关于南航现金流的创值管理研究
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摘要
现金是企业经营中不可或缺的重要资源，是财务管理的第一要素，更是价值创造和价值衡量的基础。企业的现金流融合并贯穿于企业经营管理的全部流程中，现金流质量的好坏直接影响到企业经营的好坏。航空公司要想保持可持续的竞争优势，建设科学合理的现金流管理体系无疑是最为必要的和最为有效的手段之一。
本论文用理论研究与案例研究相结合的方法，通过阅读文献资料、搜集内部资料，内部调研等方式获取文献资料60多篇；搜集三大航空公司2004至2006年报，南方航空公司历年现金管理制度及规章等方式。根据获取的资料，在财务管理、现金流管理和风险管理等理论的指导下，从现金流管理的对象及目标入手，通过对航空公司现金流的特点及其行业特殊性、筹资计划与金融市场相结合及风险管理与公司战略相匹配等方面的分析和研究，对南方航空公司现金流管理体系进行了分析，并主要从现金流集中管理、现金流筹措管理、现金流风险管理等方面对航空公司现金流管理方式进行了研究，希望通过优化现金流的方式达到为公司创造增量价值的目的。重点研究了“现金池”集中管理模式、票据融资的优势和风险管理制度的完善。
本研究旨在通过科学的现金流管理方式最大限度地开发现金在航空公司流动中所蕴涵的经营价值，使之为航空公司的发展做出最大的贡献。国内外关于现金流管理的研究很多，但专门针对航空公司的现金流管理研究却比较少。由于航空公司现金流流量较大、结构复杂，且对市场影响因素敏感，其现金流管理具有一定的特殊性。本文试图通过对南方航空公司现金流创值管理的探索，为交通运输行业的现金流管理提供一些重要依据。
One of the vital resources essential to business operation, cash is the utmost element in financial management, which forms the basics to the value creation and quantification. Business cashflow is an integral part in the whole process of business management and, as such, the quality of cashflow has a direct impact on the business performance. For an airlines to maintain its sustainable competitiveness, the most necessary and effective strategy is to rationalize its cashflow management mechanism.
This article attempts a research into the theories in conjunction with case study of sixty strong articles collected from archive, internal data and inhouse surveys that include the annual reports for the years 2004-2006 of three major airlines as well as China Southern Airlines' cashflow management procedures and rules in the past years. Based on the data so collected and guided by the theories of financial management, cashflow management and risk management, this article studies the subjects and objectives of cashflow management. It analyses the features and industrial characteristics of airlines cashflow in the context of financing plan and finance market with an insight into the interaction of risk management and corporate strategies.This article conducts a specific analysis of the cashflow management system of China Southern Airlines, focusing its study on the managing tactics of airlines cashflow in terms of the centralized management of cashflow, management of cashflow financing and cashflow risk management. It aims at creating and adding value to the corporation by optimizing its cashflow system, with a particular attention to the centralized management model for "cash pool", the advantage of financial instruments and the perfected risk management system. By rationalizing the cashflow management procedures, it explores cashflow's inherent business value in airlines business operation with a view to best utilizing the cashflow in improving the airlines performance.
Researchers here and overseas have conducted many a study over cashflow management, although much is to be expected for the research into the cashflow for airlines. The airlines cashflow demonstrates unique characteristics in terms of the large size of its cashflow and its complex structure with its sensitivity to market factors. This article makes a tentative research into the Value-Added Management of China Southern Airlines' Cashflow, with a view to providing reliable guide for cashflow management specific to transport industry.
本论文用理论研究与案例研究相结合的方法，通过阅读文献资料、搜集内部资料，内部调研等方式获取文献资料60多篇；搜集三大航空公司2004至2006年报，南方航空公司历年现金管理制度及规章等方式。根据获取的资料，在财务管理、现金流管理和风险管理等理论的指导下，从现金流管理的对象及目标入手，通过对航空公司现金流的特点及其行业特殊性、筹资计划与金融市场相结合及风险管理与公司战略相匹配等方面的分析和研究，对南方航空公司现金流管理体系进行了分析，并主要从现金流集中管理、现金流筹措管理、现金流风险管理等方面对航空公司现金流管理方式进行了研究，希望通过优化现金流的方式达到为公司创造增量价值的目的。重点研究了“现金池”集中管理模式、票据融资的优势和风险管理制度的完善。
本研究旨在通过科学的现金流管理方式最大限度地开发现金在航空公司流动中所蕴涵的经营价值，使之为航空公司的发展做出最大的贡献。国内外关于现金流管理的研究很多，但专门针对航空公司的现金流管理研究却比较少。由于航空公司现金流流量较大、结构复杂，且对市场影响因素敏感，其现金流管理具有一定的特殊性。本文试图通过对南方航空公司现金流创值管理的探索，为交通运输行业的现金流管理提供一些重要依据。
One of the vital resources essential to business operation, cash is the utmost element in financial management, which forms the basics to the value creation and quantification. Business cashflow is an integral part in the whole process of business management and, as such, the quality of cashflow has a direct impact on the business performance. For an airlines to maintain its sustainable competitiveness, the most necessary and effective strategy is to rationalize its cashflow management mechanism.
This article attempts a research into the theories in conjunction with case study of sixty strong articles collected from archive, internal data and inhouse surveys that include the annual reports for the years 2004-2006 of three major airlines as well as China Southern Airlines' cashflow management procedures and rules in the past years. Based on the data so collected and guided by the theories of financial management, cashflow management and risk management, this article studies the subjects and objectives of cashflow management. It analyses the features and industrial characteristics of airlines cashflow in the context of financing plan and finance market with an insight into the interaction of risk management and corporate strategies.This article conducts a specific analysis of the cashflow management system of China Southern Airlines, focusing its study on the managing tactics of airlines cashflow in terms of the centralized management of cashflow, management of cashflow financing and cashflow risk management. It aims at creating and adding value to the corporation by optimizing its cashflow system, with a particular attention to the centralized management model for "cash pool", the advantage of financial instruments and the perfected risk management system. By rationalizing the cashflow management procedures, it explores cashflow's inherent business value in airlines business operation with a view to best utilizing the cashflow in improving the airlines performance.
Researchers here and overseas have conducted many a study over cashflow management, although much is to be expected for the research into the cashflow for airlines. The airlines cashflow demonstrates unique characteristics in terms of the large size of its cashflow and its complex structure with its sensitivity to market factors. This article makes a tentative research into the Value-Added Management of China Southern Airlines' Cashflow, with a view to providing reliable guide for cashflow management specific to transport industry.
引文
[1] 证券网，中国南方航空股份有限公司、中国中国国际航空股份有限公司和中国东方航空股份有限公司年报(R)
[2] 陈志斌．基于价值创造的企业现金流管理研究．东北财经大学出版社．2007年5月
[3] 财政部企业司．企业财务风险管理．经济科学出版社．2004年4月
[4] Rene M. Stulz. Risk Management and Derivatives殷剑锋 程炼 杨涛译 机械工业出版社．2004年8月
[5] 荆新．现金，现金流，现金流量：演绎公司财务的进化 会计师，2004年5月
[6] 李良才、陈冀豫．财务决策支持系统研究．会计研究。2003年10月
[7] 蔡昌．价值管理—增进现金流与提升企业价值．海天出版社．2003年
[8] (美)阿斯瓦斯·达摩达兰．应用公司理财．郑振龙等译．机械工业出版社．2000年
[9] (美)阿斯瓦斯·达摩达兰．投资估价—评估任何资产价值的工具和技术．朱武祥等译．清华大学出版社，1999
[10] 茅宁 企业价值创造与管理者博弈—对经济增加值方法的若干反思．外国经济与管理．2002年11月
[11] 赵英杰．论现金流量管理假设．会计研究．1995
[12] (日)北尾吉孝．“价值创造”的经营．王金译．商务印书馆．2000年
[13] (美)菲尔·荷马斯．投资评价．王嗣俊等译．经济科学出版社．2001年
[14] (美)班瓦利·米托、贾各迪胥·谢兹．再造企业价值空间．华经等译．机械工业出版社．2004年
[15] 沈天鹰．资本形成的货币金融维度—发展中国家的资本形成分析．南开大学出版社．2000年
[16] (美)汤姆·科普兰、蒂姆·科勒、杰克·默林．价值评估—公司价值的衡量与管理．郝少伦、谢关平等译．电子工业出版社．2002年
[17] (日)泽昭人、滨本明著，现金流量．冯芳译．中信出版社 2001．1
[18] 袁琳主编．资金集中控制与结算中心．浙江人民出版社2001．11
[19] 朱延松．人民币汇率市场化趋势下的企业外汇风险管理．企业研究．2002年第11期，
[20] 刘彩萍、莫红芳．外汇风险管理与金融工具创新．乡镇经济．2001年第5期，
[21] 幸倞、揭水利．运用外汇风险管理工具防范外汇风险．企业经济．2005年第2期
[22] (美)Franklin J. Plewa, Jr., George TFriedlob著，全面理解现金流李桂荣译，清华大学出版社1999．10
[23] 【美l夏恩·桑德著，方红星、王鹏、李红霞译，陆德明校：《会计与控制理论》
[24] Jensen, Michael C., "The Free Cash Flow Theory of Takeovers: A Financial Perspective on Mergers and Acquisitions and the Economy", The Merger Boom, Proceedings of a Conference Sponsored by Federal Reserve Bank of Boston, 1987
[25] Baileym Jr., Fred, "Cash Flow Gives the Answers", Banking, Vol. 61, 1968, Issue 5.
[26] Baxterm Nevins D. Leverage, "Risk of Ruin and the Cost of Capital", Journal of Finance 22, 1967
[27] Ball, R., P. Brown, "An Empirical Evaluation of Accounting Income Numbers", Journal of Accounting Research, 1968, 6
[28] Jensen, Michael C., "Agency Costs of Free Cash Flow, Corporate Finance, and Takeover", American Economic Review, 1986
[29] Miller, Merton. H, "debt and Taxes", Journal of Finance, 1977
[30] Barrett, A. "Cash: burn, baby, burn", Business Week, April 28
[31] Joriom, P. Value at Risk, Burr Ridge, IL: Irwin
[32] Jarrow, R. and Subramanian, A. "mopping up liquidity". Risk, Dec. 10
[2] 陈志斌．基于价值创造的企业现金流管理研究．东北财经大学出版社．2007年5月
[3] 财政部企业司．企业财务风险管理．经济科学出版社．2004年4月
[4] Rene M. Stulz. Risk Management and Derivatives殷剑锋 程炼 杨涛译 机械工业出版社．2004年8月
[5] 荆新．现金，现金流，现金流量：演绎公司财务的进化 会计师，2004年5月
[6] 李良才、陈冀豫．财务决策支持系统研究．会计研究。2003年10月
[7] 蔡昌．价值管理—增进现金流与提升企业价值．海天出版社．2003年
[8] (美)阿斯瓦斯·达摩达兰．应用公司理财．郑振龙等译．机械工业出版社．2000年
[9] (美)阿斯瓦斯·达摩达兰．投资估价—评估任何资产价值的工具和技术．朱武祥等译．清华大学出版社，1999
[10] 茅宁 企业价值创造与管理者博弈—对经济增加值方法的若干反思．外国经济与管理．2002年11月
[11] 赵英杰．论现金流量管理假设．会计研究．1995
[12] (日)北尾吉孝．“价值创造”的经营．王金译．商务印书馆．2000年
[13] (美)菲尔·荷马斯．投资评价．王嗣俊等译．经济科学出版社．2001年
[14] (美)班瓦利·米托、贾各迪胥·谢兹．再造企业价值空间．华经等译．机械工业出版社．2004年
[15] 沈天鹰．资本形成的货币金融维度—发展中国家的资本形成分析．南开大学出版社．2000年
[16] (美)汤姆·科普兰、蒂姆·科勒、杰克·默林．价值评估—公司价值的衡量与管理．郝少伦、谢关平等译．电子工业出版社．2002年
[17] (日)泽昭人、滨本明著，现金流量．冯芳译．中信出版社 2001．1
[18] 袁琳主编．资金集中控制与结算中心．浙江人民出版社2001．11
[19] 朱延松．人民币汇率市场化趋势下的企业外汇风险管理．企业研究．2002年第11期，
[20] 刘彩萍、莫红芳．外汇风险管理与金融工具创新．乡镇经济．2001年第5期，
[21] 幸倞、揭水利．运用外汇风险管理工具防范外汇风险．企业经济．2005年第2期
[22] (美)Franklin J. Plewa, Jr., George TFriedlob著，全面理解现金流李桂荣译，清华大学出版社1999．10
[23] 【美l夏恩·桑德著，方红星、王鹏、李红霞译，陆德明校：《会计与控制理论》
[24] Jensen, Michael C., "The Free Cash Flow Theory of Takeovers: A Financial Perspective on Mergers and Acquisitions and the Economy", The Merger Boom, Proceedings of a Conference Sponsored by Federal Reserve Bank of Boston, 1987
[25] Baileym Jr., Fred, "Cash Flow Gives the Answers", Banking, Vol. 61, 1968, Issue 5.
[26] Baxterm Nevins D. Leverage, "Risk of Ruin and the Cost of Capital", Journal of Finance 22, 1967
[27] Ball, R., P. Brown, "An Empirical Evaluation of Accounting Income Numbers", Journal of Accounting Research, 1968, 6
[28] Jensen, Michael C., "Agency Costs of Free Cash Flow, Corporate Finance, and Takeover", American Economic Review, 1986
[29] Miller, Merton. H, "debt and Taxes", Journal of Finance, 1977
[30] Barrett, A. "Cash: burn, baby, burn", Business Week, April 28
[31] Joriom, P. Value at Risk, Burr Ridge, IL: Irwin
[32] Jarrow, R. and Subramanian, A. "mopping up liquidity". Risk, Dec. 10