译 名：A Dilemma in the Establishment of Financial Firm in Tianze Group
案例作者：潘立新、赵启胜、刘一弓
作者单位：北京航空航天大学
所在案例库：中国金融专业学位案例中心
案例链接：http://www.pdf.org.cn/homepage/excellent/67
中文摘要：本案例讨论了多重代理关系和多元利益主体对于企业集团资本配置效率的 影响。天泽集团是建材行业大型骨干企业，围绕水泥产品实施纵向多元化战略， 并按照板块进行经营管理。集团资金集中管理历经委托贷款、板块结算中心、多 级结算中心等阶段，有效地提高了资本配置效率。然而在设立财务公司进程中陷 入了困境，困挠着天泽集团管理层的是:原有的结算中心到底是保留，还是并入 财务公司?如何协调企业集团、各板块管理层、成员公司和银行的利益关系?
英文摘要：This case discussed the influence of the multi-level principal-agency relationship and multi-stakeholders on the allocation efficiency of internal capital market in the enterprise group. Tianze group is a large enterprise group in the building material industry, implementing the vertical diversification strategy around cement products and managing on the basis of industry division. The centralized management of group capital improved the capital allocation efficiency significantly through stages of entrusted loans, division settlement center and the multistage settlement center. However, Tianze got into troubles in the process of setting up financial firm. One problem was whether the original settlement center should be retained or incorporated into the financial firm. The other was how to coordinate the interests of the enterprise group, the management of each division, the member companies and banks.
中文关键词：企业集团 资金管理 结算中心 财务公司
英文关键词：Enterprise Group, Funds Management, Settlement Center, Finance Firm
案例入库时间：2016-06
