| With the support of policy "going global", Chinese enterprise groups are growing promptly, they have more members and longer fund management chain, which will be a hinder to the further development of Chinese enterprise groups. And as the "blood" of enterprise survival development course, capital runs through the whole process of the production and operation of enterprises. Capital is very important in enterprise management, and capital management has become a focus of enterprise group management.Due to the limited energy resources in China, on one hand, the domestic large enterprises continue to accelerate the pace of mergers and acquisitions overseas. More and more branches are growing, and organization structure becomes more complex. The flow of fund in the organizational level become more and more difficult to control, and the risk is more diversified. The fund management in the organization level is more and more difficult to control the flow, the financial risks tends to be complex.; on the other hand, development time is not long enough, group members are mostly independent and manage funds on their own, which results in some problems such as:capital turnover speed is slow, the fund can not get effective use, unable to take advantage of the whole, and difficult to achieve the optimal allocation of group resource.As a co-ordinating the overall management methods, centralized management of funds are become more and more popular among enterprise groups, and many large oil companies have to establish centralized management as the core of the fund management, and settlement of funds, budget and risk management based on the centralized management of funds. However, comparing with the multinational group, the centralized fund management theories and the use of the funds are not abundant enough,which restricted the international development of Chinese enterprise groups. How to ensure the consistency of domestic, outside members of enterprise financial target, how to better achieve each member of the group’s financial synergy effect, how to more effectively reduce capital risk within the group, is now the goal and direction of the major petroleum enterprise group fund management.This paper combines theory and case analysis and proposes research framework and methodology on the basis of combined research background by summarizing the related theories of enterprise group fund centralized manage. Then summarizes the characteristics and requirements of management of fund of large petroleum enterprises. Finally, CNPC as an example, analyzes its fund management present situation and the existing problems, and offers improvements of centralized optimization management based on large oil enterprise’s capital management experience at home and abroad. And discusses the implementation of improvements, such as how to combine the Group’s management and regional integration, how to manage foreign currency funds and so on.This paper is divided into six chapter, the specific contents are as follows:Chapter One:introduction. This article introduces the research background, research purpose and significance, research ideas and frameworkChapter Two:literature review. This chapter reviews the basic theory about fund management, the need for centralized management of funds, objectives, modes and other theoretical literature. And summarizes the Chinese oil companies fund management problems and countermeasures, thus making a foundation for theoretical overview below.Chapter Three:review the theory of centralized management of funds. The first part introduces the concept of the enterprise group and centralized management of fund, then generalizes the enterprise group fund management system. Finally analyzes main characteristics of management fund of large oil companies and the basic requirements.Chapter Four:management status and existing problems of CNPC Group fund centralized. This part discusses activities of the CNPC Group fund centralized management by introducing the background of the CNPC capital centralized management firstly, then carries on the financial analysis, cost analysis, and then discusses the oil fund centralized management from several aspects such as the capital centralized management mode, financing plan, recycling, and outside the company’s capital management and so on. Finally summarizes the problems existing in the CNPC.Chapter Five:domestic and foreign large-scale petroleum enterprise capital management experience. This part analyzes the funds centralized management of Exxon Mobil, British Petroleum, CNOOC, Sinopec and other domestic, foreign large-scale petroleum enterprises, and summarizes the experience.Chapter Six:the centralized fund management optimization of CNPC. This part puts forward suggestions for the capital centralized management of CNPC on the basis of CNPC capital centralized management present situation and the domestic, foreign large-scale petroleum enterprise capital management experience. In order to help study the theory and practice of the capital management, this part summarizes the enlightenment from centralized management of funds on the basis of case studiesThe contribution of this paper:first of all, this paper finds out the defects of centralized fund management in our country, and puts forward improvements on the basis of theoretical research at home and abroad, which can accelerate the formation of theory system of centralized fund management; Secondly, our country’s capital management theory focus on centralized fund management itself, more of less actual case studies. In this case, the paper focus its study on CNPC, which can extend the direction of the theory of centralized fund management and a whole set of centralized fund management solutions to better serve the practice.The shortcomings of this article:first of all, as an external personnel, the author find it hard to get internal capital settlement and transfer data from the enterprise, and this article can only analyzing the centralized management of the fund by getting the data from the enterprise’s annual report; Secondly, there are differences between the published fund management mode and the actual fund management mode, so the author need to summary and analysis the available data, looking for true model of capital management in CNPC. |
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