中油财务公司资金集中管理研究
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摘要
资金是企业的血液,资金集中管理是企业集团加强财务管理的重要手段。目前,财务公司是我国企业集团实施资金集中管理的一种主要模式,而资金集中管理业务也成为我国财务公司赖以生存和发展的核心业务。随着我国加入WTO,国外先进资金管理理念和管理经验跟随跨国银行进入中国,财务公司资金集中管理业务正面临着新的机遇和挑战。如何克服我国金融政策和金融体制给财务公司造成的先天不足,在竞争中求得发展,成为我国财务公司面临的现实问题。中油财务公司自成立以来,资金集中管理业务得到迅速发展,但是与国际先进的财务公司相比,中油财务公司资金集中管理上还存在很多不足。
首先介绍了文章写作的两大理论基础,资金集中管理理论和财务公司理论,为下文对中油财务公司资金集中管理问题的深入研究做好铺垫;其次,以中油财务公司为典型案例,研究了其资金集中管理在定位、业务创新和风险管理方面的现状及存在的问题,并且从宏观和微观的角度分析了中油财务公司资金集中管理问题产生的原因,以及对中油集团和其自身发展带来的不良影响;再次,对国际财务公司的发展趋势和特点进行介绍,分析了西门子财务公司和沃尔沃金融服务公司在定位、业务开展和风险管理方面的优势,总结了国外财务公司资金集中管理的先进经验;最后,针对中油财务公司的实际,并结合国际财务公司的先进经验,从资金集中管理的定位、业务创新和风险管理三方面提出了解决中油财务公司资金集中管理问题的相应对策。对中油财务公司资金集中管理问题的研究,是新形势下我国财务公司资金集中管理业务未来模式和发展战略的一种有益的尝试,具有理论和现实的双重意义。
Funds are the blood of the enterprise, centralized management of funds is an important means of the Group companies to strengthen financial management. At present, the finance company is a main mode of the enterprise groups to carry out centralized management of funds, and centralized management of funds has become the finance company’s core business to exist and develop. With China's accession to WTO, foreign advanced management concept and management experience in finance with the international banks enter China, the finance company business’centralized management of funds is facing new opportunities and challenges. How to overcome the deficiencies of the finance company caused by our financial policy and financial system, to seek development in the competition, becomes the real problem faced by financial companies. Since the inception of Petroleum Finance Company, the centralized management of funds business focused on the rapid development, However, compared with international advanced companies, there are still many deficiencies in the centralized management of funds in Petroleum Finance Company.
Firstly, this paper introduces the two essay writing basic theories, financial management theory and centralized management of funds theory, to pave the way for the in-depth study of the following centralized management of funds in Petroleum Finance Company. Secondly, it takes Petroleum Finance Company as a typical case to study it’s situation and existing problems of centralized management of funds in position, business innovation and risk management. Meanwhile, it analyzes the reasons that cause the issues of Centralized Management of Funds in Petroleum Finance Company from the macro and micro perspective, as well as the development of CNPC and its own adverse effects; Thirdly, the International Finance Corporation's development trends and characteristics are introduced, analyzes the advantages of financial companies Siemens and Volvo Financial Services in position, business development and risk management, sums up the centralized management of funds of foreign financial companies advanced experience; Finally, for the actual situation of Petroleum Finance Company ,combined with the advanced experience of the international financial companies, proposes to solve the problem of centralized management of funds and appropriate measures in position, business innovation and risk management. Research on centralized management of funds in Petroleum Finance Company is a useful attempt to the management business model and development strategy for the future, with the double meaning of theory and practice.
首先介绍了文章写作的两大理论基础,资金集中管理理论和财务公司理论,为下文对中油财务公司资金集中管理问题的深入研究做好铺垫;其次,以中油财务公司为典型案例,研究了其资金集中管理在定位、业务创新和风险管理方面的现状及存在的问题,并且从宏观和微观的角度分析了中油财务公司资金集中管理问题产生的原因,以及对中油集团和其自身发展带来的不良影响;再次,对国际财务公司的发展趋势和特点进行介绍,分析了西门子财务公司和沃尔沃金融服务公司在定位、业务开展和风险管理方面的优势,总结了国外财务公司资金集中管理的先进经验;最后,针对中油财务公司的实际,并结合国际财务公司的先进经验,从资金集中管理的定位、业务创新和风险管理三方面提出了解决中油财务公司资金集中管理问题的相应对策。对中油财务公司资金集中管理问题的研究,是新形势下我国财务公司资金集中管理业务未来模式和发展战略的一种有益的尝试,具有理论和现实的双重意义。
Funds are the blood of the enterprise, centralized management of funds is an important means of the Group companies to strengthen financial management. At present, the finance company is a main mode of the enterprise groups to carry out centralized management of funds, and centralized management of funds has become the finance company’s core business to exist and develop. With China's accession to WTO, foreign advanced management concept and management experience in finance with the international banks enter China, the finance company business’centralized management of funds is facing new opportunities and challenges. How to overcome the deficiencies of the finance company caused by our financial policy and financial system, to seek development in the competition, becomes the real problem faced by financial companies. Since the inception of Petroleum Finance Company, the centralized management of funds business focused on the rapid development, However, compared with international advanced companies, there are still many deficiencies in the centralized management of funds in Petroleum Finance Company.
Firstly, this paper introduces the two essay writing basic theories, financial management theory and centralized management of funds theory, to pave the way for the in-depth study of the following centralized management of funds in Petroleum Finance Company. Secondly, it takes Petroleum Finance Company as a typical case to study it’s situation and existing problems of centralized management of funds in position, business innovation and risk management. Meanwhile, it analyzes the reasons that cause the issues of Centralized Management of Funds in Petroleum Finance Company from the macro and micro perspective, as well as the development of CNPC and its own adverse effects; Thirdly, the International Finance Corporation's development trends and characteristics are introduced, analyzes the advantages of financial companies Siemens and Volvo Financial Services in position, business development and risk management, sums up the centralized management of funds of foreign financial companies advanced experience; Finally, for the actual situation of Petroleum Finance Company ,combined with the advanced experience of the international financial companies, proposes to solve the problem of centralized management of funds and appropriate measures in position, business innovation and risk management. Research on centralized management of funds in Petroleum Finance Company is a useful attempt to the management business model and development strategy for the future, with the double meaning of theory and practice.
引文
[1]吕瑞平.我国财务公司资金管理问题研究资金集中管理[D].郑州大学,2007: 2007.5.10.
[2]许向东.浅析企业集团资金集中管理[J].煤炭经济研究,2006, (12):52-53.
[3] Lamont O.Cash, Flow and Investment: Evidence from Internal Capital Markets. Journal of Finance, 1997(52): 83-109.
[4] Alchian, Corporate management and property rights. Washington.D.C. American Enterprise Institute, 1969: 61~67.
[5] Williamson, Markets and Hierarchies: analysis and antitrust implications. NewYork: Collier Macmillan Publishers,1975, 147-148.
[6]青木昌彦等.转轨经济中的公司治理结构:内部人控制和银行的作用[M].北京:中国经济出版社,1995:134~137.
[7]鲁道夫·希法亭.金融资本[M].北京:商务印书馆,1999:135~137.
[8] Hubbard R G. Palia D A, Reexamination of the Conglomerate Merger Wave in the 1960s: An Internal Capital Markets. Journal of Finance, 1999(54): 236--249.
[9] Andrews, Victor L Captive Finance Companies. Harvard Business Review, 1964(42):80~92.
[10] Lewellen Wilber G. Finance Subsidiaries and Corporate Borrowing Capacity. Financial Management, 1972(1):21~31.
[11] Otiver E. Williamson. Markets and Hierarchies: Analysis and Antitrust Implications. New York Free Press, 1975(6):48~52.
[12] Gordon S. Roberts, Jerry A. Viscione. Captive Finance Subsidiaries: The Manager’s View. Financial Management, 1981(4):36~38.
[13] Scharfetein D S. Stein J C, The dark side of internal capital markets: Divisional rent seeking and inefficient investment. Journal of Finance, 2000(55):2537-2564.
[14] Billet. Mauer, Diversification and the Value of Internal Capital Markets: The Case of Tracking Stock. Journal of Banking﹠Finance, 2000(24):1457-1490.
[15] Kim E. Han, John J. McConnell, Paul R. Greenwood. Capital Structure Rearrangements and Me-First Rules in an Efficient Capital Market. Journal of Finance,1977(32):789~810.
[16] Malitz, Ileen B.A Re-examination of the Wealth Expropriation Hypothesis: The Case of Captive Finance Subsidiaries .Journal of Finance,1989(44):1039~1047.
[17] R. Coase. The Nature of the Firm. Economics. 1937(4):34~39.
[18] Dipchand Cecil R. Gordon S. Robert, Jerry A. Viscione. Agency Costs and Captive Finance Subsidiariesin Canada. Journal of Financial Research, 1982(5):189~199.
[19]袁秋杰,朱雨顺,张泉.美国企业集团财务公司的发展经验及其启示[J].首都经济贸易大学学报,2004, (01):39~42.
[20]李伟.国内外财务公司比较研究[J].财会月刊(理论版),2006, (02):40~42.
[21]金珊珊.财务公司中间业务产品创新探讨—大力开拓银团贷款[J].新会计,2009, (03):47~49.
[22]温巧莉.企业集团财务公司风险管理的现状与对策[J].西部金融,2007, (09):32~33.
[23]刘淮河.财务公司的风险管理及其防范[J].淮南职业技术学院学报,2008, (01):78~81.
[24]刘金兰,胡静.基于DEA的我国企业集团财务公司相对效率评价[J].西安电子科技大学学报(社会科学版),2007, (03):6~10.
[25]王文.企业集团资金集中管理模式的研究[J].企业家天地(理论版),2010, (9):81~82.
[26]苗洁.企业集团资金集中管理的现金池模式分析[J].郑州航空工业管理学院学报(社会科学版),2010,(12):198~200.
[27]林咏.企业集团资金集中管理方法研究——基于蓄水池理论的研究[J].当代经济,2010, (10):18~19.
[28]张庆明.浅议集团公司资金集中管理[J].现代商业,2010, (09):112~113.
[29]陈明敏.企业集团资金集中管理模式比较与创新[J].科技广场,2010, (04):108~110.
[30]李晶石.对集团企业资金集中管理模式探讨[J].商场现代化,2010, (11):98.
[31]甘学芳,汤建霞,徐晓华.企业集团资金集中管理的模式和创新[J].中国商界,2010, (10):103~105.
[32]方红军.中油财务公司资金集中管理业务创新研究[J].商情(财经研究),2008, (02):26~28.
[33]梁萍.企业资金:赢在集中运营——中油财务公司“资金池”管理[J].中国外汇,2009, (12):25~27.
[34]沈宏技.运用资金集中管理模式,强化资金监管[J].会计之友,2006, (05):14~15.
[35]刘宜云.跨平台资金集中管理—现代资金管理的新要求[J].中国总会计师,2006, (01):20~22.
[36]张晓.对中油财务公司未来发展的几点思考[J].会计之友,2004, (04):68~69.
[37]周健莉,侯玉明.财务公司四大尴尬境地[J].中国投资,2003, (12):39~41.
[38]陈绍君.网络技术与企业集团资金集中管理[J].环渤海经济瞭望,2003, (04):37~39.
[39]靳磊.国际财务公司发展趋势的动因透视[J].现代商业会,2009, (09):42~43.
[40]江旭.财务公司一企业集团资金集中管理模式研究[D].东北财经大学硕士学位论文,2006, (12).
[41]李独奇.国际财务公司的发展趋势及对我国的启示[J].特区经济,2008, (11):101~102.
[42]王增业.西门子财务公司的资金集中管理的特点与启示[J].会计师,2007, (01):34~39.
[43]张保龙.财务公司的发展模式的中外比较与借鉴[J].会计之友,2009, (02):74~76.
[44]江山,吴豪.财务公司资金结算管理模式的探讨[J].中国财务公司,2006, (01):9~11.
[45]陈雅宁.论财务公司的全面风险管理[J].会计之友,2009, (12):28~30.
[46]刘明,陈茂.对财务公司建立有效风险管理系统的探究[J].华商,2007, (09):51~52.
[2]许向东.浅析企业集团资金集中管理[J].煤炭经济研究,2006, (12):52-53.
[3] Lamont O.Cash, Flow and Investment: Evidence from Internal Capital Markets. Journal of Finance, 1997(52): 83-109.
[4] Alchian, Corporate management and property rights. Washington.D.C. American Enterprise Institute, 1969: 61~67.
[5] Williamson, Markets and Hierarchies: analysis and antitrust implications. NewYork: Collier Macmillan Publishers,1975, 147-148.
[6]青木昌彦等.转轨经济中的公司治理结构:内部人控制和银行的作用[M].北京:中国经济出版社,1995:134~137.
[7]鲁道夫·希法亭.金融资本[M].北京:商务印书馆,1999:135~137.
[8] Hubbard R G. Palia D A, Reexamination of the Conglomerate Merger Wave in the 1960s: An Internal Capital Markets. Journal of Finance, 1999(54): 236--249.
[9] Andrews, Victor L Captive Finance Companies. Harvard Business Review, 1964(42):80~92.
[10] Lewellen Wilber G. Finance Subsidiaries and Corporate Borrowing Capacity. Financial Management, 1972(1):21~31.
[11] Otiver E. Williamson. Markets and Hierarchies: Analysis and Antitrust Implications. New York Free Press, 1975(6):48~52.
[12] Gordon S. Roberts, Jerry A. Viscione. Captive Finance Subsidiaries: The Manager’s View. Financial Management, 1981(4):36~38.
[13] Scharfetein D S. Stein J C, The dark side of internal capital markets: Divisional rent seeking and inefficient investment. Journal of Finance, 2000(55):2537-2564.
[14] Billet. Mauer, Diversification and the Value of Internal Capital Markets: The Case of Tracking Stock. Journal of Banking﹠Finance, 2000(24):1457-1490.
[15] Kim E. Han, John J. McConnell, Paul R. Greenwood. Capital Structure Rearrangements and Me-First Rules in an Efficient Capital Market. Journal of Finance,1977(32):789~810.
[16] Malitz, Ileen B.A Re-examination of the Wealth Expropriation Hypothesis: The Case of Captive Finance Subsidiaries .Journal of Finance,1989(44):1039~1047.
[17] R. Coase. The Nature of the Firm. Economics. 1937(4):34~39.
[18] Dipchand Cecil R. Gordon S. Robert, Jerry A. Viscione. Agency Costs and Captive Finance Subsidiariesin Canada. Journal of Financial Research, 1982(5):189~199.
[19]袁秋杰,朱雨顺,张泉.美国企业集团财务公司的发展经验及其启示[J].首都经济贸易大学学报,2004, (01):39~42.
[20]李伟.国内外财务公司比较研究[J].财会月刊(理论版),2006, (02):40~42.
[21]金珊珊.财务公司中间业务产品创新探讨—大力开拓银团贷款[J].新会计,2009, (03):47~49.
[22]温巧莉.企业集团财务公司风险管理的现状与对策[J].西部金融,2007, (09):32~33.
[23]刘淮河.财务公司的风险管理及其防范[J].淮南职业技术学院学报,2008, (01):78~81.
[24]刘金兰,胡静.基于DEA的我国企业集团财务公司相对效率评价[J].西安电子科技大学学报(社会科学版),2007, (03):6~10.
[25]王文.企业集团资金集中管理模式的研究[J].企业家天地(理论版),2010, (9):81~82.
[26]苗洁.企业集团资金集中管理的现金池模式分析[J].郑州航空工业管理学院学报(社会科学版),2010,(12):198~200.
[27]林咏.企业集团资金集中管理方法研究——基于蓄水池理论的研究[J].当代经济,2010, (10):18~19.
[28]张庆明.浅议集团公司资金集中管理[J].现代商业,2010, (09):112~113.
[29]陈明敏.企业集团资金集中管理模式比较与创新[J].科技广场,2010, (04):108~110.
[30]李晶石.对集团企业资金集中管理模式探讨[J].商场现代化,2010, (11):98.
[31]甘学芳,汤建霞,徐晓华.企业集团资金集中管理的模式和创新[J].中国商界,2010, (10):103~105.
[32]方红军.中油财务公司资金集中管理业务创新研究[J].商情(财经研究),2008, (02):26~28.
[33]梁萍.企业资金:赢在集中运营——中油财务公司“资金池”管理[J].中国外汇,2009, (12):25~27.
[34]沈宏技.运用资金集中管理模式,强化资金监管[J].会计之友,2006, (05):14~15.
[35]刘宜云.跨平台资金集中管理—现代资金管理的新要求[J].中国总会计师,2006, (01):20~22.
[36]张晓.对中油财务公司未来发展的几点思考[J].会计之友,2004, (04):68~69.
[37]周健莉,侯玉明.财务公司四大尴尬境地[J].中国投资,2003, (12):39~41.
[38]陈绍君.网络技术与企业集团资金集中管理[J].环渤海经济瞭望,2003, (04):37~39.
[39]靳磊.国际财务公司发展趋势的动因透视[J].现代商业会,2009, (09):42~43.
[40]江旭.财务公司一企业集团资金集中管理模式研究[D].东北财经大学硕士学位论文,2006, (12).
[41]李独奇.国际财务公司的发展趋势及对我国的启示[J].特区经济,2008, (11):101~102.
[42]王增业.西门子财务公司的资金集中管理的特点与启示[J].会计师,2007, (01):34~39.
[43]张保龙.财务公司的发展模式的中外比较与借鉴[J].会计之友,2009, (02):74~76.
[44]江山,吴豪.财务公司资金结算管理模式的探讨[J].中国财务公司,2006, (01):9~11.
[45]陈雅宁.论财务公司的全面风险管理[J].会计之友,2009, (12):28~30.
[46]刘明,陈茂.对财务公司建立有效风险管理系统的探究[J].华商,2007, (09):51~52.