Research On Financial Governance And Synergetic Mechanism Of State-owned Enterprise Group

At present, the state-owned enterprise groups of China are in a special economy transformation era and take on important historical missions. The developments and improvements of state-owned enterprise groups require the establishment and perfection of financial governance structure, financial governance mechanism,financial control system and financial synergy capability of enterprise group. The financial governance problem of state-owned enterprise group is the crossing field among corporate governance theory, corporate finance theory and enterprise organization theory. It provides a very good breakthrough point for the research on some problems in the process of state-owned enterprise group's reformation and development. It has important theoretical research value and realistic guiding significance.The background of topic selection, theoretical research and experimental analysis are all based on the actual research projects between management school of Tianjin University and some large state-owned enterprise groups such as TPCO Group, TM Group. The dissertation not only pays attention to the theoretical research and integrated innovation, but also attaches importance to the connection between theory and practice.Based on modern corporate finance theory, corporate governance theory, modern enterprise theory, dissipative structure theory and synergy theory, this paper studies the financial governance of state-owned enterprise group, regarding financial rights allocation and financial synergy as the core. The main innovation points of the dissertation are listed as below:(1) This paper constructs the system framework of state-owned enterprise group financial governance. Based on the theory of modern corporate finance, corporate governance and modern enterprise, the complete system framework of state-owned enterprise group financial governance is constructed from the viewpoint of dissipative structure and synergy theory. On the basis of the framework, this paper brings forth the stakeholders co-governance mode dominated by shareholders, and also analyses the governance effect of financial capital structure, the arrangement of financial governance structure and the design of financial governance mechanism.(2) This paper brings forth the three-dimension financial rights stratified allocation model of state-owned enterprise group. Based on the property rights economics, the financial stratification theory, the stakeholders financial theory and the multilevel principal-agent structure of the state-owned enterprise group, the three-dimension financial rights stratified allocation model of the state-owned enterprise group is proposed. On the basis of financial conflict and harmony, the financial control modes and system of the parent-subsidiary company is provided.(3) The creation mechanism, the measurement mechanism and the evaluation mechanism of state-owned enterprise group's synergy are thoroughly studied in this dissertation. Based on the three-dimension viewpoint of resource, capability and knowledge, the generative mechanism and the measure algorithm of enterprise group financial synergy effect are thoroughly discussed according to the two levels of static synergy and dynamic synergy. This paper provides the evaluation system of governance capability maturity model and the evaluation mode of financial governance using entropy weight optimal degree vector algorithm, which are the information feedback mechanism and the integrated evaluation system for the financial governance of the state-owned enterprise group.