Impact On Financial Resources Capacity Of Enterprise Groups "cash Pool.

Funds are essential for the operation and development of any business. And how tomanage funds for day-to-day business activities of the enterprise, as well as planning forthe future development of road seemed particularly important. Large enterprise groupsas a consortium of many businesses face a more complex capital allocation environment.It is that Group as a whole and how to achieve effective allocation of internal funds inmember companies of the Group, external funds between Group and capital marketsand other financial resources.Centralized management of funds generally is a mode to raise the efficiency of fundmanagement. Unified revenue and expenditure manner, Allocated petty-cash mode,Settlement center mode, Internal banking mode and financial company mode arealternative funds centralized management models to enterprise or enterprise Group.This article chooses cash pool which can raise the efficiency of integration of financialresources and funds management as the object of study. Cash pool mode combineswith the advantages of internal and external funds management system, and effectivelycircumvents the current legal restrictions. At the same time, it promotes theoptimization of the organizational structure of the enterprise group and theimprovement capital budget management system, and lays a solid foundation for largeenterprise groups in China to the world.This article focuses on the configuration of cash flow which is a financial resourceby the cash pool. The research idea is the theory and the concept of the traditional fundmanagement as theoretical basis of empirical research of cash flow and cash poolmode integration. On the basis of the analysis of the cash pool of practical andtheoretical significance as well as funding centralized management theory, studies thefunds centralized management of A-share listed group companies. It has an empiricalresearch whether the financial availably centralized resources of the Group by cashpool and the funding pool of receivable and payables have an important role inpromoting the configuration of the financial resources of the member companies. Thatis inspection that Group member companies non own cash flow and related partiesbidirectional amount of funds influence the ability to pay of investing activities bymultivariate regression model. And focus on solving the problem of how to integratethe financial resources to raise the ability to integrate which from the empiricalfindings, the analyses including cash pool management integration and optimization of the organizational structure, centralized capital budget and risk control, cash poolduring the day centralized fund mechanism and so on. And including cash pool how tocentralize the Group’s internal funds and the management of receivables payable notesand the construction of supporting mechanism. This paper argues that the Group hasdemands and necessity to establish cash pool of centralized management of funds; cashpool efficient integration of the non own cash flow and related parties of two-waycapital and other financial resources of member companies of the Group. Cash poolcan raise the financial ability to pay of the member companies in investing activities.The cash pool budgets and risk management system is the institutional basis to ensurethe cash pool model effectively operation.