摘要
我国民营经济发展历程短、不成熟，许多民营企业由于抓住某一特殊机遇或进入某一特定行业而高速成长，又因内部管理的不足，只注重外延扩张，不善集约经营，尤其是财务管理与资本运作机制欠缺，出现财务危机而迅速倒闭。
目前，国内对股份制上市公司资本运作模型研究较多，侧重于一般理论，离现实较远，对我国民营企业现状下的财务管理与资本运作研究不够。笔者在这里以亲身经历与财务管理实践为基础，着重研究一家民营公司从小型企业到大型企业发展过程中财务管理的转型问题，并从中探索民营公司财务活动规律，找出一些解决问题的具体思路与对策。
本文样本为ABC制药公司。该公司经过5年扩张式经营，总资产从300万增长至近3亿，年销售收入超过1.5亿。但伴随着公司的迅速发展，其财务管理机制的落后、混乱与不足也逐渐显示出来：所有者财务与公司法人财务混淆；公司与员工财务目标缺乏共性；公司总部对分公司财务控制软弱；公司财务目标不明确，投入产出不配比；经营性费用常常失控，资本性支出无计划性、先进性、系统性；资产管理权责不明，归口分级控制不力，管理无序和闲置浪费现象严重。投资固定资产1.4亿后，公司经营安全边际直线下降，资产负债率大幅上升，财务风险随之加剧。
论文通过对ABC公司利润构成与资产营运绩效，财务结构和存量资产适应性，融资状况与资本成本以及现金流量的深入研究，对公司当前财务活动状况进行了损益、结构与财务状况变动分析，力图揭示其潜伏的深层次财务危机。为解决这些问题，在财务管理上实施公司财务从事后反映核算型向科学管理型与资本经营型的转型。公司财务管理体制进行重塑，分析公司当前经济、金融、社会与市场等环境，确立公司财务战略目标，尤其是在经过一段高速成长期后，不再强调资产规模最大化，而是注重财务战略的成熟与稳健，追求资本金持续高效增值与公司各方面利害关系人最大程度满意，并探索为达到公司财务目标的各方面配套财务策略。树立系统、科学的财务管理理念。对公司法人与所有者、所有者与经营管理者、公司与员工之间财务关系进行分析与再造；完善公司财务预算与控制制度，设立分公司利润中心制度；资产管理方面，流动资产管理体制向规范化理财转型，固定资产管理从权责不明向归口分级管理转型，注重保护无形资产。在强化公司存量资产管理基础上，完善资本经营，投资管理从主观集权向民主科学决策转型，筹资管理从只重筹资数量向建立资金需求模型，关注资本成本，调整资本结构，实现企业价值最大化的转型。从整体上完成公司从只注重外延扩张向以人为本，以财务战略为先导，科学决策，规范运作，高效健全的财务机制的转型。
论文本着实事求是态度，从个性案例中寻找共性，力求通过对ABC公司财务调研，揭示民营企业财务活动规律，并探索相应的财务管理转型措施。
Private economy has developed only for a short time and remains immature in China. Many private enterprises develop rapidly by catching certain opportunity, but they soon go to closure because of the lack of internal management mechanism, the focus only on extensive expansion and not on intensive operation, especially the loose of financial management and poor capital operation causing financial crisis. At present, there are numerous book studies the capital model of holding companies more than the model under which private enterprises operate. The author emphasizes the financial problems of private enterprises in the transition period and presents the solutions on the basis of his own experience and financial management practice.
This essay studies the case of ABC Pharmaceutical Co.. After five years of expansionary development, the corporation has increased from 3 million yuan to nearly 300 million yuan in assets with yearly sales income over 140 million yuan. However the corporation's further development gradually reveals the chaos and deficiency in the financial management mechanism. Ownership finance confuses the finance of legal person; financial objectives of corporation and working staff have little in common. Corporation headquarter exerts weak financial control over the subordinate enterprises. The corporation has vague financial objectives and loses control of operation expense, input and output are improportional, and capital input isn't planned, advanced and systematic. Management responsibility of assets isn't clearly classified, assets control is weak at different levels, management is in disorder, and resources are seriously wasted. After the 140 million investments in fixed assets, marginal security of operation lowers greatly while the ratio of liability to assets increases enormously, so the financial risk aggravates.
This essay deeply analyses the financial activity, and tries to make clear the potentially deep financial crisis by analyzing the profit composition, stock assets adaptability, fund-raisings as well as capital cost, financial structure and money flows. It then goes to the transition and restructuring of financial relations between the legal person and ownership, ownership and management, corporation and workers. This paper analyses the present economic, financial and social environment, establishes the financial strategy to realize the aim, and emphasizes the mature and sound financial strategy after the rapid development. It also erects systematic and scientific financial management ideas, analyses the financial management mechanism transition from vague to regular. Long-term investment management changes from subjective centralized style to democratic and scientific decision-making, assets management change from vague responsibility to clear definition, and special attention is paid to protect invisible assets. The focus of fund-raising management changes from quantity to capital cost and the corporation's value maximum. The corporation should carry out fiscal budgetary management, enhance the secondary accounting in the subordinates. At last, the corporation should change from product operation to capital operation, conduct shares diversification and capital expansion of various types. The corporation's financial mechanism should transfer from external expansion to human-based, strategy-oriented, management-regularized.
This paper sticks to reality, seeks common character from individual cases, tries to reveal the comprehensive internal economic principles of private enterprises, and gives out it's solutions to solve the financial management problems in the transition period.
引文
《预算管理与编制实务》 李建华 清华管理科学图书中心
《高级财务学》 刘恩禄 汤谷良 辽宁人民出版社
《企业财务学》 王化成 中国人民大学出版社
《哈佛管理论文集》 孟光裕 中国社会科学出版社
《公司财务分析》 郭惠云 刘兴云 上海财经大学出版社
《资本经营》 郭元 西南财经大学出版社
《Mergers,Restructuring and Corporate Control》
J.Fred Weston Kwang S.Chung Susan E.Hoag
Prentice Hall Inc.
《Principles of Financial management》
Burton A. Kolb
Business Publication .Inc. Plano Texas