推动国有企业做强做优做大，促进国有资产保值增值，有效防止国有资产流失，是当前和今后 一段时间内，国有企业改革的重要目标。随着改革的深入推进，国有布局结构调整加快，国有企业 不断通过兼并重组来聚焦蓄能，在这个过程当中，有一大批国有企业规模得到了快速扩张，大型国 有企业集团越来越多，企业的管理层级也越来越复杂，对国有企业集团的母子公司治理的要求也越 来越高。一些企业在快速发展的同时，还存在消化不良的现象，公司治理能力跟不上，企业自身调 整适应机制短时间内跟不上规模的扩张，一些大型企业集团的子公司在发展质量和风险把控方面还 存在较为严重的问题。 WT集团公司是安徽省重要的国有资本投资经营主体，公司成立于1998年7月，业务范围较为 广泛，包含基础设施项目建设投资、实业投资和金融投资等。公司自成立以来，因业务规模不断扩 大，子公司的数量也不断增长。截至 2019年末，WT集团公司的子公司数量达到了 21 家，数量庞 大的子公司为其公司治理增加了一定的难度。 本文对WT 集团公司治理结构中存在的问题及其原因进行了深入分析，并针对问题及其原因， 提出了WT 集团公司对子公司的治理优化方案，并针对优化方案，提出了保障措施。 本文以个别国有投资公司内部治理的关键要素为主线，进行案例分析，提出问题，给出办法， 目的是解决较大型企业集团在规模扩张过程遇到的一些共性问题，是对相关研究的补充。本文的研 究成果对于WT 集团公司治理结构的优化，有着较为重要的指导意义，而且能够对于同类公司的治 理提供一定的参考意义。 关键字：公司治理；集团公司；国有资本运营；结构优化 II Abstract Promoting state-owned enterprises to become stronger, better, and bigger, promoting the preservation and appreciation of state-owned assets, and preventing the loss of state-owned assets effectively are all important goals of China's state-owned enterprise reform. As the reforms deepens, the adjustment of the layout structure of state-owned enterprises has accelerated, and state-owned enterprises have continued to focus on energy storage through mergers and reorganizations. In the process, a large number of state-owned enterprises have been rapidly expanded, and more and more large state-owned enterprise groups have emerged. The management level is also becoming more and more complex. So, the requirements for the governance of the parent and subsidiary companies in state-owned enterprise groups are becoming higher and higher. Some enterprises are still suffering from ‘indigestion’ due to the rapid development. Their corporate governance ability falls behind. The enterprises' own adjustment and adaptation mechanisms cannot keep up with the expansion of the scale in a short time. There still exists serious problems about development quality and risk control ability in some subsidiaries of large enterprise groups. WT Group Corporation is an important state-owned capital investment and management entity in Anhui Province. WT Group Corporation was established in July 1998. WT Group's business scope is relatively broad, including infrastructure construction investment, industrial investment and financial investment. Since the establishment of WT Group, due to the expansion of business, the number of subsidiaries has been increasing. By the end of 2019, the number of subsidiaries of WT Group has reached 21, and the increasing number of subsidiaries has added difficulty to the management of WT Group company. This article makes a deep analysis of the problems and their causes in the corporate governance structure of the WT Group, and proposes the optimization plan for the governance of the subsidiaries of the WT Group. It also expounds WT Group’s guarantee measures which aims at optimizing the governance of its subsidiaries. This article takes the key elements of internal governance of individual investment companies as the main line, carries out case analysis, puts forward problems and gives solutions, aiming to solve some common problems encountered by large enterprise groups in the process of scale expansion, and serves as a supplement to relevant research. The research results of this paper have important guiding significance for the optimization of the corporate governance structure of WT group, and can provide a certain reference for the governance of similar companies. Key words: Corporate governance, group companies, state-owned capital operations, Structural optimization III 目 录 摘要 ... I Abstract .............................. II 第一章 绪论 ....................... 1 1.1研究的背景和意义 .............................. 1 1.1.1研究背景 .... 1 1.1.2研究意义 .... 1 1.2国内外文献综述 ... 2 1.2.1国外研究综述 ........................... 2 1.2.2国内研究综述 ........................... 3 1.2.3研究评述综合 ........................... 5 1.3研究内容和研究方法 .......................... 5 1.3.1研究内容 .... 5 1.3.2研究方法 .... 6 1.3.3技术路线 .... 6 1.4本文的创新和不足 .............................. 7 1.4.1本文的创新 7 1.4.2本文的不足 8 第二章 相关理论 ............... 9 2.1产权理论 ............... 9 2.2委托代理理论 ..... 10 2.3集团理论 ............. 10 2.3.1利益集团的传统理论 ............. 10 2.3.2奥尔森的集团行动理论 ......... 11 2.3.3政治企业家理论 ..................... 11 2.4母子公司治理模式理论 .................... 12 2.4.1母子公司管理体制 ................. 12 2.4.2母子公司管控模式 ................. 12 2.4.3母子公司治理手段 ................. 13 第三章 WT集团公司治理现状 ..................... 15 3.1 WT集团公司概述 ............................. 15 3.1.1 WT集团公司基本情况 .......... 15 3.1.2 WT集团公司子公司情况 ...... 15 3.2 WT集团公司母公司治理结构现状 . 16 3.3 WT集团公司子公司治理结构现状 . 17 3.4 WT集团公司治理模式 ..................... 17 3.5 WT集团公司治理手段 ..................... 18 3.5.1财务控制 .. 18 3.5.2人力资源控制 ......................... 20 3.5.3绩效控制 .. 20 3.5.4文化控制 .. 21 IV 3.6本章小结 ............. 21 第四章 WT集团公司治理结构中存在的问题及其原因 ............ 23 4.1 WT集团公司治理结构中存在的问题 ............................ 23 4.1.1母公司治理问题 ..................... 23 4.1.2子公司治理问题 ..................... 23 4.1.3治理模式问题 ......................... 24 4.1.4治理手段问题 ......................... 24 4.2 WT集团公司治理结构中存在问题的原因 .................... 27 4.2.1母公司治理的顶层设计不够完善 ........................ 27 4.2.2子公司董事会履职能力不强 . 27 4.2.3治理模式选择不恰当 ............. 28 4.2.4缺乏有效的制度支撑 ............. 28 4.3本章小结 ............. 30 第五章 WT集团公司对子公司治理优化方案 ............................ 31 5.1完善母公司治理结构 ........................ 31 5.2完善子公司治理结构 ........................ 32 5.3治理模式优化 ..... 33 5.4完善治理手段 ..... 34 5.4.1财务控制 .. 34 5.4.2人力资源控制 ......................... 35 5.4.3绩效控制 .. 35 5.4.4文化控制 .. 37 5.5 WT集团公司对子公司治理优化的保障措施 ................ 38 5.5.1内部管理要素保障 ................. 38 5.5.2外部环境要素保障 ................. 39 5.6本章小结 ............. 40 第六章 研究结论与未来展望 ........................ 41 6.1研究结论 ............. 41 6.2未来展望 ............. 41