“资金池”模式下的资金管理案例研究.doc

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1、 摘 要随着全球经济一体化的飞速发展，我国集团化的企业越来越多，由于我国许多集团单位采取的是多级法人组织架构，导致了集团内部资金分散不集中，集团的现金流量信息不能得到及时反馈，最终使得集团的资金利用率极低，如果将资金比看作企业的“血液”，那么“资金池”就是企业集团的“心脏”。因此，资金管理在企业的经营管理中起着至关重要的作用，成为了全球各集团公司共同关注的焦点。如何使企业的资金管理达到最佳效果，是目前经营管理者最关注的问题。本文采用归纳法对企业集团资金管理理论进行了总结。从现有的研究来看，国外企业关于集团公司资金集中管理的研究起步较早，形成的相关理论成果比较丰硕；而我国对于该方面的研究起步比较

2、晚，2005年GE公司“资金池”在我国正式实施后，国内有许多集团公司开始效仿，采用该模式进行资金集中管理，引起了理论界的高度关注，相关的理论研究开始丰富起来，但是国内对于“资金池”没有进行深入研究。总体来说，国内外对集团公司资金管理的理论研究主要集中在通过分析现状，提出相应的问题及改进措施，而对于资金实施工作系统化的研究比较少，缺乏一定的针对性。因此，本文采用案例结合和理论归纳的方法，以X集团为研究对象，对“资金池”进行深入探讨。X集团于2008年在集团内部构建了一套统一的资金收支预算管理体系，搭建统一的内外部资金结算平台，运用境内外“资金池”运作模式、建立多层次资金账户体系形成了上下一致、整

3、体协调的集团资金集中管理体制。本文将以X集团2008年-2015年的报表数据为基础进行财务指标分析，透视出X集团资金集中管理的整体效益，从而分析在X集团资金集中管理的现阶段，公司蓄积的“资金池”是否提高了资金流转效率、是否降低了集团对外融资需求和融资成本、资金管理组织架构是否合理、是否符合集团公司的发展战略。并根据本文的分析结果提出相应的政策性建议，以期能够为我国企业集团增强资金管理水平和效率提供经验支持。根据本文的研究思路，本文的研究内容主要包括五个部分：第一部分为绪论。介绍本文的选题背景及意义、国内外的研究现状、研究的主要内容以及创新点。第二部分对企业集团资金管理进行阐述。重点介绍企业集团

4、的内涵、企业集团资金管理的主导思想以及企业集团资金管理模式的演变。第三部分介绍X集团公司资金管理概况。该部分分为三大块内容，首先，是对X集团公司资金管理概述，即X集团公司简介、X集团公司资金集中管理的实施背景、目标和思路、基本原则；其次，介绍X集团资金管理体系，分别从资金账户管理体系、资金预算管理体系、资金收支管理体系和筹融资管理体系四个方面进行概括；最后，介绍X集团资金集中管理信息系统（TMS）。第四部分为X集团公司资金管理的实施效果和主要问题。分别从资金管理成本、融资成本、资金使用效率、资金账户体系等方面对X集团公司基于“资金池”管理模式，采用的资金管理信息系统平台上线前后的成效变化进行分

5、析。通过探讨X集团公司的资金集中管理效率，发现目前X集团公司资金管理过程中存在六个方面的问题，即集团的整体资金没有形成高度集中的管理模式、缺乏相关的专业人才，对集团“资金池”管理意识淡薄、对集团资金缺乏事前和事中的监控、应收账款回款慢、风险管理有待加强、政策导向性有待增强。第五部分通过对以上问题的分析和探讨，对X集团公司“资金池”管理模式进行了初步的评价并提出了相关完善建议：X集团可以从灵活调整“资金池”资源配置；加强“资金池”应收账款控制管理；完善“资金池”的风险防范；加强对子公司的工作考核，提高“资金池”管理工作效率；逐步从事前管理转变为事前防范；建立灵活有效的“资金池”结算系统六个方面进

6、行改进。第六部分进行本文的总结并提出相关政策性建议。资金管理作为提高企业集团核心竞争力的重要环节,对于提升企业集团软硬实力具有十分重要的意义和价值。通过引用案例X集团进行分析，得出以下结论：第一，高效的资金集中管理可有效的缓解集团内“资金需求缺口高，资金沉积高”的矛盾现象；第二，资金池集中管理模式同我国大型集团公司的发展目标一致；第三，资金池集中管理模式有待在实践中进一步完善。通过对X集团的案例研究，我们发现在资金池集中管理资金模式下仍存在集团成员经营效率低下、以资金流动性不足为代表的财务风险较大等问题。提出的政策性建议有，首先，国家相关部门应监督其建立双层委托代理的治理结构、建立对中小投资者

7、利益补偿责任制度，完善外部独立董事制度，以保证内部资本市场的规范有效。其次，由于我国内部、外部资本市场的连接还未建立。因此，要实现内部资本市场的优化发展,首先要实现外部资本市场的发展和完善,使其为内部资本市场创造良好的外部环境；只有这样内部资本市场才能更好地对外部资本市场进行补充和支持,最终实现内部资本市场利益与外部资本市场利益的均衡统一。内外两市场的相互助力,才能从整体上提高资源配置的效率,实现资本最优化,使整个资本市场健康、稳定、有序、发展。总之，论文的主要创新点体现在如下方面：首先本文在对X集团公司资金集中管理的绩效分析，选取的数据是2008-2015年的数据，不仅采用了最新的数据，而且

8、选取的时间跨度比较长，同时分析的是金融危机之后的数据，这样分析出来的结果更为准确，更具指导意义；其次，本文采用的调研方法是资料收集+实地调研咨询座谈，得出的结果更具实际意义，更有说服力。当然，本文的研究还有许多不足之处，比如没有采用比较分析法来进行本文的研究，在今后的研究中将继续完善。关键词：企业集团资金管理；“资金池”模式；内部资本市场；资金管理体系；资金集中管理信息系统论文类型：案例研究ABSTRACTWith the rapid development of global economic integration, our group of companies more and more

9、, since many of our Group units adopted a multi-level corporate organizational structure, resulting in a dispersion of funds within the group can not concentrate, can not be timely feedback cash flow information, severely reducing the utilization of the Group of funds, if the metaphor of corporate f

10、unds blood, the capital pool is the enterprise group of heart. Therefore, the capital management in the enterprise management plays a vital role, has become the focus of the global group of common concern. How to make the enterprises capital management to achieve the best results, is the most concer

11、ned about the issue of business managersThis paper from the internal capital market and the Groups fund management business perspectives on literature review of the sort. From the existing research, the group centralized management of funds abroad on earlier research, the results of the theory of th

12、e formation of relatively rich; while China started relatively late for the study of this aspect of the 2005 GEs pool of money in the country after the formal implementation , there are many domestic group companies began to follow suit, using this mode of centralized management of funds, attracted

13、the attention of theorists, relevant theory began to enrich themselves, but for the domestic capital pool there is no in-depth study. Overall, the theoretical researches on the fund management company focused on the analysis of current situation, problems and propose appropriate improvement measures

14、 for the implementation of systematic research funding is relatively small, a certain lack of relevance.So we use the theory of the case binding and inductive approach to X Group for the study of capital pool in depth. In 2008 X Group Corporation by building a unified financial revenue and expenditu

15、re budget management system, build a unified internal and external capital settlement platform, the use of domestic and foreign capital pool mode of operation, a multi-level capital account system formed from top to bottom, the overall coordination of Group centralized fund management system. This p

16、aper will be based on X Group 2008-2015 financial statements based on financial indicators analysis, the author analyzes the overall benefit of the centralized management of X Group funds to analyze whether the pool of funds accumulated by the Company has improved the efficiency of fund transfer and

17、 reduced the external financing needs and financing costs of the Group during the period of centralized fund management. And puts forward corresponding improvement measures according to the analysis results, with a view to providing support and reference for raising the level and efficiency of fund

18、management of enterprise groups in our Country. According to research ideas, research content of this paper consists of five parts:The first part is an introduction. This article describes the background and significance, research status, the main contents and innovation of this paper.The second par

19、t of the enterprise funds management group to elaborate. It focuses on content, as well as the evolution of Enterprise Group Enterprise Group Capital Management fund management model enterprise groups.The third part introduces X fund management company before. This section is divided into three part

20、s, the first thing, X fund management company overview, namely X Group Company, the implementation of the background X centralized fund management company, goals and ideas, basic principles; Secondly, X group fund management system, were summarized from four capital account management system, capita

21、l budget management system, management system and the expenditure of funds for financing the management system; Finally, the X group fund centralized management information system (TMS).This paper will be based on X Group 2008-2015 financial statements based on financial indicators analysis, the aut

22、hor analyzes the overall benefit of the centralized management of X Group funds to analyze whether the pool of funds accumulated by the Company has improved the efficiency of fund transfer and reduced the external financing needs and financing costs of the Group during the period of centralized fund

23、 management. And puts forward corresponding improvement measures according to the analysis results, with a view to providing support and reference for raising the level and efficiency of fund management of enterprise groups in our country.The fourth part is the financial efficiency analysis and fund

24、 management of X Group Company. This paper analyzes the financial performance of X Group Company from three aspects: current assets analysis, cash flow analysis, and the companys pool of funds risk evaluation. Based on the analysis of the efficiency of centralized management of X Group Company, the

25、author found that there are six problems in the process of capital management of Group X, namely, the high concentration of the whole fund, the slow recovery of accounts receivable, Personnel, the Group pool of funds management awareness of the Groups lack of funds before and during the monitoring,

26、policy-oriented to be enhanced, the risk spread effect on the internal capital market impact significantly.Through the analysis and discussion of the above problems, the fifth part makes a preliminary evaluation of the pool of funds management mode of X Group Company and puts forward some relevant s

27、uggestions: X Group can be flexible from the capital pool resource configuration; strengthen the pool accounts receivable control and management; perfect capital pool risk prevention; to strengthen the work of the subsidiary assessment to improve the pool of funds management efficiency; gradually ch

28、ange from pre-management to pre-guard; the establishment of flexible and effective capital pool settlement system to improve the six areas.The sixth part is the summary of this article and put forward the relevant policy recommendations. As an important link in improving the core competitiveness of

29、enterprise groups, capital management is of great significance and value to enhance the enterprises soft and hard power. By reference case, X group carries on the analysis, the following conclusions: First, the efficient centralized management of funds can effectively alleviate the contradiction bet

30、ween high capital demand gap and high capital deposit within the Group; second, the centralized management of capital pool is suitable for the development of large group companies in China. Third, pool centralized management model needs to be further perfect in practice. Through the case study of X

31、Group, we find that under the capital pool management mode, there are still some problems such as the low efficiency of group members and the large financial risk represented by insufficient fund liquidity. Put forward the policy Suggestions, first of all, the relevant state departments should super

32、vise the establishment of its two-tier principal-agent governance structure, the establishment of compensation for the interests of small and medium investors liability system, improve the external independent director system to ensure that the internal capital market norms and effective. Second, du

33、e to the connection of the internal and external capital market of our country has not been established. Therefore, to realize optimization of internal capital market development, the first thing to realize the development and improvement of external capital market, to provide a good external enviro

34、nment for the internal capital market, make it a better external capital market to supplement, finally realizes the internal capital market and the external capital market equilibrium. Only in this way can we improve the efficiency of resource allocation as a whole and realize the optimal allocation

35、 of capital, so that the whole capital market can develop healthily.In short, the main innovations mentioned papers are now as follows: First paper on the X group centralized management of funds performance analysis, the selected data is 2008-2015 years of data, not only using the latest data, and t

36、he selected time span is relatively long, while the analysis of the data after the financial crisis, thus analyzed the results more accurate; secondly, the approach is to conduct field research, the result is more persuasive.Of course, there are many shortcomings research paper, for example, did not

37、 use comparative analysis to the study of this article, will continue to improve in future research.Keywords: enterprise group financial management; capital pool model; cash flow sensitivity model; internal capital marketPaper Type: Case Studies目录摘 要IABSTRACTIII目录III图表索引XI第一章 绪论11.1 研究背景及意义11.1.1 研究

38、背景11.1.2 研究意义21.2 文献综述21.2.1 内部资本市场的文献综述21.2.2企业资金管理的相关文献综述31.3 研究内容51.3.1 研究思路与内容设计51.3.2研究方法与创新点6第二章 企业集团资金集中管理概述72.1企业集团及其资金管理72.1.1企业集团的内涵72.1.2企业集团资金管理72.2企业集团资金管理模式的演变82.2.1报账中心模式82.2.2结算中心模式92.2.3内部银行模式92.2.4财务公司模式102.2.5资金池模式（司库模式）10第三章 X集团公司及其资金管理概况123.1 X集团公司概况123.2 X集团公司资金管理介绍143.2.1 资金集中

39、管理的实施背景143.2.2 资金集中管理的目标和思路143.2.3 资金集中管理的基本原则163.3 X集团资金集中管理体系173.3.1 资金账户管理体系173.3.2 资金预算管理体系203.3.3 资金收支管理体系223.3.4 筹融资管理体系223.4 X集团资金集中管理信息系统TMS233.4.1 系统简介233.4.2 系统功能233.4.3新型财务公司系统（ATOM）25第四章 X集团公司资金集中管理的成效和问题274.1 X集团公司“资金池”管理模式上线的成效274.1.1 降低了资金管理成本和融资成本，提高资金使用率274.1.2 构建新型资金账户体系，发挥管理效益，助力战

40、略实施28 4.2 X集团公司资金管理的问题30 4.2.1 未实现集团整体资金的高度集中30 4.2.2 缺乏专业人才，对集团“资金池”管理意识淡薄30 4.2.3 对集团资金缺乏事前评估、事中监控31 4.2.4 应收账款回款31 4.2.5 风险管理有待加强33 4.2.6 政策导向性有待增强34第五章 X集团公司资金管理模式的评价与建议35 5.1 X集团公司“资金池”管理模式的评价355.1.1 现行资金管理模式的主要优势355.1.2 实施“资金池”模式的关键风险355.2 完善X集团公司“资金池”模式的建议375.2.1 灵活调整“资金池”资源配置375.2.2加强“资金池”应收

41、账款控制管理375.2.3完善“资金池”的风险防范385.2.4加强对子公司的工作考核，提高“资金池”管理工作效率395.2.5逐步从事前管理转变为事前防范405.2.6建立灵活有效的“资金池”结算系统40第六章 研究结论与政策建议426.1 本文的主要研究结论426.2 相关政策建议43参考文献44致 谢46图表索引图3-1 X公司组织结构图 13图3-2 X集团公司资金管理总体思路图15图3-3 X集团公司收款账户流程图18图3-4 X集团公司付款账户流程图18图3-5 X集团公司基于“收支两条线”原则下的账户体系19图3-6 X集团公司企业账户种类及用途20图3-7 X集团公司全面预算管

42、理流程图21图4-1 集团公司2008-2015年应收账款、应付账款周转速度对比图31图4-2 集团公司应收账款与销售收入增长变化趋势图32图5-1 “一体两制”资金结算图41表2-1 资金管理模式分析表11表4-1 X集团财务公司2008-2015年为集团节约融资成本统计表28表5-1 风险指数36XXII们老答加我有谢物作文文谢持伴相这也发助作论学感我顾照与的我以一我谢业成完够我篇在现，和建怀师是完充断的，见和多出，叮方的些便炼，真论的张期撰此，治近师张张导论要谢感深，与帮学长师的，在号上就生。慨，成 . , . . . 0 , ) 0 : , . . 0 ,经中.险式理集池司务团关瑛.

43、,学南.研案管金公 东. ,易经首式理资务业 文. 0 ,现 模池资司浅炜 0，计 约资与资、发金忠军谢. 究司上多 有本部公中立娟峰. ，究会议研框论场资内背于伟珊王艳成.00研性与存的部团，杨00，会证改模证效本内娟王 . ，吉例团某究理团杰 . 0工理 中集有明.0，大武能金财 ）0 会证进改模实场部华谢王. 会率配建本资业油蔡. 0，院财策题金团化有阳. 0 研 新中集资团构琳. ，经南 例油以理集资企嘉.，版大京究效置资卢 :, ,场.理管司公浅炜文展、有稳康资使优资，效源高整才一调推、互个内统均益市与场本内实支补场资对更才市内这境外良场资为，完展本资现首化场资部要因建还场部、内但的

44、辅发它效市部了大存市内保场部有行效场本内说目响不的对的不降，本外依再企现场内效有规本部以事独部度责益资中对结治理双其应部国境”便了行纪各是特政性的特是，度监单相场建政 究研的加行一题中资集对作的今将因难之不入够证分，认以作笔但示建提中资集内为也义意意的有理行团国丰进对理应得分研式管金对样司 文制制时及情实关求要运到模管池制机风立集，。等险务代不动资低营成在下模理池资们，案公集通。步中在理中资。展理企合模，实的制管金决效式金管集显。解深效的管金，模测场资，为团以本标目需展司大我立式中金。要的展、金进理中模金“建企模金统均上合源务集在模池，盾矛沉金缺金内集效可中资。必切强有理中资立团果成以形讨行等

45、措和以流具、背理中资实财 对咨调合础的论相。度予都的理中金界还界无模资理为中进池构司务值和的重有软团提于要的竞核高为结研主本建建结定议司控层决管后，”层三集需议度，控金整利限额需资时的保有上理中金股控然。余金实，管资入纳管金条订集司控集 模管金下体中行司公集 算算制体 ：图好做前会性灵风团是度规池论于优样方管例的有行股团在管零资围业团在制体实对区下一集资法期。阻道企质理集金，够显方额余的模分系池，畴理集纳股团将必过的后业控集集理中资有系系金的有建.用用最本挥管在定的管律大其用重有理风计算概部管的应后少，范好，险在理型种就弈天为与就”明是理。良产质，置备账拍剥如比的。行风效才的预采应因众成属团

46、，可失之般象现状发险。管是风 防防变前事.优最率金团，有行实工中资对务师第请核考的员价核作理集务司等性规办担融范的支资准时的管资性的撤立账；中金可要价考考行情理集的员对期司财最益用理集金，顺能关理中资障重工管资加企使考绩团集情金业成报统集负务，考绩为增资司，励督核工理资健应效作”资高核工子加权决事的对权位足拥席首，席司财为管级一司外此风而风重充管级会理管专立会董起的务应事董，务仅理其文管风有、慎“该司。理险特立建体据根团。为识形其对感具员使现能的务使也险上制司个凌人,一理险员公之要公为当实认职风理风全培理险学建公财有,风司可都題员或节其员每环每的公及活管风化理于在效否理设化理强。保数提的具进为

47、理集信的现快并用、的信对高略策风性有,的流业及务同，风务是善步进以具技进该，行在公性和学确具管险得可这模量趋理险。制行风效不，确的、险别风了重,统信管，支效度管为展术管风息量质资,账防,备呆计并的关获要产失。来构管金请或贷回收使保或抵程过通重、进良对补行，事失成险对制风实务外。通资导等故于，常的息络管金集对加。动规,金足可务，。机的有内完其提险性防为预机险风的立；的避效予而从围家在经证展规暂管财业企严须金开防风、筹强营的与积还。制风动完立该首避防效风施应后中前在司为加险流资财 。激筹度款年单部度长期中位成部；较相贷提所担要，的单成对权分但，并筹对力的行获财集 道渠业团整在证当核的集企是可之展家的财作管险流防防的资完施措应采应，款拖意存，行账应，合并收当立析行账应，审业行应员，在的业赊地从监行关于严续算收地险上收，承由结承银比算当选作分收做应人笼回够证跟行业赊己对售有这相情赊考的售，真规法照格合的对财合范应此，赊企账于，事现围在信相评期进业团）数信，（信之构集 。效款应团集加个中、该为。关发企 张资流，链内团维管应加因了下高提度转账而扩也价账应增入销 年一重的财是一部组重资业为账管制收池金 励激利股中激金短员高础核员管、管战