集团企业资金集中管理研究
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摘要
企业集团是适应市场经济和社会化大生产的一种新型组织,也是现代经济条件下企业参与竞争的一种必然趋势。企业集团管理要以“利润为目标、财务为中心、资金为重点”。资金管理是企业财务管理的中心环节,也是企业管理的核心内容之一。当前国内集团企业大而不强现象比较普遍,集团管理能力不足,资源的规模优势没有得到充分发挥。随着企业集团的发展,其所属多行业、多层次法人企业以及非法人机构的增多,资金犹如“血液”在各组织层面的流动会愈加复杂和难以掌控。就资金管理而言,大都存在资金分散、监控乏术、使用效率低的问题。纵观国内外大型企业集团的发展历程,要提升企业集团资金管理的协同、控制与共享能力,实行资金的集中管理是必由之路。实行资金集中管理,有利于保证集团内部财务目标的协调一致;有利于企业资金成本节约,提升企业整体效益;有利于树立“整体利益观”,实现集团公司整体利益的最大化。
本文通过对资金集中管理的背景及意义的介绍。逐步引入企业集团资金管理的概念,即集团母公司出于维护自身资金权益的考虑,在集团战略目标的指引下,依靠资本纽带、产业纽带或经营契约,通过控制或参与成员企业的资金经营和决策过程,达到聚集资金资源,实现资金安全与资金增值目标的管理方法。并对资金集中管理的实质、内涵、制约因素及其他相关理论基础和相关政策支撑进行了集中论述。
DK集团公司为一家多元化经营的上市公司,集团内部子公司及分公司机构较多,资金管理主要存在成员公司较多,资金存量分散,集团公司整体资金面较紧;资金使用监控乏力,没有统一的资金管理制度,资金预算管理制度不健全等问题。
本文以DK集团公司为例,通过对DK集团公司资金管理的现状及问题的说明,提出了企业集团资金集中管理的必要性。现金流是企业的血液,大型集团公司由于成员企业众多,地域分布广泛,资金管理失控,监控缺乏手段,资金使用率低,已经成为我国大型集团公司管理中迫切需要解决的问题。本文从资金的所有权、经营权、利益分配等几个方面提出了企业集团资金集中管理的指导原则。从而提出企业集团资金集中管理的目标在于加强资金的计划控制,整合集团内部全部资金资源,最大限度提高资金周转效率和效益,管理资金运营风险。其核心目标是保持资金均衡、有效地流动。提出了以资金管理的高度集约化、透明化,优化资产负债结构,减少资金占用,最大限度地提高资金使用效率,降低资金成本,方便成员单位资金使用,防止资金的体外循环,加强内部成员单位的授信及融资管理的资金管理具体目标。
本文论述了集团企业资金集中管理四种模式:统收统支模式、现金集合库模式、资金收支计划驱动拨款模式、资金集中监控应用模式,通过对四种模式运行方式及特点的分析比较,根据DK集团公司自身的特点、目前业务情况与管理水平,确定采取第二种现金集合库的模式作为DK集团公司资金集中管理实施模式。集团公司设立“汇总账户”来归集集团内部单位资金,集团内部单位的基本账户作为归集的二级账户,并通过资金管理平台实现资金归集及对外支付,每日日终进行资金清算。资金管理平台于每个工作日营业终了将集团内部单位基本账户的余额全部划入甲方的“汇总账户”内,对二级账户实行零余额管理。
在说明DK集团公司资金集中管理的机构设置及目标定位,资金额度配置管理办法,资金集中管理会计处理方法等相关内容的同时,本文也对资金集中管理所产生的信息泄露风险,网络安全风险,内部操作风险,流动性风险,体外循环风险等五大方面的控制提出了防范措施。并对DK集团资金集中管理的运行情况进行了客观评价。
本文对DK集团公司资金集中管理的意义和作用进行了归纳总结。实行资金集中管理,整个集团可以不再出现拥有大量货币资金的同时借有大量银行借款的局面,从而使集团整体资金发挥最大效应;可以加强企业集团的内部监控,能够也必须实时监督和跟踪集团各成员单位的经营情况和财务风险,从而可以有效地控制和降低集团整体的经营风险;可以帮助企业集团的长期战略规划得以有效实施;可以促进公司内部专业化分工,提高管理效率。
最后本文对资金集中管理中的最佳现持有量及、银企协作关系、集权与分权问题及资金集中带来的风险集中等提出了一些思考及未来的探索。
本文的主要贡献:
本文以DK集团公司资金集中管理深入分析,试图采用理论和实践相结合的方式,将资金集中管理在集团型企业的运用进行控索,期望对提高集团型企业的资金管理水平提供一点借鉴意义。
本文的不足之处:
主要体现为仅论述了DK集团公司资金集中管理的应用,而未对资金集中管理对企业战略及经营发展的影响和作用进行深入的分析和探究。
Enterprise Group is a new type of organization, which adapts the market economy and large-scale socialized production. This new type is also an inevitable trend for enterprises to competition. The management mode of enterprise group should be as“profits driven, finance centralized, capital targeted”. Fund management is the central link of enterprises financial management, as well as a key point of enterprise management. Currently, domestic enterprises are of large scale but not strong. It is lack of management capacity. The scale advantage of the recourse has not been fully displayed. With the development of enterprises groups, cash flows like“blood”at all levels of organizations. But it will become more complicated and hard to control due to the increasing of subsidiary multi-industry business and Non-business Corporation. Funds management problems are funds dispersed, lack of monitoring operation and the low-efficiency. Taking an overview of development of domestic and foreign large-scale enterprise groups, the only way is that we have to implement the centralized management of funds in order to improve the controlling capacity, co-management of enterprises and sharing management capacity. Implementation of the centralized management of funds is propitious to guarantee the internal financial targets fit together, to enhance the efficiency of enterprises by saving costs, and to maximize the overall interests of the group.
Through a brief introduction to the background and purport of centralized management of funds, this essay refers to the concept of funds management of enterprise group, namely, under the consideration of rights and interests, parent company of a group achieve the purpose of gathering financial recourse, targeting the capital gain and capital security by controlling or involving in business operations and decision-making process under the guidance of strategic objectives. The essay also addresses on substance, connotation, constraints, and other related theories and policies.
DK Group is a diversified listed company. It has more subsidiaries and branches. The problem is that capital dispersing and stringent, weakness on monitoring of funds using, and lack of financial management system, and etc.
Taking DK Group as an example, the necessity of capital integration management in enterprises has been brought out, through the interpretation of status quo and issues of capital management in DK Group. Cash flow is“blood”of enterprises. Large number of member companies, scare geographical distribution, funds management out of control, lack of monitoring means and low utilization of funds are all the problems which need to be solved urgently by the large groups. The essay also gives perspective about ownership of the funds, funds authorization and assessment of interests. Thereby, centralized management of funds is targeting at the project control of capital. Conformity the total funds resources, improving the efficiency and effectiveness of cash flow, management of capital operational risk are also under consideration. The key target of funds management is maintaining the balance and effective cash flows. The precise objectives are high-intensive and transparency of capital management, optimizing liability composition, reducing capital occupied, maximizing the efficiency of funds, reducing the cost, prevent extracorporeal circulation of funds, strengthening financial management, and etc.
The essay discusses four modes of funds management: mode of uniform receipts, disbursement method, mode of capital gather, mode of financial cash flow balance; income and expense program appropriation, mode of centralized monitor of funds. According to the analysis of characteristics, service conditions and management of DK Group, we decide to adopt the second mode for the company. Group Corporation sets up“gathering account”to gather funds of the Group Corporation .The main account of the company of Group Corporation is the secondary account and do external payment. It settles funds every day. The terrace puts all the funds of the companies of Group Corporation to“gathering account”.
The essay also mentioned the countermeasures of the risk of leaking information, network safety, operational risk, liquidity risk and capital cycle risk, as well as making an objective evaluation of funds operation.
I sum up the purport and effect of centralized management of funds of DK Group. The group will not be in the situation of both having much cash and much loan,thereby making great efficiency of funds. We can also strengthen the internal control, as well as can and must start real-time monitoring and tracking of operating and financial risks of all members by implementing capital management. It is availability to the efficiency controlling and reducing the operation risks, the effectively implementation of long-term strategy planning, and to promote the internal working division.
In addition, the financial holdings, cooperative relationship between bank and enterprise, centralization and decentralization and the risks brought from centralized funds will have to be regarded and explored.
本文通过对资金集中管理的背景及意义的介绍。逐步引入企业集团资金管理的概念,即集团母公司出于维护自身资金权益的考虑,在集团战略目标的指引下,依靠资本纽带、产业纽带或经营契约,通过控制或参与成员企业的资金经营和决策过程,达到聚集资金资源,实现资金安全与资金增值目标的管理方法。并对资金集中管理的实质、内涵、制约因素及其他相关理论基础和相关政策支撑进行了集中论述。
DK集团公司为一家多元化经营的上市公司,集团内部子公司及分公司机构较多,资金管理主要存在成员公司较多,资金存量分散,集团公司整体资金面较紧;资金使用监控乏力,没有统一的资金管理制度,资金预算管理制度不健全等问题。
本文以DK集团公司为例,通过对DK集团公司资金管理的现状及问题的说明,提出了企业集团资金集中管理的必要性。现金流是企业的血液,大型集团公司由于成员企业众多,地域分布广泛,资金管理失控,监控缺乏手段,资金使用率低,已经成为我国大型集团公司管理中迫切需要解决的问题。本文从资金的所有权、经营权、利益分配等几个方面提出了企业集团资金集中管理的指导原则。从而提出企业集团资金集中管理的目标在于加强资金的计划控制,整合集团内部全部资金资源,最大限度提高资金周转效率和效益,管理资金运营风险。其核心目标是保持资金均衡、有效地流动。提出了以资金管理的高度集约化、透明化,优化资产负债结构,减少资金占用,最大限度地提高资金使用效率,降低资金成本,方便成员单位资金使用,防止资金的体外循环,加强内部成员单位的授信及融资管理的资金管理具体目标。
本文论述了集团企业资金集中管理四种模式:统收统支模式、现金集合库模式、资金收支计划驱动拨款模式、资金集中监控应用模式,通过对四种模式运行方式及特点的分析比较,根据DK集团公司自身的特点、目前业务情况与管理水平,确定采取第二种现金集合库的模式作为DK集团公司资金集中管理实施模式。集团公司设立“汇总账户”来归集集团内部单位资金,集团内部单位的基本账户作为归集的二级账户,并通过资金管理平台实现资金归集及对外支付,每日日终进行资金清算。资金管理平台于每个工作日营业终了将集团内部单位基本账户的余额全部划入甲方的“汇总账户”内,对二级账户实行零余额管理。
在说明DK集团公司资金集中管理的机构设置及目标定位,资金额度配置管理办法,资金集中管理会计处理方法等相关内容的同时,本文也对资金集中管理所产生的信息泄露风险,网络安全风险,内部操作风险,流动性风险,体外循环风险等五大方面的控制提出了防范措施。并对DK集团资金集中管理的运行情况进行了客观评价。
本文对DK集团公司资金集中管理的意义和作用进行了归纳总结。实行资金集中管理,整个集团可以不再出现拥有大量货币资金的同时借有大量银行借款的局面,从而使集团整体资金发挥最大效应;可以加强企业集团的内部监控,能够也必须实时监督和跟踪集团各成员单位的经营情况和财务风险,从而可以有效地控制和降低集团整体的经营风险;可以帮助企业集团的长期战略规划得以有效实施;可以促进公司内部专业化分工,提高管理效率。
最后本文对资金集中管理中的最佳现持有量及、银企协作关系、集权与分权问题及资金集中带来的风险集中等提出了一些思考及未来的探索。
本文的主要贡献:
本文以DK集团公司资金集中管理深入分析,试图采用理论和实践相结合的方式,将资金集中管理在集团型企业的运用进行控索,期望对提高集团型企业的资金管理水平提供一点借鉴意义。
本文的不足之处:
主要体现为仅论述了DK集团公司资金集中管理的应用,而未对资金集中管理对企业战略及经营发展的影响和作用进行深入的分析和探究。
Enterprise Group is a new type of organization, which adapts the market economy and large-scale socialized production. This new type is also an inevitable trend for enterprises to competition. The management mode of enterprise group should be as“profits driven, finance centralized, capital targeted”. Fund management is the central link of enterprises financial management, as well as a key point of enterprise management. Currently, domestic enterprises are of large scale but not strong. It is lack of management capacity. The scale advantage of the recourse has not been fully displayed. With the development of enterprises groups, cash flows like“blood”at all levels of organizations. But it will become more complicated and hard to control due to the increasing of subsidiary multi-industry business and Non-business Corporation. Funds management problems are funds dispersed, lack of monitoring operation and the low-efficiency. Taking an overview of development of domestic and foreign large-scale enterprise groups, the only way is that we have to implement the centralized management of funds in order to improve the controlling capacity, co-management of enterprises and sharing management capacity. Implementation of the centralized management of funds is propitious to guarantee the internal financial targets fit together, to enhance the efficiency of enterprises by saving costs, and to maximize the overall interests of the group.
Through a brief introduction to the background and purport of centralized management of funds, this essay refers to the concept of funds management of enterprise group, namely, under the consideration of rights and interests, parent company of a group achieve the purpose of gathering financial recourse, targeting the capital gain and capital security by controlling or involving in business operations and decision-making process under the guidance of strategic objectives. The essay also addresses on substance, connotation, constraints, and other related theories and policies.
DK Group is a diversified listed company. It has more subsidiaries and branches. The problem is that capital dispersing and stringent, weakness on monitoring of funds using, and lack of financial management system, and etc.
Taking DK Group as an example, the necessity of capital integration management in enterprises has been brought out, through the interpretation of status quo and issues of capital management in DK Group. Cash flow is“blood”of enterprises. Large number of member companies, scare geographical distribution, funds management out of control, lack of monitoring means and low utilization of funds are all the problems which need to be solved urgently by the large groups. The essay also gives perspective about ownership of the funds, funds authorization and assessment of interests. Thereby, centralized management of funds is targeting at the project control of capital. Conformity the total funds resources, improving the efficiency and effectiveness of cash flow, management of capital operational risk are also under consideration. The key target of funds management is maintaining the balance and effective cash flows. The precise objectives are high-intensive and transparency of capital management, optimizing liability composition, reducing capital occupied, maximizing the efficiency of funds, reducing the cost, prevent extracorporeal circulation of funds, strengthening financial management, and etc.
The essay discusses four modes of funds management: mode of uniform receipts, disbursement method, mode of capital gather, mode of financial cash flow balance; income and expense program appropriation, mode of centralized monitor of funds. According to the analysis of characteristics, service conditions and management of DK Group, we decide to adopt the second mode for the company. Group Corporation sets up“gathering account”to gather funds of the Group Corporation .The main account of the company of Group Corporation is the secondary account and do external payment. It settles funds every day. The terrace puts all the funds of the companies of Group Corporation to“gathering account”.
The essay also mentioned the countermeasures of the risk of leaking information, network safety, operational risk, liquidity risk and capital cycle risk, as well as making an objective evaluation of funds operation.
I sum up the purport and effect of centralized management of funds of DK Group. The group will not be in the situation of both having much cash and much loan,thereby making great efficiency of funds. We can also strengthen the internal control, as well as can and must start real-time monitoring and tracking of operating and financial risks of all members by implementing capital management. It is availability to the efficiency controlling and reducing the operation risks, the effectively implementation of long-term strategy planning, and to promote the internal working division.
In addition, the financial holdings, cooperative relationship between bank and enterprise, centralization and decentralization and the risks brought from centralized funds will have to be regarded and explored.
引文
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【2】中国企业国际化管理课题组著.企业财务国际化管理方法〔M」.中国财政经济出版社,2002:147一186页
【3】周德孚.管理控制[M].上海财经大学出版社,1998:133一151页
【4】王化成.高级财务管理学[M].中国人民大学出版社,2003:84一109页
【5】张兆国高级财务管理.[M].武汉大学出版社,2002:26一49页
【6]胡杨.财务管理[M】.西南交通大学出版社,1999:252一286页
【7]金摘.国际财务「M」.大连理工大学出版社,1999:195一217页
【8]梅东余.如何用活流动资金[M].石油工业出版社, 2002:153一185页
【9]王玉新.现代企业理财「M].陕西科学出版社,1998:280一318页
【10]夏乐书,刘淑莲.公司理财学
【Ml.中国财政经济出版社, 1998: 406一420页
【11]卢斯·班德.公司财务战略[M」.人民邮电出版社,2003:36一49页
【12】陆正飞.财务管理[M].东财出版社,2002:43一68页
【13】毛傅根.跨国公司财务管理
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