联系我们

论文查询结果	返回搜索

论文编号：	5305
作者编号：	2120102774
上传时间：	2013/6/6 11:15:20
中文题目：	我国境内外币资金池管理模式研究——以Z企业集团为例
英文题目：	Research on Chinese Foreign Currency Cash Pooling Management Mode——Study on Z Group Case
指导老师：	陈国欣
中文关键字：	外币资金池;委托贷款;财务费用;营业税;合并报表
英文关键字：	foreign currency cash pooling;entrusted loan;combined financial statement;financial expense;business tax
中文摘要：	对于当今的多数企业集团来说，传统分离式的资金管理体系暴露出落后的弊端，而资金集中管理体系则体现出先进性与适用性。作为资金集中管理的重要工具之一，外币资金池由于能集中管理企业集团的外币头寸而备受关注，并于2005年首次出现在我国实践中。 2009年，《境内企业内部成员外汇资金集中运营管理的规定》通过放宽准入条件，促进了外币资金池在我国的发展。Z企业集团正是在2009年末，分别上线了日元与美元资金池。Z企业集团的外币资金池有六家参与企业，以外币委托贷款为基础，采用极具代表性的零余额账户运行模式。笔者曾在2011至2012年间于Z企业集团财经部实习，参与到外币资金池的相关工作中，并确定以此作为毕业论文的选题。本文以Z企业集团的案例为核心，辅以理论、政策分析，并结合国内外的研究与实践，对我国境内外币资金池的管理模式进行了一次深入全面的研究。在内容安排上，本文分为五章：第一章为引言；第二章是对外币资金池管理模式的介绍；第三章与第四章为Z企业集团的案例分析，是本文的重点部分；第五章是总结与展望。在案例分析时，笔者对Z企业集团外币资金池从构建到运行的全程进行剖析，并重点探讨了适用性、账户池、委托贷款等方面。在评估外币资金池适用性时，笔者引入合并报表分析方法。在分析账户池时，笔者通过图示及举例展现账户结构与资金的流动路径。在委托贷款方面，笔者对贷款金额、利率、期限及相关税费进行了分析。通过研究，笔者发现Z企业集团的外币资金池有提升外汇使用效率、节约财务费用、降低外汇风险、增强融资能力等优点，但存在税费过高、投资不足、考评失衡等问题。针对税费过高问题，笔者认为根本原因在于资金流动超过实际需求，并用简化资金流动的思路提出解决方案。对于投资不足问题，笔者提出打通跨境资金流动通道等设想。对于考评失衡问题，笔者提出“还原”的解决方案。最后，笔者对案例研究的结果进行提炼，分别作出针对Z企业集团和具有普遍适用意义的总结，并从外币资金池的客观环境与管理模式两方面作出展望。
英文摘要：	In many modern enterprise groups, centralization of treasury activities shows stronger applicability than traditional dispersive treasury management. As an important phase of the centralization, foreign currency cash pooling offers companies the ability to achieve the centralization of foreign currency. The first domestic foreign currency cash pool in China was implemented in 2005. The rapid development of foreign currency cash pooling was brought about in 2009 after State Administration of Foreign Exchange released the No.49 policy document. Z group created a Yen pool and a dollar pool based on entrusted loans and zero balance accounts in this year. There are 6 members participating in the cash pooling. I was working in the department of treasury in Z group as an internship from 2011 to 2012. My job was related to cash pooling which I chose to be the subject of my graduation thesis. Centre on the Z group’s case, supplemented by analysis of theories and policies, this thesis made a thorough research on foreign currency cash pooling. To improve the case study, I read a lot articles about the practice and research about cash pooling at home and abroad. This thesis consists of 5 chapters. Chapter 1 is the introduction. Chapter 2 is about the model of foreign currency cash pooling. Chapter 3 and Chapter 4 tell about the case study of Z group. Chapter 5 is the summary and outlook. When researching on the case of Z group, I analysed the whole course of foreign currency cash pooling from establishment to operation. Applicability evaluation, entrusted loans, accounts, taxes and fees are key points. To evaluate the applicability, I analysed the combined statements of Z group. To articulate the frame of accounts, I drew a map of accounts and exhibited the process of cash flow. When researching entrusted loans, I analysed the number, rate, related taxes and fees. My research shows that foreign currency cash pooling offers Z group the opportunity to reduce the interest charge and currency risk, enhance the financing ability and efficiency of currency. However, there are 3 major problems. Firstly, taxes and fees are too much because of the frequent movement of cash. The key to solve this problem is simplifying cash movement. The second problem is the lack of investment instruments. The channel between cash pools in country and cash pools abroad is a possible solution. The last problem is about performance appraisal. Z group should consider the effect of foreign currency cash pooling when reviewing the members’ performance. Based on the summary of the case of Z group, some suggestions which apply in other groups have been made. Moreover, I forecasted the development of foreign currency cash pooling considering environment and operation pattern at the end of the paper.
查看全文：	预览  下载(下载需要进行登录)