“资金池”模式下的资金管理案例研究

摘要随着全球经济一体化的飞速发展，我国集团化的企业越来越多，由于我国许多集团单位采取的是多级法人组织架构，导致了集团部资金分散不集中，集团的现金流量信息不能得到及时反馈，最终使得集团的资金利用率极低，如果将资金比看作企业的“血液”，那么“资金池”就是企业集团的“心脏”。

因此，资金管理在企业的经营管理中起着至关重要的作用，成为了全球各集团公司共同关注的焦点。

如何使企业的资金管理达到最佳效果，是目前经营管理者最关注的问题。

本文采用归纳法对企业集团资金管理理论进行了总结。

从现有的研究来看，国外企业关于集团公司资金集中管理的研究起步较早，形成的相关理论成果比较丰硕；而我国对于该方面的研究起步比较晚，2005年GE公司“资金池”在我国正式实施后，国有许多集团公司开始效仿，采用该模式进行资金集中管理，引起了理论界的高度关注，相关的理论研究开始丰富起来，但是国对于“资金池”没有进行深入研究。

总体来说，国外对集团公司资金管理的理论研究主要集中在通过分析现状，提出相应的问题及改进措施，而对于资金实施工作系统化的研究比较少，缺乏一定的针对性。

因此，本文采用案例结合和理论归纳的方法，以X集团为研究对象，对“资金池”进行深入探讨。

X集团于2008年在集团部构建了一套统一的资金收支预算管理体系，搭建统一的外部资金结算平台，运用境外“资金池”运作模式、建立多层次资金账户体系形成了上下一致、整体协调的集团资金集中管理体制。

本文将以X集团2008年-2015年的报表数据为基础进行财务指标分析，透视出X 集团资金集中管理的整体效益，从而分析在X集团资金集中管理的现阶段，公司蓄积的“资金池”是否提高了资金流转效率、是否降低了集团对外融资需求和融资成本、资金管理组织架构是否合理、是否符合集团公司的发展战略。

并根据本文的分析结果提出相应的政策性建议，以期能够为我国企业集团增强资金管理水平和效率提供经验支持。

根据本文的研究思路，本文的研究容主要包括五个部分：第一部分为绪论。

介绍本文的选题背景及意义、国外的研究现状、研究的主要容以及创新点。

第二部分对企业集团资金管理进行阐述。

重点介绍企业集团的涵、企业集团资金管理的主导思想以及企业集团资金管理模式的演变。

第三部分介绍X集团公司资金管理概况。

该部分分为三大块容，首先，是对X集团公司资金管理概述，即X集团公司简介、X集团公司资金集中管理的实施背景、目标和思路、基本原则；其次，介绍X集团资金管理体系，分别从资金账户管理体系、资金预算管理体系、资金收支管理体系和筹融资管理体系四个方面进行概括；最后，介绍X集团资金集中管理信息系统（TMS）。

第四部分为X集团公司资金管理的实施效果和主要问题。

分别从资金管理成本、融资成本、资金使用效率、资金账户体系等方面对X集团公司基于“资金池”管理模式，采用的资金管理信息系统平台上线前后的成效变化进行分析。

通过探讨X集团公司的资金集中管理效率，发现目前X集团公司资金管理过程中存在六个方面的问题，即集团的整体资金没有形成高度集中的管理模式、缺乏相关的专业人才，对集团“资金池”管理意识淡薄、对集团资金缺乏事前和事中的监控、应收账款回款慢、风险管理有待加强、政策导向性有待增强。

第五部分通过对以上问题的分析和探讨，对X集团公司“资金池”管理模式进行了初步的评价并提出了相关完善建议：X集团可以从灵活调整“资金池”资源配置；加强“资金池”应收账款控制管理；完善“资金池”的风险防；加强对子公司的工作考核，提高“资金池”管理工作效率；逐步从事前管理转变为事前防；建立灵活有效的“资金池”结算系统六个方面进行改进。

第六部分进行本文的总结并提出相关政策性建议。

资金管理作为提高企业集团核心竞争力的重要环节,对于提升企业集团软硬实力具有十分重要的意义和价值。

通过引用案例——X集团进行分析，得出以下结论：第一，高效的资金集中管理可有效的缓解集团“资金需求缺口高，资金沉积高”的矛盾现象；第二，资金池集中管理模式同我国大型集团公司的发展目标一致；第三，资金池集中管理模式有待在实践中进一步完善。

通过对X集团的案例研究，我们发现在资金池集中管理资金模式下仍存在集团成员经营效率低下、以资金流动性不足为代表的财务风险较大等问题。

提出的政策性建议有，首先，国家相关部门应监督其建立双层委托代理的治理结构、建立对中小投资者利益补偿责任制度，完善外部独立董事制度，以保证部资本市场的规有效。

其次，由于我国部、外部资本市场的连接还未建立。

因此，要实现部资本市场的优化发展,首先要实现外部资本市场的发展和完善,使其为部资本市场创造良好的外部环境；只有这样部资本市场才能更好地对外部资本市场进行补充和支持,最终实现部资本市场利益与外部资本市场利益的均衡统一。

外两市场的相互助力,才能从整体上提高资源配置的效率,实现资本最优化,使整个资本市场健康、稳定、有序、发展。

总之，论文的主要创新点体现在如下方面：首先本文在对X集团公司资金集中管理的绩效分析，选取的数据是2008-2015年的数据，不仅采用了最新的数据，而且选取的时间跨度比较长，同时分析的是金融危机之后的数据，这样分析出来的结果更为准确，更具指导意义；其次，本文采用的调研方法是资料收集+实地调研咨询座谈，得出的结果更具实际意义，更有说服力。

当然，本文的研究还有许多不足之处，比如没有采用比较分析法来进行本文的研究，在今后的研究中将继续完善。

关键词：企业集团资金管理；“资金池”模式；部资本市场；资金管理体系；资金集中管理信息系统论文类型：案例研究ABSTRACTWith the rapid development of global economic integration, our group of companies more and more, since many of our Group units adopted a multi-level corporate organizational structure, resulting in a dispersion of funds within the group can not concentrate, can not be timely feedback cash flow information, severely reducing the utilization of the Group of funds, if the metaphor of corporate funds "blood", the "capital pool" is the enterprise group of "heart." Therefore, the capital management in the enterprise management plays a vital role, has become the focus of the global group of common concern. How to make the enterprise's capital management to achieve the best results, is the most concerned about the issue of business managersThis paper from the internal capital market and the Group's fund management business perspectives on literature review of the sort. From the existing research, the group centralized management of funds abroad on earlier research, the results of the theory of the formation of relatively rich; while China started relatively late for the study of thisaspect of the 2005 GE's "pool of money" in the country after the formal implementation , there are many domestic group companies began to follow suit, using this mode of centralized management of funds, attracted the attention of theorists, relevant theory began to enrich themselves, but for the domestic "capital pool" there is no in-depth study. Overall, the theoretical researches on the fund management company focused on the analysis of current situation, problems and propose appropriate improvement measures for the implementation of systematic research funding is relatively small, a certain lack of relevance.So we use the theory of the case binding and inductive approach to X Group for the study of "capital pool" in depth. In 2008 X Group Corporation by building a unified financial revenue and expenditure budget management system, build a unified internal and external capital settlement platform, the use of domestic and foreign "capital pool" mode of operation, a multi-level capital account system formed from top to bottom, the overall coordination of Group centralized fund management system.This paper will be based on X Group 2008-2015 financial statements based on financial indicators analysis, the author analyzes the overall benefit of the centralized management of X Group funds to analyze whether the "pool of funds" accumulated by the Company has improved the efficiency of fund transfer and reduced the external financing needs and financing costs of the Group during the period of centralized fund management. And puts forward corresponding improvement measures according to the analysis results, with a view to providing support and reference for raising the level and efficiency of fund management of enterprise groups in our Country. According to research ideas, research content of this paper consists of five parts:The first part is an introduction. This article describes the background and significance, research status, the main contents and innovation ofthis paper.The second part of the enterprise funds management group to elaborate. It focuses on content, as well as the evolution of Enterprise Group Enterprise Group Capital Management fund management model enterprise groups.The third part introduces X fund management company before. This section is divided into three parts, the first thing, X fund management company overview, namely X Group Company, the implementation of the background X centralized fund management company, goals and ideas, basic principles; Secondly, X group fund management system, were summarized from four capital account management system, capital budget management system, management system and the expenditure of funds for financing the management system; Finally, the X group fund centralized management information system (TMS).This paper will be based on X Group 2008-2015 financial statements based on financial indicators analysis, the author analyzes the overall benefit of the centralized management of X Group funds to analyze whether the "pool of funds" accumulated by the Company has improved the efficiency of fund transfer and reduced the external financing needs and financing costs of the Group during the period of centralized fund management. And puts forward corresponding improvement measures according to the analysis results, with a view to providing support and reference for raising the level and efficiency of fund management of enterprise groups in our country.The fourth part is the financial efficiency analysis and fund management of X Group Company. This paper analyzes the financial performance of X Group Company from three aspects: current assets analysis, cash flow analysis, and the company's "pool of funds" risk evaluation. Based on theanalysis of the efficiency of centralized management of X Group Company, the author found that there are six problems in the process of capital management of Group X, namely, the high concentration of the whole fund, the slow recovery of accounts receivable, Personnel, the Group "pool of funds" management awareness of the Group's lack of funds before and during the monitoring, policy-oriented to be enhanced, the risk spread effect on the internal capital market impact significantly.Through the analysis and discussion of the above problems, the fifth part makes a preliminary evaluation of the "pool of funds" management mode of X Group Company and puts forward some relevant suggestions: X Group can be flexible from the "capital pool" resource configuration; strengthen the "pool" accounts receivable control and management; perfect "capital pool" risk prevention; to strengthen the work of the subsidiary assessment to improve the "pool of funds" management efficiency; gradually change from pre-management to pre-guard; the establishment of flexible and effective "capital pool" settlement system to improve the six areas. The sixth part is the summary of this article and put forward the relevant policy recommendations. As an important link in improving the core competitiveness of enterprise groups, capital management is of great significance and value to enhance the enterprise's soft and hard power. By reference case, X group carries on the analysis, the following conclusions: First, the efficient centralized management of funds can effectively alleviate the contradiction between "high capital demand gap and high capital deposit" within the Group; second, the centralized management of capital pool is suitable for the development of large group companies in China. Third, pool centralized management model needs to be further perfect in practice. Through the case study of X Group, we find that under the capital pool management mode, there are still some problems such as the low efficiency of group members and the large financial riskrepresented by insufficient fund liquidity. Put forward the policy Suggestions, first of all, the relevant state departments should supervise the establishment of its two-tier principal-agent governance structure, the establishment of compensation for the interests of small and medium investors liability system, improve the external independent director system to ensure that the internal capital market norms and effective. Second, due to the connection of the internal and external capital market of our country has not been established. Therefore, to realize optimization of internal capital market development, the first thing to realize the development and improvement of external capital market, to provide a good external environment for the internal capital market, make it a better external capital market to supplement, finally realizes the internal capital market and the external capital market equilibrium. Only in this way can we improve the efficiency of resource allocation as a whole and realize the optimal allocation of capital, so that the whole capital market can develop healthily.In short, the main innovations mentioned papers are now as follows: First paper on the X group centralized management of funds performance analysis, the selected data is 2008--2015 years of data, not only using the latest data, and the selected time span is relatively long, while the analysis of the data after the financial crisis, thus analyzed the results more accurate; secondly, the approach is to conduct field research, the result is more persuasive.Of course, there are many shortcomings research paper, for example, did not use comparative analysis to the study of this article, will continue to improve in future research.Keywords: enterprise group financial management; "capital pool" model; cash flow sensitivity model; internal capital marketPaper Type: Case Studies目录摘要 (I)ABSTRACT (III)目录 (III)图表索引 (XI)第一章绪论 (1)1.1 研究背景及意义 (1)1.1.1 研究背景 (1)1.1.2 研究意义 (2)1.2 文献综述 (2)1.2.1 部资本市场的文献综述 (2)1.2.2企业资金管理的相关文献综述 (3)1.3 研究容 (5)1.3.1 研究思路与容设计 (5)1.3.2研究方法与创新点 (6)第二章企业集团资金集中管理概述 (7)2.1企业集团及其资金管理 (7)2.1.1企业集团的涵 (7)2.1.2企业集团资金管理 (7)2.2企业集团资金管理模式的演变 (8)2.2.1报账中心模式 (8)2.2.2结算中心模式 (9)2.2.3部银行模式 (9)2.2.4财务公司模式 (10)2.2.5资金池模式（司库模式） (10)第三章 X集团公司及其资金管理概况 (12)3.1 X集团公司概况 (12)3.2 X集团公司资金管理介绍 (14)3.2.1 资金集中管理的实施背景 (14)3.2.2 资金集中管理的目标和思路 (14)3.2.3 资金集中管理的基本原则 (16)3.3 X集团资金集中管理体系 (17)3.3.1 资金账户管理体系 (17)3.3.2 资金预算管理体系 (20)3.3.3 资金收支管理体系 (22)3.3.4 筹融资管理体系 (22)3.4 X集团资金集中管理信息系统——TMS (23)3.4.1 系统简介 (23)3.4.2 系统功能 (23)3.4.3新型财务公司系统（ATOM） (25)第四章 X集团公司资金集中管理的成效和问题 (27)4.1 X集团公司“资金池”管理模式上线的成效 (27)4.1.1 降低了资金管理成本和融资成本，提高资金使用率 (27)4.1.2 构建新型资金账户体系，发挥管理效益，助力战略实施 (28)4.2 X集团公司资金管理的问题 (30)4.2.1 未实现集团整体资金的高度集中 (30)4.2.2 缺乏专业人才，对集团“资金池”管理意识淡薄 (30)4.2.3 对集团资金缺乏事前评估、事中监控 (31)4.2.4 应收账款回款 (31)4.2.5 风险管理有待加强 (33)4.2.6 政策导向性有待增强 (34)第五章 X集团公司资金管理模式的评价与建议 (35)5.1 X集团公司“资金池”管理模式的评价 (35)5.1.1 现行资金管理模式的主要优势 (35)5.1.2 实施“资金池”模式的关键风险 (35)5.2 完善X集团公司“资金池”模式的建议 (37)5.2.1 灵活调整“资金池”资源配置 (37)5.2.2加强“资金池”应收账款控制管理 (37)5.2.3完善“资金池”的风险防 (38)5.2.4加强对子公司的工作考核，提高“资金池”管理工作效率 (39)5.2.5逐步从事前管理转变为事前防 (40)5.2.6建立灵活有效的“资金池”结算系统 (40)第六章研究结论与政策建议 (42)6.1 本文的主要研究结论 (42)6.2 相关政策建议 (43)参考文献 (44)致 (46)图表索引图3-1 X公司组织结构图 (13)图3-2 X集团公司资金管理总体思路图 (15)图3-3 X集团公司收款账户流程图 (18)图3-4 X集团公司付款账户流程图 (18)图3-5 X集团公司基于“收支两条线”原则下的账户体系 (19)图3-6 X集团公司企业账户种类及用途 (20)图3-7 X集团公司全面预算管理流程图 (21)图4-1 集团公司2008-2015年应收账款、应付账款周转速度对比图 (31)图4-2 集团公司应收账款与销售收入增长变化趋势图 (32)图5-1 “一体两制”资金结算图 (41)表2-1 资金管理模式分析表 (11)表4-1 X集团财务公司2008-2015年为集团节约融资成本统计表 (28)表5-1 风险指数 (36)1 绪论1.1 研究背景及意义1.1.1 研究背景自从加入WTO后，我国的经济快速增长，众多中小企业发展迅猛，大型企业集团更是迅速发展壮大。