The financial management activities of enterprises are restricted by the financial management environment. The purpose of studying the influence of various factors in the financial management environment on enterprise financial management is to analyze the development law of financial management and seek ways to improve the level of financial management. There are both macro factors and micro factors that affect the financial management of private enterprises in China. They are intertwined, mutually conditional and mutually restrictive.
(A) the impact of macro-social and environmental factors
Macro-social environment includes national economic policy, industrial policy, economic development level and financial market conditions. The positive stimulation of macro-social factors is due to the more obvious attitude of local governments to encourage private economy, the introduction of various economic policies by local governments to optimize the environment, promote the development of private economy, and further improve the market-oriented components in the economic structure. The financial market is further improved, and financing is "equal regardless of the nature of the enterprise", which provides convenience for private enterprises to adjust the surplus and deficiency of funds and make capital investment. Tax law, company law and other laws and regulations do not treat differently according to the nature of ownership, which promotes fair competition and standardized management activities in the private enterprise market. The negative effects include: the ideological rejection of private economy by relevant government departments is still very strong; the government economic departments and law enforcement and supervision departments hold the policy of "don't let Ning Zuo loose" on private enterprises; the differential treatment in the allocation of public economic resources still exists; credit loans in the financial industry are still not open to private enterprises; there are few financing channels for enterprises and the total amount of financing is limited. These negative effects lead private enterprises to dare not rashly expand investment and lack confidence in foreign investment. The change of macro-social environmental factors directly affects the position, function and activity space of enterprise financial management.
(B) the impact of micro-environmental factors
The organizational form, structure, production and operation level, the quality of owners and financial personnel and corporate culture of private enterprises all affect the development of financial management of enterprises.
1. Choice of organizational form Different types of enterprises have different capital source structures, different applicable laws and different spatial scope of financial management activities. Most private enterprises choose limited liability companies as the organizational form, but most of them are enterprises jointly established by relatives, family members and friends. In the early stage of construction, such enterprises replace rules and regulations with kindness. Different organizational forms of enterprises have different capital structures, and the capital structure and organizational characteristics affect the financial supervision mode and the specific content of financial management.
2. Owner's quality: Private enterprise owners are often both investors and managers, and their quality directly affects the development of financial management activities. Whether the financial management goal of an enterprise can be achieved depends on the quality of the owner's strategic control and supervision of financial management.
3. Corporate culture. Owners play an extremely important role in the formation of corporate culture. Corporate culture also affects the choice and use of financial management personnel, the responsibilities and authority of financial management and the degree of disclosure of financial information in enterprise management. Corporate culture is also an important factor to attract and stabilize financial management talents to a certain extent.
4. Development of science and technology. In high-tech private enterprises, human resources are the important resources of enterprises, and the development of enterprises depends on scientific and technological innovation and management innovation. Therefore, the development of science and technology affects the enterprise management mechanism and profit distribution mechanism, and also affects the function of financial management.
Among objective factors and microscopic factors, microscopic factors have a greater incentive effect on enterprise financial management activities. The following focuses on micro-environmental factors and analyzes the financial management characteristics under the influence of different environmental factors.
Second, the characteristics of financial management of private enterprises
Only under the influence of various factors in the financial environment can enterprises survive and develop by realizing the coordination and balance of financial activities. The source of financial management personnel in private enterprises, financial monitoring mode has a * * * side; However, due to different development stages of private enterprises and different levels of internal environmental factors, the financial management level of enterprises is also different, showing the characteristics of stages.
(A) the characteristics of financial management of small-scale and low-level private enterprises
Small private enterprises have small investment scale, limited self-owned funds, low management level and high-tech products. The quality of employees is not high and their market competitiveness is limited. The financial management of such enterprises mainly has the following characteristics.
1, the decision-making mode of small non-technological private enterprises with low financial management status is mainly empirical decision-making. Private enterprises have the advantage of high efficiency in business decision-making, but the decision-making procedures are rough. In the information needed for decision-making, the contingent market information collection method with supply and marketing personnel as the main body is still used to a considerable extent. There are no standard rules for the collection, processing and utilization of information, and financial personnel participate in the collection and analysis of information, which leads to poor accuracy and reliability of decision-making. Enterprise financial management has not been paid attention to, and financial management has little influence and low status in management other than owners. Most small enterprises are equipped with independent financial management institutions or personnel, and the financial personnel are regarded as "bookkeepers", who are mainly responsible for providing financial and tax statements to the outside world.
2. The professional quality of financial personnel is low, and the financial management function has little effect. In the early stage of development, the relationship between people is based on blood relationship and geographical relationship, so they naturally distrust people outside the group. In the sensitive financial sector, "loyalty" has become an important symbol of employing people, and it is difficult for financial management ability groups without blood relationship and hometown relationship to check and balance with family forces. Therefore, it is difficult to retain real financial professionals in small-scale and low-level private enterprises. Most financial personnel have no formal professional training and lack the ability of financial management, so it is difficult to provide effective financial information for senior managers.
3. The owner has the final say, and the content of financial management is single. In the early stage of its development, private enterprises in China showed the characteristics of individual monopoly and family control. More than 80% of their assets are concentrated in entrepreneurs, and the chairman and general manager are common. The boss has the final say in raising and using enterprise funds. Centralized family management makes financial management highly centralized. The financial management activities of many small private enterprises are limited to financial control, that is, the financial department can control the financial revenue and expenditure, analyze and check the completion of financial indicators, reduce product costs, increase corporate profits, and assist owners to implement financial monitoring to supervise their own business activities.
(II) Characteristics of financial management of large-scale and high-tech private enterprises Private enterprises have completed primitive accumulation and developed to a certain scale (capital10 million yuan or more). The development of enterprises depends on science and technology and management talents, and enterprise management is faster than that of state-owned enterprises. Financial management activities show the characteristics of modern enterprise financial management.
1, corporate financial management objectives are clear, pay attention to financial management. The ownership structure determines that the purpose of private enterprises is to pursue profits. Under the guidance of this overall goal, all departments of the enterprise, including the financial management department, are striving to create more value for the enterprise. At the same time, after the assets of private enterprises reach a certain scale, all aspects of enterprise production and operation are market-oriented, and financial work also reflects the far-reaching influence of the market on enterprise fund raising and utilization everywhere. It is through the overall arrangement and unified coordination of financial management that enterprises combine various decision-making processes that are isolated from each other in form but closely related in content to face the unpredictable market environment. Under this huge external pressure, private owners and senior managers have to pay attention to the role of financial professionals. Many large private enterprises have set up financial management institutions and given them appropriate powers and means to raise funds reasonably and effectively, and strengthen financial analysis and supervision.
2. The incentive mechanism is flexible, and the innovation of financial management continues in a considerable number of large private enterprises. Financial talents are valued in financial management positions, and business owners are also aware of it. What enterprises need is no longer just a "bookkeeper", but a financial expert. In addition, after the assets of private enterprises reach a certain scale, they will bear greater external pressure and need to dilute the family color to adapt to the harsh legal and policy environment and public opinion. Abandon the old concept of "fighting brothers, fighting tigers and fighting fathers and sons", transcend the primitive accumulation stage of family management, and take the lead in the fierce talent competition with its flexible talent employment mechanism. In order to attract and stabilize high-level talents, private enterprises have made great efforts in the construction of incentive mechanism and corporate culture. Second, some large and high-tech private enterprises reward meritorious officials with incentive mechanisms such as "performance shares", "warrants", "annual salary" and "allowances", which effectively promote the innovation and forge ahead of managers in management. Financial experts are no longer just people who "listen to the boss, manage the accounts and manage the money well", but professionals who are good at management, pioneering, dare to put forward original opinions and contribute to the development of enterprises. Compared with state-owned enterprises, financial management is less restricted by the framework and easier to innovate and develop. Various financial strategic management methods and means are more easily adopted to adapt to the development of modern enterprises, and market concepts, competition concepts and open concepts are more easily accepted by financial personnel.
3. Centralized financial management mode. The function of financial control analysis highlights large-scale, high-tech private enterprises, which usually form a certain authorized operation mechanism, thus forming a management other than the owner. However, most private enterprises still believe in the principle of "stability first, giving consideration to efficiency" and implement centralized management. "Unified planning in the enterprise. Under the supervision, the financial activities of subordinate branches and departments are effectively managed, and loopholes are plugged through a sound internal financial management system to ensure the safe and effective use of funds. This highly centralized management mode has played a positive role in overall planning, concentrating effective financial resources to develop products, engaging in large-scale projects, occupying the market, promoting primitive accumulation of capital, stopping the waste of funds and ensuring the safety of group assets. Accordingly, the financial control and analysis functions of enterprises have been strengthened. The financial management department has formulated control standards, decomposed and implemented financial responsibilities, implemented tracking control, adjusted errors in time, and analyzed differences, providing information for evaluating financial activities. At the same time, the company's financial personnel participate in the whole process of enterprise management, implement dynamic management and restriction on the decision-making and operation of enterprises, and promote the high-speed and steady operation of enterprise management.
Although the financial management of large private enterprises in China has been improved, and the financial management has also been paid attention to by the owners and management authorities, it is still in a low efficiency and low level on the whole. Financial management does not meet the growing requirements of private enterprises. In order to make the financial management of private enterprises in China make greater contributions to the stable growth and long-term development of enterprises and make enterprises have strong vitality and super competitiveness, we should further optimize the financial environment of enterprises, highlight the strategic position of financial management, improve financial management institutions, and put them in the position of high-level management, giving financial management departments greater power and responsibility. In accordance with the requirements of market economy, we should further change our concepts, update our contents and functions, establish and improve the incentive mechanism for financial managers, fully mobilize their enthusiasm and creativity in financial management, and take effective measures to effectively improve the financial management level of private enterprises.
First, corporate financial management objectives and characteristics of thinking
The target characteristics of enterprise financial management refer to the inherent, inherent and qualitative stipulation of the target elements in the financial management system. The author believes that from the perspective of the basic principles of system theory, the financial management objectives of enterprises have the following four basic characteristics:
1. Systematization. Systematization means that the target elements of enterprise financial management have the ultimate guiding effect on other elements and organic components in the financial management system. In other words, the financial management goal is the starting point and destination of the financial management system, and the goal setting should be based on the overall optimization of the system. Therefore, the financial management objectives should not only take into account the interests of all stakeholders and realize system optimization, but also guide the financial behavior of enterprises to always serve their financial management objectives during the continuous operation period and avoid short-term behavior. In various financial management target models, the maximization of enterprise value basically conforms to this feature; But profit maximization has short-term behavior, which does not meet the ultimate goal. Maximizing shareholders' wealth only pays attention to shareholders' interests, which does not conform to the principle of system optimization.
2. Relevance. Relevance refers to the consistency, coordination and organic connection between enterprise financial management objectives and other elements in the system, so as to achieve the goal of system optimization. Specifically, it should be consistent with the spatial scope of the financial subject of the enterprise, adapt to the financial environment in which the enterprise is located, and take into account and coordinate the interests of all stakeholders. Maximizing profit and enterprise value can meet this requirement. However, the maximization of shareholder wealth confuses the relationship between enterprises and shareholders. The financial management of one financial entity is to maximize the wealth of another financial entity, which cannot be explained theoretically. The financial management environment has a great influence on its target mode. At present, China's modern enterprise system has not been established completely, so it is practical and feasible to choose the mode of maximizing enterprise value and profit. The shareholder wealth maximization model is only applicable to listed companies, and only pays attention to the interests of shareholders, but not to the interests of other related parties in the enterprise. Moreover, the stock price is affected by many factors, which is not completely controlled by the company. It is obviously unreasonable to introduce uncontrollable factors into financial management objectives.
3. operability. Operability means that the method of determining the financial management objectives of enterprises is advanced, feasible and operable. The key problem of operability lies in measurement. The goal model of profit maximization is more operable, but it does not consider the time value and risk of funds, and has the tendency of short-term behavior. The shareholder wealth maximization model is based on the maximization of stock price, and it is also operable, but its relevance and feasibility are not strong. The enterprise value maximization model can only determine the enterprise value through asset evaluation, and the confirmation cost is high, and the confirmation time and scope are also limited.
4. Efficiency. Efficiency refers to the setting of financial management objectives. We must consider the efficiency of capital utilization and strive to maximize the efficiency of capital utilization, which is not only conducive to the optimal allocation of financial resources, but also to the effective utilization of social and economic resources. The maximization of enterprise value and profit only focuses on the maximization of enterprise financial management effect, but does not consider the relationship between enterprise financial management effect and its invested capital, that is, the efficiency of financial management. Although the target model of maximizing shareholders' wealth is based on the stock price per share, the content per share of different stocks is not equal economically, and the net assets and market prices involved are also different, that is, the investment amount exchanged for earnings per share is different, which limits the horizontal comparison of earnings per share and its stock price among companies, and therefore it is difficult to promote the rational allocation of social and economic resources.
As can be seen from the above comments, the above three financial management models all have certain defects and deficiencies. The author thinks that the goal of enterprise financial management that conforms to these four basic characteristics should be to maximize the rate of enterprise economic added value.
Second, the optimal choice of enterprise financial management objectives-maximizing the economic value-added rate of enterprises
The objective model of maximizing the rate of economic added value of an enterprise refers to maximizing the ratio of economic added value (eva) to invested capital (C) in a certain period of time by adopting optimal financial policies on the basis of ensuring the long-term stable development of the enterprise through reasonable financial management. Eva is the economic added value of an enterprise [EVA = ebit. (1-t)-kw.c, where ebit is the income before interest and tax; T is the income tax rate; Kw is the weighted average cost of capital ratio; C is the average capital invested by the enterprise. Generally speaking, eva can be approximately equal to the sum of the book value of interest-bearing debt and equity through certain technical financial adjustment. Enterprise economic value added rate (evar) can be measured by the following formula:
In the above formula, evat is the economic added value of the enterprise in t years; K is the discount rate suitable for risk; Ct is the average capital investment of enterprises in T years; T is the specific time of eva and c; N is the duration of business operation. As can be seen from the above formula, the economic value-added rate of an enterprise is directly proportional to eva and inversely proportional to K and C. When K and C are constant, the greater the eva, the greater the evar; When eva is constant, the bigger K and C, the smaller evar. Without considering the enterprise capital investment C, the level of K is mainly determined by the enterprise risk. When the risk is high, K is high; When the risk is small, k is low. In other words, the economic added value of an enterprise is directly proportional to the expected return and inversely proportional to the expected risk K. From the assumption of financial management, it can be seen that the reward and risk increase at the same time, and the increase of reward is at the expense of the increase of enterprise risk, which will directly threaten the survival of the enterprise. Only when the risk and reward reach a good balance can the economic added value of the enterprise reach the maximum.
When the eva of the enterprise's economic added value remains unchanged, the efficiency of the enterprise's capital added value can be measured by considering the enterprise's capital investment C. If the present value of eva is large and C is constant or small, the rate of economic added value of enterprises tends to maximize; On the other hand, Dallas to the auditorium, which aims at the economic value-added rate of enterprises, has the following advantages: ① Considering the time of getting paid, it is measured by using the principle of time value. Moreover, an important attribute of economic added value is the present value of eva in the investment year, which is equal to the npv (the present value of net cash flow) in the investment year, and the sum of the present value of future net cash flow is the enterprise value. Therefore, this goal model includes the goal model of maximizing enterprise value. ② Scientifically consider the relationship between risk and return. ③ Overcome the short-term behavior of enterprises in pursuit of profits. Because not only the current profits will affect the economic value-added rate of enterprises, but also the expected future profits will have a greater impact on their economic value-added rate. ④ Comparing the present value of economic added value with the present value of invested capital can evaluate and analyze the efficiency of enterprise capital appreciation. To carry out enterprise financial management, we should correctly weigh the gains and losses of increasing returns and increasing risks, strive to achieve the best balance between them, and pay attention to the value-added efficiency of invested capital to maximize enterprise value and capital value-added efficiency. Therefore, the view of maximizing the economic value-added rate of enterprises embodies a profound understanding of economic benefits and is the optimal goal of modern financial management.
Maximizing the economic value-added rate of enterprises, as the optimal choice of modern financial management objectives, also has several obvious characteristics, which can be mainly divided into the following four points:
1. Maximizing the economic value-added rate of enterprises not only expands the scope of consideration, but also pays attention to the compatibility and guidance of objectives. Modern enterprise theory holds that an enterprise is the sum of multilateral contractual relations, and all parties have their own interests, and * * * participates in and constitutes the interest balance mechanism of the enterprise. If you try to make one party profit by harming the interests of the other party, the result will inevitably lead to contradictions and conflicts, which is not conducive to the long-term stable development of enterprises. The maximization of enterprise economic added value includes the goal of maximizing enterprise value and is compatible. Because the economic added value (eva) of an enterprise is determined according to the formula ebit. (1-t)-kw.c, based on earnings before interest and tax, considering capital investment and comprehensive capital cost, to maximize eva, we must make full use of financial resources, which undoubtedly depends on the correct positioning of financial management objectives, and maximizing the economic value-added rate of enterprises is just conducive to the realization of the above functional requirements.
2. Maximizing the economic value-added rate of enterprises pays attention to the correlation characteristics of financial management objectives. Scientific and reasonable financial management objectives must consider the interests of all parties who have contractual relations with enterprises. The economic added value of an enterprise in a certain period is the wealth increased by the enterprise. Maximizing the rate of economic added value of enterprises is to consider economic issues in development and meet the interests of all parties in the growth of economic added value of enterprises. Logically speaking, when the total wealth of an enterprise remains unchanged, the interests of all parties are changing; When the wealth of an enterprise increases, the interests of each contracting party will be better satisfied and a virtuous circle of financial management will be realized.
3. Maximizing the economic value-added rate of enterprises meets the requirements of optimizing the allocation of financial resources and improving the efficiency of economic resource allocation. The economic added value of an enterprise is a relative index, which is generally reflected in the economic added value per unit of funds invested under the premise of considering the time value and risk value of funds, and is an efficiency index; It not only reflects the effect of invested capital, but also reflects the value-added efficiency of invested capital. Maximizing the economic value-added rate of enterprises not only requires enterprises to make full use of financial resources, but more importantly, optimize financial decision-making and improve the utilization efficiency of financial resources. Because social resources usually flow to enterprises or industries that maximize the economic value-added rate of enterprises, this is not only conducive to maximizing social benefits, but also conducive to improving the allocation efficiency of social and economic resources.
4. The goal of maximizing the value-added rate of enterprise economy is more realistic and conforms to the national conditions of market economy in the primary stage of socialism in China. China is gradually establishing and perfecting the socialist market economic system, and enterprise reform is gradually moving towards establishing a modern enterprise system. However, the establishment of modern enterprise system has a unique and complicated development process in China. Therefore, compared with foreign enterprises, enterprises in China pay more attention to the important position of financial management, improve the efficiency of financial resource allocation, and finally maximize the economic value-added rate of enterprises. At the same time, it emphasizes the interests and rights of workers, the preservation and appreciation of capital, the accumulation of social wealth, and the coordination of interests of all parties to achieve common development and common prosperity. In terms of market function and macro-control, we should emphasize the basic role of the market in the allocation of resources, and at the same time strengthen macro-control, avoid market risks and improve the efficiency of social resource allocation. Therefore, it is not in line with China's national conditions to be limited to shareholders when choosing financial objectives. Choosing the goal of maximizing enterprise value does not reflect the requirements of effective resource allocation. Maximizing the added value rate of enterprise economy is the best and most realistic choice that conforms to the characteristics of market economy in the primary stage of socialism.
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