基于财务协同控制的价值效应分析与评价,是全面审视战略、资源和关系,促进企业集团协同发展的基本需要。本文结合企业集团的多维价值效应评价特征,在借鉴BCG矩阵评价思想的前提下,建立了基于财务协同控制的企业集团多维价值效应基本矩阵评价模型和扩展矩阵评价模型,设计了评价指标体系和计算方法,并对我国设备制造行业70家企业集团进行了实证分析。结果表明:我国设备制造行业的大部分企业集团在财务战略协同控制方面适应环境能力强,能够创造价值,在财务关系协同控制方面能够实现现金的增值和利益关系协调,属于明星类;但在财务资源配置方面多数处于现金短缺状态,资源配置不够合理,属于问题类。
Abstract
Analyzing and evaluating value effects based on financial cooperative control are the basic needs for comprehensively reviewing its strategies, resources, and relationships and promoting the collaborative development of enterprise group. Combining with the evaluation characteristics of multi-dimensional value effects for enterprise group and under the premise of learning from BCG matrix; based on financial cooperative control, the basic matrix evaluation model and extended matrix evaluation model of multi-dimensional value effect of enterprise group are constructed, and an evaluation index system and calculation method are also designed. Meanwhile, an empirical analysis on 70 enterprise groups of Chinese equipment manufacturing industry is conducted. The results show that the majority enterprise groups of Chinese equipment manufacturing industry possess strong environmental adaptability, are able to create value in financial strategic cooperative control; and are able to realize cash value-added, and the coordination of interests relation in financial relation cooperative control; they could be considered as a "star-typed" However, majority of them are in the state of cash shortage and their resource allocations are not reasonable, they could be considered as a "problem-typed".
关键词
企业集团 /
矩阵评价模型 /
财务协同控制 /
价值效应 /
BCG矩阵
Key words
enterprise group /
matrix evaluation model /
financial cooperative control /
value effect /
BCG matrix
{{custom_sec.title}}
{{custom_sec.title}}
{{custom_sec.content}}
参考文献
[1] 刘骅.企业项目风险与科技保险需求模型及实证分析[J].科研管理,2011,32(4):37-42.
[2] 赵全超.国有企业集团财务治理与协同机制研究.天津:天津大学管理学院,2007.
[3] Richard, J. Preference Aggregation in Firms and Corporatist Organizations: The Enterprise Group as a Cellular Encompassing Organization [J]. American Journal of Political Science, 1989, 33(4):973-994.
[4] 杨蕙馨,冯文娜.中间性组织研究——对中间性组织成长与运行的分析[M].北京:经济科学出版社,2008.
[5] 龚玉荣,刘延平.多元化经营动机及其价值效应[J].统计研究,2007,24(10):94-96.
[6] Zollo, M. Winter, S. G. Deliberate Learning and the Evolution of Dynamic Capabilities [J]. Organization Science, 2002,13(3): 339-351.
[7] Bao, J., Jian, L. & Hoki, N. A Trend Analysis of Competition Positioning in Chinese Seaports by Using DEA Model and BCG Matrix [J]. 中国海洋经济评论,2007(1):25-32.
[8] 迈克尔·波特.竞争优势[M].北京:华夏出版社,1997.
[9] 韵江,刘立,高杰.企业集团的价值创造与协同效应的实现机制[J].财经问题研究,2006(4):79-86.
[10] Kaplan, R. S. & Norton, D. P. Using the Balanced Scorecard as A Strategic Management System [J]. Harvard Business Review, 1996, 74(1):75-85.
[11] Henderson, J. C. & Venkatraman N. Strategic Alignment: a Model for Organizational Trans- formation through Information Technology Management [M]. New York: oxford University Press, 1992.
[12] 傅元略.企业集团财务资源协同管理效应的度量[J].中国工业经济,2003(9):66-72.
[13] 顾保国,方晓军.基于协同力的企业集团共有资源配置分析[J].唯实,2004(7):20-23.
[14] 杨安华.中国上市公司并购价值效应分析 [D].成都:四川大学工商管理学院,2006.
[15] 高晶,关涛.基于战略柔性的企业集团协同机制研究[J].哈尔滨工业大学学报(社会科学版),2007(1): 121-124.
[16] 冯自钦.财务协同控制视角下企业集团价值效应动因研讨[J].财会月刊(下),2010(10):3-5.
[17] 王浩,卢勃.企业集团协同经济与文化协同机制分析[J].大众科技,2005(12):291-293.
[18] 张友棠,冯自钦,程瑞川.财务三维价值矩阵评价模型研究[J].武汉理工大学学报,2008,30(11):180-184.
[19] 李国英.企业资源配置力与企业竞争力[J].理论月刊,2001(11):88-89.
[20] Blair & Margaret, M. Ownership and Control: Rethinking Corporate Governance for the Twenty-First Century [M]. Washington D.C,Brookings Institute, 1995.
[21] Mitchell, R. K., Agle, B. R. & Wood, D. J. Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts [J]. Academy of Management Review, 1997, 22(4):853-886.
[22] Viswanadham, N. & Poornima L. Models for Measuring and Predicting Shareholder Value: A Study of Third Party Software Service Providers [J]. Sādhanā, 2005,30(2 & 3):475–498.
[23] Jensen, M. C. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers [J]. American Economic Review, 1986, 76 (2): 323-329.
[24] 张友棠.财务预警系统管理研究[M].北京:中国人民大学出版社,2004.
基金
教育部人文社会科学研究规划基金项目"基于MAS的企业集团财务协同控制研究"(编号:12YJA630030)(起止时间:2012.01-2014.12);华北水利水电学院高层次人才科研启动项目"基于财务协同控制的企业集团价值效应评价模型研究"(编号:201095)(起止时间:2010.10-2013.10)。基于Multi-Agent技术的企业集团管理信息化协同控制研究(项目编号:122102210532)(起止时间:2012年1月-2013年12月),项目类型:2012年河南省科技攻关计划项目。
PDF(1221 KB)
