公司资金管理[文献翻译]

1、原文：The company funds managementMoney is a company engaged in the economic activities of the basicelements, the company is developing the necessary elements.Money is a company engaged in the economic activities of the basicelements,the companyis developingthe necessary elements.The company'sfinan

2、ces both showed that company of resource allocation, quantity andquality, and also reflects the company's capital structure and propertyrightrelations.Company'sproductionandmanagement,financinginvestmentand profitdistributionarebased on capitalas thelink,fromstarttofinish,throughoutthewholep

3、rocessofcompany businessactivities.Fund flowindexhas become thecompany creditevaluationanddevelopment potential, value evaluation is an important index, in someplaces, Banks have startedthecompany cash flowsituationas whether togive the company to provide credit is an important basis, some even toth

4、ecompany'sfuturecash flowasreimbursementguarantees. Thus,strengthenfinancialmanagement, improvingcapitaloperationbenefitisthe company in competition invincible and keep sustainable developmentimportant guarantee.How to strengthen the cash management? From the following threeaspects:First, the co

5、mprehensive budget managementThe budget is a kind of control mechanism and institutionalizedproceduresandimplementingthecentralizedfundmanagement istheeffectiveguarantee,company productionand operatingactivitiesorderly,is the important guarantee of the company shall supervise and control,audit, exam

6、ine the basic basis. The company is the comprehensive budgetmanagement intheproductionandbusinessoperationeachlinkimplementation budget preparation, analysis, evaluation, the companyproduction and operating activities of all the capital expenditures aresubjecttostrictbudget managementin.The company&

7、#39;s budgetshouldwithassets as a link,practisesgraded budget,theparentcompany should layparticularemphasis on improveinvestment,financethe budgettocapitalmanagementbudget isgivenpriorityto,the unifiedplanningfund executes,centralizedmanagement, Subsidiarycriterionwithproductionmanagementbudget and

8、reinforcethe costand flow of fund budget. The company's budgetonce determined,mustbecome company organizationofproductionandoperating activities legal basis, do not get optional change. And thecompany capital budget is the core of company overall budget, includingannual and monthly budget. The a

9、nnual budget is calculate inside yearcompanyinflowsand outflowsscale.Accordingtothe scaleofthecompanymay determinethefinancingand investmentpolicy.And monthlybudget ismore close to reality, can accurately reflect the monthly cash flow,accordinglycan alsospecificadjustment,financingand investmentplan

10、.Additionalfundsin accordance withthepurposes,stillcan commit dividedinto the following threeaspects: the budget of budget:1、and operatingactivitiescash flow budget:mainly includesbusinessincome and operating expenditures budget. Business income is that acompany sellingproducts,providinglaborservice

11、sandrentassetsobtainedcashinflow,annualoperatingrevenuereflectstheannualcompanytoreceivethe capitalsize.Is thecompany's variousexpendituresbudget guarantee. Monthly income budget is able to reflect relativelyclear capital inflows roughly time for the company's capital operationand provide a

12、relatively accurate basis; Operating expenditures budgetconsistsof company businessactivitiesallcapitalexpendituresbudget,and the difference of income is mirrorring company in investment canprovide the self-capital scale, the company is investment, financingpoliciesselected,andtheimportantbasisofmon

13、thlyoperatingexpenditurebudget and the differenceofincome criterioncan accuratelyprovidecompany'sfinancingandinvestmentplanbasis,increasethecompany's capital operation efficiency, reduce the financial expenses.2、the investment activities of cash flow budget: company in orderto obtain more pr

14、ofits, expand the size of the company must conducteffective investment. It is divided into two kinds: it is a long-terminvestment, must use NPV etc to judge the feasibility of investmentprojects, belong to investment return period long capital expenditures,butalsoincreasethecompanydevelopmentpotenti

15、alofpowerfulguarantees, long-term investment funds life are longer, capital usingforeheadislargeralso,therefore,ask accordingtothe annual self-ownedfinancingvolumeand lowcostoffinancingtodetermine theannualinvestment capital expenditures budget. 2 it is short-term investments,which emphasizes the sh

16、ort-term cash liquidity, is a kind of long-termscaleestablishedunder thesituationofshort-termassetsstockreturnsproblem, it is to point to in no selected effectie long-term investmentplan,choose low-risk,highbenefitofinvestmentdecisions,thecompany's stock fund revitalize the rise, obtain better i

17、ncome.3、and financingactivitiescash flowbudget:financingbudget refersto the chosen optimization of investment projects, remove self-ownedfunds, choose low financing solutions financing budget. And effectivefinance policy also requires from internal maturity structure of debtcapital fund managementup

18、 strengthenthecompany level.Itstressedformlong-termassetsandlong-termliabilities,currentassetsandliabilities correspondence between the structure of financing strategyand correlation.Second, strengthen centralized management of fundsCentralizedfundaccountingisfinancialcompanies as thecarrierofthe ce

19、ntralized fund management mode, the group's parent company withsubordinatescentralizedfund managementcompany independentmanagementgroup, thecombinationoffundsettlementand financialsubordinateunitcompany financialfunctioncombination, capitaleffectively balanceandthe optimizationofcapitalstructure

20、combination,nbre goalsand processmanagementcombination,foreignefficientutilizationandriskmanagement, capital of combining information management and businessprocess reengineeringcombination.Thisfundmanagementmodecan be "fourreunification" to describe, namely:1、unifiedbank account managemen

21、t, ensure monetary fund safety.Moneyis the most liquid assets, is the internal control of the key link. Forthe purpose of strengthening the monetary fund of beforehand control ofmonetary fund, perfecting the system of basic internal dragged on thebasis of internalunits,cancelinsocialfinancialinstitu

22、tionsand keepthe redundantaccountusingonly basicpayment accountand multiplecrosscapital account and realizing capital expenditure two lines. That allsubsidiaryneed moneyallby the parentcompanydailytransfer,allincomefunds are prescribedway toparentcompany'sdailycross insideaccount,so as to ensure

23、 group company ofcapitalreceiptsand unifiedcentralizedmanagement. Anothersubsidiaryingroup of financialreceiptsand accountwithin the company, with open for group company internal unit betweenproductsservicestoprovidesupportandplaysettlementfinancialcompany's financialfunctiontointernaltransactio

24、nssettlementinsteadof monetary fund settlement,realizedthe internalgroup withoutmonetaryfund turnover.2、unifieddispatching,strengthencapitalfund operationregulation.To meet the needs ofproductionand businessoperationand construction,unified dispatching right, especially significant capital investmen

25、tscale of overall planning, control, direct investment funds to a highreturn low risk areas, and also gives subsidiary daily money managementauthority,realizegroupto subordinateunitfunds operatingeffectivelymonitor andguardagainstfinancialsettlementrisk.Group companyaccording to the annual budget sc

26、heduled subsidiaries, affiliates ofusingthecapitalscaleaccordingto theannualbudget request subsidiaryprepare monthly budget, and will use fund quota decomposition to everyday, the group company hereby transfer funds. The subsidiary is throughallmoneyflowsintoaccountin accordancewiththe prescribedcol

27、lectionpathdelimitto groupcompanyaccount,thegroupcompany unifiedredeploymentand ensure the group companyforallof the fundsofeffectivecontrol, reducing capital outflow and precipitation risk. Accordinglygroup company can also planning to use fund, the surplus fund to adopteffective operation mode, ha

28、s achieved good returns.3、unifiedcapitalcreditmanagement,ensure financing efficiencyandsafety. Is unified internal credit management, through group financialcompanyfocusedon the memberunitexecutesinternalloan system,properlyregulate internal capital flows, optimize capital structure, internalcredit

29、for providing high quality loan support. 2 it is unified foreignfinancing function, according to the group fund structure optimizationand the needs of thedevelopment ofvariousunits,unifiedfrom commercialBanks loantoraisemoney, as thecreditmanagementoutspread,emphasizetheparentcompany shall,withoutth

30、e approvalofguaranty,each unitofmemberofgroup had voluntarilytoexternalguarantee toreduce financingcost and reduce the contingent liabilities, prevent the occurrence ofsecurity risk and ensure financing efficiency and safety.4、unified funds of process control, use fund efficiently. In thecapitalgoal

31、son controleach year,prepareitsannual budget index, fundstied up with economic responsibility system evaluation indexes hooks.Through the trackingexamination of budget fundsfrom materialpurchase,stock, inventory and disposal, products sales efc.so implement processcontrolandmanagement. Strengthenthe

32、processofmanagement, usingforeigncapitalinintroducingforeigninvestmentindomesticand foreignrelevantwhen strengtheninglendingpoliciesandinterestratesandtrends of research, a good grasp of the utilization of foreign capitalprojectdecision-makingshut,reasonablydeterminetheloan toeffectivelyusescheme.Pa

33、yattentiontoforeigninvestmentriskpreventionand management, the use of moneyDiaoQi,interestratesDiaoQi,prepayment, future foreign exchange trading a variety of forms such asdissolve debt risk.Third, the implementation of the internal audit systemCash flowcontrolreferstoall company cash inflow and out

34、flowmeansof control,itneed a strongdepartmentaccordingtoeffective systemtocontrol. The finance department of the company just one aspect of theimplementationandstillhaveauditdepartmentsforchecks.Mainlyincludes:1、organizationguarantee.Should center around the financialcontrolto establish effective or

35、ganization guarantee, Organize and implementdaily financial control shall establish corresponding supervision andcoordination,arbitration,theexaminationinstitutions,willtheseinstitutions of functions merge to the company's standing body. Shallestablishvariousexecutionbudgetresponsibilitycenter,m

36、ake eachresponsibility center on the decomposition of the budget target cancontrol and can assume complete responsibility.2 、 systemguarantee.Theinternalcontrolsystemincludingtheorganization's design and internal company take all the coordinationbetween methods and measures. These methods and me

37、asures to protect theproperty of the company, check the accuracy of accounting information,improve operationefficiency,makerelevantpersonnelfollowestablishedmanagement policy.3、information feedback guaranteed. Financial control is a dynamic control process, to ensure the financial budget implementat

38、ion, must to each responsibility center of budget implementation situation to carryon the track, constantly adjust deviation, budget more reasonable, execute more effective.The specific practices are:1、ruled over allthe funds,unifiedredeployment funds tostrengthenthemanagementofthecompany cash. To p

39、reventcapitalof extracorporealcirculation, strengthening the management of funds, many companies haveadopted a series of measures to strengthen the cash management. Can useofcash managementsystem includes:on hiscompany shallcarryout strictmanagement of the budget, Of the various departments to imple

40、ment sparegold, Strictbranchopen a bank accountmanagement: "balancetwo lines",allincome unifiedover company headquarters unifiedtransfer,branch thefunds needed by the company headquarters unified audit and arrangement.2、strengthenmoney exchanges and inventorymanagement, speed up thecapital

41、 turnover. The company shall be the following measures, reducedcash outflows, increase cash inflows,reducing capital tie up time:strengthentheaccountreceivableandaccountspayablemanagement;Strengthenthe otherreceivablesand otherpayable management;Strengthenadvance receivable,prepaidreceivablemanageme

42、nt; Strengthentheinventorymanagement;Strictcompanycollection,acceleratecashbackflow responsibility system, reduce and control of bad debt rate. Aspossible by using commercial credit, reasonable utilization of theirclients' money.Cash flow and rivers like water, can be done, also cannot overflow,

43、should keep a certain balance, want to hold, how's strength, go and dothe size of the things, otherwise it'll take cash flow to break, thecompanytomaintainhard.But withinthecompany, must establish strictlyobserve the rules and regulations of the atmosphere, the system is the outline, all mus

44、t act according to the system operation, to ensure thesafe 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.S

45、ource:Lough,The Company's FinancialManagement, Harvardbusinessmagazine. 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

46、， 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

47、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

48、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

49、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

50、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， 以内部往来结算代替货币资金结算，实现了集团内无货币资金的流转。2、统一资金调度，强化资金运作监管。为满足生产经营与建设的需要，统一重大资金调度权， 尤其是统筹规划， 控制投资