| Under the background of economic globalization,more and more enterprises are expanding their development scale and management area,and the capital operation and management will also face great challenges.The effect of capital operation plays a vital role in enhancing the value of enterprise groups.In order to strengthen the supervision of funds and improve the utilization of funds,many enterprise groups choose centralized management of funds.Centralized fund management can help enterprises to realize the sharing of capital resources among their members,reduce the cost of external financing,and improve the scale efficiency of funds.However,due to different types of industries,scale of development and strategic objectives of different enterprises,the mode of centralized capital management is also different,and the effect of capital operation is also different.D enterprise is a large multinational communication enterprise group,capital centralized management is the focus of its daily management.Group D makes use of cash pool mode to centralize capital management of enterprises.Although centralized management of funds brings a lot of benefits to group D,there are some deficiencies in fund management and cash pool operation.These shortcomings reduce the effect of enterprise capital operation,so,Group D's centralized management of funds needs to be further improved.There are few researches on the effect evaluation of large multinational group cash pool in China,so this paper has some guiding significance.This paper takes multinational enterprise D group as the research object.Firstly,it combs the relevant theories with the theoretical research method,and understands the research on funds central management by relevant scholars at home and abroad.The concept combing includes three aspects,one is the overview of multinational groups;the other is the related concepts and theories of centralized fund management;the third one is the establishment of capital operation effect and evaluation model.Secondly,through the case analysis,combined with the author's practice experience,cash pool framework and specific operation process are systematically analyzed.Finally,from the four dimensions of capital security,liquidity,profitability and growth,this paper makes a longitudinal comparison of the capital operation effect of D enterprise group from 2015 to 2017 byusing the analytic hierarchy process,and selects six representative communication groups in the same industry at home and abroad to compare horizontally with the capital operation effect of D Group.Therefore,the deficiency of D group's cash pool operation and management is understood,and the corresponding improvement suggestions are put forward.It is hoped that the research in this paper can not only provide practical suggestions for the centralized management of D enterprise group funds,but also enable more enterprises to make use of capital centralized management effectively and improve the efficiency of capital use. |
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