企业集团财务控制:一个理论分析框架

从契约理论角度看,财务控制是对初始契约的不完备性所进行的修正,这恰是企业集团财务控制的逻辑起点.在企业集团复杂的代理关系中.母公司处于核心主导地位,是企业集团财务控制的主体.通过均衡代理成本争财务协同效应使财务控制的制度安排净收益最大化不仅是企业集团财务控制的目标,同时也蕴涵财务控制的机理.因此反映上述特征的企业集团财务控制完整架构应由目标层、治理层和管理层所组成.

Financial Control of Enterprise Group: A Theoretical Analysis Framework

From the perspective of contract theory, financial Control is the revision of the incompleteness of the initial contract, which is the logic starting point of the financial control of enterprise group. Parent company that is positioned at the core of the complicate agent relations of the enterprise group is the subject of the financial control of enterprise group. To maximize the net income of the institutional arrangement by equilibrating the agency cost and the financial synergy effect is not only the object of the financial control of enterprise group, but also is the implication of the financial control. Therefore, a complete framework of financial control of enterprise group that can reflect the characteristics mentioned above should be composed of target, governance and management.