First, the principle of enterprise fund management
The following principles must be paid attention to when constructing a perfect fund management system:
Principle of comprehensiveness
For enterprises, in order to achieve sustainable development, funds must be used in the most critical places. However, in practice, due to the influence of various unplanned factors and the existence of accounts receivable and payable, enterprises may encounter various difficulties in both the use and scheduling of funds. Therefore, when constructing the enterprise's fund management system, we should fully consider how to obtain more funds from appropriate channels, which can help enterprises tide over the difficulties when there is a temporary vacancy in the enterprise's funds, but we should prevent fraud when obtaining funds. In addition, we should also consider how to get the maximum benefit at the lowest possible cost and how to make rational use of idle funds of enterprises. The design of fund management system should comprehensively consider all possible problems.
(2) Safety principle
The security of funds is the most important issue in the fund management system. Due to imperfect fund management, internal personnel illegally misappropriate enterprise funds, abscond with money and other negative events occur from time to time, so enterprises must pay attention to the safety of funds. Due to the untimely collection of accounts receivable, the debt structure of enterprises has problems, the budget of enterprises is out of control, and enterprises may be devastated. Information leakage caused by information insecurity may give competitors an opportunity, make enterprises lose their due market, and then lead to problems in their market strategy. These are all important issues that enterprises have to pay attention to, and further remind managers to uphold the security principle of the fund management system.
(3) the principle of efficiency
In the whole operation process of enterprise funds, the state of funds is nothing more than inflow, outflow and detention. Under the condition of ensuring the realization of the first two principles, enterprises should start thinking about how to improve the utilization efficiency of funds through the fund management system, that is, to balance the inflow and outflow of funds and minimize the waste of resources caused by the retention of funds in enterprises. However, reducing detention does not mean leaving nothing, and the funds in the enterprise must support the daily production needs of the enterprise. In addition, there are many inefficient operation phenomena in enterprises, such as idle fixed assets and lax supervision of enterprise funds, which will inadvertently lead to the loss of enterprise assets. This problem should be fully considered in the fund management system of listed enterprise groups.
Second, the methods and objectives of fund management of listed enterprise groups
To sum up, modern enterprise groups can be divided into finance companies, settlement centers, reimbursement centers and cash pools, each with its own characteristics. Financial companies have the characteristics of comprehensive and comprehensive financial services. The settlement center is an independent settlement function department within the enterprise group and has no management right over other departments of the enterprise. The reimbursement center is the financial operation of the group parent company to its subsidiaries. The parent company has the right to control the funds of the whole listed enterprise group. The fund operation of reimbursement center is divided into two categories: unified collection and expenditure and reserve fund disbursement. The cash pool expands the scope of fund management, including not only the centralized management of funds, but also foreign exchange, which plays an important role in the foreign exchange management and international financing of listed enterprise groups. The goal of fund management and control of listed enterprise groups is to build a platform for centralized management of funds with information technology as the carrier, realize unified scheduling and centralized management of funds, reduce management costs and avoid possible fund risks. In order to ensure the realization of the goal, we should divide the fund management into modules, and ensure the realization of the fund management goal through the realization of the functions of each module. Taking the management of fund financing, bank account, fund supervision and fund settlement as modules, fund financing mainly manages the input and enjoyment of fund information; Bank accounts are the bank accounts of all listed enterprise groups, including the accounts used by subordinate companies for account opening, account closing and fund exchange management; Fund supervision means that enterprises can inquire and analyze the funds of the group and its subsidiaries at will; Fund settlement is mainly to manage the exchanges and flows between enterprises and enterprises outside. Therefore, when constructing and controlling the fund management system, listed enterprise groups should not only have the overall goal, but also scientifically and reasonably decompose the overall goal into four modules, which can make the specific operation clearer and more conducive to the realization of the goal.
Third, the practical problems in the construction and control of fund management system.
(A) the changing environment, the system needs to be improved.
China's economic structure has changed obviously, inflation is also obvious, and the market is gradually opening up. Problems such as capacity process, inflated profits and foreign exchange have greatly affected the fund management of Chinese enterprises, and also brought many difficulties to the fund management of listed enterprise groups. Starting from 1993, many enterprise groups began to imitate the foreign efficient centralized fund management model, but in the process of learning from it, some enterprises ignored their own characteristics and the reality of China's local environment and did not make good use of this management model. There are also some enterprises that always implement decentralized management of funds, which leads to the excessive fund power of subordinate companies and the phenomenon of management fragmentation. It is also difficult for subordinate companies to achieve fund scheduling, the group's development strategy can not be supported by subordinate companies, the investment structure is also chaotic, and the capital risk is greater.
(B) Problems in fund management and control
Listed enterprise groups often have the following problems in the process of fund management and control. First, the internal control system is standardized, but the business process is random, so the management of funds is not closely related to business; Secondly, enterprises in China generally value business over management, and the income from production is obviously higher than that from management; Thirdly, the role of budget has not been implemented, but as the first link of fund management, it has obvious tendency of coping and formalization, which is not scientific and effective enough; Finally, in the aspect of fund raising, the focus is on the development of fund raising methods, but the funds raised are not used well and the management cost increases.
(3) There are problems in the management mode and account.
Centralized management of funds can ensure the unified settlement and management of enterprises' funds through the financial center. At the time of settlement, the name on the relevant accounting information is the name of the listed enterprise group. In this way, for subordinate enterprises, there may be problems in the deduction of value-added tax invoices, which leads to some value-added tax inputs that cannot be deducted and increases the cost of subordinate enterprises. Some enterprises are scattered, and subordinate enterprises have the right to open bank accounts, so that the advantageous enterprise groups have a large workload and spend a lot of time on the unified management of funds, and the accounts opened by subordinate enterprises for a special project may not be included in the group management in time, which makes the enterprise groups have no practical effect on the management of subordinate companies.
Four. Comments and suggestions
(1) Establish an early warning system and improve the management system.
Facing the complex and changeable environment, it is very important for enterprises to choose appropriate early warning evaluation indicators. From the scientific analysis of traditional index design and index selection, sales interest rate and return on assets are usually profit indicators; Liabilities are generally asset-liability ratio and property right ratio; In asset management, there are various turnover rates; Liquidity depends on quick ratio and current ratio. After each index is clear, then consider the choice of mode, which requires each listed company group to choose according to its own development status, development direction and ability. In addition, in order to solve the problem of imperfect fund management control, when building a fund management system, we should focus on the content of fund budget management, and according to the informationization of data, make the information of the group and its subsidiaries interconnected and realize the combination of data and audit.
(B) to build a sound risk prevention and control mechanism
Risk prevention can effectively solve the problem of fund management and control. When constructing risk prevention and control mechanism, we should focus on the following aspects: financing mainly manages borrowed funds and self-owned funds; Borrowing money should consider the leverage effect of finance; Free funds mainly focus on the uncertainty of the use of funds. Enterprises can realize fund management and control from the early observation of budget and use. Investment is the risk of securities investment and direct investment. Enterprises can avoid the risk of securities from the income analysis of portfolio, and reduce the limitations of investment from the preliminary investigation and feasibility analysis of the market. The risk of capital operation can be avoided through data platform and assessment system. The prevention of income distribution risk can be solved by combining the extraction of surplus funds of enterprises.
(C) the establishment of a fund feedback system
The fund feedback system covers the economic benefit evaluation after decision-making and plan implementation, and at the same time, corresponding reward and punishment measures are formulated according to the evaluation results. The fund management and control of enterprises must be analyzed according to the above three standards, and those who fail to reach the goal must be punished according to the system. Managers should also constantly reflect on the current management system, so as to constantly improve the management system and ensure that every budget can be compiled reasonably and scientifically. It is also necessary to improve the management organization and realize the combination of finance, audit and budget.
[References]
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