企业投资管控制度如何实现学习与创新?--基于三峡集团WACC财务评价体系的案例研究

How to Realize Institutional Learning and Institutional Innovation of Investment Control——An Case Study on the Investment Evaluation System of WACC of the Three Gorges Group

本文在对三峡集团导入WACC投资决策财务评价体系的案例和访谈资料进行深入剖析,并梳理相关理论文献的基础上,采用探索性案例研究方法,从企业投资管控制度视角,提出了制度学习影响制度创新的理论框架,归纳了三峡集团导入WACC制度过程中隐含的制度学习路径与创新点,并总结了WACC制度的实施效果。本文的理论意义在于找出了企业如何通过制度学习实现制度创新的情景条件,实践意义在于阐释了母公司向子公司进行制度学习以实现制度创新的路径与方式。

This paper finds that the parent company can realize innovation of financial management and control by the way of institutional learning from the subsidiary company through field study. Through analyzing the interview data of the Three Gorges group＇ s WACC investment evaluation system, we discuss the means of how parent company to carry on institutional learning from the subsidiary company. Combing relevant theoretical literature, using ease study method, we propose the theoretical framework of institutional innovation and the principle structure and innovation points of WACC. In addi- tion, we summarize the changes of the strategic behaviors of the Three Gorges group after the introduction of WACC. In theoretical analysis, we focus on how to realize institutional innovation through institutional learning, and refine the theory of capital cost. From the practice of management, this paper ex- plains the means by the parent company to realize institutional innovation learning from the subsidiary company.