现金流量视角下燃气企业财务风险控制(共6页).docx

精选优质文档-倾情为你奉上现金流量指企业在一定会计期间按照收付实现制，通过一定经济活动而产生的现金流入、现金流出及其总量情况的总称。现金流是企业的血液，是所有自主经营、自负盈亏经济主体得以持续经营的保障，尤其在企业财务风险管控上，现金流量起着不可忽视的作用。笔者所在的燃气行业也不例外，通过提升现金流量管理水平能够有效防范燃气企业财务风险，提升企业核心竞争力，保证企业健康稳定持续发展。一、现金流量视角下燃气企业财务风险分析燃气企业作为重要的能源开发及运用企业，具有一定的行业特殊性。一方面，作为公用事业企业，燃气行业具有公共服务属性，其生产经营状况和盈利水平受政府经济政策的影响；另一方面，作为自主经营、自负盈亏的企业，燃气企业同其他行业企业一样，其经营状况受自身管理水平及外部经济环境等的影响。近年来，随着国家节能减排要求的逐步提出，天然气作为清洁能源，需求量不断攀升，燃气经营企业也不断发展壮大。在履行公共服务职能的同时，企业财务风险也不断加大，一些财务问题日渐凸显。快速扩张、大规模投资、天然气价格改革、安装材料价格上涨、人工服务成本增加等使得部分燃气企业在现金流量管理上有些力不从心、捉襟见肘。尤其在经济形势新常态下，随着市场环境变化，用户市场一旦萎缩，燃气企业在现金流量方面将面临严峻的考验。1.价格变动影响经营活动现金流量燃气企业的主要业务分为天然气销售和天然气安装两大板块。在天然气销售业务上，燃气企业向上游油气田生产企业或中间燃气管输企业采购气源，再销售给下游工商居民用户。由于天然气供应关系国计民生，销售价格均是政府定价，价格变动需经物价部门的审核或价格听证程序，所以燃气企业要承担上游采购价格上涨带来的风险。一旦上游价格上涨不能及时进行终端疏导，燃气企业将支付更多的购进成本，现金支付压力增大，现金流出量增加，导致经营现金净流量减少。在天然气安装业务上，由于安装价格也是政府定价，燃气企业要承担安装材料价格上涨和人工成本上涨带来的利润损失，同时对外现金支付量也会增大，导致经营现金净流量减少。2.管网设施投资影响投资活动现金流量燃气行业不同于一般生产经营企业，燃气管网基础设施投资金额巨大，建设周期长，投资回收期长。大额的建设资金投入要全部回收本身就需要耗费相当长的时间，而要通过这笔建设资金产生一定经济回报，所耗费的时间更难以估计，这本身会造成对企业资金的长时间占用。甚至有些大型的输气设施投入了大量的资金而投资回报却差强人意，大额的投资现金支出没有对应的现金收益，可能使企业陷入现金不足的尴尬境地。3.贷款利率变动和汇率变动影响筹资活动现金流量燃气企业属于微利企业，在企业发展过程中，随着投资规模的不断扩大，经营活动产生的现金流入不足以弥补投资活动现金流出，企业必须通过外部融资来满足管网设施建设投资的资金需求。而外部融资利率的上升可能使企业面临更大的偿债压力，资金支付需求进一步增大。一些境外机构贷款还存在着汇率变动导致还款金额增加的风险。二、现金流量视角下燃气企业财务风险控制措施外部环境和内部管理等多种因素使燃气企业在经营、投资、筹资方面产生现金流量风险，那么如何采取有效措施来防范现金流量短缺产生的财务风险呢？笔者认为应从现金管理、资产周转、投资管理等多角度入手。1.实行资金集中管理，增加资金收益对于大型的燃气集团来讲，可以通过将资金集中到集团总部，由总部统一调度、管理和运用。通过资金集中管理，可以有效降低资金风险，实现集团内资金资源的有效整合和宏观调配，减少不必要的对外融资，降低集团内分支机构的存贷比率，提高资金使用效率，降低财务成本，增加资金收益，从而增加现金流量。2.编制现金流量预算，强化现金流量预算管理通过编制现金流量预算，可以综合反映燃气企业未来的现金流入、流出趋势，动态反映企业的现金状况，有利于科学调控合理安排资金。一方面，编制现金流量长期预算。根据企业预期管网设施投资规模、预期经营活动现金流量、最低现金保有量等要求，预测未来较长时期内（如五年）企业的现金流量情况，掌握企业资金盈缺，提前安排投融资策略，防范财务风险。另一方面，编制现金流量年度预算和月度预算，分解落实企业年度经营目标，细化现金流量指标，控制现金流量在生产经营各环节的投放。通过现金流量与预算管理的有机结合，有助于提高企业对现金流量的管控能力，在资金过剩时安排投资方案，在资金短缺时拟定筹资策略，从而提高企业防范财务风险的能力。3.加强应收账款管理，降低坏账风险由于燃气企业管理户数众多，抄收和款项结算存在时间差，不可避免会产生大量应收账款。而应收账款回收慢，会降低企业的现金流入速度。有些应收款项甚至难以回收，直接造成企业的现金损失。燃气企业应建立健全应收账款管理体系，完善应收气费管理制度。通过设置应收气费回收天数、应收账款占销售收入比重、坏账比率等量化指标敦促相关部门及时催收欠款，控制应收账款余额，加速回款。针对大的工商业用户，制定合理的信用政策，建立大客户信用管理系统，采集客户资产负债情况，了解客户的经营业绩和盈利能力，及时掌握客户的最新信息，防患于未然。针对性的采用先款后气或收取合同履约保证金等形式加速气费款项回收，及时收回现金，防范财务风险。4.加速资产周转，减少资金占用由于燃气企业有大量的管网资产，资产总额较大。为减少资产对资金的占用，企业应及时清理资产，对闲置不用或利用不充分的资产，应予以处置，以减少资产对资金的占用，提高资产的获利能力，提升资产运营效率。同时优化存货物资管理，控制存货数量，参考ABC分类法对存货进行分类管理，在保证企业正常生产经营需求的前提下，使存货量保持合理的低水平，减少库存物资对资金的占用，盘活资产，加速资金周转，增加现金流量。5.正确进行投资决策，合理安排现金流出燃气企业的管网投资以现金投入为起点，由现金转化为管网资产，再通过燃气销售业务转化为现金收益流入企业。而从现金投入到现金回收的周期往往较长，尤其是大型的管网设施更是如此。企业管理层要结合燃气企业的现状正确进行投资决策。在投资前对项目进行充分的可行性论证，评估项目的投资回报率和项目的现金流情况。对拟投资的项目根据企业现金存量和项目建设进度合理安排资金支付，保证现金流平稳顺畅。对投资后的项目加强跟踪管理，关注项目运营情况和收益情况，保障现金收益及时流入。综上，燃气企业在正常生产经营活动中会面临各种财务风险，企业应从生产经营、投资融资等各个层面识别风险，并采取切实有效的措施防范风险。通过建立健全风险管控机制，运用资金集中、预算管理等多种手段强化现金流量管控，确保企业在资金运营良好的情况下持续健康发展。Cash flow refers to the enterprise in a certain accounting period according to the accrual basis, cash inflow generated through certain economic activities, cash outflow and the total amount of the floorboard. Cash flow is the blood of the enterprise, is the guarantee of all the independent management, self financing and profit and loss of the economy, especially in the enterprise financial risk management and control, cash flow plays an important role. The author is located in the gas industry is no exception, through the improvement of the level of cash flow management can effectively prevent the financial risks of gas enterprises, enhance the core competitiveness of enterprises to ensure sustained and healthy development of enterprises.An analysis of the financial risk of gas enterprises from the perspective of cash flowGas enterprises as an important energy development and application of enterprises, has a certain industry specific. On the one hand, as utilities, gas industry has the attributes of public service, the production operating conditions and the level of profitability is affected by the government's economic policy; on the other hand, as autonomous and self financing enterprises, gas enterprise with other enterprises, the operation status by their management level and external economic environment. In recent years, with the national energy saving and emission reduction requirements of the gradual, natural gas as a clean energy, demand continues to rise, gas operating companies have continued to grow and develop. While performing the functions of public service, the financial risks of enterprises are increasing, and some financial problems are becoming more and more important. Rapid expansion, large-scale investment, natural gas price reform, installation material prices, increase the cost of labor service etc. make on the cash flow management bloated and stretched in the part of gas enterprises. Especially in the new normal economic situation, with the changes in the market environment, once the user market is shrinking, gas companies in terms of cash flow will face a severe test.1 price changes affect cash flow from operating activitiesGas enterprises are mainly divided into the main business of natural gas sales and natural gas installation of two plates. In the natural gas sales business, gas companies to the upstream oil and gas production enterprises or the middle of the gas pipeline transport enterprises to purchase gas source, and then sold to downstream industrial and commercial users. Due to the relationship between the national economy and the people's livelihood of natural gas supply, sales prices are the government pricing, price changes required by the price department audit or price hearing procedure, so gas enterprises to undertake upstream procurement prices brought about by the risk. Once the upstream price increases can not be carried out in a timely manner to ease the terminal, gas companies will pay more purchasing costs, cash to pay the pressure increases, the amount of cash outflows increased, resulting in net cash flow to reduce operating. On the natural gas installation business, due to the installation of prices is the government pricing, gas enterprises to undertake installation and material prices and labor costs rise caused by the loss of profits, and foreign cash payment amount will increase, resulting in net operating cash flow reduced.2 pipe network facilities investment impact on cash flow from investing activitiesGas industry is different from the general production and operation of enterprises, gas pipe network infrastructure investment amount is huge, long construction period, long payback period of investment. The input of the large construction funds to all recycling itself will require a long time, but to economic reward generated by this construction funds and time consuming, more difficult to estimate, which in itself will bring to the enterprise funds occupied for a long time. And even some large gas transmission facilities invested a large amount of capital and return on investment is unsatisfactory, large cash investment spending does not correspond to the cash income, may make the enterprise is immersed in the cash shortage of embarrassment.3 loan interest rate changes and exchange rate changes affect the cash flow of financing activitiesGas enterprises belong to low profit enterprises, in the process of enterprise development, with the continuous expansion of the scale of investment, operating activities generated cash inflow is not sufficient to compensate for the investment activities cash outflow, the enterprise must through external financing to meet the capital requirements of pipeline facilities construction investment. And the rise of external financing rates may enable enterprises to face greater pressure to repay the debt, the need to pay further increase funds. Some foreign institutional loans also exist exchange rate movements lead to increased risk of repayment amount.Two, cash flow from the perspective of gas enterprise financial risk control measuresA variety of external environment and internal management, and other factors make gas enterprises produce cash flow risk in management, investment, financing, how to take effective measures to take precautions against the cash flow of the shortage of financial risk? I think from the cash management, asset turnover, investment management, etc.1 centralized management of funds to increase capital gainsFor large gas group, the funds can be concentrated to the group headquarters, unified scheduling, management and use of the headquarters. Through the capital centralized management, can effectively reduce the risk of funds, within the group of financial resources to effectively integrate and macro allocation, reduce unnecessary foreign financing, lower loan to deposit ratio of group within the branch, improve efficiency in the use of funds, reduce the financial cost, increase capital gains, thereby increasing the cash flow.2 the preparation of cash flow budget, strengthen the cash flow budget managementThrough the preparation of cash flow budget, can comprehensively reflect the future cash inflow and outflow of gas enterprises, the dynamic reflection of the cash situation of enterprises, is conducive to scientific regulation and reasonable arrangement of funds. On the one hand, the preparation of cash flow budget. Expected in the future for a long period of time, according to the expected investment scale, expected operating cash flow, minimum cash reserves and other requirements.专心-专注-专业