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论文编号：	559
作者编号：	2120062036
上传时间：	2008/6/19 19:26:34
中文题目：	我国企业集团内部资本配置机制研
英文题目：	The Study of the Internal Capi
指导老师：	黄福广
中文关键字：	内部资本市场 企业集团 资本配
英文关键字：	Internal Capital Market A
中文摘要：	内部资本市场是对集团财务资源进行整合和重新配置的场所，集团总部在进行资本配置时，如何利用内部信息和监督的优势，消除内部资本配置过程中的不利因素，将资本分配到有利的项目中，从而提高内部资本配置效率，已成为企业集团财务问题研究领域中十分重要的课题。内部资本市场理论为研究我国国有企业集团财务问题提供了很好的研究视角，在母子公司体制的国有企业集团中，成员企业之间通过内部资金分配、产品购销、资产买卖等渠道进行内部资本配置，一方面充分发挥内部资本市场的优势并促进企业集团的发展壮大，但另一方面由于内部资本市场运作中不利因素的存在可能使得企业集团出现资金危机而陷入财务困境。因此，通过研究我国企业集团内部资本市场的配置机制，进而提出相应的对策建议，从而使企业集团的优势能得以充分发挥。 本文主要是以我国企业集团为研究对象，结合已有的理论知识，对其内部资本产生的根源、配置的原理、配置的形式、配置的作用进行了深入的研究，提出企业集团内部资本配置过程中存在的问题，从资本配置的决策权分配、资本配置的流程设计和评价体系的建立这几个方面提出了解决措施，随后从控制机制、评价机制、激励约束等方面制定了保障方法，从而确保内部资本配置的有效实施和高效运作。最后，以阳煤集团为例进行了实证分析，指出集团公司现有模式存在的问题和不足，并针对性提出了解决的途径和方法。研究中主要使用了规范分析法、比较分析法和实证分析法。 通过以上分析和研究，提出了一些针对性的结论，一是企业集团作为现代企业组织的高级发展形式，内部资本配置的作用对企业集团优势发挥具有举足轻重的作用；二是企业集团内部资本配置对企业集团的融资效率有着重要的影响；三是合理设计企业集团内部资本配置机制和保障机制，在一定程度上能提高集团资金使用的效率。
英文摘要：	Internal capital market is that resource carries out the lieu integrating and deploying again on Corp. financial affairs, when general headquarter of Corp. deploys in the capital being in progress, How to make use of internal information and the advantage supervising , remove unfavourable factors in internal capital allocation process , improve internal capital allocation efficiency thereby in capital being assigned to advantageous project, Internal capital market theory is that the financial affairs problem studying our country is Corp. state-owned enterprise has provided the very good research visual angle, in state-owned system of a parent company and its subsidiaries association of enterprises, the member deploys between enterprise by the fact that the internal fund assigning capital , channels such as product buying and selling , assets business carrying out, The advantage bringing internal capital market into play on one hand sufficiently can boost development of association of enterprises expanding , another aspect fund crisis appears on association of enterprises but is caught in financial affairs difficult position but since the unfavourable factors existence may can be used in internal capital market operation. The allocation mechanism therefore, passing the capital market studying internal of our country association of enterprises, submits corresponding countermeasure suggestion then , makes the association of enterprises advantage can manage to bring into full play thereby. The main body of a book be to take our country association of enterprises as object of study mainly , be tied in wedlock already some theory knowledge, the origin that capital produces , the principle deploying , the form deploying , the effect deploying have carried out thorough research on inside of whose , have suggested that there exists problem in capital in the inside of association of enterprises in allocation process, this several aspect has brought forward the building-up designing and appraising system's from the technological process that decision-making power assignment , capital that capital deploys deploy resolving measure, Have worked out guarantee method subsequently from aspect such as controlling mechanism , appraising mechanism , stimulating restraining , have ensured the effective implementation and high-effect operation that inside capital deploys thereby. Take sun coal Corp. as example finally, having carried out demonstration analysis , point out now available pattern of conglomerate have problem and be not worth joining a pertinency having brought forward approach and method solving. Have used standard analysis law mainly , have compared analysis law with demonstration analysis law in studying. Pass all above analysis and study, conclusion having brought forward a few pertinencies, one being that the high level that the association of enterprises organizes as modern enterprise develops a form , the effect that inside capital deploys brings into play to association of enterprises advantage to have the effect carrying weight; Two is that the financing efficiency that capital deploys in the inside of association of enterprises to the association of enterprises has important effect; Three are that capital deploys mechanism and guarantee mechanism in the inside of reasonableness design association of enterprises , can improve the efficiency that the Corp. fund uses to a certain extent.
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