The Research On The Efficiency Of The Centralized Fund Management Of Financial Companies Of Enterprise Groups

With the continuous development of market economy, an increasing number of large enterprise groups are emerging and becoming a major force in social and economic activities. As a product of the combination of Industry and Finance, our financial companies are attached to large enterprises and enterprise groups arising from the nature of non-bank financial institutions. In1987, China’s first financial company-Dongfeng Automobile Financial Company was established, after20years of rapid development, now China has established150financial companies, whose businesses relate to the economic development of various industries. As a fund settlement center, center of finance, investment center, information center of the enterprise groups, financial companies provide services for enterprise group members and play a huge role on the development of enterprise groups. Centralized management of funds as a basis of the company effective operation, the importance for the development of enterprise groups is more self-evident. Therefore, how to effectively evaluate the efficiency of the centralized funds management of the financial companies of enterprise groups, and put forward the countermeasures and suggestions to improve the efficiency of the centralized funds management, has become the urgent problem to the financial companies of enterprise groups.Based on the above situation, this paper has made the improvement to the existing shortage of evaluation index system of the financial companies, and established a new evaluation index system of the efficiency of the centralized funds management of the financial companies of enterprise groups. At the same time, with the use of actual cases to demonstrate, we finally put forward relevant suggestions to improve the efficiency of the centralized funds management of the financial companies of enterprise groups. This article mainly deeply discuss the problem of the efficiency of the centralized funds management of the financial companies of enterprise groups from the following aspects:The introduction part introduces the research background of this article, theoretical basis, research status at home and abroad and the research methods and ideas. In the main part of the article, first of all, this paper makes a brief overview of the theory of the centralized funds management of the financial companies of enterprise groups, introduces the enterprise groups, financial companies, the meaning of the centralized funds management, the content and the importance of the centralized funds management of the financial companies. Secondly, the article makes a basic analysis on the status of the efficiency of the centralized funds management of the financial companies of enterprise groups, states the four stages of the financial companies of enterprise groups in our country and the specific situation of the financial companies, summaries the features of the efficiency of the centralized funds management of the financial companies of enterprise groups. Again, this article introduces the existing evaluating indexes and methods of the efficiency of the centralized funds management of the financial companies of enterprise groups, points out the shortcomings, then makes improvements according to the actual situation, establishes a new evaluation index system from the four aspects of profitability, growth, asset quality and the debt paying ability, uses the method of the financial state-owned or state-holding enterprises performance evaluation. Then, this article selects the Shanghai Automotive Group Financial Co. as a case, and selects its published financial reports from2008to2012as samples, evaluates its efficiency of the centralized funds management. Finally, this article puts forward some specific countermeasures and suggestions from four angles of the strategic positioning, improving the system, strengthening the risk management and improving the external conditions to improve the efficiency of the centralized funds management of the financial companies of enterprise groups. This article selects the financial companies of enterprise groups as a specific object and centralized management of funds as the main content of the research, focuses on the problem of efficiency of the centralized fund management. In this article, the study of the efficiency the centralized funds management of the financial companies of enterprise groups has certain reference value to improve the status of centralized funds management of enterprise groups in China and improve the efficiency of the centralized funds management of the financial companies of enterprise groups.