本文選題：財務流動 + 財務流動管理�。� 參考：《哈爾濱工業(yè)大學》2015年碩士論文

【摘要】：財務流動管理是財務管理的最重要的方面之一,因為現(xiàn)金及現(xiàn)金等價物是流動性最強的資產(chǎn),可以很容易地轉(zhuǎn)換成其他任何類型的資產(chǎn)。每個企業(yè)的目標是合理地規(guī)劃和使用財政資源,以提高自己的償付能力和市場穩(wěn)定度。在中俄兩國經(jīng)濟發(fā)展的現(xiàn)階段,兩國公司面臨的一個最重要的問題就是如何實現(xiàn)有效、靈活的財務流動管理機制。然而具備必要的盈利能力并不足以保障公司的成功發(fā)展。缺少足夠的流動財務和有效的財務流動管理會導致公司財政狀況波動、不利于公司的業(yè)務活動,同時還有可能成為該商業(yè)實體出現(xiàn)嚴重經(jīng)濟危機的導火索。對現(xiàn)金及現(xiàn)金等價物高效的管理有助于公司財政穩(wěn)定,增加其盈利能力,為公司發(fā)展注入積極的動力。在當今不斷變化的經(jīng)濟形勢下,離開流動資金管理的理論方法和實踐研究便無法實現(xiàn)這一目標�！傲鲃迂攧铡钡母拍钇鹪聪鄬^晚,由于展現(xiàn)公司財務流動、影響因素和指標的數(shù)據(jù)并不充分,因而至今還沒有對這一概念達成統(tǒng)一的觀點。本論文選題的現(xiàn)實性在于使財務流動管理適應國內(nèi)經(jīng)濟當前發(fā)展的必要性和研究企業(yè)財務流動的需求性。因此,本論文旨在研究完善中俄兩國跨國公司財務流動管理過程的理論方法和實踐建議。本論文的研究內(nèi)容如下:流動資金概念理解的科學方法,、跨國公司財務流動管理的理論方法、跨國公司財務資源的形成過程、跨國公司財務流動管理的特點、以及財務流動的優(yōu)化方法。在本論文中,跨國公司財務流動管理的特點的闡述是以中、俄兩個國家中兩個最大石油和天然氣工業(yè)公司為例,這兩個股份有限公司分別是“中國石油化工集團公司”(中國石化)和“俄羅斯天然氣工業(yè)公司”。本論文分析了這兩個公司財政資源運用的有效性、現(xiàn)金流量的規(guī)模和結(jié)構、凈財務流動額。此外,本論文針對這兩個公司提出了財務流動的優(yōu)化建議,并探討了跨國公司財務流動管理創(chuàng)新方法。本論文通過對“俄羅斯天然氣工業(yè)公司”的財務流動管理的分析得出了以下結(jié)論:(1)對俄羅斯天然氣工業(yè)公司財政資源管理的影響因素的分析顯示,影響公司凈資本收益率的最重要因素為銷售回報率,這表明該公司經(jīng)營活動中存在的問題與成本管理和價格制定密切相關。(2)對某一特定時間段現(xiàn)金流量運作的分析表明,經(jīng)營活動是該公司主要的收入來源,而其投資現(xiàn)金流以及金融活動現(xiàn)金流出現(xiàn)了負數(shù),也就是所謂的現(xiàn)金流流失。在公司財政狀況方面,俄羅斯天然氣工業(yè)公司擁有公司進行生產(chǎn)經(jīng)營活動所必需的貨幣資金儲量。因此,為提升公司工作效率,俄羅斯天然氣工業(yè)公司需要加快現(xiàn)金周轉(zhuǎn)。(3)對貨幣資金周轉(zhuǎn)時間的分析表明,俄羅斯天然氣工業(yè)公司的貨幣資金周轉(zhuǎn)時間為54天。該公司營業(yè)額的下降以及貨幣資金周轉(zhuǎn)時間的增加顯示企業(yè)組織效率低下,進而導致為公司生產(chǎn)和周轉(zhuǎn)服務的高流動性資產(chǎn)周轉(zhuǎn)率減速。因此為了提高公司效率,俄羅斯天然氣工業(yè)公司需要加快現(xiàn)金周轉(zhuǎn)。(4)為提高俄羅斯天然氣工業(yè)公司的現(xiàn)金流量管理效率,應采用優(yōu)化企業(yè)剩余現(xiàn)金流量的管理方法,如擴大固定資產(chǎn)再生產(chǎn)、加速投資項目研發(fā)實施周期、積極促進金融投資存量、增加投資活動、提前償還長期財務貸款。本論文通過對“中國石化”的流動資金管理的分析得出了以下結(jié)論:(1)對中石化財政資源管理的影響因素的分析顯示,影響公司凈資本收益率最重要因素為財務杠桿(負債結(jié)構),這表明該公司存在的主要問題是投資借貸資金的管理問題。(2)對某一特定時間段現(xiàn)金流量運作的分析表明,經(jīng)營活動和籌資活動是公司主要的收入來源,而公司投資活動造成了大量的現(xiàn)金流流失。然而中石化也具有公司進行生產(chǎn)經(jīng)營活動所必需的貨幣資金儲量。(3)較之俄羅斯天然氣工業(yè)公司的貨幣資金周轉(zhuǎn)時間,中石化貨幣資金周轉(zhuǎn)時間要短得多,為2-4天。因此,一年之內(nèi)中石化貨幣資金周轉(zhuǎn)了160次,而俄羅斯天然氣工業(yè)公司只有6次。綜上所述,可得出以下結(jié)論,雖然俄羅斯天然氣工業(yè)公司的貨幣資金年末平均余額比中石化高得多,然而中石化對資金的利用更有效率。(4)根據(jù)對凈財務流入直接和間接的分析,中石化應改善其投資活動。工業(yè)企業(yè)固定資產(chǎn)投資率居高不下會導致公司流動資金短缺、償債能力下降、工作效率降低。而另一方面,放棄投資則會導致停產(chǎn)(造成對設備的強烈磨損)、降低產(chǎn)品質(zhì)量并最終喪失市場競爭力。中石化需要制定實施針對增加貨幣資金吸引力、降低貨幣資金流失的組織措施,以期確保正現(xiàn)金流的長期正常運行。實現(xiàn)上述目標可以通過以下方式:增發(fā)股份、吸引戰(zhàn)略投資者以增加公司凈資產(chǎn)、吸引長期銀行貸款、銷售(或租賃)閑置的固定資產(chǎn)。對以上兩個公司貨幣財務管理效率的分析表明,俄羅斯天然氣工業(yè)公司存在貨幣資金盈余的風險,而中石化存在現(xiàn)金流短缺的風險�，F(xiàn)金流分析標準主要有兩種:均衡性和同步度——也就是資金收入和支出的金額均衡性以及現(xiàn)金流的同步情況。對“俄羅斯天然氣工業(yè)公司”和“中石化”現(xiàn)金流額的正負值評析,需計算其均方差、變異系數(shù)和相關系數(shù)。俄羅斯天然氣工業(yè)公司和中石化現(xiàn)金流量正負值的相關系數(shù)較高,這意味著,現(xiàn)金流量正負差值較小,因而可以證明他們正、負現(xiàn)金流量基本同步。在這種情況下,負現(xiàn)金流超過正現(xiàn)金流和現(xiàn)金盈余,或正現(xiàn)金流超過負現(xiàn)金流時所帶來的貨幣資金赤字的風險很小。為分析現(xiàn)金流正、負值分布的均衡性和同步情況,本論文還進行了現(xiàn)金流的流動性比率計算。中石化和俄羅斯天然氣工業(yè)公司的流動性比率大于1,這就說明貨幣資金年末余額有所增長。據(jù)分析可判斷,這兩個公司的現(xiàn)金流正負值足夠平衡,這證明它們的現(xiàn)金流管理的效率性。如果俄羅斯天然氣工業(yè)公司與中石化注意在時間和空間上貨幣資金收入與支出的同步性,這可以確保生產(chǎn)的連續(xù)性、金融穩(wěn)定并且有利于現(xiàn)金流管理的發(fā)展前景�；谏鲜龇治鼋Y(jié)果,俄羅斯天然氣工業(yè)公司和中石化的財政狀況在長期看來都是比較穩(wěn)定的。為了提升財務流動管理的效率,建議上述兩家公司使用企業(yè)資源規(guī)劃系統(tǒng)以及流通貨幣管理體系。在全球金融市場危機的大背景下,跨國公司的財務管理已成為一個關鍵性問題。大型跨國公司面臨著迫使它們?yōu)l臨破產(chǎn)的流動性危機,在這種情況下,企業(yè)未來的生存和發(fā)展由其逾期欠款數(shù)額,以及迅速找到必要的財政資源的能力來決定。顯然,跨國公司財政組織和管理原則應需進行反復修訂。在不穩(wěn)定的條件下,國際財政管理制度的支柱在于現(xiàn)金流管理的集中化,這將確保資金源源不斷,把對短期借款的需求降到最低限度,保持公司償還債務的能力。
[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.
【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F276.7;F275

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