| As a new financing thought and its application, it's a fact that Competitive Power Financing(CPF),derived from modern market economy, and is developing and even booming in the course of knowledge economy coming true. It refers to drawing up and implementing enterprise financing strategy, and allocating its financial resources centring on its competitive power system actively and consciously, which can bring it continuous competitive advantages. It is not a supplement of financing affairs, but a total promotion of enterprise financing. Accordingly, the theory of CPF is not an independent branch of the"special branches"of the system of financing theories, but a systemic promotion of it, which is formed by the new understandings and opinions about the system considering the dimension of competitive power.In contrast to Fen Qiao-geng's"theory of Competition Finance", this thesis embodies four outstanding characters as follows. Firstly, it focuses on enterprise competitive power system, which means more emphases to its internal qualities than on its competing behaviors. Secondly, it stressed on enterprise financing strategy, while detailed financing practices were not studied systemically. Thirdly, the study was spread out along the main logic thread of"value—customer value—enterprise value—capital–knowledge capital—competitive power". Fourthly, normative study was mainly developed in the framework of economics, while detailed practices were mainly utilized to illustrate related opinions.The dissertation is composed of three basic parts except the introduction. The first part aims to found the theoretical base for CPF by exploring the theory of value and enterprise competitive power system. The second part puts stress on exploring what new cognition, understanding and viewpoints can be formed about the basic financing theories as the dimension of competitive power is concerned, which is the components to construct the system of basic theories of CPF. The third part is to construct the operating system of CPF, emphasizing on several important aspects involving how to foster, strengthen and develop enterprise competitive power system based on optimizing the allocation of its financial resources. By overlooking the whole dissertation, the first part is to answer the questions of"what is competitive power and what is it for"; the second part is to answer"how competitive power influences the allocating of financial resources"; the last part is to solve the problem"how financing promotes enterprise competitive power system". The three parts form a course from theory to practice.The first part includes two chapters. In chapter 2, some fundamental and new opinions about value were formed .Based on these opinions, it is possible to analyze the economic meanings of customer value and enterprise value, which are both derived from the total residual of transactions. In chapter 3, I studied enterprise competitive power system. Through adjusting the studying angle from inspecting crosswise its operating processing to dissecting the cross—section of its competitive powers, the competitive power system can be regarded as a model of assembly clusters composed of three basic clusters of knowledge.The second part of the dissertation is to construct the system of the basic theories about CPF, being composed of four chapters.according to the traditional structure of researching the field of finance, I explored what deep-going changes will happen to the basic theoretical parts of finance, including its essence, fundmental laws, goal, body and functions, while the important and dominant dimension of competitive power and its effect to financing are concerned.The third part, including five chapters, constructs the basic operating system of CPF, including five chapters. In chapter 8, the major subdivision of this part, focused on the investing of knowledge capital, which consists customer capital, organization capital and human capital. In the study of it, the measuring of the earnings of knowledge capital investing may be the most difficult subject. To measure the earning of customer capital investing, the method of"Mallkov chain"and the thoughts of"incremental gaining"are applied to analyze it. About the earning of human capital investing, I analyzed the substitutability between"managerial transactions"and"bargaining transactions". As the result of the analysis above, it is acceptable to consider the incremental amount of enterprise wages adjusted from its factual wages, as the earning approximately, which is not only bearable to its gaining base, but also acceptable to the employees. So the earning of organization capital investing can be measured by the residual part of the overall earning of enterprise's comprehensive investing after being subtracted by the earnings of the investing of customer capital, human capital and financial capital. During the course of controlling knowledge capital investing, the management of concerned clusters of knowledge should be paid enough attention.In chapter 9, governing structure of CPF, regarded as its institutional framework for operating, was my studying subject. For appraising its financing governing structure conducted by competitive power, a conception of"index of financing governing"is arisen. While constructing the index, some physical conceptions are analogized to express and evaluate it, such as"force","power","speed","reaction control",and so on. By utilizing these conceptions, an"index of efficiency of financing governing mechanism", determined by the"forces","speeds"and"angles"of financing deciding, financing executing and financing monitoring is formed.In chapter 10, the subject of enterprise Merger and Acquisition (M&A) was explored in the field of vision of CPF, which is the other basic path of constructing enterprise competitive power system except the path of constructing it internally and it is an important part of CPF operating. Competitive power is a basic inducement of enterprise merge and acquisition, though there are both successes and failures as the result. two key factors determines this result. one is the value evaluating during M&A, especially that of competitive power, which itself is a special carrier of value; the other is the integrating after M&A, specially effective management of knowledge.As a brief sum—up of the thesis, an elementary framework was put in order on the operating of CPF. After the main conditions, demanded by the wide—ranging applying of CPF, were listed, the basic circumstances of Chinese and western in realities relative to the conditions listed above were analyzed and compared. A forecasting about the future of CPF was given at the end of the dissertation.The main goal of this thesis is to construct the basic theoretical and operating system, which is itself a somewhat grand project of innovating. In detail, the main innovations of the dissertation include as following.1. Some original viewpoints were formed during studying the theory of value, including the relation between use—value and utility—value, the relation between labor, utility and value, the measuring of utility, etc.2. Enterprise was regarded as a kind of intensive concern of transactions, and its value was considered to be accumulated from the"producer's residual"derived from transactions. These viewpoints develop a new thinking to understand the relation between competitive power and enterprise value.3. Through adjusting the studying angle, enterprise competitive power system was creatively considered as a model of assembly clusters of knowledge about customer value, so competitive power can be analyzed in the framework of theory of value.4. constructed the system of the basic theory of CPF ,and some initions are developped, including:(1)Two basic laws of CPF are put forward and proved in strict mathematical formation.(2)Enterprise's financing goal in ultimate meaning and its controlling financing goal are distinguished. Through the analysis based on gaming models, a conclusion is drawn that CPF goal is more fit to act as controlling goal of enterprise financing goal. At last their relation was proved by dynamic—planning model.(3)A new conception of"entity of financing rights"was developed, which can be used as a new tool of theoretical analyzing to explore the theory of financing body and that of financing stratifying. Also a new understandings about them was formed, namely, the view of sole financing body and multiple entities of financing rights.(4)The theory of financing functions was explored by utilizing institutional economics, and then the opinion was proposed that there exists only one basic financing function, namely, allocating financial resources, consisting three detailed mechanisms of financing operating, financing managing and financing governing.5. The earning of customer capital investing was measured by using Mallkov chain, and developed a new thinking of measuring the earnings of investing of human capital and organization capital in mathematical formation, which is beneficial to further explore the difficult problem of measuring the earning of knowledge capital.6. The conception of"index of financing governing"was developed, and a model of efficiency index of financing governing mechanism was created by analogizing some physical conceptions, with the aim of inflecting the state of financing governing structure comprehensively.
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