国美电器公司知识资本配置与公司治理结构分析

发布时间：2018-01-11 04:20

本文关键词：国美电器公司知识资本配置与公司治理结构分析　出处：《中国海洋大学》2013年硕士论文　论文类型：学位论文

【摘要】：当代市场经济的迅猛发展，使得现有财务理论已不能充分解释企业所出现的各种新的价值问题，在此背景下，企业技术资本、知识资本等新兴资本理论应运而生。随着我国民营企业日趋发展壮大，企业的很多问题开始凸显，如何调整企业的知识储备来跟上企业的发展步伐？如何改进企业的新资本配置结构以提高资本配置效率？所有权结构怎样才能做到交易成本最低从而达到帕累托最优？对此，本文试图加以研究和分析。本文采用单一案例的研究方法对研究对象进行深入分析，以国美电器为例，分析企业知识资本的投入和配置情况，以及要素资本结构对公司治理结构的影响。正如Eisenhardt and Graebner(2007)所指出的“单案例研究往往提供了在极其稀少或极端的情况下探究一种重要研究现象机遇”。本文选取国美电器的主要原因是：国美电器的控制权之争吸引了学术界和实务界无数的目光，国美电器案例把发展中的民营企业的公司治理问题的复杂性和程序展现在公众视野中，这对于经济发展转型中的中国无疑具有里程碑的意义。本文的主要内容分为五个部分。第一章为绪论，主要讨论本文的选题原因和研究的问题。第二章为文献综述，主要描述案例分析中所用到的理论依据，包括资本结构与资本成本理论，要素资本结构理论，公司治理结构理论以及要素资本结构影响所有权结构的理论基础。这一章是本文案例分析的灵魂所在，以此为理论支撑。第三章为案例描述与见解，对国美之争进行具体描述并提出自己的看法，如企业在发展的过程中不仅要重视货币资本的积累更要重视知识资本的积累，知识资本对于很好发挥其他资本的功能具有极其重要的作用等。第四章为案例分析，这是本文的核心部分。根据第二章的理论，要素资本配置和公司治理结构深入剖析案例所出现的问题及其原因，以及对企业价值和企业家价值的影响。本文认为国美之争源于要素资本结构中知识资本的配置不足和公司治理结构中股权性质的单一，企业家知识贮备不足导致企业和自己受损。第五章为结论与建议，根据前面的案例分析总结国美电器公司在要素资本结构上的配置失衡以及对治理结构的相关影响，针对我国民营企业价值的提升提出相应的建议。本文的创新点在于案例分析角度新颖，目前国美之争的案例均未围绕要素资本结构形成对所有权结构模式的形成起着决定性作用的方面开展，而我国不少企业知识资本的外在发展模式和内在治理结构，确实存在一些值得改进的地方。因此本选题具有一定的现实意义和学术理论价值。不足之处在于本文的知识资本并未进行具体量化分析，，其知识资本的成本和收益率仍需进一步深入研究。
[Abstract]:With the rapid development of the contemporary market economy, the existing financial theory can not fully explain the various new value problems that appear in the enterprise. Under this background, the enterprise technical capital. Knowledge capital and other emerging capital theory came into being. With the growing development of private enterprises in China, many problems of enterprises began to highlight, how to adjust the knowledge reserves of enterprises to keep up with the pace of development of enterprises? How to improve the new capital allocation structure in order to improve the efficiency of capital allocation? How can ownership structure achieve the lowest transaction cost and thus Pareto optimal? This paper attempts to study and analyze this. This paper uses a single case study method to study the object of in-depth analysis, Gome as an example to analyze the investment and allocation of corporate knowledge capital. And the impact of factor capital structure on corporate governance. Just as Eisenhardt and Graebner 2007). It is pointed out that "single case studies often provide an opportunity to explore an important phenomenon in extremely rare or extreme situations". The main reasons for selecting Gome in this paper are as follows:. The dispute over the control of Gome has attracted the attention of the academic and practical circles. The Gome case shows the complexity and procedure of the corporate governance of the developing private enterprises in the public view, which is undoubtedly a milestone for China in the process of economic development and transformation. The main content of this paper is divided into five parts. The first chapter is the introduction, mainly discusses the reasons for the topic and the research issues. The second chapter is the literature review, mainly describes the theoretical basis used in the case analysis. It includes the theory of capital structure and capital cost, the theory of factor capital structure, the theory of corporate governance structure and the theoretical basis of factor capital structure influencing ownership structure. This chapter is the soul of this case study. The third chapter is case description and opinion, which describes and puts forward his own views on the debate of the United States of America in detail. For example, enterprises should pay attention not only to the accumulation of monetary capital, but also to the accumulation of knowledge capital in the process of development. Intellectual capital plays an extremely important role in exerting the function of other capital. Chapter 4th is the case study, which is the core part of this paper. According to the theory of the second chapter. Factors of capital allocation and corporate governance structure in-depth analysis of the case of the problems and their causes. As well as the impact on the value of enterprises and entrepreneurs. This paper argues that the contention of Gome stems from the insufficient allocation of knowledge capital in the structure of factor capital and the singularity of the nature of equity in the corporate governance structure. Enterprises and themselves are damaged by inadequate reserves of entrepreneurial knowledge. Chapter 5th is the conclusion and suggestion. According to the analysis of the previous cases, this paper summarizes the imbalance of the allocation of the factor capital structure and the influence on the governance structure of Gome Electric Co., Ltd., and puts forward the corresponding suggestions for the promotion of the value of the private enterprises in our country. The innovation of this paper lies in the novelty of case analysis. At present, the case of Gome dispute has not been carried out around the formation of factor capital structure, which plays a decisive role in the formation of ownership structure model. However, the external development model and internal governance structure of the knowledge capital of many enterprises in China. Therefore, this topic has certain practical significance and academic theoretical value. The deficiency lies in the fact that the knowledge capital of this paper has not carried on the concrete quantitative analysis. The cost and rate of return of its intellectual capital still need to be further studied.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F275;F426.6

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