现代企业财务管理的探讨（外文翻译）

Discussion on the Modern Enterprise Financial ControlRyanDavidson ,JennyGoodwin-Stewart ,PamelaKentThis paper discusses the The modern enterprise is becoming Chinas economic development in the process of an important new force. However, with the modern enterprise investment on the scale of the expansion and extension of the growing investment levels, the modern enterprise financial control is becoming increasingly urgent. This is common in state-owned enterprise groups and private enterprise groups, a common predicament. At present, the modern enterprise is becoming Chinas enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Groups financial management and financial control is a modern enterprise financial management of the link. Many of the modern enterprise by strengthening the financial control so that the Group significant increase efficiency, and even some loss-making by strengthening the financial control of the modern enterprise to enable companies to achieve profitability. In this paper, expounding Chinas modern enterprises the main problems of financial control, based on the choice of financial control method was summarized and analyzed the content of the modern enterprise financial controls, the final resolution of the financial control mode selected key factors for the modern enterprise the improvement of financial control to provide a degree of meaningful views. 1 Introduction With Chinas accession to WTO, Chinas enterprise groups must be on the world stage to compete with TNCs from developed countries. At present the development of enterprise groups in China is not satisfactory, although there are national policies and institutional reasons, but more important is its financial management in particular, caused by inadequate financial controls. For a long time, Chinas enterprise group cohesion is not strong, their respective subsidiaries within the Group for the array, can not play the whole advantage; redundant construction and haphazard introduction of frequent, small investments, decentralized prominent problem: financial management is chaotic, resulting in frequent loss of control, a waste of money the phenomenon of serious; ineffective financial control, financial management loopholes. In recent years, enterprise groups financial control has been our countrys financial circles. In short, the problem of exploration in our country has obvious practical significance. Clearly, Chinas modern enterprise financial controls are the main problem is to solve the problem of financial control method based on the choice of financial control method is the key financial control of the modern enterprise content is content, while the financial control method of choice is the ultimate ownership of the main factors that point, This train of thought here on the modern enterprises financial control method were analyzed. 2. An overview of the modern enterprise financial control Internal control over financial control is an important part, is a subsidiary of parent company control of an important part of its financial management system is the core of. The concept of modern enterprise financial controls in accordance with the traditional definition, financial control refers to the “Financial Officers (sector) through the financial regulations, financial systems, financial scale, financial planning goals of capital movement (or the daily financial activities, and cash flow) for guidance, organization, supervision and discipline, to ensure that the financial plan (goals) to achieve the management activities. financial control is an important part of financial management or basic functions, and financial projections, financial decision-making, financial analysis and evaluation together with a financial management system or all the functions. The modern enterprises financial control is in the investors ownership and corporate property rights based on the generated surrounding the Groups overall objective, using a variety of financial means, the members of the enterprises economic activities, regulation, guidance, control and supervision, so that it Management Groups development activities are consistent with the overall goal of maintaining the group as a whole. Financial control is a power to control one side of the side control, inevitably based on one or several powers. Financial control is essentially related to the interests of enterprises in the organization, the conduct of control, namely, by controlling the financial activities of the assets, personnel actions, to coordinate the objectives of the parties to ensure that business goals. The modern enterprise financial control includes two aspects: the owner funded financial control and corporate managers financial control. From the donors point of view, the essence of the modern enterprise is characterized by investor and corporate property rights of ownership and separation. Investors will invest its capital to the enterprise after their capital combined with debt capital, constitute the enterprises capital, the formation of corporate business assets is funded by corporate property, then lost direct control over the funders in order to achieve itsCapital maintenance and appreciation of the goal, only through control of its capital manipulation of corporate assets in order to achieve the maximum capital value donors. The control of capital controls is an important property is the prerequisite and foundation for financial control. From the perspective of internal management of enterprises and its financial control target is the legal property of its operations. 3 Chinas modern enterprises the main problems of financial control At present, the modern enterprise is becoming Chinas enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Groups financial management and financial control is a modern enterprise financial management of the link. Chinas modern enterprise financial controls are still in the stage to be further improved, to varying degrees, there are some urgent need to address the problem: 3.1 Financial control set decentralized model of polarization, low efficiency In the financial control of the set of decentralized model, Chinas modern enterprise polarization. The current group of financial control either over-centralization of power, the members of the business has no legal status as a subsidiary factory or workshop, the group is seen as a big business management, leadership financial rights absolute; or excessive decentralization, a large number of decentralized financial control to a subsidiary, any of its free development. In addition, the modern enterprise financial control system suited the needs of a market economy, financial control and flexibility of principle there is no organic unity. If the subordinate enterprises, with few financial decision-making power, then the temporary financial problems occur at every level always reported to the Groups headquarters, and then from the headquarters down the implementation of the decision-making at every level, so it is easy to miss market opportunities. On the contrary, when the subsidiary of financial decision-making power is too large, they easily lead to financial decision-making blind and mistakes, not only for the Groups staff to participate in market competition, failed to exercise any decision-making role, but will also become a competitor to the market to provide a tool for competitive information, hinder the the further development of enterprises. 3.2 One of the lack of financial control Financial control in accordance with the owner of intention, in accordance with relevant laws and regulations, systems and standards, through certain financial activities and financial relations, and financial activities to promote all aspects of the financial requirements in accordance with a code of conduct to conduct his activities. From Chinas current situation, the financial control of a modern enterprise mainly focused on ex post facto control, is often the lack of critical pre-budget and to control things. Many modern enterprises, after a decision is in advance, for further financial control tended to focus on the annual profit plan, to meet on the development of a full-year sales revenue, cost, target profit, and several other overarching objectives, without further specific decision-making technology to compile for control and management, according to the month, quarterly, annual financial budget. Therefore, the interim budget and thus difficult to compare operating performance is a matter to control the empty words. As for the ex post facto control, although based on the year-end assessment of the needs and to get some attention, they can still profit in the annual plan, based on the relevant accounting information barely supported by whom, but the effects are pretty effective. Since the ex ante control may not be effective, so subordinate enterprises throughout the implementation process of decision-making are largely outside the core business of financial control, divorced from the core business of financial control. Modern enterprises themselves do not establish a parent-subsidiary link up the financial control mechanisms, financial control their own ways, the parent company of the modern enterprise can not come to the unified arrangement of a strategic investment and financing activities, the group blindly expand the scale of investment, poor investment structure, external borrowing out of control, financial structure is extremely weak, once the economic downturn or product sales are sluggish, there barriers to capital flows, the Group into trouble when they become addicted. An internal financial assessment indicators are too single, not fully examine the performance of subsidiaries. A considerable number of modern enterprises internal assessment targets only the amount of the contract amount and profit 2. 3.3 regardless of the financial and accounting functions, institutional settings are not standardized At present, Chinas financial and accounting sector enterprises are usually joined together, such a body set up under the traditional planned economic system, still capable to meet the management needs, but the requirements of modern enterprise system, its shortcomings exposed. Manifested in: (1) financial services targeted at business owners, it is the specific operation and manipulation of objects is the enterprises internal affairs, while the accounting of clients within the enterprise and external stakeholders, would provide open accounting information must reflect the “true and fair“ principle. Will be different levels of clients and flexibility in a merger of two tasks, will inevitably lead to interference with the financial flexibility of the fairness of accounting. (2) The financial sector is committed to the financial planning, financial management, the arduous task, but flexible in its mandate, procedures and time requirements more flexible, but assume that the accounting information collection, processing, reporting and other accounting work, and flexibility in work assignments weak, procedures and time requirements more stringent and norms. If the enterprises, especially in modern enterprises to financial management and accounting work are mixed together, is likely to cause more “rigid“ in accounting work runs more “flexible“ financial management is difficult to get rid of long-standing emphasis on accounting, financial management light situation. 3.4 irregularities in the operation of a modern enterprise funds At present, the modern enterprise fund operation of the following problems: First, a serious fragmentation of the modern enterprise funds. Some of the modern enterprise have not yet exceeded a certain link between the contractual relationship to conduct capital, operating, and its essence is still the executive order virtual enterprise jointly form of intra-group members are still strict division of spheres of influence, difficult to achieve centralized management of funds, unification deployment of large groups is difficult to play the role of big money. Second, the stock of capital make an inventory of modern enterprise poor results. Result of the planned economy under the “re-output, light efficiency, re-extension, light content, re-enter, light output“ of inertia, making the enterprise carrying amount of funds available to make an inventory of large, but the actual make an inventory of room for small, thus affecting the to the effect of the stock of capital. Third, the modern enterprise funds accumulated a lot of precipitation. 3.5 Internal audit exists in name only At present, enterprises in the financial monitoring of internal audit work to become a mere formality process. The first formal audit management. Hyundai organized every year in different forms of audit, has become a fixed procedure, but because the internal audit staff and the audited entity at the same level, thus in the companys financial problems can not get to the bottom, just a form of and going through the motions. This audit not only failed to exercise any oversight role, to some extent encouraged the small number of staff violations of law. Second, nothing of audit responsibilities. Internal audit is a modern enterprise group commissioned by the audit staff members of Corporate Finance to conduct inspection and supervision process, and therefore the auditors have had an important mandate and responsibilities. But in reality, become a form of audit work, audit officers, whether seriously or not, are not required to bear the responsibility, thus making the audit is inadequate supervision. Third, the audit results and falsified. Audit results should be true and can be *, but in reality the different audit bodies of the same company during the same period of the audit, results are often different, and a far cry from, these are false true performance of the audit findings. 4. Selected financial control model should be considered a major factor Generally speaking, the modern enterprise selects the financial control mode, the main consideration should be given these factors: equity concentration, a subsidiary of the degree of influence of the parent company financial strategy, organizational structure, development strategy, the group scale. From the group-level point of view, the parent company of the subsidiaries of the associated control to be strict control of the company, a wholly-owned subsidiary of the control to be strict control of the relatively holding subsidiaries, therefore, the parent company of the wholly owned subsidiary of and advantages of holding subsidiaries with centralized control, the quality holding subsidiaries and any shares of a subsidiary of the separation of powers system. To maintain and enhance the core competitiveness of modern enterprises of different degree of importance of a subsidiary should be taken to a different control mode. Have a significant impact on the subsidiary, the parent company must maintain a high degree of centralized control and management right, even partially, the separation of powers must be confined within the framework of centralized; right with the Groups development strategy, core competencies, core business and for the foreseeable the future development of relations in general, a subsidiary of little impact, from improving management efficiency, play to their enthusiasm and enhance the resilience of the market competition point of view, using decentralized type of management system, a better option. From the organizational structure point of view, U-type structure is a typical centralized structure, and accordingly, its financial control model should also be authoritarian style. H-is an organic organizational structure, a more loose linkages between various departments, departments have greater flexibility in the organization structure, with decentralized financial control model is more suitable, while the M-type structure belonging to phase Rong-type organizational structure, so the use of centralized financial control model can be used either decentralized model. From the operating characteristics of point of view, the different characteristics of the modern enterprise management, financial control mode selection will be different. And integration operations in a single case, all units within the group has a great business contacts, financial control naturally require higher degree of centralization. Enterprises to adopt diversification, because each subsidiary where the industry is different from the operational linkages between the various subsidiaries is relatively small, difficult to implement a modern enterprise integrated centralized control, and therefore the financial control of all subsidiaries should be given to the appropriate authority. From the development stage point of view, the modern enterprises in the different stages of development, in order to meet the needs of business development will take a different mode of financial control. Generally speaking, companies in the early stages of the development of small, relatively simple operations, using centralized financial control mode, you can better play the same decision-making and resource integration advantages in the industry has created a scale. With the continuous expansion of company size, business areas and constantly open up, Centralized financial control mode can not meet the companys financial controls and management methods on the need for diversification, and this time, we need more subsidiaries in all aspects of and more authority, so that the financial control model of a modern enterprise gradually to decentralized development. I