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The problem of enterprise capital management

2019-01-11 来源: 51due教员组 类别: Paper范文

下面为大家整理一篇优秀的paper代写范文- The problem of enterprise capital management,供大家参考学习,这篇论文讨论了企业资金管理的问题。现代企业的竞争,是企业管理能力的一种较量。资金管理作为企业管理的重要部分,它贯穿于企业整个生产经营的活动,具有举足轻重的作用。在企业资金管理过程中,我们需要注意资金管理模式与企业规模是否想匹配,是不是有健全有效的资金内部管理制度。另外,资金配制不科学会导致资金成本高,资金利用率低。如果企业的资金管理过程中出现了这些问题,那么必须赶紧解决。

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The competition of modern enterprises is a competition of enterprise management ability. As an important part of enterprise management, capital management, like "blood", runs through the whole production and management activities of enterprises and plays a decisive role. For an enterprise with a high level of capital management, capital can contribute to the realization of the strategic objectives of the enterprise. On the contrary, it may also become the last straw. Therefore, outstanding capital management ability is an inevitable guarantee for the normal operation of enterprises. Improving the allocation of resources and accelerating the speed of capital flow are of great practical significance to the survival and development of enterprises.

Under the "decentralization" management mode, the subsidiaries of enterprise groups with many branches and subsidiaries independently conduct capital operation. Although the initiative of subordinate enterprises can be mobilized, group decision makers cannot know the most real capital situation, cannot implement effective capital management, supervision and control, and cannot avoid financial risks in advance. Financing cost is high, anti - risk ability is poor. It is difficult for a single company to obtain the most favorable loan interest rate due to its weak corporate strength, making the cost of capital high. In practice, subsidiary loans are mostly secured by the parent company. When the subsidiary fails to repay the loan on schedule, the enterprise group shall repeatedly repay its obligations. Faced with a huge amount of debt, it will not only make the subsidiary into a business crisis, but also move the parent company into a liquidity crisis, so there are great risks and hidden dangers. The fund inside group is not used reasonably, bring about the situation that fund is idle and shortage coexist. Some subsidiaries have excess liquidity, but because they have no investment channels, they can only idle in the bank and obtain low income bank interest. On the other hand, the headquarters of the group or some branches and subsidiaries are in urgent need of a large amount of funds. Since there is no suitable internal financing channel, they can only borrow money at high cost. Each member of an enterprise group opens multiple accounts in different Banks, which increases the management cost and difficulty.

The internal fund management system fails to keep pace with The Times and has institutional loopholes. The examination and approval system is not strong, and the internal supervision system is a sham. In practice, especially in state-owned enterprises and private enterprises, enterprise leaders have greater autonomy in auditing. The approval of major funds often goes beyond the decision-making process of collective consultation. The company's senior executives cannot express independent opinions, and the company's supervisors and the board of supervisors cannot or fail to perform the supervision function. There are numerous cases of investment failure, operation dilemma, capital chain rupture and enterprises on the verge of bankruptcy caused by failure to follow the authorized examination and approval procedures, failing to examine and approve within the scope of authorization and handling business beyond the scope of authorization. Lack of funding security mechanisms. In practice, enterprises fail to monitor the inflow and outflow of funds required for most economic activities, and the procedures of examination and approval are not scientific.

Unscientific capital allocation leads to high capital cost and low capital utilization. The slow speed of inventory turnover leads to the long period of capital occupation and the low quality of accounts receivable, making enterprises often face the dilemma of capital turnover. The improper ratio between debt capital and equity capital leads to the high asset-liability ratio of enterprises, which makes enterprises face great financial risks.

The enterprise group adopts the "capital centralization" management system, introduces the capital pool management mode, unifies the allocation of the group's global funds, and minimizes the net position held by the group. It mainly has the following advantages: with the deepening of market globalization, the group management can manage and control the group's working capital from the group level, and can improve the anti-risk ability of the whole group. Reduce the external financing cost of the whole group, and enhance the ability of investment and financing. The subsidiaries of the group no longer have a credit relationship with the bank alone, but conduct financing in the name of the whole group, and the credit level is greatly improved, so that the group can apply for a relatively high credit line and get a lower bank interest rate and better banking services. In addition, the "capital pool" will pool the group's surplus idle funds, which can be invested in more high-quality projects and achieve greater investment returns. On the premise of ensuring liquidity, temporarily idle funds can buy large deposits with high agreement deposit rate and short-term bank financial products. Rational allocation of funds within the group to speed up the operation of funds. Under the framework of capital pool, it can carry out real-time monitoring, unified scheduling and centralized operation of the funds of each bank account in the pool. This operation enables the optimal allocation of funds within the group, so that the capital demand can be satisfied within the group and the external financing scale of the whole group can be reduced. This kind of internal financing is not only rapid and simple, but also the financing cost and interest cost can be independently negotiated by the enterprise, and the cost and risk are under the control of the enterprise. Limit the number of bank accounts to a reasonable range, or put the funds in the head office level management.

Establish and improve the enterprise internal capital control system. Establish and improve the authorization examination and approval system, and clarify the approver's examination and approval mode, authority and responsibility for the fund business. The approver needs to examine and verify the authenticity of the fund business. A hierarchical audit system shall be implemented. For major purchase contracts, sales contracts, financing contracts and investment contracts, a cross-departmental collective signing and verification system shall be implemented. If the economic contracts have a significant impact on the company's operating performance and financial situation, they shall be reported to the board of directors and shareholders for approval. We will establish a fund security mechanism. In the use and management of funds, enterprises should always establish a sense of security. The internal allocation, inflow and outflow of funds should be strictly monitored by the company, and a scientific financial settlement, review, authorization, inventory and other systems should be established to ensure the safe use of funds. Improve the comprehensive quality and business processing ability of financial personnel, strengthen the prevention of capital risks, use advanced ERP system and online banking system, and adopt diversified capital settlement methods, such as electronic bank acceptance bill, special bank account for large customers, bank bill, TT transfer, etc. Adopt foreign exchange hedging to avoid foreign exchange risks.

Combine with the strategic goal of the enterprise, adopt appropriate financial strategy, optimize the allocation of funds. Adopt the business strategy of "sales determine production" to avoid large overstock of inventory and reduce the cycle of capital occupation. Set up scientific inventory business process, use advanced ERP system, timely and accurately record inventory purchase and withdrawal. In the material procurement, procurement, sales and inventory management to establish a standardized system to form a strong internal containment. Zero inventory management mode is introduced to reduce inventory occupation time, reduce cost and improve production efficiency. Strengthen the control of accounts receivable. Establish customer file mechanism. For old customers, establish and improve credit files, develop a complete set of historical credit records; For new customers, conduct credit investigation through other channels such as "industrial and commercial credit publicity system", evaluate their credit and repayment ability according to customer financial statements and other information, and then formulate reasonable credit policies. Track credit status and performance of all credit customers to reduce the probability of bad debt. Accounts receivable recovery and sales performance linked to improve the quality of accounts receivable, promote the return of funds. Sales staff performance bonus payment proportion and accounts receivable collection proportion is consistent. Buy insurance on accounts receivable to reduce losses when bad debts occur. Strengthen the collection of receivables. According to the "aging analysis method", analyze the accounts receivable one by one, take different measures, try to get the best effect. May adopt the letter to demand, the telephone to demand, the door-to-door to demand, sends the lawyer the letter, the specialized collection company as well as resorts to the law and so on many kinds of ways collection accounts. Choose high-quality suppliers, strive for a longer payment days, in the case of not affecting the credibility of the enterprise, delay the payment time. TT payment should be avoided as far as possible and bank acceptance payment should be encouraged. In a reasonable level of asset-liability ratio, the use of financial leverage, can improve the enterprise? I profit before interest and tax. In the context of tight monetary conditions, high amount of borrowing not only makes enterprises bear high interest, but also increases the financial risk of enterprises, which is not conducive to the realization of business objectives of enterprises. Measures such as additional registered capital of shareholders and introduction of strategic investors can be adopted to supplement the working capital.

In the financial activities of enterprises, capital is always a highly valued and highly liquid asset, so capital management is the core content of enterprise financial management. In view of various problems in enterprise capital management, enterprise managers should boldly learn advanced management concepts and methods and abandon backward management models, such as introducing "capital pool" model. At the same time, we will strictly implement the fund management system and make every step a reality. Find the best balance between institutional construction and flexible practice. Finally make the enterprise in the increasingly fierce competition in an invincible position.

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