| The fund management is the core link of the enterprise's financial management.The level of capital management is closely related to the company's competitiveness and development prospects.Under the market economy environment,enterprise groups have gradually become an important pillar of China's economy.At the same time,they have increasingly exhibited characteristics such as large asset scale,long capital chain,wide management span,and wide geographical distribution.In particular,multinational corporation groups,often with numerous member companies and business scopes all over the world,have resulted in high degree of capital dispersion and high risks.This raises high requirements for the capital management level of enterprise groups.As a kind of effective fund management method,centralized fund management can fully meet the management needs of the enterprise group,collect the funds that were originally scattered in each subordinate unit enterprise,and plan,allocate and control the funds from the group headquarters.Therefore,the overall advantages of the enterprise group can be brought into play so as to achieve the purpose of reducing the cost of funds and improving the efficiency of the use of funds.Centralized management of funds originated in the West.China's research on centralized management of funds started relatively late.After many years of exploration,China has also made remarkable achievements in the related theory and practice of centralized fund management.However,due to the differences between China's policies and regulations and the financial environment and foreign countries,there is still a relatively large space for research on how enterprise groups can combine their own characteristics and build a centralized fund management model that meets the existing policy environment and actual development of the Group.The purpose of this article is to explore the YK Group's centralized fund management model.On the one hand,it finds out the problems and deficiencies in the implementation of centralized fund management.In combination with the successful experience of Royal Dutch Shell,it provides a certain degree of improvement for the centralized management of YK Group's funds.On the other hand,more enterprise group managers are made aware of the operation mode of centralized fund management,fully understand the advantages of centralized fund management,and promote enterprise groups to explore fund management methods that are in line with the actual conditions of the Group under the framework of our policies.This article mainly adopts a combination of normative research,comparative analysis and case analysis.This article is divided into six parts for discussion.The first part,introduction.Mainly summarized the related research results of combing domestic and foreign scholars on the issue of centralized fund management,and expounded the practical significance and theoretical value of the selected topic.The second part is a summary of the theory of centralized fund management of enterprise groups.The theoretical basis,basic content,characteristics,main modes,and operational procedures of the centralized management of funds of enterprise groups are introduced and described.The third part is the status quo of centralized management of YK Group funds.Firstly,it briefly introduced the basic situation and financial management of Y Group.Secondly,it focused on the overall process of YK Group's centralized fund management,including the construction of a centralized fund management system,the construction of existing platforms,and specific operational processes.In the fourth part,the problems and causes of the centralized management of YK Group funds.First of all,it discusses the insufficiency of the centralized management of Y Group's funds,and then analyzes the causes of these problems.In the fifth part,the experience of the implementation of centralized capital management by Royal Dutch Shell Company is used for reference.Through the analysis of the centralized management of Shell Company funds,the successful experience was summed up,with a view to guiding the improvement of YK Group's centralized management of funds.The sixth part is the improvement measures for centralized management of YK Group funds.In order to centralize the management of YK Group's funds,five optimization proposals are proposed: to improve the risk management system for centralized fund management;to continuously optimize capital budget management;to enhance the centralized management of offshore funds;to strengthen the collection of funds;to expand the financial services of financial companies.This article through the YK Group funds centralized management model discussion,draws the following conclusions: First of all,the overall idea of YK Group's capital centralized management is correct,the application of capital centralized management has improved the efficiency of the use of funds of the Group and the overall cost of financing Actively,secondly,the implementation process of YK Group's centralized fund management still has weak capital risk control,large deviation of capital plans,capital concentration and utilization efficiency needs to be improved,overseas capital centralized management business not fully developed,and financial company management functions.Problems such as lack of highlights and lack of characteristics of financial services are mainly due to the lack of information technology support,inadequate management of capital budgets,ambiguity in the authority of some funds,restrictions on financial and foreign exchange policies,and duplication of functions between financial companies and commercial banks.In the end,this paper believes that the above problems can be solved by improving the risk prevention and control system for centralized fund management,continuously optimizing capital budget management,strengthening fund collection,enhancing the level of centralized management of overseas funds,and expanding financial company financial services.Function and other aspects to be improved centralized management of funds YK Group. |
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