中文摘要
中国进行了 30余年的经济体制改革(1978年),取得了举世瞩目的成绩,造
就了一大批大型国有集团公司,这些集M型公司已经成为中国经济持续稳定增长
的最基本保证。随着屮国企业的国际化进程逐渐加快,为了加强企业的国际竞争
力,应对新经济时代和经济全球化带来的挑战,中国大型国有集团公司通过并购
(兼并与收购,Merger and Acquisition,简称M&A)等手段,不断扩大企业规模,
快速向集团化方向发展,以获得规模效益,降低成本,共享关键资源,增强市场
竞争力。然而,随着发展的深入,集团公司治理的问题逐渐暴露出来。目前在中
国,对大型国有集团公司治理的研究还不够深入,随着国有经济的发展,对大型
国有集团公司治理绩效提升途径的研究,有着重要的理论意义和现实意义
对公司治理的研究国内外众多学者都有深入的研究,包括股权结构、三会运
作、激励体系等,学者们试图找出规律来归纳提高公司治理绩效的途径,但是结
论均未能得到一致,也并未找到一个放之四海而皆准的准则或者规律。究其原因,
我认为有两个,首先,影响公司治理的因素太多,且大部分因素都存在度的问题
以董事会治理为例,单纯关于董事会规模抑或独立董事人数等之类的问题,都因
研究对象所处的行业、规模、外部环境等不同存在不一样的标准。其次,大多数
的研究,都在关注治理结构对治理绩效的影响,但是有好的治理结构并不一定能
带来好的治理绩效,这还需要与治理结构相结合的管理支撑体系。本文选取了国
内某大型国有集团公司CACG为案例,首先从治理结构方面入手,对案例公司进行
现状调查和分析,包括从股权结构、二会现状、高管激励等研究公司治理结构现
状,从盈利能力、代理成本、社会责任、治理风险四方面研究公司治理绩效现状,
找出治理存在的问题,并提出改善CACG治理绩效的途径。要想实现好的治理绩效,
公司要在既定的治理结构下,建立一个有效的治理支撑体系。本文论述了集团公
司治理支撑体系的概念,以及治理支撑体系建立的步骤:首先是集团公司总部功
能的定位及核心职能设计,其次是总部与成员单位权责关系的界定、职能体系的
构建,在这两点的基础上,论述治理支撑体系的构建方法。在结合CACG实际的前
提下,从五方面设计了公司的管理支撑体系
对中国大型国有(集团)公司治理绩效的研究有助于指导中国国有企业完善
管理、控制与协调机制,实现屮国国有企业的改制和现代企业制度的构建,提高
企业市场竞争力。此外,本文的研究成果不仅适用于大型国有(集团)公司的治
理绩效的提升,同w,不同所有制形式、不同领域的企业集a治理绩效的提升也
具有借鉴意义
关键词:国有企、丨k;公司治理;治理绩效
ABSTRACT
For more than 30 years of economic reform (from 1978),China has made
remarkable achievements, and created a large number of large state-owned group
companies. These group companies have become the most fundamental guarantees for
China's sustained and stale economic growth.As the internationalization process of
Chinese enterprises gradually speed up, in order to strengthen the international
competitiveness of enterprises, to the challenge of new economy and economic
globalization, these large state-owned group companies via mergers and
acquisitions(referred as M & A)and other means, continually expand the scale of
enterprise, develop in the direction of collectivization rapidly, in order to obtain
economies of scale, reduce costs, share critical resources, and enhance market
competitiveness. However, group's corporate governance problems gradually exposed
with the deepening of the development. At present in China, the study of large
state-owned group company governance is not enough in-depth. With the development
of the group companies, the research of means to enhance the large state-owned groups
corporate governance performance, has an important theoretical and practical
significance.
For corporate governance, many scholars at home and abroad have in-depth
research, including ownership structure, the operation of the three boards, incentive
system,etc. Scholars have tried to figure out a rule to summarize the ways to improve
corporate governance performance, but the conclusions failed to get consistent, also
they did not find an universal standard criterion or rule. Investigate its reasons, I think
there are two. First of all, the influencing factors of corporate governance are too much,
and most factors are matter of degree. In the board of directors governance, for example,
simple about the scale of the board of directors or such problems as the number of
independent directors, have different standards because of the different industry, scale,
the external environment and so on of the study objects. Secondly, most of the studies
are concerned about the governance structure impact on governance performance, but a
good governance structure does not necessarily bring about good governance
performance, it also requires the management support system which is combined with
the governance structure.This article selects a large state-owned group company CACG
as a case. First of all,from the aspects of governance structure, investigate and analyze
the company present situation, and study corporate governance structure present
situation from equity structure, three boards present status, the executive incentive.
Discuss corporate governance performance present situation from the four aspects of
profitability, agency cost, social responsibility, governance risk, and find out the
problems existing in the governance, and puts forward ways to improve CACG
governance performance.In order to achieve good governance performance, the
company should establish an effective governance support system under the established
governance structure. This paper discusses the concept of corporation governance
support system, and the establishment steps of the governance support system:
positioning of the headquarters functions and designing of the core function, defining
the terms of the relationship of headquarters and members of the unit, constructing the
function system. And from the three aspects, respectively discusses the construction
ways to governance support system. On the premise of combining the reality of CACG,
design the company's governance support system from five aspects.
Research for governance performance of China's large state-owned (group)
companies helps to guide China's state-owned enterprises to improve the management,
control and coordination mechanism, realize of China's state-owned enterprises reform,
construct of a modern enterprise system, and improve the enterprise market
competitiveness. In addition, the result of this research applies not only to enhance the
governance performance of large state-owned (group) companies, at the same time, it is
useful for the governance performance improvement of group companies which have
different forms of ownership or in the different field.
Keywords: State-owned enterprise; Corporate governance; Governance
performance.
第1章绪论
伴随着中国经济的快速发展,中国国有大型集团公司规模不断扩大,企业跨
地域程度越来越高,投资控股关系也越来越复杂,这给公司治理提出了更大的挑
战。在中国国有大型企业的实际管理中,如何依据本企业实际情况运用适当的治
理模式,提升企业管理水平,是众多集团公司关心的、很有研究价值的课题
1.1选题背景与选题意义
1.1.1选题背景
1900年前后,随着工业化进程的深入,在欧美发达国家,一种新的现代组织
形式开始出现,那就是企业集团。随后这种企业群体形式遍及全世界,在经济活
动中扮演了重耍角色。许多国家的大型集团公司,因其雄厚的资本实力、先进的
管理水平、强大的技术优势、众多的成员单位以及多元化的文化背景,对其所在
的国家和地区的经济、文化、政治带来了巨大的影响。大型集闭公司已成为一个
国家经济实力的象征和参与国际竞争的重要基础
屮国的集团公司也经历着快速发展的阶段,逐渐在国家经济和社会生活屮显
现出其重要的作用,在各行业几乎均存在着大型的集团公司,根据《财富》杂志
公布的2012年全球五百强企业名单,中国共有73家公司进入全球五百强,73家
中有68家是国有大型企业。中国工程院院士、中国企联王基铭副会长曾在中国企
业五百强分析报告中说到,大型集团公司已经成为中国经济的主体
CACG公司就是国有大型集团公司的代表,作为国资委直接管理的53家骨干央
企之一,CACG以其悠久的历史、雄厚的实力、无以替代的技术优势和独特的行业
环境,在其主业经营范围内已经是国内外行业翘楚,同时为我国国有经济发展和
国家命脉行业做出了重大的贡献
1.1.2选题意义
以CACG公司为代表的国有集团公司有若巨额的资本实力、先进的技术力量
因此,一方面,公司已经担负起了加速国家经济的发展和提高经济增长含金量的
任务。另--方面,公司更是一个国家在国际经济竞争中的主力军。中国的国有大