企业集团财务公司的运作与企业绩效

为促进企业集团的发展，我国从1987年开始允许企业集团设立财务公司，发挥内部资本市场的功能，虽然规模不断扩大，但作用体现不明显。财务公司理论上的效用表现在降低企业集团外部的融资约束、更高资源配置效率，丰富企业集团快速调整公司内部战略资源的手段和提供有效的监督，相应的管理成本包括跨部门补贴、过度投资、代理成本。所以，财务公司的高效运作为企业集团增加价值的核心是确定财务公司合理的边界，明确哪些该做，哪些不做，而这个边界要兼顾效率与公平，财务公司的最优规模是边际利益与边际成本的相等点。

Finance Company of Grouped Enterprise and Its Performance

For the promotion of business group development,business groups can set up their own finance companies from 1987 in China in order to bring internal capital market function into play.Although the scale of finance companies was expanded unceasingly, effect is not obvious.In terms of theory,the finance company's efficacy is reflected in the reducing of the business group outside restrains, higher allocation of resources efficiency,the ways of business groups' internal adjusting strategy resource rapidly and p...