复星系内部资本市场功能异化案例研究

发布时间：2018-03-14 05:03

本文选题：系族企业　切入点：金字塔控股结构　出处：《石河子大学》2017年硕士论文　论文类型：学位论文

【摘要】：关于如何有效的管理资本,内部资本市场(英文简称:ICM)与外部资本市场在管理方式上存在着实质上的不同,它们分别依靠“行政命令”和“契约合同”管理各部门、各企业间资本的流动。内部资本市场具有外部资本市场可望不可得的信息全面、融资便利和激励效果等优势,其在提高资金分配水平和优化资本配给方面均发挥出显著的效果。但是,内部资本市场是一把“双刃剑”,其在对低效的外部市场融资起增补和替代作用的同时,也由于外部资本市场的落后和公司管理的缺陷而产生功能异化。目前,我国存在着市场化水平较低、外部资本市场低效的客观现实,企业运用内部资本市场的功能手段来缓解融资管束是可行的。但现有与内部资本市场关联的制度不够健全,金字塔控股结构的普遍存在、政府监察缺位等原因易诱发控股股东的机会主义行为,引致企业内部资本市场优化资源配给、缓解融资管束的功能发生异化,降低企业的市场价值,阻碍资本市场的健康发展。如何在减弱企业集团ICM功能异化引致的负面影响的同时发挥企业内部资本市场的应有功能是现下我国资本市场迫在眉睫的问题。本文采用案例研究的方式,以复星系旗下的豫园商城、南钢股份、复星医药三家上市企业为切入点,借助理论研究、财务指标分析与图表分析相结合等方法,通过对比分析上市企业的财务数据和模型对复星系内部资本市场是否存在ICM功能异化做出判断,通过分析确定复星系内部资本市场存在功能异化现象。其后基于复星系各上市企业的年报和国泰安数据库数据,从股权交易、资金占用和互相担保等方面来探究复星系内部资本市场功能异化的表现形式及其经济结果,进一步从微观(企业自身因素)、中观(行业特征和周期)和宏观(制度监管)三个层次分析复星系内部资本市场功能异化的原由。与其他研究系族企业内部资本市场功能异化的案例角度不同,本文将内部资本市场功能异化问题置于以三家上市公司为支点的整个复星系内部资本市场进行对比分析,试图解析系族控制人对各上市企业进行或掏空或支持的深层原因。系族企业ICM功能异化实质上是企业家利益或者系族整体利益与上市企业局部利益和中小股东权益之间的博弈,系族控制人正是在权衡不同层面的利益后对系内上市企业进行掏空与支持,在满足系族整体战略或者企业家私利的同时会损害上市企业以及中小股东的权益。由此提出具有针对性的对策建议,对我国系族企业的健康发展和规范内部资本市场运营等提供经验借鉴。
[Abstract]:As to how to manage capital effectively, there are substantial differences between internal capital market and external capital market. They depend on "executive order" and "contract contract" to manage each department respectively. Capital flow among enterprises. The internal capital market has the advantages of comprehensive information, convenient financing and incentive effect which can not be obtained from the external capital market. However, the internal capital market is a "double-edged sword", which can supplement and replace the inefficient external market financing. At present, there is an objective reality that the level of marketization is low and the external capital market is inefficient, because of the backwardness of the external capital market and the defects of the company's management. It is feasible for enterprises to use the functional means of internal capital market to ease the financial constraints. However, the existing system associated with the internal capital market is not perfect enough, and the pyramid holding structure is widespread. The absence of government supervision can easily induce the opportunistic behavior of controlling shareholders, lead to the optimization of resource allocation in the internal capital market of the enterprise, alleviate the alienation of the function of financing management, and reduce the market value of the enterprise. How to weaken the negative influence caused by the alienation of ICM function and give full play to the proper function of the internal capital market of the enterprise is an urgent problem in the present capital market of our country, which hinders the healthy development of the capital market. Using case studies, Taking the three listed enterprises of Yuyuan Mall, Nangang and Fosun Medicine, which are owned by Fosun Department, as the breakthrough point, with the aid of theoretical research, financial index analysis and chart analysis, etc. By comparing and analyzing the financial data and models of listed enterprises, this paper makes a judgment on whether there is ICM function alienation in the capital market of Fosun system. Based on the annual report of the listed companies of Fosun and the data of Cathay Tai'an database, the paper analyzes the existence of functional alienation in the capital market of Fosun. To explore the manifestations and economic results of the functional alienation of the capital market within the Fosun system from the aspects of capital occupation and mutual guarantee. This paper further analyzes the causes of the dissimilation of the internal capital market function of Fosun system from the three levels of microcosmic (enterprise's own factors), meso (industry characteristics and cycles) and macro (institutional supervision). The case of market function alienation is different. In this paper, the function alienation of internal capital market is compared and analyzed in the whole Fosun capital market with three listed companies as its fulcrum. This paper attempts to analyze the deep reasons why the family controllers have emptied or supported the listed enterprises. The functional alienation of the ICM is essentially a game between the interests of the entrepreneur or the whole family, the local interests of the listed enterprises and the rights and interests of the minority shareholders. It is after weighing the interests of different levels that the family controller empties and supports the listed enterprises in the department. At the same time, it will harm the rights and interests of listed enterprises and small and medium-sized shareholders while satisfying the overall strategy of family members or the private interests of entrepreneurs. It can be used for reference for the healthy development of Chinese clan enterprises and the standardization of internal capital market operation.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F279.26;F832.51;F275

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