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论文编号：	8867
作者编号：	2120142627
上传时间：	2016/12/9 13:18:13
中文题目：	南海国际商业保理股份有限公司治理研究
英文题目：	Research on Corporate Governance of Nanhai International Commercial Factoring Co.,Ltd
指导老师：	马连福
中文关键字：	商业保理;产业集团;公司治理
英文关键字：	commercial factoring;industry group;corporate governance
中文摘要：	从2008年发生金融危机以来，世界经济长期处于恢复调整的过程之中。中国国内经济虽然仍然保持持续增长，但是增速有所下降且经济组成中应收账款规模逐步扩大导致国内经济资产流动性较差、商业信用风险加大。因此，国内对盘活应收账款资产、改善商业信用环境的呼吁及需求越来越大。在这种宏观经济形势下，保理作为应收账款管理的专用金融工具日益受到市场的重视。专业的商业保理公司凭借其灵活的商业模式运用保理业务在应收账款管理中发挥了独特的优势，经十年的发展和积累形成了一个新兴的商业保理行业，逐渐发展出以产业集团、金融集团、电商平台、外资企业、其它类型为背景的各种经营模式，并形成了以产业集团背景的商业保理公司为主导的行业格局。但是这些具有产业集团背景的商业保理公司往往为产业集团所全额控股或绝对控股，受制于集团管控的要求其中后台部门没有独立的权限，有的甚至直接合并到产业集团所对应部门进行职能支撑。在这样的结构之下，商业保理公司如果开展集团内部业务是能够保障服务效率的，但是如果要开展市场化运营，其管理机制、组织架构、人员水平、运营策略等都是无法适应市场化的要求的，这就需要商业保理公司建立一套完善的公司治理机制以代替集团管控对公司在开展市场化运营中的治理作用。本文选取南海国际商业保理股份有限公司为分析对象，因为其隶属于一个无关多元化的大型民营产业集团，是第一家具有长期运营时间、业务模式相对成熟、发展问题相对突出的具有产业背景的商业保理公司，具有代表性。本文在对其进行分析时，运用了三个方面的理论：一方面结合了集团管控理论，核心是基于集团管控权利集中度的财务型管控、战略型管控和运营型管控三种模式；一方面结合了公司治理理论，核心是股东大会、董事会、高级管理层、外部审计之间的权利结构和监督关系；另一方面，结合了金融公司治理的相关理论，核心是基于巴塞尔协议对“有效公司治理原则”方面的规定。通过上述理论，对南海国际商业保理股份有限公司的案例从以下层次进行分析：第一，对保理行业在全球和国内的发展情况进行梳理。通过行业发展的梳理，以说明保理在全球是一个相对成熟的业务，而在国内则是一个新兴的行业，由于国内各种政策层面的限制，导致商业保理在原来的模式上产生了非常多的变化和创新，这就要求在国内从事商业保理业务的人员具有较高的专业能力以适应商业保理行业的快速发展。对于商业保理公司的运营应该交给专业的职业经理人来进行。第二，对南海国际商业保理股份有限公司发展现状及问题进行分析。一方面，对公司成立的基本信息、股东多元化的产业背景、偏重于运营型的管控模式、股份制改造后的治理结构以及多层架构下的内控体系等基础信息进行详细介绍；一方面，通过梳理公司发展历程展示其在发展过程中在公司治理失效的前提下由集团管控所带来的各种问题；另一方面，结合公司的基本信息和发展历史提炼出其发展的核心问题——公司治理失效及其在公司独立性、董事会、高级管理层和内控体系方面的主要表现。第三，为南海国际商业保理股份有限公司开展市场化运营提出解决方案。公司在过去的发展过程中，由于集团运营型管控模式的的问题，明显缺乏开展独立的市场化运营的基础，因此公司必须调整原来集团对公司的管控模式，建立起有效的公司治理机制。对于建立起有效的公司治理机制，要从以下方面着手：一方面要将集团运营型的管控方式调整为战略型管控模式；一方面要通过引进外部股东优化股权结构，弱化大股东直接干预；一方面要激活董事会职能，以董事会为公司治理的核心，并建立起战略管理委员会、风险管理委员会、审计委员会、绩效薪酬委员会、提名委员会等董事会下设机构以落实董事会职能；一方面要优化高级管理人员的管控模式，明确高级管理人员任职资格、职权范围、绩效考核机制以及监督约束机制，以促使高级管理人员发挥专业优势增强公司市场竞争力；一方面要完善内部控制体系，明确部门、人员分工与职责，梳理各项业务条线的流程节点，在保障内控风险的前提下又能提高运营效率，以适应公司市场化运营的要求。综上所述，南海国际商业保理股份有限公司作为具有无关多元化产业背景的南海集团有限公司下属成员公司，在集团性企业原有管控模式下其初期在发展得利于集团性企业的支持，但是当整个行业进入充分竞争阶段则明显表现出原有治理机制过死、竞争力不足的问题。本文通过梳理南海国际商业保理股份有限公司的发展历史，找出其表层、中层、核心问题，进而提出“加强公司治理——以调整集团管控模式为前提，通过优化股权结构，激活董事会核心职能，完善与高级管理层彼此间的委托和代理的关系”的解决方案。目前，国内具有产业背景的商业保理公司日益增多，许多类似公司面临着没有展开业务、业务规模较小、风险承担能力很弱、盈利能力不足等等与南海国际商业保理股份有限公司相似的问题。本文希望通过对南海国际商业保理股份有限公司的案例分析能够对类似具有产业背景的商业保理公司展开独立的市场化运营有所帮助，进而也希望能够对其它商业保理公司起到参考作用。
英文摘要：	Since the 2008 financial crisis, the world economy has been a long process of restoration and adjustment. China's domestic economy, while still continuing to grow, but the growth rate declined and the economic composition of accounts receivable gradually expanded the size of the poor liquidity, commercial credit risk of domestic economic assets. Therefore, the domestic account receivable to activate the assets and improve the business environment and the credit demand is needed. In the situation of this macroeconomics, the factoring as a specialized financial receivables management tools are increasingly valued by the market. Professional business factoring company with its flexible business model in accounts receivable management has played a special role. A formation of a new business factoring industry has been accumulated after 10 years development, and gradually developed to Industry groups, financial groups, electricity providers platform, foreign-funded enterprises, or other types of business models for the background. It also formed a background of the industry group of commercial factoring companies which led the industry pattern. However, these commercial factoring companies with industrial group backgrounds are always controlled by industrial groups. They are subject to the requirements of group control. The back-office departments do not have independent authority, and some are even directly merged into the corresponding departments of industrial groups. Under such a structure, commercial factoring companies can ensure the efficiency of their services if they only carry out their internal business. But if they want to do some market-oriented operations, their management mechanism, organization structure, personnel level and operation strategy cann’t adapt to marketization. So, it requires commercial factoring companies to establish a comprehensive corporate governance mechanism to replace the group control of companies in the management of market-oriented operations in the governance role. This thesischooses Nanhai International Commercial Factoring Co., Ltd as the object of analysis, because it belongs to a large-scale private industry group which is not related to diversification. It is the first one with long-term operation time, relatively mature business model and relatively outstanding development problem. In a word, it is representative of the commercial factoring companies. Three theories have been used in this thesis. First, it combines the theory of group management and control, the core of which is based on the financial control, strategic control and operational control based on the concentration of group control rights. Second, it combines the relevant theories of financial corporate governance, which core is based on the fact that the Basel Accord is effective to the "effective" and "effective" governance. Third, it is the combination of the theory of corporate governance. Through the above theory, the case of the Nanhai International Commercial Factoring Co., Ltd. from the following levels of analysis: First, the factoring industry in the global and domestic development should be sorted out. Through the development of the industry, the fact that factoring in the world is a relatively mature business, while in the country it is just a new industry due to domestic policy levels of restrictions, leading to business factoring in the original model produced a very, which requires the business factoring in China to have a high professional ability to adapt to the rapid development of business factoring industry. And the business factoring company'soperation should be handed over to professional managers to carry out. Secondly, it analyzes the present situation and problems of Nanhai International Commercial Factoring Co., Ltd. On the one hand, it details the basic information on the establishment of the company, shareholders diversified industrial background, emphasis on the operation of the control model, the shareholding system after the transformation of the governance structure and multi-layer structure of the internal control system and other basic information. On the other hand, the factors are figured out that combing the development of the company to show its development process.In the end, combined with the company's basic information and history of development to extract the core of its development issue - Governance failures and their performance in corporate independence, board of directors, senior management and internal control systems. Third, the Nanhai International Commercial Factoring Co., Ltd. to carry out market-oriented operation of the proposed solutions. In the past development of the company, due to the group's operating control model of the problem, the apparent lack of independent market-oriented operation of the foundation, the company must adjust the original group of the company's control model and establish effective corporate governance mechanism. For the establishment of effective corporate governance mechanism, we should proceed from the following aspects. First, we should adjust the operation and control mode of the group into strategic control mode. Second, through the introduction of external shareholders to optimize the ownership structure, weaken the direct intervention of the major shareholders. The board of directors should be the core of corporate governance, and the board of directors of the strategic management committee, the risk management committee, the audit committee, the performance compensation committee and the nomination committee should be set up to implement the functions of the board of directors. Third personnel management model, a clear senior management qualification, terms of reference, performance appraisal mechanism and the supervision and control mechanisms to promote senior management to play a professional advantage to enhance the market competitiveness of the company. Forth, optimized the internal control system, a clear division of personnel responsibilities, sort out the business process line of the node, in the protection of internal control under the premise of risk and can improve operational efficiency, in order to meet the requirements of the company's market operation. In summary, the Nanhai International Commercial Factoring Co., Ltd. as a diversified industry background has nothing to do with the Nanhai Group Co., Ltd. affiliated member companies in the group of enterprises under the original control mode in its initial development in favor of group-enterprise support. But when the whole industry into full competition stage is clearly demonstrated that the original governance mechanism isn’t working. This thesis, by combing the development history of Nanhai International Commercial Factoring Co., Ltd., to find out its surface, middle and core issue, and then put forward the "strengthen corporate governance - to adjust the group control model as the premise, by optimizing the ownership structure, activate the core functions of the board. And improve the senior management and the relationship between the commission and agency "solution. At present, there are a growing number of commercial factoring companies with industrial backgrounds, and many similar companies are facing similar problems as those of Nanhai International Commercial Factoring Co., Ltd., which are not engaged in business, small scale of business, weak risk-bearing capacity and insufficient profitability. This thesishopes that through this case analysis can be similar to the commercial background of the business factoring companies to start to operate an independent market, and also play a reference role to other business factoring companies.
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