企业集团投资风险管理体系研究
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摘要
企业集团是现代企业高度发展基础上形成的一个以母子公司为主体,以产权关系和生产经营协作为纽带,由众多的企业组织共同组成的利益联合体。在我国企业集团发展壮大过程中,投资活动的作用越来越大。对内、对外投资都存在一定的投资风险,因此加强企业集团的投资风险管理显得尤为重要。近年来,由于投资风险失控或者控制不当导致企业失败或发生巨亏的例子屡见不鲜,伊利股份、创维数码、四川长虹等投资失败案例或重大事件,无不引发人们对企业投资风险管理的反思,如何加强企业集团投资风险管理成为企业面临的一大难题。
鉴于企业集团投资风险管理面临的现实问题,本文借助委托代理理论、系统论理论、企业预警理论、集成理论、管理控制理论以及风险管理理论等的最新成果,在前人研究成果基础上,对企业集团投资风险管理问题进行研究,构建一套贯穿于事前、事中和事后的集主体、目标、程序和方法四维一体的现代企业集团投资风险管理框架。本文共分为七章,具体如下：
第一章为绪论。主要介绍本文选题动机和意义,同时指出本文研究内容、方法、结构安排以及关键术语的界定。
第二章为研究综述。分别总结企业集团管理控制研究与企业集团投资风险管理研究现状,并进行评述。
第三章为企业集团投资风险管理的现状分析。通过搜集相关数据资料介绍我国现阶段企业集团投资风险管理的特征,结合案例介绍我国企业集团投资风险管理存在的问题以及成因。
第四章为企业集团投资风险管理理论研究。本文从理论基础和基本理论两方面介绍企业集团投资风险管理理论。
第五章为企业集团投资风险管理体系的构建。本文提出了企业集团投资风险管理体系构建的导向、原则、依据和思路,然后提出构建的整套企业集团投资风险管理体系,最后从主体、目标、程序和方法四个维度对该体系进行详细介绍。
第六章为企业集团投资风险管理体系的应用与保障。主要结合L集团投资风险管理成功实践介绍企业集团投资风险管理体系在实践中的应用,同时从企业集团集权与分权的平衡、企业集团控制力与执行力的落实以及企业集团投资风险管理与其他风险管理的协调三个主要方面介绍如何保障企业集团投资风险管理体系的顺利实施。
第七章为总结。主要概括介绍了本文的研究结论以及研究的局限性。
本文对企业集团投资风险管理进行研究具有一定的理论意义和实践价值。理论意义方面,本文打破以往研究的常规,既不是从单个企业出发研究投资风险管理,也不是从某一专项进行投资风险管理研究,而是站在企业集团视角,系统地研究贯穿于事前、事中和事后的集主体、目标、程序和方法四维一体的现代企业集团投资风险管理体系,这在一定程度上扩展了学术界投资风险管理研究的视野,提出了一条新的现代企业集团投资风险管理思路,为理论界进一步从企业集团视角综合系统研究投资风险管理指出一个新的方向。实践价值方面,微观层面上有利于帮助我国企业集团系统科学构建投资风险管理体系,降低、规避投资风险,提高投资风险管理的效率效果,促进我国企业集团可持续健康发展,并有利于防止国有资产流失,提高国有资产保值增值率。宏观层面上有利于加强企业集团投资风险管理,降低企业集团投资风险,尤其是海外并购投资风险,提高投资效率和效果,无疑有助于增强我国企业集团的整体实力,进而提升我国在世界经济中的竞争力,促进我国由经济大国发展为经济强国。
Enterprise group, with parent and subsidiary companies as the main body, with property right relations and the productive and business operative cooperation as the link, and composed of multitudinous enterprise organization, is a kind of interests association formed on the basis of the high developing of modern enterprise. With the enterprise group developing in our country, investment activities play a more and more important role. As investment risk lies in both internal and external investment, it is particularly significant to strengthen enterprise group investment risk management. In recent years, certain incidences were frequently occurred that enterprise failure or loss happened due to improper or out of control in investment risk. These significant events, together with that of Erie shares, Skyworth digital, Sichuan chang hong etc, make people rethink on the enterprise internal control and risk management; and how to strength the investment risk management has become a big problem of the enterprise.
In view of the realistic problems of enterprise group investment risk management, this paper quotes the latest results of the principal-agent theory, systematic theory, enterprise warning theory, integration theory, management control theory and risk management theory. Based on predecessor's research, this paper intensively studies the problem of modern enterprise group investment risk management, so as to establish a modern enterprise group investment risk management framework, which lies through the management process, and composed of the main body, the goal, the procedures and the methods. There are seven chapters in this article, specific as follows.
Chapter 1 is introduction which tells the reason for choosing this topic and the meaning of this article. It also points out the content and the method of the research, the development of the article's structure, and the definition of some critical terminologies.
Chapter 2 is overview of the research. It summarizes and comments the current situation of the researches on management control and the investment risk management of enterprise group.
Chapter 3 is analysis of current situation of investment risk management of enterprise group. It introduces the characteristics of the investment risk management of enterprise group in our country by collecting related data, and points out the problems as well as the causes in the risk management with some cases.
Chapter 4 is theoretical research of investment risk management of enterprise group. This article introduces the theory of the investment risk management of enterprise group from the aspects of theoretical basis and fundamental theory.
Chapter 5 is structure of the investment risk management of enterprise group. This article points out the direction, principle, basis, and the thread of the structure, then it suggests building an integrated structure of the investment risk management system for enterprise group. The article describes the system from the aspects of subject, objective, process, and method.
Chapter 6 is the application and assurance of system of investment risk management of enterprise group. In this chapter, it mainly introduces the application and assurance of the implement of the system with the success of enterprise group L.
Chapter 7 is summarization. This chapter mainly summarizes the conclusion and the limitations of this research.
This paper analyzes the investment risk management of enterprise group and benefits both theoretically and practically. The theoretical significance of this paper lies in its breaking previous studying rules. This paper's prospective of studying investment risk management is neither a single enterprise nor a specific program. Instead, it takes a view of enterprise group and systematically studies objectives, procedures and methods of the investment risk management system before, during and after the investment activities of modern enterprise group. This paper expands the perspectives of risk management research and proposes a creative method to study investment risk management of modern enterprise group, which further provides a direction of systematical study of investment risk management from the angle of enterprise group. Practical value of this article is reflected in both the micro-level and the macro-level. On the micro-level, this study facilitates enterprise group to construct sound investment risk management systems, which reduce investment risks and improve the efficiency and effectiveness of risk management. It promotes the sustainable and healthy development of China's enterprise groups, and helps to prevent the loss of state-owned assets and improve their maintenance and increment ratio. On the macro-level, the improvement of investment risk management of enterprise group helps to reduce investment risks (especially investment risks of overseas mergers and acquisitions), increase the efficiency and effectiveness of investment and enhance the overall strength of enterprise groups, which further enhances China's competitiveness in the world economy and promotes the building of an economic power.
鉴于企业集团投资风险管理面临的现实问题,本文借助委托代理理论、系统论理论、企业预警理论、集成理论、管理控制理论以及风险管理理论等的最新成果,在前人研究成果基础上,对企业集团投资风险管理问题进行研究,构建一套贯穿于事前、事中和事后的集主体、目标、程序和方法四维一体的现代企业集团投资风险管理框架。本文共分为七章,具体如下：
第一章为绪论。主要介绍本文选题动机和意义,同时指出本文研究内容、方法、结构安排以及关键术语的界定。
第二章为研究综述。分别总结企业集团管理控制研究与企业集团投资风险管理研究现状,并进行评述。
第三章为企业集团投资风险管理的现状分析。通过搜集相关数据资料介绍我国现阶段企业集团投资风险管理的特征,结合案例介绍我国企业集团投资风险管理存在的问题以及成因。
第四章为企业集团投资风险管理理论研究。本文从理论基础和基本理论两方面介绍企业集团投资风险管理理论。
第五章为企业集团投资风险管理体系的构建。本文提出了企业集团投资风险管理体系构建的导向、原则、依据和思路,然后提出构建的整套企业集团投资风险管理体系,最后从主体、目标、程序和方法四个维度对该体系进行详细介绍。
第六章为企业集团投资风险管理体系的应用与保障。主要结合L集团投资风险管理成功实践介绍企业集团投资风险管理体系在实践中的应用,同时从企业集团集权与分权的平衡、企业集团控制力与执行力的落实以及企业集团投资风险管理与其他风险管理的协调三个主要方面介绍如何保障企业集团投资风险管理体系的顺利实施。
第七章为总结。主要概括介绍了本文的研究结论以及研究的局限性。
本文对企业集团投资风险管理进行研究具有一定的理论意义和实践价值。理论意义方面,本文打破以往研究的常规,既不是从单个企业出发研究投资风险管理,也不是从某一专项进行投资风险管理研究,而是站在企业集团视角,系统地研究贯穿于事前、事中和事后的集主体、目标、程序和方法四维一体的现代企业集团投资风险管理体系,这在一定程度上扩展了学术界投资风险管理研究的视野,提出了一条新的现代企业集团投资风险管理思路,为理论界进一步从企业集团视角综合系统研究投资风险管理指出一个新的方向。实践价值方面,微观层面上有利于帮助我国企业集团系统科学构建投资风险管理体系,降低、规避投资风险,提高投资风险管理的效率效果,促进我国企业集团可持续健康发展,并有利于防止国有资产流失,提高国有资产保值增值率。宏观层面上有利于加强企业集团投资风险管理,降低企业集团投资风险,尤其是海外并购投资风险,提高投资效率和效果,无疑有助于增强我国企业集团的整体实力,进而提升我国在世界经济中的竞争力,促进我国由经济大国发展为经济强国。
Enterprise group, with parent and subsidiary companies as the main body, with property right relations and the productive and business operative cooperation as the link, and composed of multitudinous enterprise organization, is a kind of interests association formed on the basis of the high developing of modern enterprise. With the enterprise group developing in our country, investment activities play a more and more important role. As investment risk lies in both internal and external investment, it is particularly significant to strengthen enterprise group investment risk management. In recent years, certain incidences were frequently occurred that enterprise failure or loss happened due to improper or out of control in investment risk. These significant events, together with that of Erie shares, Skyworth digital, Sichuan chang hong etc, make people rethink on the enterprise internal control and risk management; and how to strength the investment risk management has become a big problem of the enterprise.
In view of the realistic problems of enterprise group investment risk management, this paper quotes the latest results of the principal-agent theory, systematic theory, enterprise warning theory, integration theory, management control theory and risk management theory. Based on predecessor's research, this paper intensively studies the problem of modern enterprise group investment risk management, so as to establish a modern enterprise group investment risk management framework, which lies through the management process, and composed of the main body, the goal, the procedures and the methods. There are seven chapters in this article, specific as follows.
Chapter 1 is introduction which tells the reason for choosing this topic and the meaning of this article. It also points out the content and the method of the research, the development of the article's structure, and the definition of some critical terminologies.
Chapter 2 is overview of the research. It summarizes and comments the current situation of the researches on management control and the investment risk management of enterprise group.
Chapter 3 is analysis of current situation of investment risk management of enterprise group. It introduces the characteristics of the investment risk management of enterprise group in our country by collecting related data, and points out the problems as well as the causes in the risk management with some cases.
Chapter 4 is theoretical research of investment risk management of enterprise group. This article introduces the theory of the investment risk management of enterprise group from the aspects of theoretical basis and fundamental theory.
Chapter 5 is structure of the investment risk management of enterprise group. This article points out the direction, principle, basis, and the thread of the structure, then it suggests building an integrated structure of the investment risk management system for enterprise group. The article describes the system from the aspects of subject, objective, process, and method.
Chapter 6 is the application and assurance of system of investment risk management of enterprise group. In this chapter, it mainly introduces the application and assurance of the implement of the system with the success of enterprise group L.
Chapter 7 is summarization. This chapter mainly summarizes the conclusion and the limitations of this research.
This paper analyzes the investment risk management of enterprise group and benefits both theoretically and practically. The theoretical significance of this paper lies in its breaking previous studying rules. This paper's prospective of studying investment risk management is neither a single enterprise nor a specific program. Instead, it takes a view of enterprise group and systematically studies objectives, procedures and methods of the investment risk management system before, during and after the investment activities of modern enterprise group. This paper expands the perspectives of risk management research and proposes a creative method to study investment risk management of modern enterprise group, which further provides a direction of systematical study of investment risk management from the angle of enterprise group. Practical value of this article is reflected in both the micro-level and the macro-level. On the micro-level, this study facilitates enterprise group to construct sound investment risk management systems, which reduce investment risks and improve the efficiency and effectiveness of risk management. It promotes the sustainable and healthy development of China's enterprise groups, and helps to prevent the loss of state-owned assets and improve their maintenance and increment ratio. On the macro-level, the improvement of investment risk management of enterprise group helps to reduce investment risks (especially investment risks of overseas mergers and acquisitions), increase the efficiency and effectiveness of investment and enhance the overall strength of enterprise groups, which further enhances China's competitiveness in the world economy and promotes the building of an economic power.
引文
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①需要说明的是本文研究的是母子公司型企业集团,由于企业集团不具备独立法人资格,因此不能成为投资的主体,企业集团投资活动主体分为两个层面,一个是集团公司(核心企业),一个是子公司,因此企业集团投资风险管理也从集团公司和子公司两个层面进行。
②陈志军(2006)认为从不同角度,母子公司管理控制的手段有不同的分类,从企业资源角度可分为文化、战略、人事、财务、信息、绩效等控制手段。
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①需要说明的是本文研究的是母子公司型企业集团,由于企业集团不具备独立法人资格,因此不能成为投资的主体,企业集团投资活动主体分为两个层面,一个是集团公司(核心企业),一个是子公司,因此企业集团投资风险管理也从集团公司和子公司两个层面进行。
②陈志军(2006)认为从不同角度,母子公司管理控制的手段有不同的分类,从企业资源角度可分为文化、战略、人事、财务、信息、绩效等控制手段。
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