公司资金管理[文献翻译].doc

原文：the company funds managementmoney is a company engaged in the economic activities of the basic elements, the company is developing the necessary elements. money is a company engaged in the economic activities of the basic elements, the company is developing the necessary elements. the companys finances both showed that company of resource allocation, quantity and quality, and also reflects the companys capital structure and property right relations. companys production and management, financing investment and profit distribution are based on capital as the link, from start to finish, throughout the whole process of company business activities. fund flow index has become the company credit evaluation and development potential, value evaluation is an important index, in some places, banks have started the company cash flow situation as whether to give the company to provide credit is an important basis, some even to the companys future cash flow as reimbursement guarantees. thus, strengthen financial management, improving capital operation benefit is the company in competition invincible and keep sustainable development important guarantee. how to strengthen the cash management? from the following three aspects: first, the comprehensive budget management the budget is a kind of control mechanism and institutionalized procedures and implementing the centralized fund management is the effective guarantee, company production and operating activities orderly, is the important guarantee of the company shall supervise and control, audit, examine the basic basis. the company is the comprehensive budget management in the production and business operation each link implementation budget preparation, analysis, evaluation, the company production and operating activities of all the capital expenditures are subject to strict budget management in. the companys budget should with assets as a link, practises graded budget, the parent company should lay particular emphasis on improve investment, finance the budget to capital management budget is given priority to, the unified planning fund executes, centralized management, subsidiary criterion with production management budget and reinforce the cost and flow of fund budget. the companys budget once determined, must become company organization of production and operating activities legal basis, do not get optional change. and the company capital budget is the core of company overall budget, including annual and monthly budget. the annual budget is calculate inside year company inflows and outflows scale. according to the scale of the company may determine the financing and investment policy. and monthly budget is more close to reality, can accurately reflect the monthly cash flow, accordingly can also specific adjustment, financing and investment plan. additional funds in accordance with the purposes, still can commit divided into the following three aspects: the budget of budget: 1、 and operating activities cash flow budget: mainly includes business income and operating expenditures budget. business income is that a company selling products, providing labor services and rent assets obtained cash inflow, annual operating revenue reflects the annual company to receive the capital size. is the companys various expenditures budget guarantee. monthly income budget is able to reflect relatively clear capital inflows roughly time for the companys capital operation and provide a relatively accurate basis; operating expenditures budget consists of company business activities all capital expenditures budget, and the difference of income is mirrorring company in investment can provide the self-capital scale, the company is investment, financing policies selected, and the important basis of monthly operating expenditure budget and the difference of income criterion can accurately provide companys financing and investment plan basis, increase the companys capital operation efficiency, reduce the financial expenses. 2、the investment activities of cash flow budget: company in order to obtain more profits, expand the size of the company must conduct effective investment. it is divided into two kinds: it is a long-term investment, must use npv etc to judge the feasibility of investment projects, belong to investment return period long capital expenditures, but also increase the company development potential of powerful guarantees, long-term investment funds life are longer, capital using forehead is larger also, therefore, ask according to the annual self-owned financing volume and low cost of financing to determine the annual investment capital expenditures budget. 2 it is short-term investments, which emphasizes the short-term cash liquidity, is a kind of long-term scale established under the situation of short-term assets stock returns problem, it is to point to in no selected effectie long-term investment plan, choose low-risk, high benefit of investment decisions, the companys stock fund revitalize the rise, obtain better income. 3、and financing activities cash flow budget: financing budget refers to the chosen optimization of investment projects, remove self-owned funds, choose low financing solutions financing budget. and effective finance policy also requires from internal maturity structure of debt capital fund management up strengthen the company level. it stressed form long-term assets and long-term liabilities, current assets and liabilities correspondence between the structure of financing strategy and correlation. second, strengthen centralized management of funds centralized fund accounting is financial companies as the carrier of the centralized fund management mode, the groups parent company with subordinates centralized fund management company independent management group, the combination of fund settlement and financial subordinate unit company financial function combination, capital effectively balance and the optimization of capital structure combination, nbre goals and process management combination, foreign efficient utilization and risk management, capital of combining information management and business process reengineering combination. this fund management mode can be four reunification to describe, namely: 1、unified bank account management, ensure monetary fund safety. money is the most liquid assets, is the internal control of the key link. for the purpose of strengthening the monetary fund of beforehand control of monetary fund, perfecting the system of basic internal dragged on the basis of internal units, cancel in social financial institutions and keep the redundant account using only basic payment account and multiple cross capital account and realizing capital expenditure two lines. that all subsidiary need money all by the parent company daily transfer, all income funds are prescribed way to parent companys daily cross inside account, so as to ensure group company of capital receipts and unified centralized management. another subsidiary in group of financial receipts and account within the company, with open for group company internal unit between products services to provide support and play settlement financial companys financial function to internal transactions settlement instead of monetary fund settlement, realized the internal group without monetary fund turnover. 2、unified dispatching, strengthen capital fund operation regulation. to meet the needs of production and business operation and construction, unified dispatching right, especially significant capital investment scale of overall planning, control, direct investment funds to a high return low risk areas, and also gives subsidiary daily money management authority, realize group to subordinate unit funds operating effectively monitor and guard against financial settlement risk. group company according to the annual budget scheduled subsidiaries, affiliates of using the capital scale according to the annual budget request subsidiary prepare monthly budget, and will use fund quota decomposition to every day, the group company hereby transfer funds. the subsidiary is through all money flows into account in accordance with the prescribed collection path delimit to group company account, the group company unified redeployment and ensure the group company for all of the funds of effective control, reducing capital outflow and precipitation risk. accordingly group company can also planning to use fund, the surplus fund to adopt effective operation mode, has achieved good returns. 3、unified capital credit management, ensure financing efficiency and safety. is unified internal credit management, through group financial company focused on the member unit executes internal loan system, properly regulate internal capital flows, optimize capital structure, internal credit for providing high quality loan support. 2 it is unified foreign financing function, according to the group fund structure optimization and the needs of the development of various units, unified from commercial banks loan to raise money, as the credit management outspread, emphasize the parent company shall, without the approval of guaranty, each unit of member of group had voluntarily to external guarantee to reduce financing cost and reduce the contingent liabilities, prevent the occurrence of security risk and ensure financing efficiency and safety. 4、unified funds of process control, use fund efficiently. in the capital goals on control each year, prepare its annual budget index, funds tied up with economic responsibility system evaluation indexes hooks. through the tracking examination of budget funds from material purchase, stock, inventory and disposal, products sales efc.so implement process control and management. strengthen the process of management, using foreign capital in introducing foreign investment in domestic and foreign relevant when strengthening lending policies and interest rates and trends of research, a good grasp of the utilization of foreign capital project decision-making shut, reasonably determine the loan to effectively use scheme. pay attention to foreign investment risk prevention and management, the use of money diaoqi, interest rates diaoqi, prepayment, future foreign exchange trading a variety of forms such as dissolve debt risk. third, the implementation of the internal audit system cash flow control refers to all company cash inflow and outflow means of control, it need a strong department according to effective system to control. the finance department of the company just one aspect of the implementation and still have audit departments for checks. mainly includes: 1、organization guarantee. should center around the financial control to establish effective organization guarantee, organize and implement daily financial control shall establish corresponding supervision and coordination, arbitration, the examination institutions, will these institutions of functions merge to the companys standing body. shall establish various execution budget responsibility center, make each responsibility center on the decomposition of the budget target can control and can assume complete responsibility. 2、system guarantee. the internal control system including the organizations design and internal company take all the coordination between methods and measures. these methods and measures to protect the property of the company, check the accuracy of accounting information, improve operation efficiency, make relevant personnel follow established management policy. 3、information feedback guaranteed. financial control is a dynamic control process, to ensure the financial budget implementation, must to each responsibility center of budget implementation situation to carry on the track, constantly adjust deviation, budget more reasonable, execute more effective. the specific practices are: 1、ruled over all the funds, unified redeployment funds to strengthen the management of the company cash. to prevent capital of extracorporeal circulation, strengthening the management of funds, many companies have adopted a series of measures to strengthen the cash management. can use of cash management system includes: on his company shall carry out strict management of the budget, of the various departments to implement spare gold, strict branch open a bank account management: balance two lines, all income unified over company headquarters unified transfer, branch the funds needed by the company headquarters unified audit and arrangement. 2、strengthen money exchanges and inventory management, speed up the capital turnover. the company shall be the following measures, reduced cash outflows, increase cash inflows, reducing capital tie up time: strengthen the account receivable and accounts payable management; strengthen the other receivables and other payable management; strengthen advance receivable, prepaid receivable management; strengthen the inventory management; strict company collection, accelerate cash backflow responsibility system, reduce and control of bad debt rate. as possible by using commercial credit, reasonable utilization of their clients money. cash flow and rivers like water, can be done, also cannot overflow, should keep a certain balance, want to hold, hows strength, go and do the size of the things, otherwise itll take cash flow to break, the company to maintain hard. but within the company, must establish strictly observe the rules and regulations of the atmosphere, the system is the outline, all must act according to the system operation, to ensure the safe and efficient funds. outside the company, the company must also and banking financial institutions, such as closely and adopt high income, low cost, low risk of financing, investment policy, ensure enterprises of the cash flows of unblocked. source: lough, the companys financial management, harvard business magazine. 2007 (6) : p 199-214.译文：公司资金管理资金是公司从事各项经济活动的基本要素，是公司发展的必备要素。 公司的资金状况既表明了公司的资源配置、数量和质量，同时也反映了公司的资本构成和产权关系。公司的生产经营、筹资投资和利润分配都是以资金为纽带，从起点到终点，贯穿于公司经营活动的全过程。资金流量指标已经成为公司信誉评价、发展潜力、价值评估的重要指标，在有些地方，银行已开始把公司现金流量情况作为是否给公司提供信用的重要依据，有的甚至把公司未来的现金流量作为还款的担保。因此，加强资金管理，提高资金运营效益是公司在竞争中立于不败之地和保持可持续发展的重要保证。 如何加强现金管理呢？应从以下三个方面入手： 一、推行全面预算管理 预算是一种控制机制和制度化的程序，是实施资金集中管理的有效保证，是公司生产经营活动有序进行的重要保证，是公司进行监督、控制、审计、考核的基本依据。公司的全面预算管理是对生产经营各个环节实施预算的编制、分析、考核，把公司生产经营活动中所有的资金收支均纳入严格的预算管理之中。公司的预算应以资产为纽带，实行分级预算，母公司应侧重搞好投资、融资预算，以资本经营预算为主，实行资金的统一筹划，集中管理；子公司则以生产经营预算为主，加强成本费用和资金流量预算。公司预算一经确定，就应成为公司组织生产经营活动的法定依据，不得随意更改。而公司资金预算则是公司全面预算的核心，包括年度、月度预算。年度资金预算是测算年度内公司资金的流入、流出规模。根据规模可以确定公司的融资、投资的政策。而月度预算则比较接近实际，能较准确的反映每月的资金流量情况，据此也可以具体的调整融资、投资计划。另外按照资金的用途，还可将资金预算分为以下三个方面的预算： 1、经营活动现金流量预算：主要包括经营收入与经营支出预算。经营收入是指公司销售产品、提供劳务以及出租资产等取得的现金流入，年度的经营收入反映的是年度公司能收到的资金规模，是公司的各项支出预算的保证。月度收入预算则能较为清晰的反映资金流入的大致时间，为公司的资金运作提供较为准确的依据；经营支出预算则包括公司经营活动所有资金支出的预算，与收入的差额则是反映公司在投资时所能提供的自有资金规模，也是公司投资、融资政策选定的重要依据，而月度经营支出预算与收入的差额则能准确的提供公司的融资、投资计划依据，增加公司的资金运营效益，减少财务费用支出。 2、投资活动现金流量预算：公司为了获取更多的盈利，扩大公司的规模必须进行有效的投资。它分为两类：一是长期投资，必须用净现值等来判断投资项目的可行性，属于投资回报期长的资金支出，但也是增加公司发展潜力的有力保证，长期投资的资金使用期都较长，资金使用额也较大，因此要求根据年度自有资金量及较低的融资成本来确定年度投资资金支出预算。二是短期投资，它强调的是短期现金的流动性，是一种在长期规模既定状况下的短期资产存量的收益问题，它是指在没有选定有效的长期投资计划时，选择风险低，受益高的投资方案，将公司的存量资金盘活起来，取得较好的收益。 3、筹资活动现金流量预算：融资预算是指在选定好优化的投资方案后，去除自有资金额后，选择较低的融资方案融通资金的预算。而且有效的融资政策还要求从负债资本的内部期限结构上来强化公司资金的管理水平。它强调形成长期资产与长期负债、流动资产与流动负债间的结构对应性及相关性的融资策略。 二、 加强资金的集中管理 资金集中核算是以财务公司为载体的集中式资金管理模式 , 是集团总公司资金集中管理与下属公司自主管理的结合、集团所属单位资金结算与财务公司金融功能的结合、资金有效平衡与资本结构优化的结合、资金占用目标与过程管理的结合、外资高效利用与风险管理的结合、资金信息化管理与业务流程再造的结合。这种资金管理模式可以 “ 四个统一 ” 来描述，即： 1、统一银行开户管理，确保货币资金安全。货币资金是流动性最强的资产，是内部控制的最关键环节。为强化货币资金的事前控制，在健全货币资金基本内部牵制制度的基础上，撤销集团内部各单位在社会金融机构的多余账户，保留使用唯一基本付款账户及多个上划资金专户，实现资金的收支两条线。即所有子公司需用的资金均由母公司每日进行划拨，所有的收入资金则按规定的途径每日上划至母公司的账户内，从而保证了集团公司对资金的收付的统一集中管理。另外子公司还在集团的财务公司内开设收付账户，为与集团公司内部单位间的产品劳务结算提供支持，并发挥财务公司的金融功能，以内部往来结算代