| The finance company as a financial facilitating agency, which in the early provides the credit service for the purchase enterprise product consumer, gradually it plays the vital role in enterprise group's internal capital market, the business scope which the finance company develops also in the gradual expansion. The finance company acts as the interior payment intermediary in the enterprise group, saved the monetary fund circulation cost; Acts as the credit intermediary, the partial managements at ease currency will concentrate, will transform the non- capital currency as the money capital; Through the absorption deposit, provides the loan, the creation derivation deposit, has formed the certain credit creation function. But as a result of the various countries' economical monetary system difference, the various countries' finance company's localization and the development respectively has the difference.From our establishment in 1987 of the first Dongfeng Automobile Finance Company, Chinese Finance Company now has nearly 20 years of development, which is a new force in China's finance market. The regulatory policies have changed from accelerated development to regulate development, in the past 20 years, Finance company has made an important contribution to the development of enterprise groups. As a non-banking financial institution in Enterprise Group, The fundamental reason for the appearance of finance companies is that the external finance markets can not provide the financial needs and services to the enterprise groups. Through providing internal financial services, Finance company has played an indelible role in many aspects, for example, raise the intensiveness level of funds of enterprise groups, cut down the scale of external debt and fund cost, draw assistance from create internal found and capital market to improve the financial structure and financial regulation of enterprise groups.The current our country finance market competition is intense, the finance company receives exterior competition pressure unceasingly to increase, simultaneously the group interior also unceasingly enhances to the financial service request, demand even more specialization. Therefore strengthens to our country enterprise group finance company's research, enables the finance company to display well to enterprise group's financial service function, will be helpful to promotes our country enterprise group finance company's development with Chinese modern finance system constructing, simultaneously also will play to our country major industry group's development the positive advancement role.The full text altogether divides four parts:Part I, Embarks from the interior capital market and the new financial intermediary theory, the union value chain theory and produces melts the union theory to prove the finance company exists necessity, there is interior capital market in the enterprise group, finance company is the flat of group's capital movement. Said from the group stratification plane that, the finance company took group finance intermediary, reduced inside and outside has financed the time transaction cost, in addition the finance company even more understood with various internal member between, was at profession understanding even more full to the group, eliminated the information not to be asymmetrical, these all are the finance company has and the development important reason. Simultaneously the industrial capital and the financial capital union expanded enterprise group's strength, is helpful to the enterprise group as well as a finance company two better development.PartⅡ, First carries on the outline to each national and the local finance company's implication and the development condition, because the various countries' economical level, the financial system as well as the financial system difference causes to the finance company's definition and the function locates various. After that mainly is elaborating our country finance company's development phase on our country finance company policy laws and regulations change. The our country finance company nearly 20 years reform and the developing process are precisely a dynamic system vicissitude process, the finance corporate growth different stage mainly is decided by a series of policies laws and regulations evolution which formulates by the government department. According to the front outline compare the difference between the Chinese and American finance company. Finally points out the finance company and other financial organs comparison superiority.PartⅢ, Bases on Bodie and Merton's financial function view, unifies our country enterprise group finance company the actual situation, carries on the analysis to our country enterprise group finance company's financial function display. The finance company took in connection enterprise group outside capital market finance intermediary, its financial function mainly has: First, the settlement function, the finance company grafts the bank settlement function in the enterprise group, acts as the payment intermediary, saved the monetary fund circulation cost. Second, plans the financing function, has provided the convenience for enterprise group's economical resources in the time and the spatial shift. The finance company took group interior financing the only supplier and exterior financing coordinates the person, leads each item on behalf of the group to plan financing, reduced the group as well as the member unit's fund cost, enhances the utilization of capital efficiency. Third, the fund management function, the enterprise group temporarily leaves unused the fund, after gathers together besides lives the interior by the finance corporate loan form to realize -odd lacks fills a prescription, but also needs the financial company to display its fund management function to carry on the resources disposition, causes the property to guarantee the value to rise in value, obtains the income maximization, fully displays the financial company the financial expert affects. The fourth, information consultant function, takes the group the fund collection as well as the resources disposition center, the finance company not only the familiar group respective profession information, understood group various companies the fund as well as the management condition, simultaneously the financial company has financial, the financial specialized background, may provide the decision information and the consultation opinion for the group, plays the risk consultant's role.PartⅣ, Based on the analysis of finance company's financial functions above, and financial functions in the actual play, in order to move forward a single step on the financial function of the finance company, the following suggestions are put forward : First, during bring financial function into full play, we should prevent financial risks and strengthen the finance company's self -control; Next, in order to educe financial function preferably, finance company should keep financial innovations constantly, in light of its own characteristics and the characteristics of the enterprise groups to carry out financial services; Thirdly, strengthen the cooperation with financial institutions of the outside world, According to various different types of business activities , develop cooperation with different financial institutions, launch financial innovation and expand business activities through cooperation, educe finance company'financial function preferably. Fourthly, investigate the direction for the future development of finance company in brief, the financial holding company is developing long-term goals for it, however, to view from the angle of recent ,the finance company should based on enterprise groups , service groups, and operate changefully.This article uses the research technique which the theoretical analysis and the real diagnosis analysis unifies, simultaneously conducts the comparison research according to the example. In the theoretical analysis, embarks as far as possible from the multi-angles, discusses the rationale which the finance company exists, and unifies these rationales further to launch to the finance company finance function research. The author through the utilization statistical data and the material collection, the union has the representative finance company case, carries on the concrete analysis to our country finance company's developing process and the finance company each finance function as well as the display present situation.The innovations mainly in the following areas:1. From the interior capital market angle, proposed the finance company produces the necessity, simultaneously the financial company took in the financial intermediary connection the outside capital market, simultaneously financial company and the member unit's between relations can the better elimination information not be asymmetrical, save the transaction cost, impels the enterprise group the development.2. According to Merton financial function view, analyzes our country finance company the financial function, obtains our country the finance company basically to have these six big financial function, but also has the certain problem, has the problem in view of these, the finance company may use the familiar group to be familiar with financial the characteristic, the development innovation, fully uses the group resources, develops the new financial variety, strengthens the finance company by this the financial function, satisfies the enterprise group the financial demand. Mainly from following several aspects, one is the perfect internal system, strengthens the risk management; Two unceasingly develops the new service, the development finance innovation, three strengthens with the outside financial organ cooperation and the service intercourse, the unit exploitation finance new product.3. To has the representative financial company the case to carry on the reorganization and the real diagnosis. The selection comparison has the representative financial company the comprehensive case material, carries on the reorganization and the real diagnosis, may take the solid service operation the model reference. |
PDF Full Text Request