中俄跨国公司财务流动管理的比较分析

发布时间：2018-06-14 21:31

本文选题：财务流动 + 财务流动管理　；参考：《哈尔滨工业大学》2015年硕士论文

【摘要】：财务流动管理是财务管理的最重要的方面之一,因为现金及现金等价物是流动性最强的资产,可以很容易地转换成其他任何类型的资产。每个企业的目标是合理地规划和使用财政资源,以提高自己的偿付能力和市场稳定度。在中俄两国经济发展的现阶段,两国公司面临的一个最重要的问题就是如何实现有效、灵活的财务流动管理机制。然而具备必要的盈利能力并不足以保障公司的成功发展。缺少足够的流动财务和有效的财务流动管理会导致公司财政状况波动、不利于公司的业务活动,同时还有可能成为该商业实体出现严重经济危机的导火索。对现金及现金等价物高效的管理有助于公司财政稳定,增加其盈利能力,为公司发展注入积极的动力。在当今不断变化的经济形势下,离开流动资金管理的理论方法和实践研究便无法实现这一目标。“流动财务”的概念起源相对较晚,由于展现公司财务流动、影响因素和指标的数据并不充分,因而至今还没有对这一概念达成统一的观点。本论文选题的现实性在于使财务流动管理适应国内经济当前发展的必要性和研究企业财务流动的需求性。因此,本论文旨在研究完善中俄两国跨国公司财务流动管理过程的理论方法和实践建议。本论文的研究内容如下:流动资金概念理解的科学方法,、跨国公司财务流动管理的理论方法、跨国公司财务资源的形成过程、跨国公司财务流动管理的特点、以及财务流动的优化方法。在本论文中,跨国公司财务流动管理的特点的阐述是以中、俄两个国家中两个最大石油和天然气工业公司为例,这两个股份有限公司分别是“中国石油化工集团公司”(中国石化)和“俄罗斯天然气工业公司”。本论文分析了这两个公司财政资源运用的有效性、现金流量的规模和结构、净财务流动额。此外,本论文针对这两个公司提出了财务流动的优化建议,并探讨了跨国公司财务流动管理创新方法。本论文通过对“俄罗斯天然气工业公司”的财务流动管理的分析得出了以下结论:(1)对俄罗斯天然气工业公司财政资源管理的影响因素的分析显示,影响公司净资本收益率的最重要因素为销售回报率,这表明该公司经营活动中存在的问题与成本管理和价格制定密切相关。(2)对某一特定时间段现金流量运作的分析表明,经营活动是该公司主要的收入来源,而其投资现金流以及金融活动现金流出现了负数,也就是所谓的现金流流失。在公司财政状况方面,俄罗斯天然气工业公司拥有公司进行生产经营活动所必需的货币资金储量。因此,为提升公司工作效率,俄罗斯天然气工业公司需要加快现金周转。(3)对货币资金周转时间的分析表明,俄罗斯天然气工业公司的货币资金周转时间为54天。该公司营业额的下降以及货币资金周转时间的增加显示企业组织效率低下,进而导致为公司生产和周转服务的高流动性资产周转率减速。因此为了提高公司效率,俄罗斯天然气工业公司需要加快现金周转。(4)为提高俄罗斯天然气工业公司的现金流量管理效率,应采用优化企业剩余现金流量的管理方法,如扩大固定资产再生产、加速投资项目研发实施周期、积极促进金融投资存量、增加投资活动、提前偿还长期财务贷款。本论文通过对“中国石化”的流动资金管理的分析得出了以下结论:(1)对中石化财政资源管理的影响因素的分析显示,影响公司净资本收益率最重要因素为财务杠杆(负债结构),这表明该公司存在的主要问题是投资借贷资金的管理问题。(2)对某一特定时间段现金流量运作的分析表明,经营活动和筹资活动是公司主要的收入来源,而公司投资活动造成了大量的现金流流失。然而中石化也具有公司进行生产经营活动所必需的货币资金储量。(3)较之俄罗斯天然气工业公司的货币资金周转时间,中石化货币资金周转时间要短得多,为2-4天。因此,一年之内中石化货币资金周转了160次,而俄罗斯天然气工业公司只有6次。综上所述,可得出以下结论,虽然俄罗斯天然气工业公司的货币资金年末平均余额比中石化高得多,然而中石化对资金的利用更有效率。(4)根据对净财务流入直接和间接的分析,中石化应改善其投资活动。工业企业固定资产投资率居高不下会导致公司流动资金短缺、偿债能力下降、工作效率降低。而另一方面,放弃投资则会导致停产(造成对设备的强烈磨损)、降低产品质量并最终丧失市场竞争力。中石化需要制定实施针对增加货币资金吸引力、降低货币资金流失的组织措施,以期确保正现金流的长期正常运行。实现上述目标可以通过以下方式:增发股份、吸引战略投资者以增加公司净资产、吸引长期银行贷款、销售(或租赁)闲置的固定资产。对以上两个公司货币财务管理效率的分析表明,俄罗斯天然气工业公司存在货币资金盈余的风险,而中石化存在现金流短缺的风险。现金流分析标准主要有两种:均衡性和同步度——也就是资金收入和支出的金额均衡性以及现金流的同步情况。对“俄罗斯天然气工业公司”和“中石化”现金流额的正负值评析,需计算其均方差、变异系数和相关系数。俄罗斯天然气工业公司和中石化现金流量正负值的相关系数较高,这意味着,现金流量正负差值较小,因而可以证明他们正、负现金流量基本同步。在这种情况下,负现金流超过正现金流和现金盈余,或正现金流超过负现金流时所带来的货币资金赤字的风险很小。为分析现金流正、负值分布的均衡性和同步情况,本论文还进行了现金流的流动性比率计算。中石化和俄罗斯天然气工业公司的流动性比率大于1,这就说明货币资金年末余额有所增长。据分析可判断,这两个公司的现金流正负值足够平衡,这证明它们的现金流管理的效率性。如果俄罗斯天然气工业公司与中石化注意在时间和空间上货币资金收入与支出的同步性,这可以确保生产的连续性、金融稳定并且有利于现金流管理的发展前景。基于上述分析结果,俄罗斯天然气工业公司和中石化的财政状况在长期看来都是比较稳定的。为了提升财务流动管理的效率,建议上述两家公司使用企业资源规划系统以及流通货币管理体系。在全球金融市场危机的大背景下,跨国公司的财务管理已成为一个关键性问题。大型跨国公司面临着迫使它们濒临破产的流动性危机,在这种情况下,企业未来的生存和发展由其逾期欠款数额,以及迅速找到必要的财政资源的能力来决定。显然,跨国公司财政组织和管理原则应需进行反复修订。在不稳定的条件下,国际财政管理制度的支柱在于现金流管理的集中化,这将确保资金源源不断,把对短期借款的需求降到最低限度,保持公司偿还债务的能力。
[Abstract]:Financial flow management is one of the most important aspects of financial management, because cash and cash equivalents are the most liquid assets that can easily be converted into any other types of assets. The goal of each enterprise is to rationally plan and use financial resources to improve self solvency and market stability. At the present stage of economic development, one of the most important issues facing the two companies is how to achieve effective and flexible financial flow management mechanisms. However, the necessary profitability is not enough to ensure the successful development of the company. The lack of adequate liquidity and effective financial management will lead to the volatility of the financial situation of the company. The business activities of the company may also be the lead to the serious economic crisis of the business entity. The efficient management of cash and cash equivalents will help the company's financial stability, increase its profitability, and inject positive momentum to the development of the company. Under the current changing economic situation, the management of the liquidity is left. The concept of the theory and practice can not achieve this goal. The concept of "mobile finance" has a relatively late concept. Because of the lack of sufficient data to show the financial flow of the company, the factors and indicators are not sufficient, so far there is no unified view on this concept. The reality of this thesis is to make the financial flow management adapt to the domestic market. The necessity of the current economic development and the demand for the study of the financial flow of the enterprise. Therefore, this paper aims to study the theoretical methods and practical suggestions for improving the financial flow management process of the multinational corporations in China and Russia. The contents of this thesis are as follows: the scientific method of understanding the concept of liquidity, the theoretical side of the management of financial flows of multinational corporations. The formation process of financial resources of MNCs, the characteristics of the financial flow management of MNCs and the optimization of financial flows. In this paper, the characteristics of the management of financial flows of MNCs are described as the two largest oil and Gas Industry Company in the two countries of Russia, and the two Limited by Share Ltd are " China Petrochemical Corp (Sinopec) and "Russian Gas Industry Company". This paper analyzes the effectiveness of the use of the two companies' financial resources, the scale and structure of the cash flow, and the net financial flow. In addition, this paper puts forward the optimization proposals for the financial flows for the two companies, and discusses the transnational corporations. In this paper, the following conclusions are drawn through the analysis of the financial flow management of the Russian Gas Industry Company: (1) the analysis of the influencing factors of the financial resources management of the Russian Gas Industry Company shows that the most important factor affecting the net capital gains rate of the company is the rate of return on the sales, which indicates that the rate of return on the net capital of the company is the rate of return. The problems existing in the company's business activities are closely related to the cost management and price formulation. (2) the analysis of the operation of cash flow for a given period of time shows that the operation is the main source of income of the company, and the cash flow and cash flow in the financial activities are negative, that is, the loss of the so-called cash flow. In terms of political conditions, the Russian Gas Industry Company has the money reserves necessary for the company to carry out production and operation activities. So, to improve the efficiency of the company, the Russian Gas Industry Company needs to speed up the cash flow. (3) an analysis of the time for the turnover of monetary funds is clear, and the monetary week of the Russian Gas Industry Company. The decline in the company's turnover and the increase in the turnover time of the money show that the enterprise organization is inefficient, leading to a slowdown in the turnover of high liquidity assets for the company's production and turnover services. So in order to improve the company's efficiency, the Russian Gas Industry Company needs to speed up the cash flow. (4) to improve the Russian Gas Industry Company The efficiency of cash flow management in the Gas Industry Company should adopt the management methods of optimizing the residual cash flow of the enterprise, such as expanding the reproduction of fixed assets, accelerating the implementation cycle of investment projects, actively promoting the stock of financial investment, increasing the investment activities, and repaying the long-term financial loans. This paper passes the flow of "Sinopec" in this paper. The following conclusions are drawn as follows: (1) the analysis of the factors affecting the financial resources management of Sinopec shows that the most important factor affecting the net capital yield of the company is the financial leverage (debt structure), which indicates that the main problem of the company is the management of investment and loan funds. (2) the cash flow of a certain period of time. The analysis of volume operation shows that business activities and fund-raising activities are the main source of income of the company, and the investment activities of the company have caused a large amount of cash flow loss. However, Sinopec has the money reserves necessary for the company to carry out the production and operation activities. (3) Sinopec, compared with the turnover time of the Russian Gas Industry Company Monetary Fund The turnover time of money funds is much shorter for 2-4 days. Therefore, Sinopec currency funds are turned around 160 times in one year, and only 6 times in Russia's Gas Industry Company. In summary, the following conclusion can be drawn, although the average balance of the Russian Gas Industry Company's Monetary Fund is much higher than the Sinopec at the end of the year, but Sinopec has the capital (4) SINOPEC should improve its investment activity according to the direct and indirect analysis of net financial inflow. The high investment rate of fixed assets in industrial enterprises will lead to the shortage of liquidity, the decline in solvency and the decrease of working efficiency. On the other hand, the abandonment of investment will lead to a strong grinding of equipment. To reduce the quality of products and ultimately lose market competitiveness, Sinopec needs to formulate organizational measures to increase the attractiveness of money and reduce the loss of money, in order to ensure the long-term normal operation of the positive cash flow. The following ways can be achieved through the following ways: increasing shares and attracting strategic investors to increase net capital. The analysis of the financial management efficiency of the two companies shows that the Russian Gas Industry Company has the risk of the monetary surplus, while the Sinopec has the risk of cash flow shortage. There are two main criteria for cash flow analysis: balance and synchronization. The positive and negative values of the cash flow of the Russian Gas Industry Company and Sinopec need to be calculated, the coefficient of variation, the coefficient of variation and the correlation coefficient. The correlation coefficient between the positive and negative values of the cash flow of the Russian Gas Industry Company and Sinopec. This means that the positive and negative difference between cash flow and negative cash flow can be proved to be the basic synchronization of the negative cash flow. In this case, the risk of the negative cash flow exceeds the positive cash flow and the cash surplus, or the positive cash flow exceeds the negative cash flow, and the balance between the positive and negative distribution of cash flow is very small. The liquidity ratio of cash flow is also calculated in this paper. The liquidity ratio of Sinopec and Russian Gas Industry Company is greater than 1, which indicates that the balance of the monetary fund has increased at the end of the year. It is concluded that the positive and negative value of the two companies are balanced enough to prove the effectiveness of their cash flow management. If the Russian Gas Industry Company and Sinopec pay attention to the synchronization of money and expenditure in time and space, this can ensure the continuity of production, financial stability and the prospects for the development of cash flow management. Based on the results of the above analysis, the financial situation of the Russian Gas Industry Company and Sinopec is in the financial situation in Russia. For a long time it seems more stable. In order to improve the efficiency of financial flow management, the two companies are advised to use the enterprise resource planning system and the currency management system. In the context of the global financial market crisis, the financial management of MNCs has become a key issue. On the verge of the liquidity crisis on the verge of bankruptcy, in this case, the future survival and development of the enterprise is determined by the amount of its overdue arrears and the ability to quickly find the necessary financial resources. It is clear that the principles of the financial organization and management of the transnational corporations should be revise repeatedly. Under the conditions of instability, the pillar of the international financial management system is the pillar of the international financial management system. The centralization of cash flow management will ensure the steady flow of funds, minimize the demand for short-term loans, and maintain the company's ability to repay debts.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F276.7;F275

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