企业集团财务公司风险处置机制研究——基于L财务公司破产重整的案例分析

The Resolution Mechanism of Finance Companies in Enterprise Groups--A Case Study on L Finance Company’s Bankruptcy Reorganization

企业集团财务公司发挥了资金归集、结算、监控和为集团成员提供金融服务的重要作用,是我国金融体系的重要组成部分。然而,企业集团财务公司风险处置机制尚未建立,高风险财务公司的处置缺乏科学依据和操作指引,容易造成处置低效,甚至可能引发次生风险。我国首例企业集团财务公司——L财务公司的破产重整,基本形成了企业集团财务公司风险处置机制的雏形。本文深入分析了L财务公司风险的特点、风险爆发的根源及传染路径,并从L财务公司的处置实践中总结了关于处置目标、处置原则、处置主体、处置基础和处置路径方面的经验。最后,本文提出构建我国企业集团财务公司风险处置机制及完善配套细则的政策建议。

The Finance Companies in Enterprise Groups play the key roles including funds collection,settlement,monitoring and offering financial services to member corporations,thus are prominent components consisting of the financial system in China.However,the resolution mechanism has not been established.The resolutions of high-risk finance companies lack scientific reference and operational guidance,which may easily cause less efficient resolutions in practice,or even trigger secondary risks.The resolution case of L finance company is the first finance company implementing bankruptcy reorganization in China,which has facilitated an embryonic form of the resolution mechanism for finance companies in enterprise groups.This paper investigates the risk attributes of L finance company,and delves into its fundamental determinants of risk exposure,and the risk transmission paths.Meanwhile,this paper draws on five pieces of experiences from L finance company's bankruptcy reorganization,including resolution target,principle,authority,foundation and approaches.Last but not the least,this paper puts forward policy recommendations on the establishment of resolution mechanism and on the supporting rules which need to be improved.