internal governance; (4) further improving the information disclosure system is an important guarantee to enhance the governance level of Group Enterprises; etc. On the basis of the data disclosed in public by sample companies and practical operations, the author hopes that the research conclusion will be beneficial to further regulating and improving the corporate governance mechanism of Group Enterprises.
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