浅谈资本管理策略的方法与原则.doc

/ / / 从国有资本出资人的角度来看，有效的企业内部控制能够在加强企业的经营管理、提高企业的经营效率和经济效益、实现国有资本的保值增值、维护国有出资人的权益等方面发挥非常重要作用的必须实施的现代管理方式。怎样从企业自身角度减少国有资本运营风险从而实现国有资本的保值增值，国有资本运营所在企业的内部控制，即内部监管，是关键。本文从企业内部控制视角研究国有资本安全管理体系基本框架的构建。From the perspective of investors of state-owned capital, the effective internal control to strengthen enterprise management, improve enterprise management efficiency and economic efficiency and the realization of the value of state-owned capital, and safeguard the rights and interests of state-owned investors play a very important role must be implementation of modern management methods. How to from the perspective of enterprise itself to reduce the state-owned capital operation risk so as to realize the value of state-owned capital, the state-owned capital operation in the enterprise internal control, internal supervision, is the key. This article from the perspective of internal control, the construction of safety management system the basic framework of state-owned capital. 一、构建基于内部控制的国有资本安全管理体系遵循的原则Based on the internal control of state-owned capital, building principles of safety management system 1.收益、风险均衡原则1. The returns and risk balance principle 风险均衡原则要求集团不能只追求收益，而不考虑发生损失的可能，集团进行的每一项具体的财务活动，要全面分析其收益性和安全性，按照风险和收益适当均衡的要求来决定采取何种行动方案，趋利避害，争取获得较多的收益。财务风险的存在是一个普遍的事实，但必须正确及时的识别风险，控制风险，并明确最大的风险限度，保证企业的正常安全运营。Risk equalization principle requires group not only the pursuit of profits, without considering the possibility of a loss, group for each specific financial activities, to comprehensive analysis of the profitability and security, in accordance with the requirements of the risks and benefits balanced properly to decide what action to take, avoid disadvantages, to gain more benefits. The existence of the financial risk is a common fact, but must be correct and timely identify risk, control risk, and clearly the largest risk, guarantee the normal safe operation of the enterprise. 2.成本、效益原则2. Cost, efficiency principle 成本效益原则有两层含义：一是进行财务风险控制的成本应该低于不建立财务风险控制体系进行财务风险控制的预期损失。二是当这种预期损失过大时，建立财务风险控制体系，进行财务风险控制的预期收益应高于不建立财务风险控制的预期收益。Cost-benefit principle has two meanings: one is the cost of the financial risk control should be less than is not set up a financial risk control system of financial risk control expected losses. Second, when the expected loss is too large, set up financial risk control system, control the financial risk of the expected returns should be higher than the set up financial risk control of expected return. 3.超前预警、有效规避的原则3. The advance warning, effectively avoid the principle 风险的出现具有预示性，企业集团必须建立健全风险识别系统、预警系统和财务风险的管理系统，从而有效规避风险。Of the occurrence of a risk that is portentous, enterprise group must establish and improve the risk identification system, early warning systems, and financial risk management system, thus effectively avoid risk. 4.分级、分权管理的原则4. The classification, the principle of decentralized management 对财务风险的管理与控制要在集团统一领导的前提下，实行分级分权的管理办法。以集团现有的管理体制，按照集团的母子公司分级管理和控制的思想，建立合适的财务管理模式，发挥有效的财务治理功能，是基于内部控制的国有资本安全管理体系有效运行的前提。To financial risk management and control of the unified leadership of the group under the premise of a hierarchical decentralized management approach. To groups existing management system, according to the group parent-subsidiary grading management and control, establish proper financial management pattern, effective financial management functions, is based on the internal control of state-owned capital safety management system effective operation of the premise. 5.责、权、利相结合的原则5. The principle of combining the responsibility, right and interest 企业集团在选择合适的财务管理模式后，应建立责、权、利相结合的机制。在企业集团的组织结构体系中，各企业具有不同的分工和职能，在生产、技术和经济等诸多方面存在差别，这种差别要求我们必须针对不同的职能部门规定不同的经济责任，划分不同的经济职能。这既是防范与化解财务风险的重要措施，也是确保企业财产安全和财务活动合法性的有效手段。而且，在集团内部，不管是哪一职能部门或职能部门中的哪一个管理人员，又均与经济利益相关。因而只有将权、责、利有机地结合起来，才能使其有外在压力，内在动力，从而提高企业整体抵御财务风险的能力。Enterprise group, after choosing appropriate financial management mode should be the combination of responsibility, right and mechanism. In enterprise group organization structure of the system, each enterprise has different division of labor and function, in many aspects, such as production, technology and economy there is a difference, the difference between different requirements we must according to different functions of the regulations of economic responsibility, divide the different economic functions. It is important measures to prevent and defuse financial risks, and to ensure the legality of the enterprise property safety and financial activities. And, within the group, either a function or functions which one of the managers, and are associated with economic interests. Thus only the rights, responsibilities and organically, to create the external pressure, intrinsic motivation, so as to improve the ability of enterprises as a whole to resist financial risks. 6.协同性、战略性并重的原则6. Collaborative, valuing the strategic principles 安全管理的协同性与风险控制的战略性相对于单体企业，企业集团不但要注意单个企业投资、融资、资金运作等方面的安全管理，而且要充分考虑旗下不同单位在业务、产品、地域、财务等方面的协同效应，通过成员企业的有效协同与配合，实现整个集团的价值最大化和财务风险的有效控制。The synergistic effect of safety management and risk control strategy relative to single enterprise, the enterprise group not only should pay attention to a single corporate investment, financing, capital operation, etc, safety management, and should fully consider its different units in such aspects as business, products, geographic area, financial synergies, by members of the effective coordination and cooperation of enterprises, realize the maximization of the value of the group and the effective control of financial risk. 二、基于内部控制的国有资本安全管理体系的总体设计思想Second, based on the internal control of state-owned capital safety management systems overall design thought 构建合理的企业集团基于内部控制的国有资本安全管理体系的根本目的是提升企业集团财务安全管理水平，增强企业集团整体抵御风险的能力，从而实现企业集团价值最大化。集团安全管理是关系集团发展战略，贯穿集团成长全过程的战略性的动态管理活动。因此，集团安全管理模式的构建必须实现以下几个具体目标：首先，必须有助于集团从战略的高度控制企业集团的风险，避免由于集团面临来自外部环境的威胁而导致经营失败的风险；其次，避免由于集团内部的管理风险、子公司的经营风险导致集团整体风险扩大化；最后，通过各级公司和各级管理阶层运用具体的风险控制手段将风险控制和消化在萌芽阶段。Build reasonable internal control of enterprise group based on the fundamental aim of safety management system of state-owned capital is to improve enterprise group financial security management level, the enhancement enterprise groups overall ability to resist risk, to maximize enterprise value. Group of safety management is the relationship between group development strategy, through group growth process of dynamic strategic management activities. Group, therefore, the construction of safety management mode must achieve the following specific objectives: first, must help group from the height of the strategy to control the risk of enterprise group, to avoid due to group, facing the threat from the external environment runs the risk of failure; Second, avoid group due to the internal management risk, the subsidiary of the groups overall risk management risk spread; Finally, through the company at all levels and all levels of management to use specific risk control means to control and digest in infancy. 根据企业集团发展要求和企业集团财务风险的特征，我们构建基于内部控制的国有资本安全管理体系时应建立在如下思想的基础之上：According to the developing demand of enterprise group and enterprise group financial risk characteristics, we build is based on the internal control of state-owned capital safety management system should be based on the following ideas: 1.整体观1. The overall view 首先，从风险控制目标出发，建立以总体经营目标为核心的风险整体观。由于企业已成为财务风险、产品风险、市场风险及供应风险的集合体，风险控制目标的复杂性和波动性增加，根据全面安全管理目标确定的原则，并未将风险控制目标局限在战略、经营、报告以及合规等具体目标上，而是以整体经营目标为核心的风险控制。First of all, starting from risk control target, establish a general overall risk management goal as the core concept. Because the enterprise has become a financial risk, product risk, market risk and supply risk, risk control target of complexity and increased volatility, according to the principle specified in the comprehensive safety management goal, not to risk control target to strategic, management, reporting, and compliance on specific goals, but with the overall business objectives as the core of risk control. 2.战略观2. The strategic concept 为确保企业集团价值最大化的财务目标，集团财务安全管理应上升到战略管理层面。要在全面了解集团发展目标和总体风险的基础上，着力协调统一不同公司的尤其是母子公司发展目标，形成协调一致的安全管理机制和策略。加之现在理财环境下，企业集团财务安全管理不能单纯注重财务安全管理的具体方法与手段，应该吸收、借鉴战略管理的原理与方法，从企业集团内外部环境出发，重视集团财务风险的战略设计和谋划。从集团战略全局出发，建立相应的安全管理体系。In order to ensure the financial objective of enterprise value maximization, group finance safety management should be up to strategic management level. In a comprehensive understanding of group development goals and overall risk, on the basis of subsidiary company is focus on coordination and unity of different companies, especially the development goal, form a coordinated mechanism of safety management and strategy. And now finance environment, enterprise group financial security management cannot simply pay attention to financial safety management of specific methods and means, should absorb and draw lessons from the principle and method of strategic management, starting from the en