ZB烟草集团现金流量控制研究

发布时间：2018-04-20 09:06

本文选题：烟草集团 + 现金流量　；参考：《中国海洋大学》2014年硕士论文

【摘要】：现金流是客观存在于企业之中,能动态反映企业各类经济活动并对其起保障与控制作用的货币收支。它既反映企业支付能力的大小,又为各种经营决策以及措施的执行指明了方向。随着东南亚金融危机、全球金融危机的相继爆发,因为现金枯竭、资金链断裂而引发的企业倒闭潮席卷全球。中国也无法幸免。“中国普马”、“秦池酒业”等企业的昙花一现、“中国金属”的“巨星殒落”、“中航油”事件等都为管理者敲响了现金流管理的警钟。以“利润”为导向的企业经营理念已悄然发生变化,现金流作为企业生存发展的基石,越来越引起广泛关注。人们将现金流比喻为企业的血液,不断提高着企业资源的流动性,赋予企业自我积累、持续健康发展的能力的同时也体现着企业的竞争优势,昭示着财务风险,使投资者能够判断投资回报的数量和回报的持续性。作为国家控股的国有企业,烟草行业目前虽然拥有较为充足的资金资源,但如何最大限度控制现金流风险,提高现金流的控制能力,是进一步规避企业经营风险,提高企业经济效益、实现企业战略目标的关键。ZB烟草集团作是一家烟草商业为主业的地市级企业集团。近年来,集团资金充裕,但两家子公司均不同程度地面临着资金周转困难。本文在集团企业现金流控制理论的基础上,对ZB烟草集团及其成员单位的现金流量控制现状进行了分析,发现目前整个集团的资金管控存在盲区,对多元化资金的管控乏力：全面预算管理仍是以收入和利润为导向,缺乏对现金流的管理和控制；缺乏统一的资金调控体系,集团公司拥有大量资金但没有有效地利用,资金收益水平低,而子公司则资金贫乏,资金成本居高不下；集团绩效考评体系不够完善,子公司内部存在存货管理、应收账款管理的漏洞等。要想解决这些问题,切实提高集团整体的资金管控水平和盈利能力,增强企业综合竞争力,必须要建立健全现金流控制框架,完善控制策略。目前国内对资金集中管控的理论性研究较多,但对集团成员现金流差异化分析、控制以及实际细节操作分析较少。本文以集团企业现金流管理为切入点,依据现金流、集团内部控制等理论对ZB烟草集团的现金流控制现状进行分析,指出其在管理意识、组织机构、控制体制、控制流程上存在的问题及原因,提出以集团整体战略为导向,构建包括现金流管理组织架构、现金流管理制度体系、现金流战略规划、现金预算控制体系、现金流风险评估与预警机制、现金流绩效考评体系六个方面的内容的现金流控制框架,并对控制流程提出完善建议以及框架构建的保障措施,以期实现人与制度和流程的有机结合,进一步强化现金流控制力度,为同类企业开展现金流控制研究提供借鉴和启发。
[Abstract]:Cash flow is a monetary income and expenditure that objectively exists in an enterprise and can dynamically reflect all kinds of economic activities of an enterprise and play a protective and controlling role on it. It not only reflects the size of the enterprise's ability to pay, but also points out the direction for the implementation of various business decisions and measures. With the financial crisis in Southeast Asia, the global financial crisis broke out one after another. China is not immune. "China Puma", "Qin Chi Liquor Industry" and other enterprises are short-lived, "China Metals" "superstar fall", "China Aviation Oil" incident all sounded the alarm bell of cash flow management. "profit"-oriented business philosophy has quietly changed, cash flow as the cornerstone of the survival and development of enterprises, more and more attention has been paid. People compare the cash flow as the blood of the enterprise, constantly improve the liquidity of the enterprise resources, endow the enterprise with the ability of self-accumulation and sustainable and healthy development, and at the same time reflect the competitive advantage of the enterprise and the financial risk. Enables investors to determine the number of returns and the sustainability of returns. As a state-controlled state-owned enterprise, the tobacco industry has sufficient capital resources at present, but how to control the cash flow risk to the maximum extent and improve the cash flow control ability is to further avoid the enterprise operating risk. ZB Tobacco Group is a prefecture-level enterprise group whose main business is tobacco business. In recent years, the group is rich in capital, but both subsidiaries are facing liquidity difficulties to varying degrees. On the basis of cash flow control theory of group enterprises, this paper analyzes the current situation of cash flow control of ZB tobacco group and its member units, and finds that there are blind spots in the capital control of the whole group at present. Weak control of diversified funds: overall budget management is still revenue and profit oriented, lack of cash flow management and control, lack of a unified capital control system, group companies have a large number of funds but not effectively used, The level of capital income is low, but the subsidiary company is short of funds, the capital cost is high, the group performance appraisal system is not perfect, the subsidiary company has the stock management, the receivable account management loophole and so on. In order to solve these problems, improve the group's overall capital control level and profitability, enhance the comprehensive competitiveness of enterprises, we must establish a sound cash flow control framework, improve control strategies. At present, there are many theoretical studies on centralized capital control in China, but there are few analysis on cash flow differentiation, control and practical details of group members. This paper analyzes the cash flow control status of ZB tobacco group based on cash flow and internal control theory, and points out its management consciousness, organization and control system. The problems and reasons in the control process are put forward, which include the organization structure of cash flow management, cash flow management system, cash flow strategic planning and cash budget control system, which are guided by the group's overall strategy. Cash flow risk assessment and early warning mechanism, cash flow performance evaluation system of six aspects of cash flow control framework, and proposed to improve the control process, as well as the framework of the security measures, In order to realize the organic combination of people with system and process, further strengthen cash flow control, and provide reference and inspiration for similar enterprises to carry out cash flow control research.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.8;F406.7

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