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论文编号：	4417
作者编号：	2220100527
上传时间：	2012/6/8 13:51:49
中文题目：	财务公司模式下我国企业集团资金管理研究
英文题目：	Research on the funds management of the enterprise group in China-based on the financial company pattern
指导老师：	王全喜
中文关键字：	企业集团;资金集中管理;财务公司
英文关键字：	Enterprise Group ;Funds Management ;Financial Company
中文摘要：	改革开放30多年以来，我国市场经济取得了长足的发展，企业集团的发展规模愈来愈大，其组织架构也日渐错综复杂，面临的竞争环境也越来越激烈。加强企业集团资金集中管理，提高企业集团资金管理效率已是我国企业集团的共识。以财务公司为平台的资金集中管理模式是我国企业集团发展到一定规模的优先选择。随着我国对财务公司的大力支持－比如对其业务范围的拓宽－尤其是允许其外币资金集中管理，这都给我国企业集团财务公司资金集中管理带了了新的契机与挑战。借助先进的信息技术支持，采用适合本企业集团的资金管理信息系统，充分利用财务公司的金融功能，使得企业集团的资金使用效益得到最优化，增强我国企业集团的国际竞争力，这是一个主流趋势。本文主要运用规范研究的方法分析，从我国企业集团财务公司所处的内外部环境探析我国财务公司模式下我国企业集团资金管理中存在的问题，借鉴了国外财务公司资金集中管理的经验，提出了关于我国企业集团财务公司资金管理的一些建议。本文通过交易成本理论、信息不对称理论、产融结合理论以及委托代理理论阐述了财务公司存在的理论基础。财务公司作为企业与金融机构的一种结合体，以高效市场化运作为机制，兼顾企业战略协同。与银行相比，能够减少融资成本，并且能够结合产业特色提供专业的服务的同时不外泄核心信息。与结算中心等资金管理模式相比，财务公司模式具有的金融功能能够拓宽投融资渠道，为企业集团提供金融支持以及财务咨询支持以更好的面对全球化竞争。文中在引言部分介绍了研究的背景、意义、目的、研究方法、研究思路与结构安排，并介绍了相关的研究文献。在第二章首先介绍了我国企业集团的资金集中管理方面的基础概念与理论基础以及我国财务公司的发展现状，比较了实践中我国企业集团的资金集中管理模式，分析了财务公司作为我国企业集团资金集中管理水平的作用。在第三章部分介绍了两个国外财务公司资金集中管理的典型经验，并予以借鉴。在第四章部分从内外因两方面研讨了我国企业集团财务公司模式下资金集中管理存在的问题，其中引用了一些实务中的案例。在第五章部分从战略、资金管理计划、人才、信息技术、风险管理、外币业务、考核方式以及税务实务管理等方面出发，提出了对我国企业集团财务公司模式下资金管理的建议。本文经研究得出以下结论： 1、比较了我国企业集团常见的几种资金集中管理模式后，得出财务公司作为我国资金集中管理平台的优势，这是我国企业集团发展到一定规模的优先选择。财务公司模式在企业集团资金集中管理中比其它资金集中管理模式在调剂资金余缺时更具市场化，在融资来源方面更丰富；财务公司通过其丰富的金融公功能、较完善的公司治理与外部监督以及专业的财务咨询管理能够使得企业集团更大程度上降低财务风险，减少资金成本,提高财务管理水平，在资金集中管理方面产生协同效益。 2、财务公司作为企业集团内部的非银行金融机构，是产融结合的有效形式。与银行等金融机构相比，对企业集团的服务更有针对性，能够降低信息不对称造成的成本，还能与企业集团的战略目标相符结的同时结合企业集团的产业特色进行金融创新，产生协同效应。 3、通过研究西方两个典型的财务公司在资金集中管理方面的经验得出西方企业集团财务公司以下几个方面值得我国企业集团财务公司借鉴：公司治理完善、功能定位准确、业务开展紧紧围绕产业特色、完备的高度集成的资金信息管理系统、充分利用人力资源、来自专业的信息管理部门给予先进的信息技术支持、风险管控能力较强。 4、通过归纳分析，得出我国企业集团资金集中管理目前存在着一些问题：公司治理不够完善；资金计划管理流于形式，融资渠道有待拓宽；创新能力不足且缺乏高端人才；信息化建设有待完善；内控与风险管控能力不足；外币业务管理能力薄弱；人才激励方面存在不足；税务实务管理能力欠缺。在外部政策方面，我国监管部门较多，境内套保产品单一，电子票据普及率低，尚未出台关于电子票据的法规。 5、针对我国企业集团财务公司资金集中管理存在的问题，提出以下建议：资金集中管理应与企业集团战略目标相结合，完善公司治理，设计一套符合实际的资金管理战略规划；加强资金计划管理，对企业集团成员单位有偿使用资金实行差异化管理，还需要优化资金集中管理流程；在拓展融资渠道方面，充分利用财务公司的金融功能，推广电子票据与再贴现业务，参与国际融资；激励人才培养，完善人才资源管理工作；在信息化建设方面，应结合实际情况优化流程，集成各相关信息系统管理并连接Swift等国际清算系统，还应加强研发与维护，做好灾备工作；在风险内控方面，健全面风险内控管理体系，应结合产品市场吸引力等因素来考量风险评价；在外币业务管理方面，可选择通过香港人民币可交割市场（CNH市场）做各种CNH 期权结构性产品来降低汇率风险，在外币集中管理方面可通过境内外币资金池，境外名义资金池等方式来管理。在多元化考核方面，不应过分重视利润指标，还应考虑创新、服务等因素。在税务管理方面，尤其要注重税务实务管理，做好事先税务筹划以防税务风险。在政策性建议方面：加强电子票据推广，建立电子票据转贴现报价体系并出台关于电子票据的法规；可成立联合小组，加强调研与服务，以助于企业集团解决实际问题；统一信息化建设与维护标准，提高信息安全管理水平。
英文摘要：	Our country’s economy gains continual development since the reform and opening up have 30 years of development .The scale of the enterprise group is expanding continually, and the corporate structure convolutes increasingly. In order to fit in with the sharp competitive environment, the present enterprise group realizes it should focus on its centralized management of funds and improve the capital management efficiency. When the scale of our enterprise group is large enough, it tends to prefer financial company pattern as its platform of the funds centralized management. As the financial company is getting strong support from our government-e.g. the business scope has been extending, the financial company is facing new opportunity and challenge on the funds centralized management of the enterprise group. It is a mainstream to select suitable funds info. management system and make full use of the financial functions of the financial company in order to optimize the efficiency of fund utilization and improve its international competition ability. This article mainly uses the method of normative research analysis. It analyzes the problem of the funds centralized management under the pattern of financial company from the internal and external factors. On the basis of succeed experience of the foreign financial company about the funds centralized management, this article gives suggestions about the funds centralized management under the financial company of our country. This thesis takes theory of the transaction cost，theory of asymmetric information, theory of concentration of industry and finance capital and theory of e Principal-Agent as theoretical foundations for financial company . As the combination of the enterprise and the financial institution, the financial company operates effectively with the marketing mechanism and it meets to the strategic co-ordination of the company group. In chapter one，it introduces the background, the significance,the aims, the methods , and the research frame, it also reviews the related fields studies. In chapter two, it introduces the related concept and theory; it also introduces the present situation of the financial company in our country. In this chapter, with comparing the current pattern of the funds centralized management, it emphasizess the advantage of the financial company on the funds centralized management. In the third chapter, the article introduces and learns from the experience of the two typical cases of the foreign fanatical companies on the funds centralized management. In the fourth chapter, this article analyzes the problem of the current funds centralized management under the pattern of the financial company from both the inside and outside factors based on some case. In the fifth chapter, this article makes some suggestions about the funds centralized management under the finical company pattern based on the strategy, the funds planning, the human resources, the information technology, the risk , the foreign currency business, the assessment system and the tax management. In the last chapter, it draws the conclusion: 1. Compared with the present funds centralized management models, the financial company model has advantages in the funds centralized management, and this model might be the top priority when the company groups developing into a certain stage. The financial company model allocates funds in a more effective marketable way. And its financing channel is much wider. Making the use of the financial function, the perfect Corporate Governance, the outside supervising, and the professional financial consultancy of the financial company, it would greatly reduce the risk of the whole finance, and the total costs can be cut down; also it would fully raise the financial management level and maximize the cooperation benefit of the group. 2. Compared with the bank, the financial company offer a much tailored service, thus it could reduce the cost caused by asymmetric information. Also it would develop new financial products based on the group. In this way, the synergistic effect would be maximized. 3. By the study over the two typical cases of the western famous financial company, we could learn that: their experience of the perfect Corporate Governance, the tailored finance service, the high integrating funds information system, full make use of the human resource, the strong information support, and the perfect risk management would be significance for practice reference. 4. By means of the analysis, this article concludes that there are still some problems in the practice of the financial company model of the funs management, such as the funds planning becomes a mere formality, the finance channel is narrow, lacking of the high level of humance, lacking of innovation, information system needs to be improved, the internal control and the risk management s not so good, lack of experience of the foreign currency business, lacking of the good incentive mechanism and lacking the experience of the tax practice. In the field of policy, we lack of the relevant law as support. There are several government regulators, the policy over the financial company is not so easy to understand. 5.At last, this article gives advice accordingly over the financial company on the funds management: to take deep consideration of integrate d strategic objective on the funds management, to improve the Corporate Governance, to improve the funds planning management with differentiated management based on optimized operational process, to make good use of the financial function ,to make full use of the humance resource, to improve the information support, to improve the internal control and the risk management associated with the practice, to improve the operating of the foreign currency business, to improve the tax administration to avoid the risk of the tax. In the field of policy, this paper advises that the government regulators should make full investigations to resolve policy, and they should set up a special office to solve the problems of the financial company; to unify the standard of the information system.
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