我国金融控股公司多元化经营的财务风险控制问题探讨
发布时间：2018-08-20 07:43
【摘要】：金融控股公司是随着经济全球化、金融全球化的进程而出现的一种新的组织形式,也是金融机构提高自身竞争能力的主要途径。然而金融控股公司是一把“双刃剑”,发展得当能充分展现其“规模经济”、“范围经济”等优势,发展不得当将会埋下新的、巨大的风险隐患,甚至殃及国家安全。目前我国存在形式各异的金融控股公司,理论界己达成共识认为金融控股公司是我国实现综合经营的主导形式,而中共中央在《十一五规划建议》中首次提出了稳步推进金融业综合经营试点,标志着我国的金融业将实现从分业经营向综合经营的重大转型,可以预见,我国金融控股公司组建的浪潮将会愈演愈烈。然而由于相关法律、监管制度等外部因素的滞后以及金融控股公司内部风险管理体系建设处于探索阶段的现状,我国金融控股公司在发展过程中隐藏着一定的风险。因为金融控股公司的内部治理结构与一般公司内部治理不一样,导致其风险控制的方式与方法不类同于一般的公司,特别是财务风险。从金融危机为背景的美国雷曼公司为代表的金融控股集团的倒闭,从根本上来说,正是缺乏针对金融控股公司的特有特点而设定公司内部财务风险控制与防范。他山之石,可以攻玉,借鉴发达国家金融控股公司风险管理成功经验并结合我国金融控股公司发展现状,构建具有中国特色的金融控股公司风险管理体系将有助于我国金融稳定发展。为促进中国金融控股公司的发展,完善内部治理,迫切需要把风险管理和控制能力放在经营管理的重要地位,建立全方位的风险管理和控制机制,完善对经营者的监督制度,杜绝“内部人控制”现象,同时建立与各利益相关者利益挂钩的高管激励制度。 论文正文分为六个部分,第一部分主要阐述金融控股公司多元化经营财务风险理论概述,包含对金融控股公司定义及类型、金融控股公司多元化经营定义,和对财务风险相关定义。 第二部分主要结合我国具体情况阐述我国金融控股公司多元化经营的现状,分析了我国金融控股公司的主要分类以及业务占比,同时也提出了我国金融控股公司多元化经营的特点主要在金融控股公司多元化经营优势不明显,金融控股公司经营管理效率低。 第三部分分析了我国金融控股公司多元化经营财务风险管理存在的问题,包括自有多元化经营融资结构不合理,财务杠杆失衡；子公司自有资本不足,偿债能力不强；多元化经营财务协同效率差,资金回报率不高；子公司之间资金运营财务风险易扩大几个方面,从以上五个方面进行单独阐述。 第四部分分析了我国金融控股公司多元化经营财务风险产生的原因,包括金融控股公司缺乏多元化经营财务风险控制意识；金融控股公司层层控股,财务治理结构失衡；金融控股公司多元化经营财务风险控制机制不完善,从风险识别缺乏科学性,缺乏“防火墙”风险控制,财务风险信息反馈系统不完善进行了详细论述；当然财务监管缺失也是原因之所在。 第五部分是国外金融控股公司财务风险控制的经验借鉴。通过对瑞士信贷集团和日本瑞穗集团分析,以及对国内“德隆”金融控股公司失败案例的分析得出经验借鉴,诸如加强内部协调,提高财务风险管理效率；树立全面的风险管理意识；完善以内部审计为核心的风险监管机制 第六部分针对我国金融控股公司多元化经营的各种风险因子,提出了我国金融控股公司多元化经营财务风险管理的对策,包括增强多元化经营财务风险管理意识,创新风险管理模式；完善财务治理结构,明确多元化经营风险管理职责；完善财务风险控制机制(度量体系建立识别财务风险,建立“防火墙”抵御风险,完善财务风险信息预警及时发现风险)；完善金融控股公司多元化经营的财务风险内外部监控体系和激励约束制度上具体提出相应对策。
[Abstract]:Financial holding company is a new organizational form which appears with the process of economic globalization and financial globalization, and it is also the main way for financial institutions to improve their competitiveness. At present, there are different forms of financial holding companies in China. The theoretical circles have reached a consensus that financial holding companies are the dominant form of comprehensive operation in China, and the Central Committee of the Communist Party of China put forward for the first time in the "Eleventh Five-Year Plan Proposal" to steadily promote financial integration. The pilot joint venture indicates that China's financial industry will realize a major transformation from separate operation to comprehensive operation. It can be predicted that the wave of the formation of China's financial holding companies will intensify. Because the internal governance structure of financial holding companies is different from that of general companies, the ways and methods of risk control are different from those of general companies, especially financial risks. Fundamentally speaking, the bankruptcy of the financial holding group represented by the financial holding group lacks the control and prevention of the internal financial risk of the financial holding company according to its unique characteristics. The risk management system of financial holding companies with Chinese characteristics will contribute to the stable development of China's finance. In order to promote the development of China's financial holding companies and improve their internal governance, it is urgent to put the risk management and control capabilities in the important position of management, establish an all-round risk management and control mechanism, and improve the supervision of managers. Supervise the system, put an end to the phenomenon of "insider control", and establish an executive incentive system linked to the interests of all stakeholders.
The main body of the paper is divided into six parts. The first part mainly expounds the financial risk theory of financial holding company diversification, including the definition and type of financial holding company, the definition of financial holding company diversification, and the related definition of financial risk.
The second part mainly expounds the present situation of diversification of financial holding companies in China, analyzes the main classification and business proportion of financial holding companies in China, and points out that the main characteristics of diversification of financial holding companies in China are that the advantages of diversification of financial holding companies are not obvious and financial control is not obvious. The management efficiency of stock companies is low.
The third part analyzes the problems of financial risk management in the diversified operation of China's financial holding companies, including unreasonable self-diversified financing structure, imbalance of financial leverage; insufficient subsidiary capital, weak solvency; poor financial synergy efficiency in diversified operation, low return on capital; capital transportation between subsidiaries; The financial risk of the camp is easy to expand, and it is expounded separately from the above five aspects.
The fourth part analyzes the causes of the financial risks in the diversification of financial holding companies in China, including the lack of awareness of financial risk control in the diversification of financial holding companies; the imbalance of financial governance structure in the multi-level holding of financial holding companies; the imperfection of financial risk control mechanism in the diversification of financial holding companies, and the risk awareness. Do not lack of scientific, lack of "firewall" risk control, financial risk information feedback system imperfect detailed exposition; of course, the lack of financial supervision is also the reason.
The fifth part is the experience of financial risk control of foreign financial holding companies. Through the analysis of Credit Suisse Group and Mizuho Group of Japan, and the failure cases of domestic "Delong" financial holding companies, we can draw lessons from the experience, such as strengthening internal coordination, improving the efficiency of financial risk management, establishing a comprehensive risk management. Consciousness; perfect the risk supervision mechanism with internal audit as the core.
In the sixth part, aiming at the various risk factors of diversified operation of financial holding companies in China, the paper puts forward the Countermeasures of financial risk management of diversified operation of financial holding companies in China, including strengthening the awareness of financial risk management in diversified operation, innovating the risk management mode, improving the financial governance structure and clarifying the responsibility of risk management in diversified operation. To improve the financial risk control mechanism (measurement system to establish identification of financial risks, establish a "firewall" to resist risks, improve financial risk information early warning and timely discovery of risks); to improve the financial holding company diversification of financial risk internal and external monitoring system and incentive and restraint system put forward specific countermeasures.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F830.42
本文编号：2192913
[Abstract]:Financial holding company is a new organizational form which appears with the process of economic globalization and financial globalization, and it is also the main way for financial institutions to improve their competitiveness. At present, there are different forms of financial holding companies in China. The theoretical circles have reached a consensus that financial holding companies are the dominant form of comprehensive operation in China, and the Central Committee of the Communist Party of China put forward for the first time in the "Eleventh Five-Year Plan Proposal" to steadily promote financial integration. The pilot joint venture indicates that China's financial industry will realize a major transformation from separate operation to comprehensive operation. It can be predicted that the wave of the formation of China's financial holding companies will intensify. Because the internal governance structure of financial holding companies is different from that of general companies, the ways and methods of risk control are different from those of general companies, especially financial risks. Fundamentally speaking, the bankruptcy of the financial holding group represented by the financial holding group lacks the control and prevention of the internal financial risk of the financial holding company according to its unique characteristics. The risk management system of financial holding companies with Chinese characteristics will contribute to the stable development of China's finance. In order to promote the development of China's financial holding companies and improve their internal governance, it is urgent to put the risk management and control capabilities in the important position of management, establish an all-round risk management and control mechanism, and improve the supervision of managers. Supervise the system, put an end to the phenomenon of "insider control", and establish an executive incentive system linked to the interests of all stakeholders.
The main body of the paper is divided into six parts. The first part mainly expounds the financial risk theory of financial holding company diversification, including the definition and type of financial holding company, the definition of financial holding company diversification, and the related definition of financial risk.
The second part mainly expounds the present situation of diversification of financial holding companies in China, analyzes the main classification and business proportion of financial holding companies in China, and points out that the main characteristics of diversification of financial holding companies in China are that the advantages of diversification of financial holding companies are not obvious and financial control is not obvious. The management efficiency of stock companies is low.
The third part analyzes the problems of financial risk management in the diversified operation of China's financial holding companies, including unreasonable self-diversified financing structure, imbalance of financial leverage; insufficient subsidiary capital, weak solvency; poor financial synergy efficiency in diversified operation, low return on capital; capital transportation between subsidiaries; The financial risk of the camp is easy to expand, and it is expounded separately from the above five aspects.
The fourth part analyzes the causes of the financial risks in the diversification of financial holding companies in China, including the lack of awareness of financial risk control in the diversification of financial holding companies; the imbalance of financial governance structure in the multi-level holding of financial holding companies; the imperfection of financial risk control mechanism in the diversification of financial holding companies, and the risk awareness. Do not lack of scientific, lack of "firewall" risk control, financial risk information feedback system imperfect detailed exposition; of course, the lack of financial supervision is also the reason.
The fifth part is the experience of financial risk control of foreign financial holding companies. Through the analysis of Credit Suisse Group and Mizuho Group of Japan, and the failure cases of domestic "Delong" financial holding companies, we can draw lessons from the experience, such as strengthening internal coordination, improving the efficiency of financial risk management, establishing a comprehensive risk management. Consciousness; perfect the risk supervision mechanism with internal audit as the core.
In the sixth part, aiming at the various risk factors of diversified operation of financial holding companies in China, the paper puts forward the Countermeasures of financial risk management of diversified operation of financial holding companies in China, including strengthening the awareness of financial risk management in diversified operation, innovating the risk management mode, improving the financial governance structure and clarifying the responsibility of risk management in diversified operation. To improve the financial risk control mechanism (measurement system to establish identification of financial risks, establish a "firewall" to resist risks, improve financial risk information early warning and timely discovery of risks); to improve the financial holding company diversification of financial risk internal and external monitoring system and incentive and restraint system put forward specific countermeasures.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F830.42
【引证文献】
相关硕士学位论文 前1条
1 曾铭宇;金融控股公司关联交易的法律规制[D];湖南师范大学;2013年
，本文编号：2192913
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