Research On The Allocation Of Financial Resources Of Business Group Based On Cooperative-network

Resource allocation is a fundamental issue which runs through the modern society.As a medium between the market and corporation,enterprise group combines management resource allocation of corporation and price adjustment mechanism of market,which is an important result of economic development.In addition,enterprise group becomes an important means of rational resource allocation and plays an increasing importance in allocation of economic resource.In the progress of global economy,enterprise group has become one of important means of organization in China,even all-around of world which full of fierce competition.As a result,it's necessary to delve into the issues concerning enterprise group for the sake of its importance as well as ubiquity.Competitive advantage of enterprise group has always the essential point of corporation group's strategic management.The target of resource allocation is to obtain long term competitive advantage.Furthermore,the foundation of effective financial resource allocation is the crux of promoting the efficiency of resource allocation.Based on this aspect,it is an important academic issue full of practical and theoretical importance especially in the particular period of China's economic reform and the transformation of economic growth patterns.Many articles concerning resource allocation of enterprise group are based on economic view,which is to set up an effective model.Although there has been a little cognizance of different characteristics between the enterprise group and single company,the cognizance relation between internal synergic cooperation and financial resource allocation of enterprise group is not enough as a result of not grasping the essence of enterprise group.The first step of analyzing and solving the problem profoundly is to choose an apposite perspective.Cooperation network,which is the essential attribution of enterprise group,implies the distinctive characteristic between the enterprise group and single company,at the same time,it also implies the basic characteristic of operation mechanism of enterprise group.As a result,the article choose cooperation network perspective to research into financial resource allocation of enterprise group.The motivation of synergic effect and the cooperation network of enterprise group are decisive factors which imply the difference from those of single company.Enterprise group is just an organization form,in fact,the internal synergic ability is the true value of cooperation network.The value of cooperation network lies in node value and synergic effect between these nodes rather than plus simply the value of member companies.Realization of financial synergy is also the progress of allocation and integration of group's financial resource,and the internal cooperation is indemnification of realization of synergic effect.As an important part of group resource,rational financial resource allocation ensure that member companies will obtain allocation benefits and,as a result,will take part in this enterprise actively.Member companies will also combine their own benefits with whole group,which enhance the comprehensive effect of the group.Therefore,focusing the deficit of former research,the article choose the cooperation network as the vital basement and delve into the financial resource allocation of group.From the perspective of maximization of the whole group benefits,the article focus on the foundation of financial resource allocation system and make theoretical and empirical analysis of factors that affect the efficiency of this system.The building of this system is not constricted to the single member company,and the system take the financial resource allocation as an integral,developing,opening management system,which will enrich the group financial resource allocation theory.Enterprise group is a cooperation organization based on capital and is more complicated than the single company.Although most groups are aware of the importance of financial resource allocation,there is much practical deficiency.Upon on the deficiency of financial resource allocation efficiency,the article reconstitute the index evaluation system of resource allocation,and put forward the promotion method,which will escalate the operability and pertinence of financial resource allocation.From the review of evolutional and practical progress of groups and resource allocation,the article delve into the resource allocation based on a cooperation network perspective,and elaborate idea of constitution of financial resource allocation system,strategic positioning,elements and so on.Constitutional elements are basis of the building of group financial resource allocation system,and the influential factors are key condition to effective practice of this system.The article use the materials which come from interview and questionnaire to reconstitute the group financial resource allocation from a cooperation perspective.In addition,the article elaborate the interior effect mechanism of constitutional elements based on the analysis of influential path of these factors.Then,the article set up hypothesis and use the multiple regression analysis method to take empirical examination.However,any system has its own index evolutional,the article finally set up index evolutional of group financial resource allocation system,and take empirical examination based on the data from the questionnaire,it also puts forward several practical methods which will deal with issues concerning group financial resource allocation.From the analysis mentioned above,content of the article are as follows.First,the redefinition of group financial resource allocation and the constitution of allocation system under the cooperation network perspective.The article analyzes the essential characteristics of cooperation network and define the research perspective.Upon on the perspective,the article redefines traditional views according to the practical application of synergic ability theory in the cooperation network.The financial resource of group consists of traditional capital resource,financial management mechanism,financial analysis and decision tools,sounded financial relation network,financial risk analysis and warning ability as well as synergic effects of nodes.In fact,the two parts of group financial resource can be classified into three stratagems.Traditional capital resource is the basic constitutional element,which is also the first stratagem financial resource.The second stratagem,which is the supporting factor,include financial management mechanism,financial analysis and decision tools,sounded financial relation network,financial risk analysis and warning ability.The third stratagem is synergic ability,which is a superior resource,comes from the application progress of traditional resource,and it is a decisive factor of integral ability among the cooperation network,which is defined as integration factor.System consists of many factors and an intact system usually contains many subsystems.The article illustrates the basic constitutional elements of group financial resource allocation system,and set up three subsystems based on the synergic perspective:basic factors allocation subsystem of group financial resource,supporting factors allocation subsystem of group financial resource,integral factors subsystem of group financial resource.Second,the analysis of effecting factors of group financial resource under the cooperation perspective.It's very important to research into the effecting factors,because any system is in its own environment and has some relation with these factors,which in turn effect the system.The group network is organic entity and the synergic ability of nodes is crux of promoting the efficiency of group financial resource allocation.The article identify the nodes and effecting nodes,which are classified into parent company,subsidiary company,and the mixture of parent and subsidiary company.The article,then,analyzes the effecting factors and build effecting mechanism of group financial resource allocation according to the research of effecting mechanism.With empirical method,the article use the exploratory method to identify and test the effecting factors and their effecting ability according to the investigation.Eventually,the article sets up the three-stratagem effecting system of group financial resource allocation.Finally,the article builds up the index evaluation system of group financial resource allocation.As a dynamic system,the evaluation and feedback of system is indispensable and group financial resource allocation system is not excluded.Traditional financial analysis and efficiency evaluation are just a petty part,it's necessary to analyze the internal cooperation attrition of group financial resource allocation and effectiveness assess of synergic effect.Different from the former research,the article explore the allocation theory of group financial resource and enrich the resource allocation,it also plays a guidance and reference role and make up the deficit to some extent in the practice of group financial resource allocation.The main innovation and contribution of the article lies in:first,innovation research perspective.The article use the theory of New Economic Sociology and Network Economics to demonstrate cooperation network,which is the substantial property of corporation group and put the synergic ability theory into the practice of group financial resource allocation under the cooperation network perspective.Located in cooperation network perspective,the research of group financial resource allocation will lead interior network to cooperate vertically and horizontally,and it will lead to build a dynamic and opening system of group financial resource allocation,which will boost the allocation efficiency of group financial resource allocation.Second,based on the network property of group and the initial propulsion of synergic effect,the article redefine the group financial resource allocation and set up allocation system accordingly.It also implies that synergic ability of nodes is the key factor to promote the comprehensive value of group.Third,the article build the effecting system of financial resource allocation upon the deeply research of effect imposed on the mechanism of financial resource allocation.Fourth,the article set up three-stratagem allocation of financial resource,which contains parent company,subsidiary company,and the mixture of parent and subsidiary company,and five-dimension questionnaire,which contains strategy,governance,culture,synergy and communication as well as the index evaluation system.Fifth,the article take empirical research of effecting factors by the method of structural equation model.