Study On Financial Cooperative Control Of Enterprise Group

As the core of modern market economy, enterprise group is an advanced form of organization after productive forces reached to a certain stage. For the reason of complexity and specificity of organizational form of enterprise group, the issue of financial cooperative control has been widespread concerned by theorists. Most of researchers studied issues of enterprise group from financial synergy, financial management or financial controlling perspectives, and some synergy management or governance modes have been proposed which has a certain role in promoting the value creation capacity of enterprise group. However, there are still lacking of systematic research results of enterprise group both in theoretical or empirical study, especially in the fields of mechanism of financial cooperative control and value effect model and value effect evaluation system. From financial strategy cooperative controlling and financial resource cooperative controlling and financial relation cooperative controlling perspectives, this dissertation studies enterprise group's issues by exploring the mechanism of financial cooperative control and the value effects' model and evaluation system, the aims of which are enriching and improving enterprise group's financial management theories to promote the abilities of environment adaptation and resource allocation and interests' balance of enterprise group in China.Considering of research objectives, this dissertation attempts to answer two questions. First, what are intrinsic mechanism of financial cooperative control and system relationship of enterprise group and using what value effect model to represent them? Second, how to evaluate value effects of financial cooperative control of enterprise group and what kind of evaluation models and index system are adopted? These two issues are interrelated and mutual penetrated, together constitute the basic problems of financial cooperative control of enterprise group. Circling around these two questions, after analyzing and sorting out relevant research results of home and abroad, this dissertation conducts its research along the path of'"basic theories'to'mechanism'to'model'to'evaluation system' and to'empirical analysis'" by using document analysis method, logical research method, questionnaire survey method, qualitative analysis and quantitative research method. Highlighting the level and coupling and dimensional features, it basically sorts out the mechanism and system relationship of financial cooperative control of enterprise group and the value effect model is also studied and built. Then, it designs an evaluation system including evaluation indexes, evaluation models and evaluation processes, and further explores the value effects evaluation through empirical analysis.The main findings can be summarized as follows:(1)Combing with financial management and cooperative control and value effect, it gives an economic analysis to financial cooperative control and introduces it into the researches of enterprise group.(2)It reveals the mechanism of financial cooperative control of enterprise group by analyzing the motivations and key cooperative controlling factors and ability space and also the system relationship of financial cooperative control of enterprise group.(3)It studies the value effects model of enterprise group by using SEM method after a questionnaire survey. The result shows that financial strategy cooperative control, financial resource cooperative control and financial relation cooperative control have significant causal relationships with value effect of enterprise group.(4)It studies the evaluation problem of value effects of enterprise group by designing evaluation index system, evaluation model system (including 2-dimensional matrix evaluation models and 3-dimensional evaluation model)and evaluation process, and an empirical analysis is also made.