Research On Financing Management Of Conglomerate A

As an important state-owned backbone enterprise of the country,group A's operation industry involves many industries and sectors,and has an unparalleled strong influence in the whole country and the world.This paper focuses on 18 large-scale listed companies in A-share market of group A to study how group A,as a direct controller,influences and controls the financing behavior of the group and its subsidiaries through financing management.This paper introduces the industry distribution,strategic planning and organizational structure of the group,analyzes the operation of the group according to the industry strategic layout of the group,and makes a statement of the subsequent financing situation and financial risks from the perspective of financial indicators.Next,the paper analyzes the financing situation of the group from financing structure,financing scale,financing channel,financing cost and financing period,and finds that the group strategy plays a guiding role in financing scale of financing cost;the lower the financing cost is,the larger the financing model is,that is,the phenomenon of internal market financing in an orderly way;the advantages of internal capital market also reflect the re connection Guarantee improves the financing ability of subordinate enterprises.Through the group financing management caused by the phenomenon of factor disassembly,one by one analysis.Because of the scarcity of equity and the necessity of holding,the greater the demand for financing and the higher the cost of financing.The related guarantee effect of the group reduces the information friction cost for subsidiaries to obtain external financing,improves the rating of financial institutions on the solvency of subsidiaries,and then reduces the financing cost.Through financial companies,the group has concentrated the capital deposits of group member enterprises,unified allocation,and realized the company with strong financing ability to become a professional financial platform.Other companies with strategic tasks or companies with high marginal income have achieved the goal of avoiding the cost of information asymmetry and agency friction with external financial institutions through loans.Although borrowing at the market interest rate of the same period,the actual situation is The financing cost is lower than that of the external market.The group financing management also leads to the problems of over centralized financing system,over financing and increasing financial risk.The financing system of group A has the defects of scattered financing resources and uneven financing ability of all subordinate enterprises,which leads to the imperfection of the whole financing system of group A.such financing management is easy to cause the problems of small amount of long-term capital financing and low efficiency of enterprise financing.Instead of implementing financial standards and isolating non-performing business assets,the group increased capital injection year by year to choose to seek help from subsidiaries and share risks,resulting in excessive financing.In view of the current difficulties and problems of the group,the group's financing management needs to firmly follow the principles of strategic orientation,value creation and risk matching.Combined with the actual situation of group A,this paper puts forward some suggestions and assumptions on the construction of financing management system,the optimization of financing management scheme and the matching of financing management risks,such as increasing the proportion of equity capital to reduce financial risk,dynamic management of capital structure,diversified financing channels and so on.