企业集团内部资本市场案例分析——华润系子公司贷款互换分析

Case Study on Internal Capital Market in Enterprise Group——A Case of Internal Loan between Subsidiary of China Resources Group

文章使用内部资本市场理论剖析近期华润集团内子公司内部贷款互换投票的案例,分析了华润集团内部贷款安排的具体内容;以及集团公司资金公司模式的优劣。华润的内部贷款有别于很多央企的财务公司模式,财务公司模式的资金往来往往要按照市场利率进行结算,而华润的内部贷款能够节约资金成本对于借款子公司降低资金成本成效明显;而贷款子公司能够将闲置资金以比较高的利率借出,也能提高财务收益。但是该项内部贷款协议也可能会带来损害中小股东的利益、激化同业竞争、弱化宏观调控等等负面效应。

Through Internal Capital Market theory, the paper analyzes the case of contracts of internal loan in the subsidiaries of China Resources Group. In contrast to the practice of centralized capital system in many China mainland central enterprises, China Resources Group adopts a relatively loose controlling financial system. Different subsidiary companies can decide inde- pendently whether or not lend extra money to its correlating companies and the interest should be charged at the fair market price. Therefore, capital can be utilized more efficiently. The borrowers are able to get capital more easily and the lender can expect a larger return than deposit the money into the bank. However, the internal loan contract may bring about negative ef- fects such as impairing the interests of minor shareholders, intensifying the internal competition and counteracting macro-economic administration policies. At the end of paper, some negative effects such as the potential impairment of minor shareholders, intensifying internal competition and the weakening the effect of macroeeonomie policy have been discussed.