【作者】 谢建宏；

【导师】 古德生；

【作者基本信息】 中南大学 ， 安全管理工程， 2010， 博士

【摘要】 企业集团作为社会化大生产高速发展和市场经济达到一定阶段的产物,现在它已经成为世界范围内大型企业所广泛采用的一种组织形式。这种组织形式一般是一个具有较强竞争力的跨所有制、跨地区、跨行业的法人联合实体,以资本为纽带,以“投资——风险——收益”为原则。因此如何对各级公司的现金流量进行管理控制和合理运用,保证现金的安全性、流动性和持有现金的效益性,保障资金安全是企业集团进行企业管理的核心内容。本文采用理论研究与实证分析相结合的方式,从企业集团的内部治理和资金安全控制的角度出发,构建了基于风险控制的企业集团资金安全体系。在理论研究上,概述企业集团财务管理与内部控制基本理论及其相互关系,分析我国企业集团资金安全存在的问题,并以此为基础把企业集团资金安全和财务控制结合起来,重点研究企业集团资金安全体系的构建,并对每个要素进行了详细且具有针对性的阐述；在实证分析上,基于多因素层次分析法建立了企业集团资金安全管理和风险防范体系模型,并应用于实践对一目标集团的资金安全管理和风险防范体系进行了综合评价。此外,本文还通过搜查大量的文献资料,配合一系列的案例分析提炼出了企业集团共有的规律性内容,以此为线索探讨解决企业集团资金安全所必须解决的若干重大问题。本文通过对企业集团的类型、本质和现金流特点的分析确立了企业集团资金运作模式的划分标准,并将其分为统收统支方式、拨付备用金方式、设立结算中心方式、设立内部银行方式和财务公司方式等五种运作模式。并以此为基础,将企业集团资金安全运作理论和案例有机结合起来进行讨论,着重从安全性角度分析案例集团的资金运作特征和产生风险的根源。本文认为,健康的资金流对于企业的生存和发展至关重要。企业的资金管理应从编制资金计划开始,到对经营活动、筹资和投资活动的资金运作进行实时控制,以达到加速资金运转,降低资金风险的目的。结合ERM框架,我国企业集团资金风险管理基本理念应当包括：目标设立——风险识别——风险评估——风险反应——监控活动。在构建企业集团资金安全管理和风险防范体系的研究中,本文选取了安全管理和风险防范评价的基础指标和辅助指标。通过对这些不同的指标进行赋权确定各指标在体系中的重要程度,以此来评价企业集团资金安全管理和风险防范体系的质量。同时,我们提出了对体系关键要素的改进以期在实践中能够不断完善。关键要素为宏观经济因素(包括汇率、利率以及通货膨胀对公司资金安全和财务风险等),微观因素(包括现金流量的关键要素改进、资本结构的关键要素改进、利润成本的要素改进、经营效率及发展要素改进等)。改进流程为风险分析——风险预警评估——风险控制——信息反馈及考核评价。本文针对管理体系与企业集团组织结构相匹配等影响企业集团资金安全的关键要素,构建了一个全面财务风险管理的基本体系。这一基本体系由三个主要部分组成：预警系统、防范与控制系统和反馈系统。预警系统针对企业潜在的财务风险发出警告,提示财务风险管理人员提前做出防范措施；防范与控制系统通过对现存财务风险的识别与分析,衡量财务风险的性质和大小,从而制定财务风险的防范与控制对策并切实有效的实施。它包括筹资风险的防范与控制、投资风险的防范与控制、资金营运风险的防范与控制、收益分配风险的防范与控制四个子系统；反馈系统包括财务风险管理后的评价系统、财务风险管理的修正系统两个子系统,它的功能在于对企业已发生的财务风险进行及时分析,并在分析基础上总结经验教训,提出改进措施,促使预警系统和防范与控制系统进一步完善。保证大型企业集团的资金安全是国家经济领域当前的迫切任务,也是经济体制改革成败的关键,因此解决企业集团资金安全问题,将会对我国的企业集团改革有一定的指导意义。此外,大型企业集团建立健康的资金运作体系也是增强企业集团的凝聚力、抵御市场风险的能力及市场竞争力,树立市场信心,鼓励更加稳定的国际投资流入的一种重要手段。通过本文的研究,丰富了企业集团和财务控制的研究内涵。更多还原

【Abstract】 The enterprise group, as a result of the highly developed social production and market economy, has become one kind of organizational forms which was widely used by large-scale enterprises in the world. The organization form, take capital as the link and take "investment-risk-income" as the principle, is generally one has a stronger competitive trans-regional, cross-ownership and cross-sector legal united entity. Then, the core of enterprise group for business management is how to control and use all subsidiary companies’cash flow to guarantee security and fluidity of cash and efficiency of keeping cash.From the point of enterprise group’s internal governance and safeguard cash, using theoretical research and empirical analysis, based on risk control, the frame of enterprise group’s cash security was set up. In theory, the paper summarized the fundamental principles and relationships of enterprise group’s financial management and internal control, and analyzed the existing cash problems of China’s enterprise groups. Meanwhile, combining cash security and financial control, the paper proposed studies of framing enterprise group’s cash security and expounded each element in details. In empiricism, on the basis of the multi-factor analytic hierarchy, the model of the system of enterprise group’s cash security and risk prevention has established. And then, applying the model to practice, we evaluate the goal group’s system of cash security and risk prevention comprehensively. Moreover, the paper processed enterprise group’s common laws through searching large numbers of documents and materials, and coordinated a series of analysis of cases. Take the common laws as the clues, some serious problems on enterprise group’s cash security and must be solved have been investigated.The paper establishes the criteria for classifying about enterprise group’s financial mode of operation by analyzing enterprise group’s types, essences and the cash flow features. And divides it into five modes: uniform receipts and expenditure, allocation of spare, setup clearing house, setup in-house banking and finance company. Furthermore, combining theories and cases of financial safety of operation, we discuss and analyze the group’s financial features of operation and root causes of risk emphatically. And safe capital flow is of the most importance for enterprise’s survive and development. Capital management of enterprise should start from drawing up the plan to operating, financing and investing in order to accelerate capital operation and reduce financial risks. Uniting ERM, the basic concept of capital risk management of our country’s enterprise group should include setup objectives, risk identification, risk assessment, risk response and monitoring activity.While constructing the model, the paper chooses basic indexes and assistant indexes to weight security management and risk prevention. Empowering these indexes, and the indexes furtherly evaluate the quality of capital security management and risk prevention system. At the same time, we improve the key factors in system for the purpose of improving it. And the key factors are macro factors (including exchange rate, interest rate and inflation) and micro factors (including improved key factors of cash flow and capital structure, improved factors of profit, cost, and effect development and so on). Improved process is risk analysis-risk of warn and evaluation-risk control-information feedback and evaluationOn account of the key factors, which have impact on enterprise group capital security, the frame of comprehensive financial risk management is constructed. And the frame is composed of warning system, safe guard and control system and feedback system. The warning system sounds warning for potential financial risks and suggests managers precautionary measures; Safe guard and control system weights the risk’s nature and size through recognizing and analyzing extant financial risk, and suggests prevention and control of financial risk. And these suggestions on prevention and control of financial risk refer to financing risks, investing risks, capital operating risks and profit distributing risks; feedback system include judgment system and correction system on financial risk management, analyzes timely financial risks occurred in the enterprise, summarizes experience and lessons and puts forward effective ways and measures to cover the shortage consisting in warning system and control system.Ensuring capital security of large-scale enterprise group is not only a current urgent task in national economy, but also the key to the success of economic reform. There will be certain directive significance on the reform of Chinese enterprise groups, if their fund security issues are solved. In addition, building a healthy financial system in large-scaled enterprise group is also an important access to enhance the cohesion, resist the market risk, build the market confidence, encourage large-scaled international investment flow into domestic. The research of this paper enrich the content of the study in enterprise groups and financial control through this paper.更多还原