股东资源与公司财务理论

Shareholder's Resources and Corporate Financial Theory

中文关键词:  股东资源  公司治理  财务理论  国有企业  混合所有制改革

英文关键词:shareholder's resources  corporate governance  financial theory  state-owned enterprise (SOE)  mixed ownership reform

中文摘要:

      改革开放的实践表明,资金向来不是单纯意义的生产要素,它往往是其他多种要素的流动载体。同理,股东并非单纯财务资本的提供者,更是股东资源的承载者。从这一角度出发,提出了“股东资源”这一概念的构建和理论拓展,认为:股东资源是大股东所拥有或控制的财务资本、无形资源(含社会资本、独特资源)和组织能力等多种资源要素的复合体,具有异质性、互补性等特征。中国公司普遍存在大股东这一事实表明,公司在本质上是资源型大股东的联盟体。大股东投入个体资源后形成整体股东资源,以此吸附公司所需的其他资源并最终形成公司独特资源。借助公司治理与管理,将资源转化为公司竞争力和价值增值,是股东与公司价值创造间内在财务机理的基本逻辑。多个大股东并存下的公司治理本质上是大股东联盟的协同合作治理。股东资源及其延伸的财务逻辑提供了观察公司运作的一种全新视角或范式,股东资源观有助于深刻理解和积极探索国有企业混合所有制改革路径。

英文摘要:

      The influences of reform and opening-up policy show that capital has never been the mere production factor, and it is the flow carrier of other productive elements. Similarly, the shareholders are not merely the financial capital provider, and it is also the carrier of shareholder's resources. In this perspective, this paper brings forward a new concept of “Shareholder's Resources” (SRs) and discusses it to a new extension of financial theory. This paper states that SRs are a mass of heterogeneous and complementary resources such as financial capital, intangible resources (including social capital and unique resources), organizational ability, etc. which are owned or controlled by the big shareholders. The prevalent fact of big shareholders in Chinese companies shows that companies are essentially the big resourceful-shareholders' coalition. In this contextual, the financial mechanism between the big shareholders and company's value creation will be logically constructed:the big shareholder level's SRs to be gathered as the firm level's SRs, through which strengthening the absorption of other dynamics and to form the firm's unique resources, makes the firm possible to transfer all resources into competitive edge. Corporate governance is essentially the collaborative mechanism under the direction of resourceful-shareholders coalition. The SR concept and the extended financial logic have provided a brand-new perspective or paradigm to observe company operation. The SR outlook is helpful to the deep understanding and active exploration of mixed ownership reform in the state-owned enterprises. 