网络环境下企业集团资金集中管控效率研究

【作者】 李媛；

【导师】 纳鹏杰；

【作者基本信息】 云南财经大学 ， 财务管理， 2010， 硕士

【摘要】 企业集团财务管控是集团管控的核心,而资金管控则是财务管控的关键,企业集团资金管控效率关系到企业集团风险控制与价值增值。由于资金的“特殊地位”,再加上网络技术的进步,无论是选择何种管控模式,集中管理已经成为集团资金管控的必然选择。目前国内集团资金集中管控模式主要有结算中心以及财务公司两种。与结算中心模式不同,集团财务公司作为集团内独立的法人,不仅能实现资金的集中管理、减少资金在成员企业之间的沉淀、实现资金的有效配置,同时还能帮助集团扩宽融资渠道、提高集团成员企业的短期资金收益率。因此,集团财务公司正逐步成为企业集团,尤其是国有企业集团资金集中管控的主要模式。由于组织结构复杂、多层委托代理可能造成财务控制权的失控,为提高集团资金集中管控效率,企业集团应当建立一级法人治理结构,强化集团母公司董事会的职能,弱化子公司董事会的职责,严格控制集团各成员企业资金“头寸”;实行授权管理,对子公司建立并实施财务总监委派制度;在网络技术的帮助下,实现资金集中管控与全面预算管理相结合、资金开支电子化审批、资金流的实时化管理、资金管理与应收/应付款管理相结合,完善集团财务公司的职能定位,充分发挥集团财务公司内部银行、理财规划、财务顾问的作用。网络技术的发展为集团高效、快速、实时的资金集中管控奠定了基础。在前述理论研究的基础之上,本文通过手工收集数据,以沪深两市上市公司06年-08年3139个样本构建资金集中管控效率模型,研究集团财务公司、财务总监委派制、ERP等财务集中管控手段对公司绩效的影响。研究发现,财务公司绝大部分为国有企业,国有企业集团ERP管理信息系统的建立能够帮助企业集团提高资金集中管控的效率,而在民营企业则效果不明显;在民营企业中,财务总监委派制能够帮助企业集团实现更优的资金集中管控效率;拥有财务公司的集团附属上市公司的管控效率比其他上市公司低,存在价值损毁的可能。这可能是集团财务公司在进行资金集中管控时考虑的是集团资金效率最大化,而实证研究则站在上市公司的角度缺得到相反结论。因此集团在进行集中管控的同时,应兼顾控股上市公司集团整体效益最大化。?更多还原

【Abstract】 Group Financial Management and Control is the vital content of group management. While, capital management and control is the core of enterprise financial management and control, and its efficiency plays a significant role in risk control and value added of corporate group. Because of the‘special status’of the capital, as well as the improvement of internet technology, centralized capital management has become the group capital control’s inevitable choice no matter which control pattern will be chosen. At present, there are two major capital centralized patterns employed by domestic groups, that is, settlement center pattern and financial company pattern.Differentiating with settlement center pattern, as a separate legal entity within the group, the group financial company can not only realize centralized control of capital, reduce precipitation between companies so as to allocate resources effectively, but also help the group to broaden the financing channels and improve short-term capital return rate of group companies. As a result, the financial company pattern is becoming the main pattern of group capital centralized control, especially for domestic corporate groups.As a result of complex structure and multi-agency relationship created by multi-level governance, financial management may be out of control. Thus, the first grade corporate governance structure should be established and has laid the basis for the improvement of group capital centralized management and control efficiency. Moreover, the implementation of the Chief Financial Officers accreditation system is benefit for developing financial control of parent companies on subsidiaries, that is, strengthening duties of parent companies and weakening duties of subsidiaries. To realize the capital control of parent companies on subsidiaries,‘position’of subsidiaries should be determined at first so that capital usage rights of subsidiaries can be determined to realized the real-time monitoring of subsidiaries’capital. ?Simultaneously, such control should be connected to budget management under the aid of internet technology, and comprehensive budget management could be combined with the control of capital management, expenditure electronic approval, cash flow real-time management should be combined with control of accounts receivable/accounts payable. As a result, financial companies’functions of internal bank, financial planning and financial advisor can be fully exerted. In addition, the establishment of information management system can help enterprise groups to achieve more convenient, efficient and effective capital centralized management.Based on the above theoretical research, through collecting data, the paper established capital centralized control efficiency model on the basis of 3139 samples of the listed companies in Shanghai and Shenzhen from 2006 to 2008 for the purpose of studying capital centralized control tools like financial companies, Chief Financial Officers accreditation system and ERP’s influences on corporate performance. The study found that majority financial companies are state-owned companies. The establishment of ERP management information system in state-owned groups can improve efficiency of capital centralized control, while the effects in not obvious in private enterprises. In private enterprises, Chief Financial Officers accreditation system can realize higher capital centralized control efficiency. However, subsidiary listed companies who own financial companies have lower management and control efficiency than other listed companies, and even the possibility of value damages exists. Such opposite conclusion may because as considering capital centralized control, financial company takes maximization of capital efficiency into account, but the empirical work is from the perspective of listed company. Therefore, when the Groups are taking centralized management and control, they should take maximization of Group integral interests into account at the same time.更多还原