Research On Fund Management Mode Of Enterprise Group

As the core content of modern financial management,capital management is of great importance to every part of enterprise production and operation.Chinese enterprise group is the result of the integration of enterprise resources under the background of the booming market economy.Compared with the mature group enterprise management in the west,the enterprise group in China is still in its initial stage,and there are many problems to be found in the practice of fund management:The uneven development of the late start of the enterprise results in the unreasonableness of the overall capital structure of the enterprises and there is a high deposit and loan,with short-term loans for long-term investment.The budget system is not sound,the balance of funds cannot be effectively controlled,and the capital concentration and efficient management cannot be realized.In addition,the lack of sound regulatory system and loose institutional constraints also make the problem of capital management of enterprise groups more frequent.Especially in recent years,multiple occurrences of the enterprise capital chain rupture caused by the poor fund management,bringing great losses to the enterprise itself,enterprise employees,and even the country,the financial institutions.So focusing on the existing problems in the enterprise group fund management,solving the problem,preventing risks and establishing a funds management mode which matches the enterprise group strategy development has become the consensus of business in China.Many scholars have carried out in-depth and comprehensive theoretical research on the fund management mode,and summarized a variety of different fund management modes.But each fund management mode has different advantages and disadvantages,the choice of the enterprise managers in the funds management mode need not only consider the model itself,but also consider the special factors of enterprise itself,such as development stage,the organizational structure,the strategic development target,etc.,It is matching the enterprise management practice that is suitable for the development of the enterprise capital management mode.Group AB is a diversified enterprise group with certain assets scale.At present,the main business scope covers the infrastructure construction,real estate,culture education,finance,new materials,new energy and medical care.Group AB always believes that capital management is one of the important contents of modern enterprise financial management,so it has attached great importance to fund management since its establishment.In the process of enterprise development,according to the different development strategy and the stage of the enterprise,the group has selected the fund management mode.Three different funds management modes are adopted,namely"centralized monitoring,unified collection and control,settlement center" and "settlement center + internal bank".The differentiated fund management mode adopted by AB group in different stages has served,supported and promoted the group development strategy from the perspective of efficient management of funds.Group AB always adheres to the optimization and improvement of the fund management mode according to the needs of its own development stage and development strategy,so as to improve the efficiency of capital use.It not only reduces the financing cost,but also keeps the reasonable asset-liability ratio at the safe level.On the one hand,Group AB has also established capital budget management system,in the process of perfecting budget system,the subordinate company budgets are enforced to improve year by year,effectively realized the subordinate company of capital investment,financing and working capital management,significantly reduces the blind investment and lead to capital chain rupture risk;On the other hand,Group AB has established a financial risk early warning and emergency response mechanism,and has actively prevented and solved the potential financial risks.Although Group AB attaches importance to and continuously improves the fund management system,it also exposes a lot of problems in the process of fund management.For example,in diversified enterprise groups,there is a wide variety of parent and subsidiary companies,and the operation span is large,which leads to the inability of fund management to form effective synergy in institutional design and follow-up management.The companies in different industries are in different stages of the enterprise life cycle,presenting diversified demands for capital management,and increasing the difficulty of managing and coordinating the fund plans of the group.The internal fund management system is not sound,the system is not perfect,the authority and responsibility are not clear,the related management work is not smooth.Off-budget spending is bigger and stronger uncertainty,reflecting the failed to clear budget approval process control point of the problem,a big new challenge to ensure the safety of capital chain,etc.,the existence of these problems to some extent influence the exertion of group capital centralized management advantage."Research on the fund management mode of enterprise group-taking Group AB as an example" is the title of this paper.From the perspective of group management control,we studied the capital management control of enterprise group.According to the basic idea of"discovering problems-analyzing problems-solving problems-reaching conclusions",firstly,the author reviews the fund management and related theories of the predecessors,and then summarizes the main modes of fund management and the influential factors in practical application.Theory combined with the actual case,and conduct a comprehensive review to the Group AB fund management mode to and analysis of the deficiencies and problems,mainly further proposed with Group AB fund management mode that can meet the needs of the future strategic development.The paper adopts the research method combining literature research and practical case analysis.We believe that the fund management mode should be adapted to the local conditions,and constantly iterate and improve the fund management system in the present stage according to the changes in its own development stage.Enterprise group fund management mode which serves the future development strategy,promotes the enterprise itself development,is the most appropriate management mode.