以五重信号为资本及其扩张设置“红绿灯”  

Setting Traffic Signals for Capital Expansion from Five Dimensions

作　　者：魏明海[1,2] 张芮杳 WEI Ming-hai;ZHANG Rui-yao

机构地区：[1]广州大学 [2]中山大学现代会计与财务研究中心 [3]中山大学管理学院

出　　处：《财务研究》2022年第3期3-9,共7页Finance Research

基　　金：国家自然科学基金项目(72172039)。

摘　　要：按照中央为资本设置“红绿灯”、防止资本无序扩张、斩断权力与资本勾连、促进高质量发展等系列重要要求,本文侧重从外部监管和公司财务管理的视角,讨论了为资本及其扩张设置“红绿灯”的必要性,分析和识别了资本及其扩张行为的主要特性。在此基础上,提出了以政策目标契合性、市场竞争公平性、风险可控性、价值创造性、相关方利益兼容性五重信号为资本及其扩张设置“红绿灯”的主要原则,搭建了企业资本及其扩张的五重信号动态管控体系。本文的研究对于为资本及其扩张立新规、引正路、强监管具有一定的参考价值。In accordance with a series of regulations from the Chinese central government,ranging from cutting off the connection between power and capital to promoting high-quality development,this article explains why the disorderly expansion of capital matters and how to detect it.From the perspective of outside supervision and corporate finance,the article analyzes and identifies the main characteristics of capital expansion and its mechanism.A new traffic signal model,as well as a dynamic control system,is developed from five dimensions,namely,policy guidance,fair competition,risk management,value creation,and compatibility of interests.This article not only contributes to the existing research for the disorderly expansion of capital,but also has reference values for introducing new policies,guiding the right path,and strengthening market supervision.

关 键 词：资本 资本扩张 信号灯 动态管控 

分 类 号：F270.7[经济管理—企业管理]