万科集团资金管理模式研究
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摘要
房地产行业是关乎国计民生的国家支柱产业,房地产行业的兴衰直接影响着整个国民经济。尤其是在我国特殊的经济环境下,持续、稳定、科学的发展是国家经济发展追求的目标,房地产作为一种刚性需求产业,不仅影响着整个社会的经济发展更重要的是关乎着社会的稳定性。资金充足是房地产企业在激烈的竞争环境中取得优势的关键,因此对房地产企业的资金管理模式进行研究在当下的环境下具有一定的应用价值。万科集团作为我国房地产行业中历史最长、规模最大、市场份额最高的龙头企业,其资金管理模式必然在经营的过程中起到了非常关键的作用,但是居安要思危,万科集团的资金管理模式是否仍然适用于当今的内外环境,是否有必要对其进行一定的改进……本文将从上述疑问出发,进行一定的研究,以期提供一定价值的建议。
本文从研究企业集团资金管理的理论入手,进而引出资金管理模式的相关理论,并将其具体运用到万科集团,分析万科集团的资金管理模式,找出其中有待改进的地方,并通过与保利集团的对比分析,为万科集团提供一定的借鉴经验,达到取人之长补己之短的效果。在为万科集团提供建议的同时也力图总结出值得整个行业的资金管理的改善的有效途径。目前万科采用的是强势集中的资金管理中心的资金管理模式,在其整个企业的资金管理过程中尤其注重成本的控制,流程化的资金管理模式保证了高效的运作,也为万科连续的利润增长率作出了贡献,但是任何一个大型的企业集团发展到一定的阶段必然会实施一定程度的分权,相对于成立之初以及保利集团的财务公司模式,万科的资金管理模式目前已经开始出现经济效益降低的征兆,作为一个大型的资金集约型企业集团万科在其未来的发展道路上必行会对这一资金管理模式做出一定的调整,现在是否就应该调整、为什么要调整以及如何调整等,这些都是本文试图探讨的问题。总而言之本文从万科的发展历程、组织架构入手,分析万科的资金管理特点,探讨对万科乃至整个房地产企业集团的有效措施,最后得出万科可以建立资金结算中心与财务公司相结合的资金管理模式的结论。
The real estate industry is the national pillar industry related to the national economy and people's livelihood, also is the core industry that can shake the whole national economy, and the rise and fall of the real estate industry impacts the national economy directly. Especially in China's exceptional circumstances of large population,ownership of land owned by nation or collective and the current transition of the development, continued, stable and scientific development is the aim of our country. The real estate industry as a rigid demand industry,not only effects the national economy,more importantly but also effects the social stability. Just because of the importance of the industry, the national macro-control efforts are bound to be more stringent than in other industries, as the enterprise itself must not only always concern about the national macro-environment, but also pay more attention the micro-environment.The special nature of the real estate decides the importance of fund in the real estate. The adequate fund is the key to success in the competitive environment, in view of this the research of the mode of the fund management has a certain value.The Vanke Group has the longest history, the largest scale and the largest market in the real estate in our country, its fund management must play a key role in the process, however we should prepare for danger in times of peace. Is the fund management applicable in today's environment and is it necessary to improve the fund management mode? This thesis will start from the above question to research the Vanke's fund management in order to provide a reference.
This paper starts from the theory of the research of enterprise group fund management to draw forth the related theory of fund management and applicate the theory to the Vanke Group, and find out the advantages and disadvantages. What's more, I want to provide some worth learning experience for Vanke by comparing it to Poly Group.At the same time,I commit to summarize some effective ways to improve the whole industry's fund management.Concretely speaking, as the leader in the industry, currently Vanke employ the mode of strong centralized Fund Settlement Centre,and in the process of fund management emphasize cost control particularly.The process-oriented mode ensures the efficient operation and has contributed to the continued profit growth of Vanke, however any huge enterprise group develops to a certain stage will inevitably implement decentralization, As well as with respect to the inception of the finance company Poly mode, Vanke's capital management model has begun to reduce the signs of economic benefits, we can be bold conjecture that Vanke Group will be sure to adjust its fund management mode.Is it time to adjust now? Why adjust? And how adjust?All above are what this thesis attempts to explore.All in all,the thesis will start from the course and organizational structure of Vanke, and analyze the feature of its fund management to investigate effective measures to Vanke and even the whole industry,and at last get the conclusion that Vanke should found the settlement center and financial company combined fund management model.
本文从研究企业集团资金管理的理论入手,进而引出资金管理模式的相关理论,并将其具体运用到万科集团,分析万科集团的资金管理模式,找出其中有待改进的地方,并通过与保利集团的对比分析,为万科集团提供一定的借鉴经验,达到取人之长补己之短的效果。在为万科集团提供建议的同时也力图总结出值得整个行业的资金管理的改善的有效途径。目前万科采用的是强势集中的资金管理中心的资金管理模式,在其整个企业的资金管理过程中尤其注重成本的控制,流程化的资金管理模式保证了高效的运作,也为万科连续的利润增长率作出了贡献,但是任何一个大型的企业集团发展到一定的阶段必然会实施一定程度的分权,相对于成立之初以及保利集团的财务公司模式,万科的资金管理模式目前已经开始出现经济效益降低的征兆,作为一个大型的资金集约型企业集团万科在其未来的发展道路上必行会对这一资金管理模式做出一定的调整,现在是否就应该调整、为什么要调整以及如何调整等,这些都是本文试图探讨的问题。总而言之本文从万科的发展历程、组织架构入手,分析万科的资金管理特点,探讨对万科乃至整个房地产企业集团的有效措施,最后得出万科可以建立资金结算中心与财务公司相结合的资金管理模式的结论。
The real estate industry is the national pillar industry related to the national economy and people's livelihood, also is the core industry that can shake the whole national economy, and the rise and fall of the real estate industry impacts the national economy directly. Especially in China's exceptional circumstances of large population,ownership of land owned by nation or collective and the current transition of the development, continued, stable and scientific development is the aim of our country. The real estate industry as a rigid demand industry,not only effects the national economy,more importantly but also effects the social stability. Just because of the importance of the industry, the national macro-control efforts are bound to be more stringent than in other industries, as the enterprise itself must not only always concern about the national macro-environment, but also pay more attention the micro-environment.The special nature of the real estate decides the importance of fund in the real estate. The adequate fund is the key to success in the competitive environment, in view of this the research of the mode of the fund management has a certain value.The Vanke Group has the longest history, the largest scale and the largest market in the real estate in our country, its fund management must play a key role in the process, however we should prepare for danger in times of peace. Is the fund management applicable in today's environment and is it necessary to improve the fund management mode? This thesis will start from the above question to research the Vanke's fund management in order to provide a reference.
This paper starts from the theory of the research of enterprise group fund management to draw forth the related theory of fund management and applicate the theory to the Vanke Group, and find out the advantages and disadvantages. What's more, I want to provide some worth learning experience for Vanke by comparing it to Poly Group.At the same time,I commit to summarize some effective ways to improve the whole industry's fund management.Concretely speaking, as the leader in the industry, currently Vanke employ the mode of strong centralized Fund Settlement Centre,and in the process of fund management emphasize cost control particularly.The process-oriented mode ensures the efficient operation and has contributed to the continued profit growth of Vanke, however any huge enterprise group develops to a certain stage will inevitably implement decentralization, As well as with respect to the inception of the finance company Poly mode, Vanke's capital management model has begun to reduce the signs of economic benefits, we can be bold conjecture that Vanke Group will be sure to adjust its fund management mode.Is it time to adjust now? Why adjust? And how adjust?All above are what this thesis attempts to explore.All in all,the thesis will start from the course and organizational structure of Vanke, and analyze the feature of its fund management to investigate effective measures to Vanke and even the whole industry,and at last get the conclusion that Vanke should found the settlement center and financial company combined fund management model.
引文
①企业集团资金管理办法,2007
②企业集团资金管理办法,2007
③王熙喜.境外资金大举入驻中国零售物业[N].证券市场周刊,2012,7,12
[1]樊幻灵.论我国房地产企业资金链管理与完善[J].中国房地产金融,2010(01)：10-12
[2]罗燕妮.ERP环境下企业集团资金管理新模式的构建[J].中国商界,2010(200)：152-155
[3]郭耀忠.房地产企业资金管理存在的问题及对策[J].经济论坛,2008(10)：22-24
[4]沈红.财务管理在房地产企业中的角色定位和作用[J].企业研究,2011(20)：57-58
[5]陈瑾.对新时期企业集团资金管理探析[J].财经界,2012(03)：145-146
[6]常颖.房地产集团公司资金集中管理体系构建[J].企业导报,2011(10)：123
[7]郑平.集团资金管理模式的探索与研究[J].财经界,2012(05)：75
[8]刘海燕,唐丽华.加强企业集团资金集中管理初探[J],理财广场,2011(09)：12-13
[9]韩明莉.企业集团资金管理问题及应对[J].企业研究,2012(02)：27
[10]张鹏伟.企业集团资金集中管理模式的探析一跨区域结算中心模式[J].特区经济,2011(03)：299-300
[11]朱鸿.企业集团资金集中管理相关问题探讨[J].现代经济信息,2009(03)：80
[12]莫许慧.企业集团资金结算中心管理模式探索[J].市场论坛,2010(11)：41-43
[13]董文静.浅议集团资金管理模式及选择[J].商场现代化,2011(03)：20-21
[14]牛建.浅议企业集团的资金集中管理[J].当代经济,2011(05)：27-28
[15]李志玉.我国企业集团的资金管理模式现状研究与探讨[J].财会研究,2011(09)：221-222
[16]黄世国,陈立文.房地产开发企业资金运行机理及风险控制研究[J].财会通讯,2011(03)：86-87
[17]徐玄玄、刘晓红.上市公司资金链风险规避策略[J].财会通讯,2009(07)：32-33
[18]邹莹.试论如何加强企业集团资金管理[J].会计之友,2009(06)：29-30
[19]左亚涛.尹卫平.网上银行管理模式的效用及注意事项[J].财务与会计,2011(09)：20
[20]吴德永.企业集团资金集中管理热点问题探讨[J].财务与会计,2010(12)：21
[22]刘倩.现金池资金集中管理的经济效益评价[J].财会通讯,2010(23)：11-12
[23]路东艳.企业集团资金集中管理研究[J].中国乡镇企业会计,2011(03)：43-45
[24]詹炎炎.基于协同效应视角的企业集团资金管理[J].国际商务财会,2009(5)：56-57
[25]焦小静,刘思涓.企业集团资金管理现状及其研究[J].财会通讯,2008(05)32-33
[26]王琨.房地产项目资金链风险控制[J].财会通讯(理财),2009年(07)：87-89
[27]洪礼国.集团企业资金管理模式探讨[J].财会研究,2010(09)：232
[28]赵建军.企业集团资金管理模式的比较分析[J].商业经济,2009(02)：55-56
[29]蔺晓勇.信息化时代下集团公司资金管理原则及模式构建[J].现代经济信息,2009(8)：167-168
[30]陈艳.房地产开发中的资金管理探讨[J].工程管理,2011(09)：69
[31]李文彦.略论我国企业资金管理现存问题及改进[J].财会研究,2009(12)：251-252
[32]陆峣.企业集团资金集中管理与内部资本市场效率研究[J].财会通讯,2010(08)：60-61
[33]赵晨曦.试论建筑施工企业全面预算管理体系的建立[J].中国总会计师,2009(03)：11-14
[34]王熙喜.境外资金大举入驻中国零售物业[N].证券市场周刊,2012,7,12
[35]Effect of Working Capital Management on Firm Profitability:Empirical Evidence from India A.K. Sharma and Satish Kumar Global Business Review,Feb 2011; 12: 159-173.
[36]Working Capital Management and Shareholders'Wealth Robert Kieschnick, Mark Laplante, and Rabih Moussawi Review of Finance, Jan 2013; 10.1093/rof/rfs043.
②企业集团资金管理办法,2007
③王熙喜.境外资金大举入驻中国零售物业[N].证券市场周刊,2012,7,12
[1]樊幻灵.论我国房地产企业资金链管理与完善[J].中国房地产金融,2010(01)：10-12
[2]罗燕妮.ERP环境下企业集团资金管理新模式的构建[J].中国商界,2010(200)：152-155
[3]郭耀忠.房地产企业资金管理存在的问题及对策[J].经济论坛,2008(10)：22-24
[4]沈红.财务管理在房地产企业中的角色定位和作用[J].企业研究,2011(20)：57-58
[5]陈瑾.对新时期企业集团资金管理探析[J].财经界,2012(03)：145-146
[6]常颖.房地产集团公司资金集中管理体系构建[J].企业导报,2011(10)：123
[7]郑平.集团资金管理模式的探索与研究[J].财经界,2012(05)：75
[8]刘海燕,唐丽华.加强企业集团资金集中管理初探[J],理财广场,2011(09)：12-13
[9]韩明莉.企业集团资金管理问题及应对[J].企业研究,2012(02)：27
[10]张鹏伟.企业集团资金集中管理模式的探析一跨区域结算中心模式[J].特区经济,2011(03)：299-300
[11]朱鸿.企业集团资金集中管理相关问题探讨[J].现代经济信息,2009(03)：80
[12]莫许慧.企业集团资金结算中心管理模式探索[J].市场论坛,2010(11)：41-43
[13]董文静.浅议集团资金管理模式及选择[J].商场现代化,2011(03)：20-21
[14]牛建.浅议企业集团的资金集中管理[J].当代经济,2011(05)：27-28
[15]李志玉.我国企业集团的资金管理模式现状研究与探讨[J].财会研究,2011(09)：221-222
[16]黄世国,陈立文.房地产开发企业资金运行机理及风险控制研究[J].财会通讯,2011(03)：86-87
[17]徐玄玄、刘晓红.上市公司资金链风险规避策略[J].财会通讯,2009(07)：32-33
[18]邹莹.试论如何加强企业集团资金管理[J].会计之友,2009(06)：29-30
[19]左亚涛.尹卫平.网上银行管理模式的效用及注意事项[J].财务与会计,2011(09)：20
[20]吴德永.企业集团资金集中管理热点问题探讨[J].财务与会计,2010(12)：21
[22]刘倩.现金池资金集中管理的经济效益评价[J].财会通讯,2010(23)：11-12
[23]路东艳.企业集团资金集中管理研究[J].中国乡镇企业会计,2011(03)：43-45
[24]詹炎炎.基于协同效应视角的企业集团资金管理[J].国际商务财会,2009(5)：56-57
[25]焦小静,刘思涓.企业集团资金管理现状及其研究[J].财会通讯,2008(05)32-33
[26]王琨.房地产项目资金链风险控制[J].财会通讯(理财),2009年(07)：87-89
[27]洪礼国.集团企业资金管理模式探讨[J].财会研究,2010(09)：232
[28]赵建军.企业集团资金管理模式的比较分析[J].商业经济,2009(02)：55-56
[29]蔺晓勇.信息化时代下集团公司资金管理原则及模式构建[J].现代经济信息,2009(8)：167-168
[30]陈艳.房地产开发中的资金管理探讨[J].工程管理,2011(09)：69
[31]李文彦.略论我国企业资金管理现存问题及改进[J].财会研究,2009(12)：251-252
[32]陆峣.企业集团资金集中管理与内部资本市场效率研究[J].财会通讯,2010(08)：60-61
[33]赵晨曦.试论建筑施工企业全面预算管理体系的建立[J].中国总会计师,2009(03)：11-14
[34]王熙喜.境外资金大举入驻中国零售物业[N].证券市场周刊,2012,7,12
[35]Effect of Working Capital Management on Firm Profitability:Empirical Evidence from India A.K. Sharma and Satish Kumar Global Business Review,Feb 2011; 12: 159-173.
[36]Working Capital Management and Shareholders'Wealth Robert Kieschnick, Mark Laplante, and Rabih Moussawi Review of Finance, Jan 2013; 10.1093/rof/rfs043.