资本控制：企业集团内部控制的核心

目前,国内外对企业内部控制的研究仅限于单个的法人企业,也就是说现有的内部控制框架仅适用于单个的法人企业,而不适用于企业集团,尤其不适用于集团总部对子公司的控制。因此,探索一条适合企业集团内部控制的有效途径是很有必要的。由于企业集团作为以资本为纽带的企业群体,其实质是一组契约关系和层级结构,而契约关系的核心是资本关系,因此,母公司对子公司的监控主要靠资本控制来实现。对子公司来说,资本控制是一种外部控制,但对整个企业集团而言,却属于内部控制的范畴。因此,企业集团内部控制问题应从控股公司的资本控制的角度入手。

Capital Control: The Core of Enterprise Group's Internal Control

The present research on the enterprise group's internal control is limited in the fact that the studied internal control framework is only fit for the single enterprise but not for the enterprise group,especially the control of enterprise group over its subsidiaries.As a result,it is necessary to explore an effective way to the enterprise group's internal control.Linked by capital,the enterprise group is(contractual) and hierarchical in nature.As the core of contractual relationship is capital,the supervision and control of enterprise group over subsidiaries are mainly exercised by capital control which is external for subsidiaries but internal for the whole enterprise group.Therefore,the enterprise group's internal control needs to be initially studied from the perspective of holding companies.