| With the improvement in chinese marketing economy , businessgroup has been more and more important in the economic development ofChina as a new rivalrous organization since 1980s. According to theYearbook on Chinese Business Group issued in 2003,the number of thetotal assets in chinese bussiness group's control in 2002 is 2.83 times thanthe number in 1997,which shows that the business group has beendeveloping at a dramastical rate in recent years . Finance governance has been the focal topic in domestic financialtheory field during the latest years. Financial researchers have delivered alot of papers focusing on the corporate finance governance to improve theefficiency of the corporate governance. The research on financegovernance is based on corparate governance, so nearly all the papers onfinance governance aim at the self-governed corporate, and the researcheson the business group's financial governance are few. In law, business group is not an artificial person, and it is composedby many corporations through various links. Business group is neither acorporation nor a market, but a state just between them. This characterdecides on finance governance's great effect in improving businessgroup's efficiency. The whole thesis falls into 4 parts. Part 1 and Part 2 mainlyreasearch the fundamental theories of business group's financegovernance. Part 3 and Part 4 focus on the conflicts between businessgroup's inner party and external party. Part 1, business group's finance governance. This chapter arecomposed of four parts. The first part probes into the meaning of businessgroup,which limits the thesis's investigative object on the business groupwhich focuses on the industry rather than sole investment. The secondpart has introduced the definitions of finance governance and corporategovernance , the relationship between them as well. In the third part, thegovernance and finance governance on the business group are discussed,focusing on the definitions and the relation. The fourth part deals with thefundamental problems on business group's finance governance, e.g.thetarget, the subject and the object. The core problem of the businessgroup's finance governance which is how to distribute financial right isalso mentioned here. Part 2, the pivotal problem in business group's finance governance.This part consists of two chapters. Firstly, the author mainly discussesbusiness group's financial right, which can be divided into 3 layers: thefinancial right within mother corporation, within subsidiary and betweenmother corporation and subsidiary. How to assign the financial rightbetween the mother corporation and subsidiary is the main problemneeded to be solved in business group's finance governance, and theassigning result is reflected by subsidiary's finance governancemechanism and finance governance structure. In the end, a generalframework for financial right allocation is presented. Secondly the authorprimarily points out the two main conflicts in business group's financegovernance. Part 3, the conflict between mother corporation and subsidiary'smiddle and small stockholders. First of all, the author points out the unaptallocation on financial right results in the middle and small stockholders'bad situation in business group's finance governance. Secondly, theconflict's fundamental reason is ulteriorly explored on the basis of publicselect theory. Finally, the author concentrates on the conflict in thestate-owned business group which has been holding the balance inchinese business group ,and presents some advises on the analyses. Part 4 ,the conflict between mother corporation and subsidiary'souter creditors. Firstly ,the author points out relation-financing is themain credit financing method in China, and analyses outer creditors' badsituation is mainly caused by the unapt allocation on the financial right insubsidiary's ordinary conditions under the wicked outer governancemechanism. Secondly, the author explains two types of mothercorparation's potential moral–risk behavior. In the en... |
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