央企“走出去”——海外并购公司的管理模式研究

›› 2017, Vol. 29 ›› Issue (10): 211-222.

央企“走出去”——海外并购公司的管理模式研究

王庆德¹, 乔夫²

1. 北京航空航天大学人文社会科学学院, 北京 100191;
2. 中国科学院大学经济与管理学院, 北京 100080

收稿日期:2015-11-24 出版日期:2017-10-28 发布日期:2017-11-01
通讯作者: 乔夫(通讯作者),中国科学院大学经济与管理学院硕士研究生
作者简介:王庆德,北京航空航天大学人文社会科学学院博士研究生

SOEs That Reach out Overseas:A Study of Their Post-acquisition Management Model

Wang Qingde¹, Qiao Fu²

1. School of Humanities and Social Sciences, Beihang University, Beijing 100091;
2. School of Economics and Management, University of Chinese Academy of Science, Beijing 100080

Received:2015-11-24 Online:2017-10-28 Published:2017-11-01

摘要/Abstract

摘要：

在企业集团管控的内容及模式相关研究的基础上，通过对ZH工业汽车集团收购NX公司后整合管控的研究，本文提出央企集团收购海外优质企业的"任命授权-责任中心-战略管控"的管控模式框架。这一类并购目标公司与央企集团的资源相似性弱互补性强，在相同行业中居于领先地位。相对应的管控中将对子公司现金管控为特点的"分权式"财务管控作为模式的关键抓手。集团通过设立"责任中心"明确各方权责，并以此为基础通过投资活动引导公司发展与集团战略相契合。人力资源管控是管控体系的保障，央企集团应通过派驻董事会成员以及完善重大事项授权机制保障"责任中心"制度服务于集团战略，并在管理人员和员工选拔上赋予子公司更多自主性，以维护经营团队稳定和多元。央企集团对子公司的战略管控应以在公司层面引导子公司与集团对当前环境下投资战略选择的认知契合为目标所在，避免对其职能、项目层面的战略制定过分干预。

关键词: 央企集团, 管控模式, 战略管控, 财务管控, 人力资源管控

Abstract:

Based on some relevant researches and drawing upon the management and control action implemented by ZH Industrial Motor Group after its acquisition of the NX company, this paper develops a new management mode, "nominating and authorizing-responsibility centers classifying-corporate-level strategy controlling", for state-owned enterprise groups to control their well-managed foreign subsidiary companies after acquisition. To compare with the other existing subsidiaries of the group, this kind of target companies have stronger complementarity, rather than similarity in terms of resources, and are market leaders in their respective sectors. This mode consists of the following 3 parts:(1) The decentralization of financial control, which highlights the supervision of cash flow more than other financial results at the group level, is the key of the mode. Enterprise group should divide itself into different "responsibility centers" to allocate its financial power in a favorable way, thus it can bring subsidiary companies' operation in line with its own overall strategy through investment programs. (2) The HR management and control is a guarantee. The members of subsidiary board should be dispatched by the head office and the authorization mechanism should be improved to ensure that the "responsibility centers" are well-operated and represent the group's interests. More autonomy should be granted in recruitment of managers and other stuffs to maintain the stability and diversity of a team. (3)The strategic control over subsidiary companies is supposed to be constrained in the range of corporate-level major matters. Excessive control over subsidiary company's daily operation should be avoided.

Key words: state-owned enterprise group, management mode, strategic management and control, financial management and control, HR management and control

王庆德, 乔夫. 央企“走出去”——海外并购公司的管理模式研究[J]. , 2017, 29(10): 211-222.

Wang Qingde, Qiao Fu. SOEs That Reach out Overseas:A Study of Their Post-acquisition Management Model[J]. , 2017, 29(10): 211-222.

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