【作者】 童珊；

【导师】 胡培；

【作者基本信息】 西南交通大学 ， 工商管理， 2007， 硕士

【摘要】 现金是企业经营中不可或缺的重要资源，是财务管理的第一要素，更是价值创造和价值衡量的基础。企业的现金流融合并贯穿于企业经营管理的全部流程中，现金流质量的好坏直接影响到企业经营的好坏。航空公司要想保持可持续的竞争优势，建设科学合理的现金流管理体系无疑是最为必要的和最为有效的手段之一。本论文用理论研究与案例研究相结合的方法，通过阅读文献资料、搜集内部资料，内部调研等方式获取文献资料60多篇；搜集三大航空公司2004至2006年报，南方航空公司历年现金管理制度及规章等方式。根据获取的资料，在财务管理、现金流管理和风险管理等理论的指导下，从现金流管理的对象及目标入手，通过对航空公司现金流的特点及其行业特殊性、筹资计划与金融市场相结合及风险管理与公司战略相匹配等方面的分析和研究，对南方航空公司现金流管理体系进行了分析，并主要从现金流集中管理、现金流筹措管理、现金流风险管理等方面对航空公司现金流管理方式进行了研究，希望通过优化现金流的方式达到为公司创造增量价值的目的。重点研究了“现金池”集中管理模式、票据融资的优势和风险管理制度的完善。本研究旨在通过科学的现金流管理方式最大限度地开发现金在航空公司流动中所蕴涵的经营价值，使之为航空公司的发展做出最大的贡献。国内外关于现金流管理的研究很多，但专门针对航空公司的现金流管理研究却比较少。由于航空公司现金流流量较大、结构复杂，且对市场影响因素敏感，其现金流管理具有一定的特殊性。本文试图通过对南方航空公司现金流创值管理的探索，为交通运输行业的现金流管理提供一些重要依据。更多还原

【Abstract】 One of the vital resources essential to business operation, cash is the utmost element in financial management, which forms the basics to the value creation and quantification. Business cashflow is an integral part in the whole process of business management and, as such, the quality of cashflow has a direct impact on the business performance. For an airlines to maintain its sustainable competitiveness, the most necessary and effective strategy is to rationalize its cashflow management mechanism.This article attempts a research into the theories in conjunction with case study of sixty strong articles collected from archive, internal data and inhouse surveys that include the annual reports for the years 2004-2006 of three major airlines as well as China Southern Airlines’ cashflow management procedures and rules in the past years. Based on the data so collected and guided by the theories of financial management, cashflow management and risk management, this article studies the subjects and objectives of cashflow management. It analyses the features and industrial characteristics of airlines cashflow in the context of financing plan and finance market with an insight into the interaction of risk management and corporate strategies.This article conducts a specific analysis of the cashflow management system of China Southern Airlines, focusing its study on the managing tactics of airlines cashflow in terms of the centralized management of cashflow, management of cashflow financing and cashflow risk management. It aims at creating and adding value to the corporation by optimizing its cashflow system, with a particular attention to the centralized management model for "cash pool", the advantage of financial instruments and the perfected risk management system. By rationalizing the cashflow management procedures, it explores cashflow’s inherent business value in airlines business operation with a view to best utilizing the cashflow in improving the airlines performance.Researchers here and overseas have conducted many a study over cashflow management, although much is to be expected for the research into the cashflow for airlines. The airlines cashflow demonstrates unique characteristics in terms of the large size of its cashflow and its complex structure with its sensitivity to market factors. This article makes a tentative research into the Value-Added Management of China Southern Airlines’ Cashflow, with a view to providing reliable guide for cashflow management specific to transport industry.更多还原