山田股份公司股权变更影响财务治理效率分析

发布时间：2018-04-13 20:37

本文选题：股权变更 + 财务治理效率　；参考：《哈尔滨商业大学》2017年硕士论文

【摘要】：在经济危机余波下,世界上大部分国家还处于经济下滑或复苏的阶段,加之我国的劳动力成本逐渐提高的同时我国对外资企业的政策优惠不断减少,导致了许多外国资本撤离我国,而我国的经济发展形式仍处于上升阶段,民间资本持续积累,这就出现了许多国内民间资本收购撤离的外资股权的现象,致使许多原外资企业发生了比较重大的股权变更。外资企业转换为国内民间资本控股企业的情况屡见不鲜。而股权的变更必然会影响到公司治理的效果,最终体现现出来的就是公司持续发展能力和核心竞争能力提高和下降,而公司治理中的核心就是财务治理,财务治理的最终目标是使的财务治理的成本最优,提升企业的财务治理效率。这也说明了如果在我国民间资本掌控下的公司想要提高自身的核心竞争力和可持续发展能力,就必须保证企业的财务治理真正有效,这就应该对财务治理的成本和效率进行更深入研究;找出影响财务治理成本和财务治理效率的因素,探究降低财务治理成本、优化财务治理效率更好的办法,从而为企业提供持续发展的核心动力。所以,为了解决我国大多数企业目前普遍缺乏财务治理问题,财务治理成本与效率的研究应该占据主导位置。我国众多企业若想提高企业的核心竞争力和可持续发展力,应该高度重视企业的财务治理水平。降低财务治理成本,提高财务治理效率从而达成公司治理效益最大化的目标。通过介绍背景、国内外研究现状与委托代理理论、所有权关系理论、公司治理理论、财务关系理论等基础理论为研究股权变革如何影响财务治理效率奠定理论基础,通过分析由外资绝对控股转为我国民间资本控股的样本公司的股权变更前后的代理成本变动、交易成本变动,并将之以财务管理的指标予以量化分析,来得出财务治理成本的变化,以及股权变更对财务治理成本的影响。通过分析股权变更前后的盈利能力变动、偿债能力变动、可持续增长能力变动并将之以财务管理的指标予以量化来得出财务治理效率的变化,以及股权变更对财务治理效率的影响。将以上的分析结果综合考量,最终得到了优化了的股权结构、优化了财权配置、促进了产业链的优化升级等可供其他正处于股权变更背景下并亟待提高自身核心竞争力的的企业学习和借鉴的经验。以保证我国企业的核心竞争力和可持续发展力不断提高。进一步落实走出去战略。
[Abstract]:In the aftermath of the economic crisis, most of the countries in the world are still in the stage of economic decline or recovery, coupled with the gradual increase in labor costs in China, while our policy preferences for foreign-funded enterprises continue to decrease.This has led to the withdrawal of a lot of foreign capital from China, but the economic development of our country is still on the rise, and private capital continues to accumulate. This has led to the phenomenon of many domestic private capital acquiring and withdrawing foreign equity.As a result, many original foreign-funded enterprises have a relatively significant equity changes.Foreign-funded enterprises to convert into domestic private capital holding enterprises, the situation is common.The change of stock right will inevitably affect the effect of corporate governance, and the ultimate manifestation is the improvement and decline of the company's sustainable development ability and core competitiveness, and the core of corporate governance is financial governance.The ultimate goal of financial governance is to optimize the cost of financial governance and improve the efficiency of financial governance.This also shows that if the company under the control of our private capital wants to improve its core competitiveness and sustainable development ability, it must ensure that the financial governance of the enterprise is truly effective.Therefore, we should study the cost and efficiency of financial governance more deeply, find out the factors that affect the cost of financial governance and the efficiency of financial governance, explore ways to reduce the cost of financial governance and optimize the efficiency of financial governance.In order to provide the core power of sustainable development for enterprises.Therefore, in order to solve the problem of lack of financial governance in most enterprises, the research on the cost and efficiency of financial governance should occupy the leading position.If many enterprises in China want to improve their core competitiveness and sustainable development, they should attach great importance to the level of financial governance.Reduce the cost of financial governance, improve the efficiency of financial governance to achieve the goal of maximizing corporate governance benefits.By introducing the background, current research situation and principal-agent theory, ownership relationship theory, corporate governance theory, financial relationship theory and other basic theories at home and abroad, this paper lays a theoretical foundation for the study of how equity reform affects the efficiency of financial governance.By analyzing the change of agency cost and transaction cost before and after the change of stock right of the sample company which is transferred from absolute foreign capital to private capital holding in our country, and quantifying it with the index of financial management,To get the change of financial governance costs, and the impact of equity changes on financial governance costs.By analyzing the change of profitability, solvency and sustainable growth ability before and after the change of stock rights, and quantifying it with the index of financial management, the change of financial governance efficiency is obtained.And the impact of equity changes on the efficiency of financial governance.Taking the above analysis results into consideration, we finally get the optimized ownership structure and optimize the allocation of financial rights.It promotes the optimization and upgrading of industrial chain, which can be used for reference by other enterprises which are in the background of stock right change and need to improve their core competitiveness.In order to ensure the core competitiveness and sustainable development of Chinese enterprises to improve.We will further implement the strategy of going global.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F406.7

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