文档介绍：山西财经大学
硕士学位论文
企业集团资金集中管理与内部资本市场相互作用分析
姓名:赵萌
申请学位级别:硕士
专业:会计学
指导教师:郭泽光
2008-09-27
摘要
随着我国市场经济体制的确立和经济体制改革的不断深化,我国企业的规
模越来越大,从而形成了一些企业集团。企业集团已成为符合产业结构调整和
规模经济效益的企业组织形式,并日益成为社会经济活动的重要主体,其内部
资金管理问题也逐渐成为理论和实践研究的焦点。目前,加强资金集中管理已
成为大多数企业集团的共识。通过资金集中管理可以实现对集团整体资金的有
效管理和控制,从而充分利用和发挥集团整体资源优势,达到优化资金收支结
构、降低资金成本、防范风险、增加企业价值的目的。然而,在我国企业集团
内部存在着这样或那样的资金管理问题,这些问题制约着企业集团的发展,因
此如何提高资金使用效率成为困扰企业集团发展的重要问题。
内部资本市场理论是研究企业集团内部资金配置最为重要的理论之一,它
充分肯定了企业集团内部资本市场在解决信息不对称、减少交易成本、增加监
督激励、有效配置资源等方面相对于外部资本市场的优势及作用。
本文从内部资本市场理论的角度入手研究企业集团资金集中管理,重点分
析了企业集团资金集中管理与内部资本市场的相互作用,得出企业集团资金集
中管理可以完善内部资本市场的资金配置效率,同时内部资本市场也可以提高
企业集团资金集中管理的水平,从而降低企业集团的风险,增加企业集团的价
值。

【关键词】企业集团资金集中管理内部资本市场

1
Abstract
With the establishment of China's market economic system and the
continuous deepening of economic system reform. The scale of our
enterprises is growing to form a number of enterprise groups. Enterprise
groups have e the anization which is in keeping with
the readjustment of the industrial structure and the benefits of scale
economy. It has increasingly e an important main body in
socio-economic activities, but its internal capital concentration
management problems have gradually e the focus of theory
research and practice. At present, the focus on strengthening capital
concentration management has e the consensus of the majority of
enterprise groups. Through centralized capital concentration
management of the group as a whole can achieve the goal of effective
management of capital and control it well, and to make full use of its
advantages to play the group as a whole in resources, receipt and
expenditure to optimize the structure of capital, reducing the cost of
capital to prevent operating risks, and enhance the profitability of the
enterprise. However, there is a group of capital concentration
management problems which restrict the development of enterprise
groups in our business. How to improve the capital using eff