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论文编号：	9630
作者编号：	2120152907
上传时间：	2017/12/7 23:34:54
中文题目：	X机械集团现金管理研究
英文题目：	The Study on Cash Management of the X-group
指导老师：	黄福广
中文关键字：	最佳现金持有量；现金管理模式；资金预算；X机械集团
英文关键字：	The optimal cash holding quantity；Cash management；Capital budget；X-group
中文摘要：	对于一个企业，资金就如同血液，无资金而徒有利润的企业难以持续生存。现金作为企业流动性最强的资产，持有现金的多寡直接影响企业的支付能力、偿债能力，进而影响企业的风险和价值，所以现金管理对于企业至关重要，需要企业给予足够的重视。 本文选用X机械集团作为案例研究对象，首先，从定量、定性两个角度，结合横向分析法和纵向分析法对X机械集团现金管理运作现状进行了介绍；其次，运用理论模型和对比法对其当前现金管理中存在的问题进行了论证，其问题主要表现在现金持有量过高，资金集中度不足以及现金存量与利息支出双高等方面；再次，分析其问题产生的原因，主要有以下几个方面：实施现金管理的主体机构结算中心投资动力不足以及考核指标与其职能不符，监管不力以及资金预算下拨体系的缺失等；最后，提出完善现金管理的方案：明确结算中心职能与考核机制解决其投资动力不足导致的现金持有量过高问题，建立专门监管机构解决其监管不力问题，同时运用零基预算模式对预算资金下拨体系进行完善，引入层次分析法和最佳现金持有量模型，从而使建立起实操性较强的、可量化的衡量资金下拨量的方法。 通过优化X机械集团的现金管理模式，解决了其目前存在的现金持有量过高、资金集中度不足以及现金存量与利息支出双高的问题，缓解其投融资保守、资金集中度不高以及总资产收益率连年下降的现状；通过改进结算中心的组织架构改善其投资动力不足的问题；借助管理会计中的预算管理理论和思想，同时辅助使用财务管理中的最佳现金持有量模型以及管理运筹学中的层次分析法等为X机械集团建立了可操作性较强资金预算下拨体系；综上，帮助X机械集团解决资金集中率低、不能发挥资金效益的缺陷，提高企业的价值创造能力。
英文摘要：	Cash is a necessity for a company. The kind of company can’t exist which with high profit alone without cash. As the most liquidity of assets, the quantity of cash that a company holds direct influences payment capacity、debt paying ability、and then influences the risk and value of an organization, so funds management is important for an organization. Every company need pay close attention to it. The thesis chooses X Machinery Company as the object of study. In the dissertation, firstly, I analyze the present situation of the organization by lateral contrast and longitudinal comparison. Secondly，I find the issues which the company are faced now. The matters primarily come from the cash management that the company is using. They are as following: the first one is cash holdings are too high，the second one is the cash deposit and withdrawal have a long span and the third one is the cash stock and interest expense are double high. The argument for the problem use the model of optimal cash holdings and contrastive analysis. Thirdly，I analysis the causes of them, they can be summarized as following: the first one is the host organization of implementing cash management live in less incentives to innovate which results of the lack of independence and incentive indicators and functions mismatch. The second one is inadequate regulatory resources. The last but not the least is the imperfection of the fund allocation system. Finally, I put forward the perfecting schemes. The first one is to clarify the function of settlement center and perfect evaluation system. The second one is setting up regulations. The third one is to build a system of capital appropriation by the thinking of budget management and the model of optimal cash holdings. By improving the cash management can solve the questions that the cash holdings are too high, the cash deposit and withdrawal have a long span and the cash stock and interest expense are double high. Thereby, the scheme can remission the present situations of the conservative investment and financing, total yield decline, the ratio of idle funds is too high and the concentration of funds is not sufficient. The thesis use budget management theory, model of optimal cash holdings and so on to solve the questions which the X-group are faced. In conclusion, the project can solve the questions and help the X-group improve its value.
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