iBusiness, 2010, 2, 401-408
doi:10.4236/ib.2010.24053 Published Online December 2010 (http://www.scirp.org/journal/ib)
The Analysis on Financial Cooperative Controlling
Mechanism of Enterprise Group
Ziqin Feng
School of Management and Economics, North China University of Water Resources and Electric Power, Zhengzhou, China.
Received July 18th, 2010; revised September 24th, 2010; accepted October 25th, 2010.
ABSTRACT
As the core of modern market economy, enterprise group is an advanced form of organization after productive forces
reached to a certain stage. For the reason of complexity and specificity of organizational form of enterprise group, the
issue of financial cooperative control has been widespread concerned by theorists. Although many researches have
been done, but there are still lacking of systematic research results especially in the fields of mechanism of financial
cooperative control. After exploring the relationship of value effect and financial control, this paper puts forword a
system model of financial cooperative control. It also gives a system analysis including system hierarchy analysis, syn-
ergy analysis and coupling analysis. All of these can provide a decision making support for the collaborative mana-
gement of enterprise group.
Keywords: Enterprise Group, Financial Cooperative Control, Mechansim, Value Effect
1. Introduction
With the rapid progress of modern science and manage-
ment techniques, the management of enterprise group
[1,2] is facing with multiple challenges including internal
control to inter-organizational collaboration, single co-
mmunication to multi-dimensional information transfer
and fixed value process to flexible value process conver-
sion, which make internal-external collaboration [3] of
enterprise group and coordination of industrial chain
becoming increasingly important. “Dynamic team, mana-
gement coordination” is becoming the macro trends of
organizational change of enterprise group. As a complex
economic system, enterprise group has a value chain
framework which includes multi strategic entities,
various investing resources and multiple interest rela-
tionship. However, it is the basic requirement for enter-
prise group to ensure a long-term effective value-chain
operation by financial cooperative control aiming as
management coordination and value effect [4].
To begin with, management coordination is a funda-
mental means for enterprise group to play its overall
advantages, the essential requirement of which is to
achieve complementary advantages and function multiply
to ensure the generation of value effect under the joint
action of various elements [5]. Management coordination
is a system management method which can make the
system achieve self-organization from one order state to
another. Firstly, it is a management method under the
guidance of synergy which can promote the interaction of
subsystems or elements when the system is in the critical
or changing state. Secondly, it can make the system
achieve coherence and complementarity by using of
various management methods according to synergy rules
[6]. Management coordination emphasizes collaboration
and coordination of system elements. It is not only the
value effect achievement of self-organization of enterprise
group but also the specific application of “Dynamic
Synergy View” and “Coupling Synergy View”. Therefore,
the realization of value effect of enterprise group must on
the basis of management coordination.
Secondly, featuring dynamic and coupling, financial
cooperative control is the concrete application of synergy
theory and control theory in financial management of
enterprise group, the aims of which are cooperative con-
trolling of financial strategy, optimizing and allocation of
financial resources and coordination and integration of
financial relations to promote the value creation abilities of
enterprise group. Enterprise group is a multi-dimensional
value creation system which needs continuous value inflow
and outflow, but the formation and lasting of value stream is
ensured by financial activities. So, enterprise group can

The Analysis on Financial Cooperative Controlling Mechanism of Enterprise Group 402
reduce operating costs and achieve operating income to
ensure the effective cycle of value stream. However, the
multi-relationship of financial makes it difficulty of finan-
cial management. Although the traditional financial mana-
gement is simple and effective, but there are inefficient,
ineffective and other defects to be improved and optimized.
Financial cooperative control is the application of manage-
ment coordination by absorbing modern collaborative
concepts and controlling technologies. Enterprise group can
provide a strong impetus to the lasting value cycle through
financial cooperative control.
The rapid development of modern science and techno-
logy provides a technology support [7] for financial co-
operative control of enterprise group to realize its value
effect, and it can have a far-reaching impact on ope-
rational performance of enterprise group inevitably. To
explore the mechanism of financial cooperative control is
the important content of forming a system ideas and
resolving the problem of financial cooperative control of
enterprise group. From the existing literature, we can
find that the research perspectives of enterprise group are
mainly focused on connotations [8] and causes [9] of
enterprise group, group governance [10], financial con-
trol [11] and management synergy effect etc., but not yet
in the point of view of financial cooperative control.
Although these researches have been supported by many
relevant evidences which can provide theoretical guid-
ance for strategic management of enterprise group, but it
is the basic requirement of multidimensional and com-
plex characteristics forming in the process of cooperative
and competitive evolution to study the problem of enter-
prise group from dynamic and multi-dimensional per-
spective combining with modern theory and techniques.
Needless to say, the existing researches have not com-
prehensively grasp the characteristics of nonlinear, dy-
namic and unpredictable of enterprise group, therefore
the current governance system and synergy relationship
have more flaws in promoting the financial operation of
enterprise group. To study the mechanism of financial
cooperative control of enterprise group is the prerequisite
and basis for the overall effectiveness taking full play
which is the main purpose of this paper. Firstly, this
paper gives analysis model of financial cooperative
control. Then, it analyzes the hierarchy, synergy and
coupling of system. All of these can provide a decision
making support for the collaborative management of
enterprise group.
2. Analysis Model
2.1. Relationship between Value Effect and
Financial Control
As a basic management method, financial cooperative
control is closely related with the value effect of financial
cooperative management what is a scarce resource
concerned by stakeholders. Not only does it has the task
to improve the execution of financial strategies, financial
resource allocation and financial synergy relationship,
but also it has the task to decreases transaction costs and
improve the overall value creation ability. A well-func-
tioning financial cooperative controlling system can has
a vital role to value creation [12] of enterprise group. The
operational efficiency of which can eventually reflect in
the overall value effect of enterprise group by influen-
cing financial management efficiency.
The relationship between financial control and value
effect is ∩-shaped curve, which can be explained to mar-
ginal value effect diminishing law, that is to say the value
effect level can increase along with the increasing of fi-
nancial controlling power when it is not reached a certain
degree, while the value effect level can decrease along
with the increasing of financial controlling power after the
value effect reaching maximum. Assuming


y
fx is
a function expressing the relationship between value effect
level and financial controlling power, which is a continu-
ously differentiable strictly convex function. Then there
are first derivative dfdx and second derivative
22
dfdx, and 22 0dfdx

. This paper adopts modi-
fied normal distribution density function to describe the
relationship between value effect and financial controlling
power. The relationship between value effect and financial
control can be seen in Figure 1, and the mathematical
expression can be expressed as:

2
20
x
ye x





 (1)
where 0

 
, 0

.

is value effect coeffi-
cient which can determine value effect level.

is a
undetermined coefficient which can determine the loca-
tion of value effect function.

representatives the
ability of value effect which determine the shape of value
effect function. There are different

,

and

to
different enterprise group. According to the nature of
function, ()yfx

reaches to maximum when
x


and there are inflection points when x

 . In order
to further analysis and research, this paper divides the
relational area into five regions what are low financial
controlling region, weak financial controlling region,
financial cooperative controlling region, high financial
controlling region and strong financial controlling region
(see Figure 1 and Table 1). Then, we know that the
value effect level is the best when
x

 and *y


.
And 0.25
ye 

 when 0.5x



, 1
y
e


 when
x



. Therefore, the scope of value effect level can
be 0.25
[,]e


.
Through the above analysis, we know that:

The Analysis on Financial Cooperative Controlling Mechanism of Enterprise Group 403
 The relationship between value effect and financial
control is ∩-shaped curve. When financial control-
ling power is less than

, the function is shown as
monotonically increasing status ('( )0fx) and the
value effect will be increasing along with the finan-
cial controlling power. When the financial control-
ling power is equal to

, the value effect reaches to
maximum. And when financial controlling power is
greater than

, the function is shown as monotoni-
cally decreasing status ('( )0fx) and the value ef-
fect will be decreasing along with the increasing of
financial controlling power.
 Excessive financial control and inadequate financial
control are not conducive to the generation of value
effect, and financial cooperative control is a better
area for enterprise group taking full play its value
creation ability. The main reasons can be explained
that excessive financial control will weaken activity
of economic entities which can result in lower effi-
ciency or higher costs and that inadequate financial
control can constrain value effect by its over-relaxa-
tion to the activity of economic entities.
2.2. System Model of Financial Cooperative
Control
The achievement of value effect of enterprise group must
under the activity of financial cooperative control which
is determined by the non-linear organizational character-
Figure 1. Relationship between value effect and financial control.
Table 1. Relatioship between financial controlling power and value effect.
x
y Type Result


0,

 
2
21
,ee



 




Low financial control Inadequate control


,

 

10.25
,ee 


Weak financial control Inadequate control
 
0.5 ,0.5

   0.25 ,e





Financial cooperative controlModerate control
 
,

 

10.25
,ee 


High financial control Excessive control


, 



1
0, e 

 Strong financial control Excessive control

The Analysis on Financial Cooperative Controlling Mechanism of Enterprise Group 404
istics such as dissipative structure, cooperative competi-
tion and dynamic coupling. Financial cooperative control
is the basic need of long-term value creation which can
be expressed as environment-adaptation value, synergy-
economic value and synergy-relation value. Analyzing
from the value orientation of financial cooperative con-
trol, the motivation of environment-adaptation value de-
termines the overall competitive advantage, the moti-
vation of synergy-economic value determines the eco-
nomic value and the motivation of synergy-relation value
determines the win-win value. Analyzing from the influ-
encing style of financial cooperative control, the mo-
tivetion of environment-adaptation value can affect the
risk control capability and competitiveness, the motive-
tion of synergy-economic value can affect the degree of
economic realization and the motivation of synergy-re-
lation value can affect the input of specific assets of
stakeholders. Analyzing from the relationship, the moti-
vation of environment-adaptation value is an important
force which can maintain the acquirement of synergy-
economic value and synergy-relation value, the motive-
tion of synergy-economic value is the premise and foun-
dation of environment-adaptation value and synergy-
relation value, the motivation of synergy-relation value is
the ultimate goal of environment-adaptation value and
synergy-economic value.
Environment-adaptation value, synergy-economic value
and synergy-relation value are the important driving
forces of financial cooperative control. When they are
interaction at the balance power, the ability of financial
cooperative control of enterprise group can be strengthen.
However, when one of them is in the absolutely domi-
nant position while the other are very weak, the result of
financial cooperative control is possible to deviate from
direction. For example, when environment-adaptation
value is in the absolutely dominant position, the value
aim of financial cooperative control may be committed
to improving the system robustness to give up the syn-
ergy-economic opportunity and synergy-relation oppor-
tunity. Therefore, the generation of value effect of finan-
cial cooperative control of enterprise group needs the
common driving force of the three values. And when the
three values are in the state of mutually reinforcing, a
greater value effect can be generated through financial
cooperative control.
Environment-adaptation value, synergy-economic
value and synergy-relation value can be expressed as
three abilities what are financial-strategy cooperative
control, financial-resource cooperative control and fi-
nancial-relation cooperative control. The three abilities
of financial cooperative control constitute the basic space
system (see Figure 2). The system model of financial
cooperative control includes three dimensions (X: Finan-
cial-strategy Cooperative Control, Y: Financial-resource
Cooperative Control, Z: Financial-relation Cooperative
Control). Assume the ability index of financial coopera-
tive control is Fc, and the ability indexs of financial-
strategy cooperative control, financial-resource coopera-
tive control and financial-relation cooperative control are
a,b,c respectively. Then the mathematical model of finan-
cial cooperative controlling ability can be expressed as:
C
Fabc

 (2)
3. System Analysis
3.1. System Hierarchy of Financial Cooperative
Control
Synergy Theory thinks that every subsystems of any
system have self-organizing process [13] to maintain
their interaction and generate new stable ordered
structure. Featuring nonlinear, dynamic and valuable
[14], the financial cooperative controlling system of
enterprise group is a complex system constituted by a
number of subsystems. Analyzing from Synergetics, this
system can be divided into three subsystems what are
Financial-strategy Cooperative Controlling subsystem,
Financial-resource Cooperative Controlling subsystem
and Financial-relation Cooperative Controlling subsys-
tem. These three subsystems are not isolated but a
complete organism, their synergistic interactions pro-
mote the value effect of enterprise group. Analyzing
from system hierarchy of financial cooperative control,
Financial-strategy Cooperative Controlling subsystem is
in the top level of system who stipulates the Organization
Mission (OM) and Development Goals (DG). It is the di-
rection layer of financial cooperative control which can
coordinate resources and relationships of member com-
Figure 2. System model of financial cooperative control.

The Analysis on Financial Cooperative Controlling Mechanism of Enterprise Group 405
panies to achieve a virtuous circle. Financial-resource
cooperative controlling subsystem is in the middle of
system that is the power endurances to promote the
optimal of resources allocation. It is the ability layer of
financial cooperative control which can promote the
value creation ability. Financial-relation cooperative con-
trolling subsystem is in the bottom of system who is the
promise of conflict resolution of and reduce friction to
play multi-activities. It is the supporting layer of fi-
nancial cooperative control which can maintain group
relationship (See Figure 3). Many indices can represent
direction layer, ability layer and supporting layer (See
Table 2).
3.2. Synergy Analysis of Financial Cooperative
Controlling System
Enterprise group who has a multi-layer structure is a
commonwealth of multiple companies linked by the ties
Figure 3. System hierarchy of financial cooperative control.
Table 2. Indices of financial cooperative controlling system.
Dimension Indice Hierarchy
Market environment
adaptation degree
Investment environment
adaptation degree
Financing environment
adaptation degree
Financial-strategy
Cooperative Control
Value creation rate of
investment capital
Direction
Layer
Cash cycle turnover rate
Cash deferred payment rate
Financial-resource
Cooperative Control Free cash flow rate of
investment capital
Ability
Layer
Customer synergy
satisfaction degree
Employee synergy
satisfaction degree
Supplier synergy
satisfaction degree
Financial-relation
Cooperative Control
Cash value added rate of
capital investment
Supporting
Layer
of assets and contract. The complex organizational rela-
tionship of enterprise group requires that the group and
the member companies must maintain a collaborative
and consistent strategy development so as to improve the
overall strategy execution. In the fierce changing com-
petitive environment, the aim of Financial-strategy co-
operative control of enterprise group is to full play tech-
nical advantage, cost advantage, financial advantage and
value creation advantage of member companies to ensure
the input of continues cash flow and value flow in order
to acquire a long-term and sustainable competitive ad-
vantage. Firstly, synergy strategy is the key and basis to
realize financial strategy coordination. Ansoff pointed
out that synergy strategy is a strategy which can make
the overall value greater than the sum of each part of the
value by successfully developing new business on how
to identify the matching relation between their capabili-
ties and opportunities [15]. Barzel thinks that synergy
strategy is the strategy of overall business performance
of enterprise group what is relative to the performance of
a simple summary of each independent components [16].
Kantor believes that synergy strategy is a corporate
strategy the aim of which is to get synergy profit. Li [17]
pointed out that synergy strategy includes four dimen-
sions what are cooperation and competition, symbiosis
and win-win, dynamic adaptation and system global.
Secondly, perfect corporate governance structure is the
organizational endurances to realize financial strategy
synergy. For the reason of the multi-corporation legal
person characteristics, corporate governance is the pre-
requisite of validity of financial power allocation what
can play “Incentive compatible” effect. Meanwhile, Fi-
nancial-strategy cooperative control must emphasize
overall-adaptation, resource-complementary and bene-
fit-sharing. Only on the basis of strategic flexibility can
the members combine their own values with the long-
term value of enterprise group to use of financial re-
sources maximally.
Narrow financial resource is refers only to material
resource of enterprise while generalized financial re-
source is all the resources of enterprise [18] including
production resources, technical resources, organizational
resources and information resources, etc. Endowment
theory suggests that the country who has adequate capi-
tals will has a comparative advantage in capital-intensive
goods and the country who has abundant labor force will
has a comparative advantage in labor-intensive goods.
Economies of scale theory points out that enterprise’s
scale economy constrained not only by resource condi-
tions but also by the management capacity, financial ca-
pacity and market capacity. Porter argued that advanced
factors of production are the decisive force in enterprise
resource allocation, low-level factors of production is a

The Analysis on Financial Cooperative Controlling Mechanism of Enterprise Group 406
necessary condition. Therefore, resources are the basis
for enterprise to survive and develop, financial-resource
cooperative control is a source of value creation. Includ-
ing productive resources cooperative control, technical
resources cooperative control, organizational resources
cooperative control and information resources coopera-
tive control, financial-resource cooperative control is
refers to the financial ability for enterprise group to ac-
quire and use of resources to create value which can be
expressed as sustainable financing capacity, sustainable
operating capacity, sustainable profit ability and capital
structure optimization. Productive resources cooperative
control is refers to the matching and complementary of
these resources using in production and that whether
these resources can become an effective support to scale
economy and scope economy of enterprise group. Tech-
nical resources cooperative control is refers to whether
the value creation ability of intellectual capital can be-
come a source of technological innovation and the prod-
uct differentiation and cost saving degree causing by
technological innovation. Organizational resources co-
operative control is refers to the advanced management
processes and methods what can bring high efficiency
and effectiveness for organization operation. Information
resources cooperative control is refers to the sharing de-
gree of internal information resources which can be ex-
pressed as information fluency, information authenticity
and communication effectiveness, etc.
Enterprise group is a multi-relation and multi-interest
contract collection, the complex hierarchy of which con-
stitutes its basic organizational framework. Stakeholder
theory points out that the relationship between stake-
holders and enterprise is interest community which can
be expressed as two aspects [19]. Firstly, for the reason
of the investment of specific assets, stakeholders must
require a corresponding profit from residual income of
enterprise. Secondly, for the reason of the risk of their
specific assets, stakeholders must retain a necessary con-
trolling right to enterprise. For enterprise group, how to
coordinate the interest relation and power relation of
stakeholders has become an important part of financial
management. Therefore, power distribution and interest
balance are the centre of financial-relation cooperative
control. Financial-relation cooperative control is the rela-
tion value cooperative controlling ability which can bal-
ance the value inputs and the residual claimants of
stakeholders in the process of interaction between stake-
holders and enterprise group. For the internal stake-
holders, reasonable financial power allocation, earnings
distribution, mutually beneficial trust relationships and
interest conflicts resolving mechanisms are the keys to
realize financial-relation cooperative control. Financial
power allocation is the core of financial governance, the
aim of which is to improve and adjust the position of
stakeholders in financial governance to promote value
creation and value added by improving management ef-
ficiency. Earnings distribution is the need of meeting the
pursuit of value added of various stakeholders, and rea-
sonable distribution model is the premise of residual re-
lationship control. Trust relationship is the basic condi-
tion to maintain the existence of enterprise group, the
effectiveness of which lies in information complete de-
gree and rapid information feedback mechanism. Interest
conflict is the basic manifestation of financial-relation
cooperative control, the key of which is to establish an
effective conflict resolution strategies. As for external
stakeholders, supply chain cooperative control, capital
chain cooperative control and tax cooperative control has
become the important part of financial-relation coopera-
tive control.
3.3. Coupling Analysis of Financial Cooperative
Controlling System
Financial cooperative control is a complex space system,
the key subsystems of which has coupling relations. To
begin with, when the three are coupling line and in the
state of benign interaction, the system shows positive
emerging, and the value effect of enterprise group will be
enhanced [20]. Next, when the three are disordered and
isolated, the system shows negative emerging, and the
value effect of enterprise group will be weakened (See
Figure 4).
Coupling degree is the mathematical description of
multi-subsystem, the method of which is to evaluate the
order degree and future development capacity of system
by calculating and analyzing the coupling degree of sys-
tem. In order to better describe the coupling relation of
subsystems of enterprise group, this paper adopts effect
function and coupling function to build synergies
mathematical model. Assume variable i
u (1, 2, 3i

) is
the order parameter of financial cooperative controlling
Figure 4. Coupling relation of financial cooperative control.

The Analysis on Financial Cooperative Controlling Mechanism of Enterprise Group 407
system, ij uis the j-th index of i-th order parameter,
the value of the index is ij
x
, and maxij is the maxi-
mum of the index, minij is the minimum of the index.
If ij u is a positive function, the effect function of finan-
cial cooperative control of enterprise group can be ex-
pressed as:
min
max min
ij ij
ij
ij ij
x
u  (3)
If ij
u is a negative function, the effect function of fi-
nancial cooperative control of enterprise group can be
expressed :
max
max min
ij ij
ij
ij ij
x
u  (4)
where


0, 1
ij
u, ij u is the contribution to system ef-
fect of variable ij
x
which reflects the satisfaction de-
gree for every index to their targets.
If 1
u,2 u,3 u is the measure index of value effect of
the three subsystems, then the coupling function can be
expressed as:
1/3
123
3
12 13 32
2()()()
uu u
Cuuuu uu





(5)
where 3[0,1]C. When 123
uu u

,31C, the cou-
pling degree of system is maximum, subsystems or ele-
ments within the system achieve positive resonance cou-
pling, the system will tend to a new order structure (the
system achieve positive emergence and the value effect
is enhenced). When 30C, the coupling degree of sys-
tem is minimum, subsystems or elements within the sys-
tem is in the independent state, the system will tend to
disorder (the system shows negative emergence and the
value effect is weaken).
4. Conclusions
In this paper the author analyzes the mechanism of fi-
nancial cooperative control of enterprise group. The
main contributions of this paper can be summarized as
follows:
1) It refers that management coordination is a funda-
mental means for enterprise group to play its overall ad-
vantages, the essential requirement of which is to achieve
complementary advantages and function multiply to en-
sure the generation of value effect under the joint action
of various elements.
2) It confirms that financial cooperative control is the
concrete application of synergy theory and control theory
in financial management of enterprise group, the aims of
which are cooperative controlling of financial strategy,
optimizing and allocation of financial resources and co-
ordination and integration of financial relations to pro-
mote the value creation abilities of enterprise group.
3) It puts forward a system model after exploring the
relationship of value effect and financial control. The
relationship between value effect and financial control
can be explained to five regions: low financial control-
ling region, weak financial controlling region, financial
cooperative controlling region, high financial controlling
region and strong financial controlling region. The sys-
tem model includes three dimensions what are finan-
cial-strategy cooperative controlling dimensions, finan-
cial-resource cooperative controlling dimension and fi-
nancial-relation cooperative controlling dimension.
4) It gives a system analysis including system hier-
archy analysis, synergy analysis and coupling analysis.
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