Research On The Development Of The Enterprise Group’s Financial Company

The former director of the SASAC, Li Rongrong has said that the survival and development of enterprises rely on financial capital management inward and technological progress outward. In recent years, through the financial company platform for financial management of enterprise groups has become an important research subject of group economic and financial company. In developed countries, the financial company has100years of history, in our country, the financial company has26years of history, there are176financial companies in China by2013, including68belonging to the113central enterprises. The financial company has become a widely used and effective mode of capital management. Capital management is with the management of campaign funds to strengthen the property management to realize the enterprise value maximization. On the basis of the basic theory of the centralized management of funds as the breakthrough point, this paper focuses on the healthy development of financial companies. Financial companies should know how to play their capital advantages, so that realize "based on the group, service the group".As an introduction, the first chapter of this article explains the background and significance of the topic, summarizes the research status at home and abroad. Because the positioning of financial companies in China is to strengthen the centralized management of funds, the second chapter introduces the meaning and content of the centralized management of funds. Five kinds of theoretical basis of financial companies of enterprise groups’ centralized management of funds include centralization and decentralization theory, transaction cost theory, the principal-agent theory, the theory of internal capital markets and integration theory. The third chapter analyzes four modes of centralized management of funds specifically reporting center, internal bank, settlement center and financial company. In China, extensive practice is the settlement center and financial company mode, they have their own scope of application, the settlement center is for the general scale of the enterprise groups, the financial company is more suitable for large and mature enterprise group. In the fourth chapter, with the graph and data of "Chinese financial companies of enterprise groups Yearbook2013" the author analyze the finance company’s present situation and the problems from three aspects of the financial company, enterprise and government regulators.These problems of financial companies exist in the following aspects:the development of the industry is not balanced, the funds are short of concentration, the source of funds are insufficient, the business is not wide, the administrative intervention of the enterprise group is not appropriate, the government regulation is not reasonable, the marketization of interest rate can’t be ignored, In the fifth chapter, according to the problems of financial companies above, combined with the reality of our country, the author puts forward seven suggestions to promote the healthy development of financial companies of enterprise groups in China from three angles including the finance company, the enterprise group and the government.