| Enterprise is both a cluster a series of resources and a linkage of a series of contracts. The former emphasizes the power of enterprises growth and the latter stresses the institutional conditions on which enterprise is able to expand smoothly by the resource advantages. Therefore, the development of enterprises is the process of business development, location and full use of their resources advantages. However, the control system of enterprise management with the core of financial control is the premise to ensure that the process is followed enterprises established strategies.As an resource network with the Capital as main linkage, if enterprise groups want to achieve its overall resource advantages, it needs to promote decision efficiency through the rational allocation of decision-making authority, on the other hand, it also needs to strengthen controls to ensure that those who have the power to assign the correct exercise. The basic principal should be to achieve the overall maximization of enterprise groups'value. Financial control of enterprise group is a kind of management activities in which controllers of finance such as group companies ensure that the movement of group capital is matching the goal to maximize the overall value of group.Therefore, we try to analyze the role of financial control in the value creation of enterprise group by the combination methods of analysis and case study. The main contents include:The first chapter is an introduction. The chapter introduces the background and significance of thesis research and defines the study objects, and introduces research ideas, methods and its innovation.Chapter II is the financial control theories of enterprise groups. This chapter discusses three theories that directly to the financial control of enterprise groups: Chapter II is the financial control theories of enterprise groups. This chapter discusses three theories that directly to the financial control of enterprise groups: enterprise resource theory, financial management theory and the theory of competitive advantage. Theory of competitive advantage is based on enterprise resources point that source of competitive advantage includes enterprises'valuable and scarce strategic resources which are difficult to imitate and replace For multi-market operations to create the value of the enterprise group, competitive advantage is derived from its strategy of its resources and a reasonable match to external opportunity. This kind of division of resources also means the assignment of decision-making authority, entails corresponding control in order to better utilize resources. Property ownership and key resources of the exclusive right are two sources of enterprise control power, in which control right based on property rights is the origination of enterprises statutory control over sources. Therefore, the important significance of financial control of enterprise group also lies in the fact that it is a necessary institutional guarantee to achieve overall resource advantage of enterprise group and resource share among member enterprise, which is also an important enterprise resource theory, financial management theory and the theory of competitive advantage. Theory of competitive advantage is based on enterprise resources point that source of competitive advantage includes enterprises'valuable and scarce strategic resources which are difficult to imitate and replace For multi-market operations to create the value of the enterprise group, competitive advantage is derived from its strategy of its resources and a reasonable match to external opportunity. This kind of division of resources also means the assignment of decision-making authority, entails corresponding control in order to better utilize resources. Property ownership and key resources of the exclusive right are two sources of enterprise control power, in which control right based on property rights is the origination of enterprises statutory control over sources. Therefore, the important significance of financial control of enterprise group also lies in the fact that it is a necessary institutional guarantee to achieve overall resource advantage of enterprise group and resource share among member enterprise, which is also an important mechanism to achieve overall advantage and control risks.Chapter III is financial controller model of enterprise group based on the concept resource. By analyzing the purposes, characteristics and influential factors of enterprise group financial control and by associating with the previous theoretical discussions, further resources from the perspective of enterprise groups sustainable source of competitive advantage. The competitive advantage model and the financial control model of enterprise group are established on the above basis. Then the feasibility of the model is tested in combination with the cases. All these provide a basis for discussions of the following chapters on how enterprise group to finishChapter III is financial controller model of enterprise group based on the concept resource. By analyzing the purposes, characteristics and influential factors of enterprise group financial control and by associating with the previous theoretical discussions, further resources from the perspective of enterprise groups sustainable source of competitive advantage. The competitive advantage model and the financial control model of enterprise group are established on the above basis. Then the feasibility of the model is tested in combination with the cases. All these provide a basis for discussions of the following chapters on how enterprise group to finish financial control mechanism.Chapter IV is about capital controls of enterprise group. This chapter discusses the question how enterprise group can control its based on the equity. Shares of subsidiaries are the legal basis for enterprise groups to control its subsidiaries companies. Somehow, the control right derived from the exclusive control of key resources is also depending on the equity. The characteristics of resources aggregation also means that the premise for group to achieve effective financial control is to coordinate the financial resources and intellectual resources, so as to better realize the coupling of the two for greater overall value. From a financial point of view, the basic channels to achieve financial control targets of enterprise group are the arrangement and dynamic adjustment of the capital structure of enterprise groups, and the effective incentive and supervision to those subsidiaries'managers.Chapter V is investment control of enterprise groups. The purpose of this chapter is to discuss the investment control of the group in the acquisition and development of strategic resources. Enterprise group plays a vital part in national innovation investment based on its financial control and innovative features of the investment. This is because that the combined effect of financial resources of internal capital market and strategy guide of investment provide material and institutional guarantees for the success of innovation investment. Then by compared with two representative innovative investment system of the United States and Japan, we design the financial control system of innovative investment for China's enterprise groups, That is to establish the real and effective investors, and to establish a clear and feasible development strategies, and to achieve central financial control. As for China's catching up enterprises, internal capital market of enterprise group is on the one hand a necessary substitution of external capital market, on the other hand they can accumulate considerable capital for groups to achieve its development goals by concentration of financial control. The causal ambiguity characteristics of innovative investment means that its control needs the integration of strategy and finance, in another word, the correction of strategic direction is to a large extent determines the successes or the failure of innovative investment. From a financial perspective, the process of innovation is the coupling process of financial resources and intellectual resources, in which, the heterogeneity of the group's resources from coupling is the basis for groups to create value. The accumulation of resources and the strategic direction of investment in its internal capital market are the basis for groups to create value and are the fundamental significance for groups to carry out investment control.Chapter VI is budget control of enterprise groups. Budget is a bridge to link the strategic with the implementation. This has led to budget's double conflictive functions: forward-looking role in the allocation of resources and feedback evaluation role. Such contradiction has led to the improvement of budget control, which was reflected by its growing linkage with the strategies. This result of improvement is that budget increasingly concerns on the key success factors. Both the balanced scorecard based on resources function and the value chain based on the level decomposition of enterprise resources (capacity) are hoping to find key elements that have influence on value creation of enterprise, and to realize enterprises'strategic objectives by the continuing focus and improvement on the key factors. The concern of the key strategic success factors helps to enhance the strategic adaptability and to avoid the breaking up of strategy formulation and implementation, which is conducive to Chapter VI is budget control of enterprise groups. Budget is a bridge to link the strategic with the implementation. This has led to budget's double conflictive functions: forward-looking role in the allocation of resources and feedback evaluation role. Such contradiction has led to the improvement of budget control, which was reflected by its growing linkage with the strategies. This result of improvement is that budget increasingly concerns on the key success factors. Both the balanced scorecard based on resources function and the value chain based on the level decomposition of enterprise resources (capacity) are hoping to find key elements that have influence on value creation of enterprise, and to realize enterprises'strategic objectives by the continuing focus and improvement on the key factors. The concern of the key strategic success factors helps to enhance the strategic adaptability and to avoid the breaking up of strategy formulation and implementation, which is conducive to improving the efficience of the enterprise group.Chapter VII is case analysis。This chapter is mainly the analysis of an enterprise case– Changjiang United Developing (Group) Shareholding Co., Ltd and its subsidiaries listed Changjiang Industry Investment Co., Ltd. (code 600119), by using of financial control model based on enterprise group'resources.This dissertation shows that effective financial control framework of Enterprise Group should include the following parts: to accumulate a certain amount of capital through internal capital market, to allocate financial resources in accordance with Group's strategic choices, to achieve coupling effect of financial resources and knowledge resources through strategic direction of the allocation of resources, to implement strategy and control key factors of success by the adoption of budget, and to apply with performance evaluation combined with the integration of OrganizationThis dissertation shows that effective financial control framework of Enterprise Group should include the following parts: to accumulate a certain amount of capital through internal capital market, to allocate financial resources in accordance with Group's strategic choices, to achieve coupling effect of financial resources and knowledge resources through strategic direction of the allocation of resources, to implement strategy and control key factors of success by the adoption of budget, and to apply with performance evaluation combined with the integration of Organization background.
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