企业集团财务管理Enterprise-Grou课件

EnterpriseGroupFinancialManagement企业集团财务管理2023/1/81EnterpriseGroupFinancialMan2EnterpriseGroupFinancialManagementBriefcontents:1.anoverviewofenterprisegroupfinancialmanagement2.systemandcontentofenterprisegroupfinancialmanagement3.enterprisegroupfinancialcorporation4.performancemeasurementandevaluationofenterprisegroup2EnterpriseGroupFinancialMa3(1)typesofenterprisegroup(2)structureofenterprisegroup(3)featuresofenterprisegroup(4)financialcharacteristicsofenterprisegroup1.Anoverviewofenterprisegroupfinancialmanagement3(1)typesofenterprisegroup14Share-controllingenterprisegroupMixedenterprisegroupManagerialenterprisegroup(1)typesofenterprisegroup2023/1/844Share-controllingenterprise5ParentcorporationSubsidiarycorporation(2)structureofenterprisegroup2023/1/855Parentcorporation(2)structur6Parentcorporationisalsocalledshare-controllingormultidivisionalcorporation,andisacorporateenterprisethatfinancesforsubsidiarycorporationandservesasfunctionsofcontributorandcapitaloperation.ItsregisteredcapitalmustreachaboveRMB500millionanditsnumberofsubsidiarycorporationsatleastreaches5.1.Parentcorporation（1）2023/1/866Parentcorporationisalsoca7Approvedbystatecouncilorotherregulatoryauthority,theamountofinvestmenttoothercorporationbyparentcorporationshallbeabove50%ofitsnetassets.Branchesofparentcorporationarenotlegalperson.Rights:incomerights,majordecision-makingrights,selectionofmanager1.Parentcorporation（2）2023/1/877Approvedbystatecouncilor8StockparticipatingcorporationCollaborationunit2.Subsidiarycorporation（compressedhierarchy)2023/1/888Stockparticipatingcorporati9LegalfeaturesOrganizationalfeaturesoperationalfeaturesFinancialfeatures(3)featuresofenterprisegroup2023/1/899Legalfeatures(3)featuresof10Complexproperties’rightrelationshipDiversefinancialentityandmulti-levelfinancialdecision-makingDiverseinvestmentfieldsFrequentaffiliatetransaction(4)financialcharacteristicsofenterprisegroup2023/1/81010Complexproperties’rightrel11(1)basicmodelsofenterprisegroupfinancialmanagementsystem(2)financialorganizationanddecision-makingmechanism

(3)contentsofenterprisegroupfinancialmanagement2.systemandcontentsofenterprisegroupfinancialmanagement2023/1/81111(1)basicmodelsofenterpris12centralizationdecentralizationDivisionalsystem(1)basicmodelsofenterprisegroupfinancialmanagementsystem2023/1/81212centralization(1)basicmodel13FinancialmanagementPowerofparentcorporationDirectdecision-makingtoallmajorfinancialmattersEstablishingfinancialinstitutionsofsubsidiariesandappointingordismissingfinancialmanagersofsubsidiaries1.centralization（1）2023/1/81313FinancialmanagementPowero14advantages：developcompoundedstrengthsofresources；realizethepurposeofenterprisegroupfinancialmanagement；reducecapitalcostdisadvantages：slowmarketresponse；eliminateactivitiesofsubsidiaries；lackofrationaldivisionoflaborandcollaboration1.Centralization（2）2023/1/81414advantages：developcompounde15Parentcorporationonlyretainspowerofdecision-makingandapprovingofmajorfinancialmattersofsubsidiary,andgivesdailyfinancialdecision-makingpowerandmanagerialpowertosubsidiarycorporation.2.Decentralization（1）2023/1/81515Parentcorporationonlyreta16advantages：subsidiaryhasfullpowerofdecision-madingandismoreeasytograspmarketopportunity.disadvantages：isbadforfindingoutoperationproblemsofsubsidiaryintime；subsidiarycorporationpurseitsownbenefitattheexpenseofbenefitofgroupcorporation.2.decentralization（2）2023/1/81616advantages：subsidiaryhasfu17HighcentralizationDivisionshavepowerofautonomy,buthavenorighttoalterbudgetdecidedbyheadquarterHeadquarterhasfunctionoffinancialmanagement3.Divisionalsystem2023/1/81717Highcentralization3.Divisio18Financialresourcesonitsownhavefreeconcentrationandseperation.Groupfinancialmanagementdoesnotemphasisondivisions’abilitytochangeinfinance.Powersonfinanceinvolvewithsubstantialbenefitofrelatedparties,sointegrationofgroupresourcesneedscentralizedfinancialmanagement.4.ReasonsforCentralizationtendencyoffinancialmanagementsystem2023/1/81818Financialresourcesonitso19Dealingwithrelationshipbetweenparentandsubsidiarycorporationmustbeonthebasisofproperties’right.Reflectingfullystrategicideaoffinancialmanagement.Subjecttodifferentorganizationstructureofenterprisegroup.5.

Designingprincipleoffinancialmanagementsystem2023/1/81919Dealingwithrelationshipbe20FinancialmanagementinstitutionofenterprisegroupLimitsofauthorityofparent’sboardofdirectorsLimitsofauthorityoffinancialheadquarterofgroupFinancialsettlementcenter(2)financialorganizationanddecision-makingmechanism20Financialmanagementinstituboardofdirectorsofparent

financialagency

financialbranchofdivision

financialheadquarterofgroupInternalsettlementcenterorfinancialcorporation

Fanizationofenterprisegroupfinancialmanagement2023/1/821boardofdirectorsfinancial22（1）toformulate,replace,interpretandimplementfinancialstrategicandpolicy.（2）tochoose,establishandreplacefinancialmanagementsystemandorganization.Andtoappoint,dismisstopfinancialexecutivesofheadquarter.（3）todecideonfinancialmattersofparentanddealwithexceptionalfinancialmatters.

2.Powerofdirectors’boardofparent22（1）toformulate,replace,in23（1）toprovideinformationsupporttofinancialpolicyanddecisionofparent’sboardofdirectors.（2）toberesponsiblefororganizingandimplementingwholefinancialpolicyofgroup.（3）toberesponsiblefordrawingup,implementingandsupervisingstrategicbudget.（4）toplanoptimizingcapitalstructureofgroup.（5）toharmonizefinancialrelationshipbetweenrelatedpartiesinternallyandexternallyofgroup.

3.financialpowerofgroupfinancialheadquarter23（1）toprovideinformationsu24Financialsettlementcenterisresponsibleforcashreceiptandpaymentandsettlementofreceivablesandpayablesbetweenparent,subsidiaryandothercorporations.Dutiesandpowers：capitalcreditcenter;capitaloverseencenter；capitalsettlementcenter；capitalinformationcenter

4.financialsettlementcenter2023/1/82424Financialsettlementcenter25FinancialmanagementbetweenparentandsubsidiaryFinancialrelationshipinenterprisegroupExternanlfinancialmanagementInternalfinance

(3)contentsofenterprisegroupfinancialmanagement（1）2023/1/82525Financialmanagementbetween26ExternalinvestmentmanagementofenterprisegroupInternalfinancialrelationshipofenterprisegroupInternaltransferpriceofenterprisegroupIncomeallocationmanagementofenterprisegroupFinancialsupervisionandcontrolofenterprisegroup

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contentsofenterprisegroupfinancialmanagement

（2）2023/1/82626Externalinvestmentmanageme27Ismainlyreferredtoproperties’rightrelationshipbetweenparentandsubsidiaryincludingproperties’rightrelationshipmanagementandproperties’rightstructuremanagement。Establishingproperties’rightstructureneedconsideringfullystrategicbenefitofparent.

1.Financialmanagementbetweenparentandsubsidiary2023/1/82727Ismainlyreferredtoproper28FinancialrelationshipbetweengroupcorporationandunitsdirectlyundergroupFinancialrelationshipbetweengroupcorporationandaffiliatecorporation

2.internalfinancialrelationshipofenterprisegroup2023/1/82828Financialrelationshipbetwe29（1）issuesofinter-grouponstockequityfinance（2）issuesofinter-groupondebtfinance（3）issuesofcapitalraisingentity

3.externalcapitalraising2023/1/82929（1）issuesofinter-groupon30Thecapitalsourceisfrominternaldivisionsofgroup

4.internalcapitalraising2023/1/83030Thecapitalsourceisfromi31Theimportantpointconsideringwheninvestingonexternalequityisstrategicobjectivenotcapitalaccrue.Whenselectinginvestmentfield,anpointthatshouldbeconsideredisstrengtheningmainbusinessandexpandingnewbusinessfield.

5.externalinvestmentmanagementofenterprisegroup

2023/1/83131Theimportantpointconsider32contents：projectsinvestmentmanagementingroupandmutualinvestmentmanagementbetweeninter-corporationsprinciples：independententityprincipleandintegratedharmonizeprinciple

6.internalinvestmentmanagementofenterprisegroup2023/1/83232contents：projectsinvestment33MarketpriceNegotiatedpriceDualtransferpriceCost-basedtransferprice

7.internaltransferpriceofenterprisegroup2023/1/83333Mernaltra34AllocationonthebasisofcapitalcontributionamountAllocationonthebasisofstipulationwritteninagreementAllocationonthebasisofstipulationwrittenincontract

8.managementofincomeallocationofenterprisegroup2023/1/83434Allocationonthebasisofc35StaffcontrolSystemcontrolAuditingcontrol

9.financialcontrolofenterprisegroup2023/1/83535Staffcontrol9.financialc36(1)functionsoffinancialcorporation(2)businessscopeoffinancialcorporation(3)riskcontroloffinancialcorporation(4)businessrelationshipoffinancialcorporation

3.financialcorporationofenterprisegroup2023/1/83636(1)functionsoffinancialco37SettlementfunctionCapitalraisingfunctionInvestmentfunction

(1)functionsoffinancialcorporation2023/1/83737Settlementfunction(1)funct38LendingbusinessReceivablefinanceCommercialfinanceConsumerloanSettlementbusinessPrincipalbusinessAgentbusiness(2)businessscopeoffinancialcorporation38(2)businessscopeoffinanci39relatedstipulationaboutriskcontrolInternalcontrolofrisk(3)riskcontroloffinancialcorporation39relatedstipulationaboutri40Theratiooftotalcapitaltoriskassetsshallnotbelessthan10%;Theratioofone-year-abovelong-termliabilitytototalliabilityshallnotbelessthan50%;Liabilitybalanceowedtooutsideofgroupshallnotbegreaterthanthatowedtointernaldivisionofgroup;theratiooflong-terminvestmenttototalcapitalshallnotbegreaterthan30%；Consumercreditandbuyercreditshallnotbegreaterthan70%ofrelatedproducts’saleprice.

relatedstipulationaboutriskcontrol2023/1/84040Theratiooftotalcapitalt41EstablishingsoundorganizationstructureandregulationsSoundseparationofdutyprincipleEstablishingstrictsystemofbusinessauthorityandapprovingandexaminationSoundaccountingsystemEstablishingeffectiveandscientificinformationmanagementsystemEffectiveinternalauditing

internalcontrolofrisk2023/1/84141Establishingsoundorganizat42TherelationshipbetweenfinancialcorporationandotherfinancialinstitutionsTherelationshipbetweenfinancialcorporationandenterprisegroupTherelationshipbetweenfinancialcorporationandfinancialdepartmentofenterprisegroup

(4)businessrelationshipoffinancialcorporation2023/1/84242Therelationshipbetweenfin43(1)returnoninvestment(ROI)(2)residualincome(3)economicvalueadded(EVA)(4)balancedscorecards

4.performancemeasurementandevaluationofenterprisegroup2023/1/84343(1)returnoninvestment(ROI44(1)returnoninvestment2023/1/84444(1)returnoninvestment202345

AgroupenterpriseSsubsidiaryCsubsidiaryNsubsidiarySalesrevenue120140318.5Salescost96110267.5Netincome243051Currentassets405060Long-termassets60150240Totalassets100200300Currentliabilities5153045AgroupenterpriseSsubsidi46ReturnoninvestmentSsubsidiary：ROI=24/100=24%Csubsidiary：ROI=30/200=15%Nsubsidiary：ROI=51/300=17%

2023/1/84646Returnoninvestment2023/1/47Advantages：areflectionofprofitability；comparability；abasisofselectinginvestmentprojects；ameasureofoperationachievementsdisadvantages：eachsubsidiaryonlyfocusesonitsownbenefitsbutabandonssomeprojectsbeneficialtowholegroupenterprise.CharacteristicsofROI2023/1/84747Advantages：areflectionofp48Residualincome（RI）=netincomeofsubsidiary-netassetsofsubsidiary×imputedreturnoninvestmentor：=netassetsofsubsidiary×（actualreturnoninvestment－imputedreturnoninvestment）

(2)residualincome2023/1/84848Residualincome（RI）=netinco49ResidualincomeAssumeimputedreturnoninvestmentis12%Ssubsidiary：RI=24-100×12%=12

Csubsidiary：RI=30-200×12%=6

Nsubsidiary：RI=51-300×12%=15

2023/1/84949Residualincome2023/1/84950ComparingROIandRITaketheexampleofSsubsidiary：ROI=24%；RI=12万Assumethereisanewproject,itneedincreasinginvestmentof800thousandyuan,itsnetincomeis160thousandyuan,ROIis20%。so：ROI=（24+16）/（100+80）=22.2%RI=40-180×12%=18.4万

2023/1/85050ComparingROIandRI2023/1/51Advantages：RIfacilitategoalcongruence.Disadvantages：RIdistortscomparisonsbetweensubsidiariesofdifferentsizes

(2)CharacteristicofRI2023/1/85151Advantages：RIfacilitategoa52Differingfromaccountingprofit,economicvalueadded（EVA）referstoanenterprise’sactualincomenetofinvestedcapitalcostbyitsshareholders.EVA=after-taxoperatingprofit－investedcapital×averagecostofcapital

(3)economicvalueadded2023/1/85252Differingfromaccountingpr53EVAisthemostcontemporaryandthehottestfinancialmeasure。《fortune》oncedisclosedaveragelevelofperformanceofcorporationadoptingEVAbeyondthatofreferenceteam：Thefirstyear，averagelevelis2.87%Thesecondyear，averagelevelis12%Thefirstyear，averagelevelis12.2%

Sources:《independentresearchreport》CommentonEVA2023/1/85353EVAisthemostcontemporary54

1996 1997 1998 1999 200netincome（billionyuan）60 10 70 88 99 earningspershare（yuan）1.2 0.18 1.15 1.40 1.20 EVA(billionyuan）-1 5 -20

-33 -65EVAofEnroncorporation2023/1/85454 1996 199755Sichuanchanghongcorporationincurred2.8billionyuanofbookprofitfrom1998to2000,butfromtheviewpointofEVA,thecorporationincurred-1.1billionyuanofEVAlastthreeyears.DeviationofEVAfromaccountingprofithastakenplaceinCorporationssuchasqingdaobeersInc.,shenzhenchiwaIncandshenzhendevelopmentInc.EVAofChinesecorporations2023/1/85555SichuanchanghongcorporatiocomputationofEVAEVA=after-taxoperatingnetincome-investedcapital×averagecapitalcostSalesrevenueSalescostEBITIncometax·After-taxoperatingnetincomeOpportunitycost=capital×ratioofcapitalcostEVAisalsoexpressedbyfollowing:EVA=(returnoncapital－costofcapital)xtotalcapital2023/1/856computationofEVAE57Investedcapital＝totalassetsatthebeginningofaperiodatthebalancesheet－nonproductiveassetsduringtheperiod十assetsrecognizedasexpensebyaccountingbutasinvestmentbyeconomy＋productiveassetsexclusivelyofbalancesheetDeterminationofinvestedcapital2023/1/85757Investedcapital＝totalasset58after-taxoperatingnetincome＝netincome－extraordinaryoperatingincome＋expensesadjustedasinvestedcapital＋financeexpenseaccruedtocost＋otheradjustmentsComputationofafter-taxoperatingnetincome2023/1/85858after-taxoperatingnetinco59Weightedaveragecostofcapital＝costofdebt×propotionsofdebttototalcapital＋costofequity×debt×propotionsofeuitytototalcapitalComputationofcapitalcost2023/1/85959Weightedaveragecostofcap60Continuingoftheprecedingexample：Assumebookvalueoftotalassetsofthegroupis6millionyuan(long-termliabilityis4.5millionyuan,facevalueofcapitalis1.5millionyuanandcapitalmarketvalueis3millionyuan)；interestrateonlong-termliabilityis10%,returnrateonequityis15%.weightedaveragecostofcapital=（0.07×450+0.15×300）/（450+300）=10.2%

2023/1/86060Continuingofthepreceding61S

subsidiary：

EVA=24-10.2%×95=14.31Csubsidiary：

EVA=30-10.2%×185=11.13Nsubsidiary：

EVA=51-10.2%×270=23.46

2023/1/86161Ssubsidiary：2023/1/86162ToemphasisonsharecapitalcostToaligndecisionwithshareholders’wealthTofinishconfusionresultfrommultiplefinancialmeasuresAdvantagesofEVA2023/1/86262Toemphasisonsharecapital63

summary

rankingofperformance（fromhightolow）

ROI：Ssubsidiary、Nsubsidiary、Csubsidiary

RI：Nsubsidiary、Ssubsidiary、Csubsidiary

EVA：Nsubsidiary、Ssubsidiary、Csubsidiary

2023/1/86363summary2023/1/86364

questions：

howshouldwechooseperformanceevaluationmeasures？

howweunderstandthemeaningofassetswhencomputingperformancemeasures？

2023/1/86464questions：2023/1/86465Amethodofperformanceevaluationwhichalignsfinancialmeasureswithnon-financialmeasuresandevaluatesperformancethroughfourareasincludingfinance,customer,businessandproductionprocessandlearningandgrowth.

(4)balancedscorecards2023/1/86565AmethodofperformanceevalFinancialperformanceHowshouldweappeartoourshareholders?BusinessandproductionprocessperformanceAtwhatbusinesspracticesmustweexcel?LearningandgrowthPerformanceHowshouldwesustainourabilitytochangeandimprove?CustomerperformanceHowshouldweappeartoOurcustomers?VisionandstrategyFinancialperformanceBusiness67Balanceoffinancialmeasuresandnon-financialmeasuresBalanceofshort-termobjectiveandlong-termobjectiveBalanceofachievementsandcauseBalanceofinsideandoutsideofenterpriseFeaturesofbalancedscorecards2023/1/86767Balanceoffinancialmeasure68SpecifyingobjectiveandstrategicofanenterpriseFocusingonevaluationonnon-financialperformanceandtyingresultevaluationtoprocesscontrolEmphasisonprincipleofCustomer-oriented,andretainingandreapingcompetitiveadvantagesRealizingcongruenceofshort-termbenefitsandlong-termbenefitsBenefitsofabalancedscorecard2023/1/86868Specifyingobjectiveandstr692023/1/8ThankYou!2023/1/869692023/1/8ThankYou!2023/1/86EnterpriseGroupFinancialManagement企业集团财务管理2023/1/870EnterpriseGroupFinancialMan71EnterpriseGroupFinancialManagementBriefcontents:1.anoverviewofenterprisegroupfinancialmanagement2.systemandcontentofenterprisegroupfinancialmanagement3.enterprisegroupfinancialcorporation4.performancemeasurementandevaluationofenterprisegroup2EnterpriseGroupFinancialMa72(1)typesofenterprisegroup(2)structureofenterprisegroup(3)featuresofenterprisegroup(4)financialcharacteristicsofenterprisegroup1.Anoverviewofenterprisegroupfinancialmanagement3(1)typesofenterprisegroup173Share-controllingenterprisegroupMixedenterprisegroupManagerialenterprisegroup(1)typesofenterprisegroup2023/1/8734Share-controllingenterprise74ParentcorporationSubsidiarycorporation(2)structureofenterprisegroup2023/1/8745Parentcorporation(2)structur75Parentcorporationisalsocalledshare-controllingormultidivisionalcorporation,andisacorporateenterprisethatfinancesforsubsidiarycorporationandservesasfunctionsofcontributorandcapitaloperation.ItsregisteredcapitalmustreachaboveRMB500millionanditsnumberofsubsidiarycorporationsatleastreaches5.1.Parentcorporation（1）2023/1/8756Parentcorporationisalsoca76Approvedbystatecouncilorotherregulatoryauthority,theamountofinvestmenttoothercorporationbyparentcorporationshallbeabove50%ofitsnetassets.Branchesofparentcorporationarenotlegalperson.Rights:incomerights,majordecision-makingrights,selectionofmanager1.Parentcorporation（2）2023/1/8767Approvedbystatecouncilor77StockparticipatingcorporationCollaborationunit2.Subsidiarycorporation（compressedhierarchy)2023/1/8778Stockparticipatingcorporati78LegalfeaturesOrganizationalfeaturesoperationalfeaturesFinancialfeatures(3)featuresofenterprisegroup2023/1/8789Legalfeatures(3)featuresof79Complexproperties’rightrelationshipDiversefinancialentityandmulti-levelfinancialdecision-makingDiverseinvestmentfieldsFrequentaffiliatetransaction(4)financialcharacteristicsofenterprisegroup2023/1/87910Complexproperties’rightrel80(1)basicmodelsofenterprisegroupfinancialmanagementsystem(2)financialorganizationanddecision-makingmechanism

(3)contentsofenterprisegroupfinancialmanagement2.systemandcontentsofenterprisegroupfinancialmanagement2023/1/88011(1)basicmodelsofenterpris81centralizationdecentralizationDivisionalsystem(1)basicmodelsofenterprisegroupfinancialmanagementsystem2023/1/88112centralization(1)basicmodel82FinancialmanagementPowerofparentcorporationDirectdecision-makingtoallmajorfinancialmattersEstablishingfinancialinstitutionsofsubsidiariesandappointingordismissingfinancialmanagersofsubsidiaries1.centralization（1）2023/1/88213FinancialmanagementPowero83advantages：developcompoundedstrengthsofresources；realizethepurposeofenterprisegroupfinancialmanagement；reducecapitalcostdisadvantages：slowmarketresponse；eliminateactivitiesofsubsidiaries；lackofrationaldivisionoflaborandcollaboration1.Centralization（2）2023/1/88314advantages：developcompounde84Parentcorporationonlyretainspowerofdecision-makingandapprovingofmajorfinancialmattersofsubsidiary,andgivesdailyfinancialdecision-makingpowerandmanagerialpowertosubsidiarycorporation.2.Decentralization（1）2023/1/88415Parentcorporationonlyreta85advantages：subsidiaryhasfullpowerofdecision-madingandismoreeasytograspmarketopportunity.disadvantages：isbadforfindingoutoperationproblemsofsubsidiaryintime；subsidiarycorporationpurseitsownbenefitattheexpenseofbenefitofgroupcorporation.2.decentralization（2）2023/1/88516advantages：subsidiaryhasfu86HighcentralizationDivisionshavepowerofautonomy,buthavenorighttoalterbudgetdecidedbyheadquarterHeadquarterhasfunctionoffinancialmanagement3.Divisionalsystem2023/1/88617Highcentralization3.Divisio87Financialresourcesonitsownhavefreeconcentrationandseperation.Groupfinancialmanagementdoesnotemphasisondivisions’abilitytochangeinfinance.Powersonfinanceinvolvewithsubstantialbenefitofrelatedparties,sointegrationofgroupresourcesneedscentralizedfinancialmanagement.4.ReasonsforCentralizationtendencyoffinancialmanagementsystem2023/1/88718Financialresourcesonitso88Dealingwithrelationshipbetweenparentandsubsidiarycorporationmustbeonthebasisofproperties’right.Reflectingfullystrategicideaoffinancialmanagement.Subjecttodifferentorganizationstructureofenterprisegroup.5.

Designingprincipleoffinancialmanagementsystem2023/1/88819Dealingwithrelationshipbe89FinancialmanagementinstitutionofenterprisegroupLimitsofauthorityofparent’sboardofdirectorsLimitsofauthorityoffinancialheadquarterofgroupFinancialsettlementcenter(2)financialorganizationanddecision-makingmechanism20Financialmanagementinstituboardofdirectorsofparent

financialagency

financialbranchofdivision

financialheadquarterofgroupInternalsettlementcenterorfinancialcorporation

Fanizationofenterprisegroupfinancialmanagement2023/1/890boardofdirectorsfinancial91（1）toformulate,replace,interpretandimplementfinancialstrategicandpolicy.（2）tochoose,establishandreplacefinancialmanagementsystemandorganization.Andtoappoint,dismisstopfinancialexecutivesofheadquarter.（3）todecideonfinancialmattersofparentanddealwithexceptionalfinancialmatters.

2.Powerofdirectors’boardofparent22（1）toformulate,replace,in92（1）toprovideinformationsupporttofinancialpolicyanddecisionofparent’sboardofdirectors.（2）toberesponsiblefororganizingandimplementingwholefinancialpolicyofgroup.（3）toberesponsiblefordrawingup,implementingandsupervisingstrategicbudget.（4）toplanoptimizingcapitalstructureofgroup.（5）toharmonizefinancialrelationshipbetweenrelatedpartiesinternallyandexternallyofgroup.

3.financialpowerofgroupfinancialheadquarter23（1）toprovideinformationsu93Financialsettlementcenterisresponsibleforcashreceiptandpaymentandsettlementofreceivablesandpayablesbetweenparent,subsidiaryandothercorporations.Dutiesandpowers：capitalcreditcenter;capitaloverseencenter；capitalsettlementcenter；capitalinformationcenter

4.financialsettlementcenter2023/1/89324Financialsettlementcenter94FinancialmanagementbetweenparentandsubsidiaryFinancialrelationshipinenterprisegroupExternanlfinancialmanagementInternalfinance

(3)contentsofenterprisegroupfinancialmanagement（1）2023/1/89425Financialmanagementbetween95ExternalinvestmentmanagementofenterprisegroupInternalfinancialrelationshipofenterprisegroupInternaltransferpriceofenterprisegroupIncomeallocationmanagementofenterprisegroupFinancialsupervisionandcontrolofenterprisegroup

(3)

contentsofenterprisegroupfinancialmanagement

（2）2023/1/89526Externalinvestmentmanageme96Ismainlyreferredtoproperties’rightrelationshipbetweenparentandsubsidiaryincludingproperties’rightrelationshipmanagementandproperties’rightstructuremanagement。Establishingproperties’rightstructureneedconsideringfullystrategicbenefitofparent.

1.Financialmanagementbetweenparentandsubsidiary2023/1/89627Ismainlyreferredtoproper97FinancialrelationshipbetweengroupcorporationandunitsdirectlyundergroupFinancialrelationshipbetweengroupcorporationandaffiliatecorporation

2.internalfinancialrelationshipofenterprisegroup2023/1/89728Financialrelationshipbetwe98（1）issuesofinter-grouponstockequityfi