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论文编号：	3048
作者编号：	2120082620
上传时间：	2011/5/19 14:11:57
中文题目：	基于预算分析的营运资本管理优化的研究
英文题目：	Optimization of Working Capital Managemt, in View of Firancial Planing & Analysis
指导老师：	周晓苏
中文关键字：	财务预算,财务分析,营运资本
英文关键字：	financial budget,financial analysis,working capital
中文摘要：	营运资本的管理是财务预算分析人员需要关注的核心问题之一，营运资本指标也是华尔街分析研究的关键绩效指标之一，然而长久以来大部分国内企业缺乏对其应有的关注度。在当前国际金融危机持续影响而“滞涨”的大背景下，优化营运资本的管理将越来越多的受到企业经营管理的重视，所以本文的研究便凸显出了十分重要的现实意义。 ABC集团是一家营业额已经超过300亿美元的财富100强公司 ，发明和制造高科技产品，以解决诸如安全、保卫和全球能源等对全球宏观大趋势颇具挑战的问题。ABC集团旗下分别有航空航天、自动化控制系统、交通系统和特殊材料四大战略业务集团安防事业部隶属于ABC集团自动化控制系统，是世界领先的电子保安系列产品和系统供应商。为全球范围内数百万家庭、企业、商业、工业、公用事业及政府机关提供电子技术和解决方案，其产品包括门禁控制及防盗报警和视频监控系统技术产品。 预算是一个实体的营运计划和控制工具，它用来确定在一段时间内为实现实体的目标所需要的资源和所需承担的义务。财务分析是以会计核算和报表资料及其他相关资料为依据，采用一系列专门的分析技术和方法，对企业等经济组织的偿债能力、盈利能力和营运能力状况进行分析与评价，为企业的利益相关人了解企业过去、评价企业现状、预测企业未来，做出正确决策提供准确的信息或依据的经济应用学科。营运资本又称流动资本，有广义和狭义之分，广义的营运资本又称毛营运资本，是指一个企业生产经营活动中在流动资产上占用的资金；狭义的营运资本又称净营运资本，即为企业日常运营而垫付的资金，等于应收账款加上存货之后再减去应付账款后的余额。 本文紧紧围绕财务预算和财务分析两大管理会计职能，结合ABC集团亚太事业部的实际，深入分析了优化公司营运资本管理的具体举措，试图在公司战略的基础上，把财务预算和财务分析两大环节相结合起来，为国内企业的营运资本的优化管理提供参考价值。 本文的理论部分解释了财务预算和财务分析的定义和相关文献回顾，剖析营运资本的实质、构成以及作用，接着重点论述了财务分析和财务预算在优化营运资本管理中充当的角色，深度分析了优化营运资本管理的具体举措之如集成供应链管理、全球采购中心的整合等，并且给出了标杆性的营运资本管理方法与指标，阐述了这些方法的所能带来的财务影响。极具ABC集团特色的营运资本13期平滑数和营运资本13期周转次数。如13期平均应收账款余额（计算连续13个月应收账款余额的平均数）、13期应付账款的周转次数等， 13期营运资本周转次数的具体算法如下： 13期营运资本周转次数=连续12个月的销售收入/对应13期营运资本余额的平均数 而在过去尚未采用13期做法的时候，职业经理人们把相当一部分注意力放在了最后一个月里降低营运资本的水平。采用13期做法很大程度上消除或减弱了职业经理人某个时期尤其是期末通过诸如降价清仓、减少备货、推迟付款或者采取激进措施回笼应收账款等手段操纵数据的可能性，这样能遏制职业经理人的对营运资本管理短期行为，防止来年出现的供应问题或者客户事端，一定程度上保持了供应链管理、客户管理政策的稳定性。 事实上有很多不同的算法可供采用，重要的是选用适合公司情况的指标并且保持一贯性，这样才能比较好地看到营运资本一年年的提高。除此之外，比较预算或上年同期实际数的差异和差异原因解释可谓其重中之重了，所有这些为后续的行动改进计划指出了方向，为年度预算目标的达成提供了切有力的保障。 此外，文章还深入研究了多维度分析及查询的信息管理系统和会计信息质量的持续改进对优化营运资本管理的积极意义。One ABC，统一ERP，统一采用Hyperion Financial Management报告系统，可按会计实体、会计期间、情景、会计年度、货币、会计科目、事业部代码、关联公司代码、部门代码、成本费用二级科目、部门等进行多维度财务分析。通过账户调节表、资产负债表专项审阅等内部控制措施提高财务信息质量。 无论是管理信息系统还是会计信息质量，持续改进思想都贯穿着始终，为财务预算、财务分析以及优化营运资本的管理打下了良好基础。 文章结合研究结果给出总结，认为在全球经济复苏乏力的大背景下，优化营运资本的管理以帮助企业走出危机变得至关重要。成功的资本营运资本管理的需要时刻关注这些资金所反映的经济利用。管理完善的公司应当量身定制自己的信息管理系统和对职业经理人的激励措施，以确保公司的各项活动中的资金占用最小化，优化营运资本的管理往往需要借助财务预算和财务分析的力量来完成。国内企业可以在借鉴文中论述的管理营运资本的举措基础上，结合自身的具体情形和相应的公司战略，并融入持续改善的理念，探索和形成体系化的优化营运资本管理的方法。 展望未来，管理会计将占据越来越战略的地位，建立基于企业战略的预算分析框架，而把营运资本的优化管理置于这个框架体系之下，便能在提高企业营运效率的同时促成战略目标的达成。而营运资本的管理是一个持续改善的过程 ，企业需加大对财务预算和财务分析等战略管理领域的投入，把优化营运资本管理的工作做到超前。
英文摘要：	Working capital management is one of the core focuses of the Financial Planning &Analysis, working capital index is also one of the key performance indicators concerned by the Wall Street analysis, but most domestic enterprises lack an attention to working capital for a long time. In the continuing impact of the current international financial crisis and thus "stagflation" background, working capital optimization will gain more attention from business management view, so this research has a very important practical significance. ABC Group is a Fortune 100 company with turnover of over 300 billion dollars, inventing and manufacturing high-tech products to address challenging issues such as safety, security and global energy trends on the global macro-trends. ABC Group is consist of four strategic business group, aerospace, automation and control systems, transportation systems and special materials respectively. Security business is part of ABC Group's automation and control system. It is the world's leading electronic security products and systems supplier. It provides electronic technologies and solutions for millions of families around the world as well, and its products include access control and burglar alarm and video surveillance system technology product. Budgeting is operating planning and control tool of an entity that is used to determine to achieve the objectives of the entity and the resources required and the obligations needed to undertake in a period of time. Financial analysis is an applied science based on accounting data and other relevant information, using a series of specialized techniques and methods to analyze and evaluate the solvency of enterprises, profitability and operating capacity, help enterprises Stakeholders understand the business operation status in the past, currently, in the future, then to make the right decisions based on accurate economic information. Working capital, in broad sense, also known as gross working capital which is defined as the amount of cash tied up to current assets in the day-to-day operations of a business; in narrow sense, also known as net working capital. It is the amount of cash tied up in the day-to-day operations of a business. It is determined by taking what customers owe us plus inventory, less what we owe suppliers .This thesis is tightly around the two management accounting functions, financial budget and analysis, combined with practice of ABC Security Asia Pacific Group, with in-depth analysis of measures to optimize working capital, try to integrate the financial budget and analysis together on the basis of the corporate strategy, so as for domestic enterprises’ reference how to optimize working capital. This thesis explained the definition of financial budget and financial analysis and related literature review as well, analyzed substance, composition and function of working capital, and then discussed the roles of financial analysis and budget in optimization of working capital, deeply analyzed specific initiatives of optimizing Working capital, such as integrated supply chain management, global sourcing center management, etc., and set the benchmark of working capital management methods and indexes, explained financial impacts of these methods. Working Capital 13pt Avg and Working Capital 13pt Turns are highly distinctive in ABC group, including Working Capital Receivables 13pt Avg, Accounts Payable - 13pt Turns. Calculation of Working Capital 13pt Turns is as follows: Working Capital 13pt Turns=sales of 12 months/ Working Capital 13pt Avg In the past, there was a huge focus on driving down WC in the last month of the year. In fact a survey shows that many companies do the same thing, they manage to improve WC in Dec so as to post a favorable YOY result. For example, they discount prices to move products, put off vendor payments, or bleed down inventory, or aggressively step up their collection efforts. Then at the beginning of the following year, it cause supply issues and customer problems, they are very likely to slide back, in many cases more than erasing their gains, therefore offer no true benefit of sustainability. There are multiple methods which companies can be used. Overall, the importance is selecting a method which works for your company, stick to the same methodology, and show year over year improvement. In addition, the thesis also studied of information management systems with multi-dimensional analysis and query function and continuous improvement of the quality of accounting information which had significant impact of optimization of working capital. One ABC, one ERP, using Hyperion Financial Management as a unified reporting system, which can do multi-dimensional financial analysis by choosing entity, accounting period, scenario, fiscal year, currency, accounts, business unit code, intercompany code, function code, etc. .Through the Account Reconciliation, Balance Sheet Review and other internal control measures to improve the quality of financial information. Continuous improvement concept is on-going no matter to management information system or accounting information quality, laid a good foundation to financial budgeting, financial analysis and optimization of working capital management. Finally, the thesis drew a conclusion that in the background of global economic recovery weakly, optimizing working capital management to help companies out of the crisis becomes critical. Successful management of working capital needs continuously pay attention to these funds reflecting the economic utilization. Companies with sound Management should tailor their own information management systems and incentives for managers to ensure that the amount of funds used to the activities of the company minimized, optimize the management of working capital often require the financial budget and financial analysis Strength. Domestic enterprises can learn from management initiatives of optimizing working capital discussed above, and combined their specific circumstances and appropriate corporate strategy, integrating the concept of continuous improvement, to explore and establish systematic management approach to optimize working capital. Looking forward, management accounting will occupy more and more strategic position, the establishment of financial planning & analysis framework based on corporate strategy, and optimization of working capital management to be placed under the framework, it would be able to achieve its strategic objectives and enhance their operational efficiency at the same time. As working capital management is a continuous improvement process, companies need to allocate more resources to financial planning and financial analysis so as to optimize working capital management in advance.
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