I C集团公司财务管控研究 工商管理硕士 专业 研究生 武善兴 指导教师 王静 摘要：作为一种重要的经济组织形式，集团公司在现代经济发展中扮演 着重 要的角色。与单一企业主体相比，集团公司具有多主体、多层级、经营业务多元 化、内部关联交易复杂化以及跨地区跨国经营的鲜明特点，经济活动的复杂性增 强，集团财 务管控难度随之增加。2015年以来，C集团公司根据国家相关政策要 求，逐步剥离政府投融资平台职能，完成向市场经营主体的转变，已经初步构建 了包括地产、园区开发、建材 、能源、农业、健康、教育等多元化业务板块。在 复杂的市场竞争环境中，C集团公司如何加强财务管控，对实现集团战略目标及持 续发展有着非常重要的意义。 本文以文献资 料研究、经验总结与调查研究、综合分析为研究方法，在回顾、 评述国内外学者对集团管控、集团财务管控研究文献基础上，对集团管控、集团 财务管控进行概念界定，并以信 息不对称理论、委托代理理论、协同效应理论和 财务治理理论作为理论研究基础，指出集团财务管控的目的是防范控制风险，实 现财务协同效应，实现集团企业整体价值最大化 与利益相关者的利益均衡化。遵 循发现问题、分析问题、解决问题的研究思路，本文在对C集团公司深入分析基 础上，指出C集团公司财务管控存在的主要问题是财务管控目的不 明确、财务管 控模式不清晰、财务管控措施不科学和财务协同效应未发挥，并深刻分析出现这 些问题的主要原因，有针对性的提出C集团财务管控优化方案，拟以系统性、适 应 性、整体利益最大化相关者利益均衡化为原则，从宏观环境保障及管控活动等 两大方面进行优化设计，一是重塑C集团及子公司治理架构，二是从完善管控活 动基础保障（会计制 度建设、信息化建设、财务负责人委派、内部审计监督）、优 化财务管控核心工具（投资权限划分、全面预算管理、绩效考核）、推动发挥财务 协同效应（统筹融资、资金、税 务管理）等三个方向，设计更为合理的财务管控 制度。 本文对C集团公司财务管控提出优化改进方案，希望能对C集团公司改进财 务管控、获取竞争优势提供有益帮助，也希望能 为同类企业构建符合本集团实际 四川师范大学硕士学位论文 II 情况的财务管控体系提供借鉴作用，更希望对未来各界人士对集团财务管控的深 化研究有一定启发作用。 关键词 ：企业集团 财务管控 财务协同效应 ABSTRACT III ABSTRACT MBA Speciality Candidate Wu Shanxing Supervisor Wang Jing ABSTRACT: As an important form of economic organization, group companies play an important role in the development of modern economy. Compared with the single enterprise, the group company has the distinct characteristics of multi-subject, multi-level, diversified business, complicated internal related transaction and transnational operation. The complexity of economic activities increases, and the difficulty of financial control of the group increases. Since 2015, according to the relevant national policy requirements, C Group has gradually stripped the functions of government investment and financing platform, completed the transformation to market operators, and has initially constructed a diversified business sector including real estate, Park development, building materials, energy, agriculture, health, education and so on. In the complex market competition environment, how to strengthen the financial control of C Group Company is of great significance to achieve the strategic objectives and sustainable development of the Group. Based on literature analysis, experience summary, investigation and comprehensive analysis, this paper defines the concepts of group management and financial control, and takes information asymmetry theory, principal- agent theory, synergistic benefit theory and financial governance theory as its rationale, on the basis of reviewing and reviewing the research literature on group management and financial control by scholars at home and abroad. On the basis of research, it points out that the purpose of group financial control is to prevent and control risks, to achieve financial synergy, to maximize the overall value of group enterprises and to balance the interests of stakeholders. Following the research ideas of finding problems, analyzing problems and solving problems, this paper points out that the main problems in financial control of C Group Company are unclear purpose of financial control, unclear mode of financial control, unscientific financial control measures and lack of financial synergy effect. It also deeply analyses the main reasons for these problems, and points out the following points. To put forward the optimization scheme of financial management and control of 四川师范大学硕士学位论文 IV Group C, it is planned to optimize the design from two aspects: macro-environmental protection and management and control activities, based on the principle of systematization, adaptability and balanced interests of stakeholders maximizing the overall interests. One is to rebuild the governance structure of Group C and its subsidiaries, the other is to improve the basic guarantee of management and control activities (accounting system construction, information construction, financial personnel appointment, internal audit supervision), optimization of the core tools of financial control (division of investment authority, comprehensive budget management, performance appraisal), and promotion of financial synergy (overall financing, funds, tax management) are three directions to design more reasonable financial control activities. This paper puts forward an optimized improvement plan for the financial control of C Group Company, hoping to provide useful help for improving the financial control of C Group Company and gaining competitive advantage. It also hopes to provide a reference for similar enterprises to build a financial control system in line with the actual situation of the Group, and also hopes to have a certain inspiration for people from all walks of life in the future to deepen the study of the financial control of the Group. Key words: Group Company Financial Management and Control Financial Synergy 目次 V 目 次 摘要 ........................................................................... I ABSTRACT ................................................................... III 1 绪论 ......................................................................... 1 1.1 研究背景、目的和意义 ................................................... 1 1.1.1 研究背景 ......................................................... 1 1.1.2 研究目的和意义 ................................................... 2 1.2 文献综述 ............................................................... 3 1.2.1 企业集团及集团管控 研究相关文献 ................................... 3 1.2.2 财务管控与集团财务管控研究相关文献 ............................... 5 1.3 研究方法与内容 ......................................................... 6 1.3.1 研究方法 ......................................................... 6 1.3.2 研究内容 ......................................................... 6 2 概念界定与理论基础 ........................................................... 8 2.1概念界定 ............................................................... 8 2.1.1集团公司 ......................................................... 8 2.1.2集团财务管控 ..................................................... 9 2.2理论基础 .............................................................. 12 2.2.1信息不对称理论 .................................................. 12 2.2.2委托代理理论 .................................................... 12 2.2.3协同效应理论 .................................................... 13 2.2.4财务治理理论 .................................................... 13 3 C集团公司财务管控现状、存 在的主要问题及原因 ................................ 14 3.1 C集团公司财务管控现状 ................................................ 14 3.1.1 C集团公司基本情况 .............................................. 14 3.1.2 C集团公司财务管控情况 .......................................... 18 3.2 C集团公司财务管控存在的主要问 题及原因 ................................ 22 3.2.1财务管控目的不明确，管控模式不清晰 .............................. 22 3.2.2管控措施不科学 .................................................. 24 3.2.3财