發(fā)布時(shí)間：2018-06-14 21:31

  本文選題：財(cái)務(wù)流動(dòng) + 財(cái)務(wù)流動(dòng)管理　； 參考：《哈爾濱工業(yè)大學(xué)》2015年碩士論文

【摘要】：財(cái)務(wù)流動(dòng)管理是財(cái)務(wù)管理的最重要的方面之一,因?yàn)楝F(xiàn)金及現(xiàn)金等價(jià)物是流動(dòng)性最強(qiáng)的資產(chǎn),可以很容易地轉(zhuǎn)換成其他任何類(lèi)型的資產(chǎn)。每個(gè)企業(yè)的目標(biāo)是合理地規(guī)劃和使用財(cái)政資源,以提高自己的償付能力和市場(chǎng)穩(wěn)定度。在中俄兩國(guó)經(jīng)濟(jì)發(fā)展的現(xiàn)階段,兩國(guó)公司面臨的一個(gè)最重要的問(wèn)題就是如何實(shí)現(xiàn)有效、靈活的財(cái)務(wù)流動(dòng)管理機(jī)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(dòng)財(cái)務(wù)和有效的財(cái)務(wù)流動(dòng)管理會(huì)導(dǎo)致公司財(cái)政狀況波動(dòng)、不利于公司的業(yè)務(wù)活動(dòng),同時(shí)還有可能成為該商業(yè)實(shí)體出現(xiàn)嚴(yán)重經(jīng)濟(jì)危機(jī)的導(dǎo)火索。對(duì)現(xiàn)金及現(xiàn)金等價(jià)物高效的管理有助于公司財(cái)政穩(wěn)定,增加其盈利能力,為公司發(fā)展注入積極的動(dòng)力。在當(dāng)今不斷變化的經(jīng)濟(jì)形勢(shì)下,離開(kāi)流動(dòng)資金管理的理論方法和實(shí)踐研究便無(wú)法實(shí)現(xiàn)這一目標(biāo)�！傲鲃�(dòng)財(cái)務(wù)”的概念起源相對(duì)較晚,由于展現(xiàn)公司財(cái)務(wù)流動(dòng)、影響因素和指標(biāo)的數(shù)據(jù)并不充分,因而至今還沒(méi)有對(duì)這一概念達(dá)成統(tǒng)一的觀點(diǎn)。本論文選題的現(xiàn)實(shí)性在于使財(cái)務(wù)流動(dòng)管理適應(yīng)國(guó)內(nèi)經(jīng)濟(jì)當(dāng)前發(fā)展的必要性和研究企業(yè)財(cái)務(wù)流動(dòng)的需求性。因此,本論文旨在研究完善中俄兩國(guó)跨國(guó)公司財(cái)務(wù)流動(dòng)管理過(guò)程的理論方法和實(shí)踐建議。本論文的研究?jī)?nèi)容如下:流動(dòng)資金概念理解的科學(xué)方法,、跨國(guó)公司財(cái)務(wù)流動(dòng)管理的理論方法、跨國(guó)公司財(cái)務(wù)資源的形成過(guò)程、跨國(guó)公司財(cái)務(wù)流動(dòng)管理的特點(diǎn)、以及財(cái)務(wù)流動(dòng)的優(yōu)化方法。在本論文中,跨國(guó)公司財(cái)務(wù)流動(dòng)管理的特點(diǎn)的闡述是以中、俄兩個(gè)國(guó)家中兩個(gè)最大石油和天然氣工業(yè)公司為例,這兩個(gè)股份有限公司分別是“中國(guó)石油化工集團(tuán)公司”(中國(guó)石化)和“俄羅斯天然氣工業(yè)公司”。本論文分析了這兩個(gè)公司財(cái)政資源運(yùn)用的有效性、現(xiàn)金流量的規(guī)模和結(jié)構(gòu)、凈財(cái)務(wù)流動(dòng)額。此外,本論文針對(duì)這兩個(gè)公司提出了財(cái)務(wù)流動(dòng)的優(yōu)化建議,并探討了跨國(guó)公司財(cái)務(wù)流動(dòng)管理創(chuàng)新方法。本論文通過(guò)對(duì)“俄羅斯天然氣工業(yè)公司”的財(cái)務(wù)流動(dòng)管理的分析得出了以下結(jié)論:(1)對(duì)俄羅斯天然氣工業(yè)公司財(cái)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(xiāo)售回報(bào)率,這表明該公司經(jīng)營(yíng)活動(dòng)中存在的問(wèn)題與成本管理和價(jià)格制定密切相關(guān)。(2)對(duì)某一特定時(shí)間段現(xiàn)金流量運(yùn)作的分析表明,經(jīng)營(yíng)活動(dòng)是該公司主要的收入來(lái)源,而其投資現(xiàn)金流以及金融活動(dòng)現(xiàn)金流出現(xiàn)了負(fù)數(shù),也就是所謂的現(xiàn)金流流失。在公司財(cái)政狀況方面,俄羅斯天然氣工業(yè)公司擁有公司進(jìn)行生產(chǎn)經(jīng)營(yíng)活動(dòng)所必需的貨幣資金儲(chǔ)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(duì)貨幣資金周轉(zhuǎn)時(shí)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(shí)間為54天。該公司營(yíng)業(yè)額的下降以及貨幣資金周轉(zhuǎn)時(shí)間的增加顯示企業(yè)組織效率低下,進(jìn)而導(dǎo)致為公司生產(chǎn)和周轉(zhuǎn)服務(wù)的高流動(dòng)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(yīng)采用優(yōu)化企業(yè)剩余現(xiàn)金流量的管理方法,如擴(kuò)大固定資產(chǎn)再生產(chǎn)、加速投資項(xiàng)目研發(fā)實(shí)施周期、積極促進(jìn)金融投資存量、增加投資活動(dòng)、提前償還長(zhǎng)期財(cái)務(wù)貸款。本論文通過(guò)對(duì)“中國(guó)石化”的流動(dòng)資金管理的分析得出了以下結(jié)論:(1)對(duì)中石化財(cái)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(cái)務(wù)杠桿(負(fù)債結(jié)構(gòu)),這表明該公司存在的主要問(wèn)題是投資借貸資金的管理問(wèn)題。(2)對(duì)某一特定時(shí)間段現(xiàn)金流量運(yùn)作的分析表明,經(jīng)營(yíng)活動(dòng)和籌資活動(dòng)是公司主要的收入來(lái)源,而公司投資活動(dòng)造成了大量的現(xiàn)金流流失。然而中石化也具有公司進(jìn)行生產(chǎn)經(jīng)營(yíng)活動(dòng)所必需的貨幣資金儲(chǔ)量。(3)較之俄羅斯天然氣工業(yè)公司的貨幣資金周轉(zhuǎn)時(shí)間,中石化貨幣資金周轉(zhuǎn)時(shí)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(duì)資金的利用更有效率。(4)根據(jù)對(duì)凈財(cái)務(wù)流入直接和間接的分析,中石化應(yīng)改善其投資活動(dòng)。工業(yè)企業(yè)固定資產(chǎn)投資率居高不下會(huì)導(dǎo)致公司流動(dòng)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(huì)導(dǎo)致停產(chǎn)(造成對(duì)設(shè)備的強(qiáng)烈磨損)、降低產(chǎn)品質(zhì)量并最終喪失市場(chǎng)競(jìng)爭(zhēng)力。中石化需要制定實(shí)施針對(duì)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(zhǎng)期正常運(yùn)行。實(shí)現(xiàn)上述目標(biāo)可以通過(guò)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(zhǎng)期銀行貸款、銷(xiāo)售(或租賃)閑置的固定資產(chǎn)。對(duì)以上兩個(gè)公司貨幣財(cái)務(wù)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(fēng)險(xiǎn),而中石化存在現(xiàn)金流短缺的風(fēng)險(xiǎn)�，F(xiàn)金流分析標(biāo)準(zhǔn)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(duì)“俄羅斯天然氣工業(yè)公司”和“中石化”現(xiàn)金流額的正負(fù)值評(píng)析,需計(jì)算其均方差、變異系數(shù)和相關(guān)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(fù)值的相關(guān)系數(shù)較高,這意味著,現(xiàn)金流量正負(fù)差值較小,因而可以證明他們正、負(fù)現(xiàn)金流量基本同步。在這種情況下,負(fù)現(xiàn)金流超過(guò)正現(xiàn)金流和現(xiàn)金盈余,或正現(xiàn)金流超過(guò)負(fù)現(xiàn)金流時(shí)所帶來(lái)的貨幣資金赤字的風(fēng)險(xiǎn)很小。為分析現(xiàn)金流正、負(fù)值分布的均衡性和同步情況,本論文還進(jìn)行了現(xiàn)金流的流動(dòng)性比率計(jì)算。中石化和俄羅斯天然氣工業(yè)公司的流動(dòng)性比率大于1,這就說(shuō)明貨幣資金年末余額有所增長(zhǎng)。據(jù)分析可判斷,這兩個(gè)公司的現(xiàn)金流正負(fù)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(shí)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(cái)政狀況在長(zhǎng)期看來(lái)都是比較穩(wěn)定的。為了提升財(cái)務(wù)流動(dòng)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(chǎng)危機(jī)的大背景下,跨國(guó)公司的財(cái)務(wù)管理已成為一個(gè)關(guān)鍵性問(wèn)題。大型跨國(guó)公司面臨著迫使它們?yōu)l臨破產(chǎn)的流動(dòng)性危機(jī),在這種情況下,企業(yè)未來(lái)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(cái)政資源的能力來(lái)決定。顯然,跨國(guó)公司財(cái)政組織和管理原則應(yīng)需進(jìn)行反復(fù)修訂。在不穩(wěn)定的條件下,國(guó)際財(cái)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(duì)短期借款的需求降到最低限度,保持公司償還債務(wù)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(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類(lèi)號(hào)】：F276.7;F275

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3 君麗;烏克蘭將進(jìn)口76億立方米 俄羅斯天然氣[N];中國(guó)石化報(bào);2009年

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6 ;俄羅斯天然氣：來(lái)自中國(guó)的呼喚[N];國(guó)際商報(bào);2007年

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9 張興娥;德國(guó)無(wú)意大幅增購(gòu)俄羅斯天然氣[N];中國(guó)石化報(bào);2011年

10 記者 李向陽(yáng);俄羅斯天然氣公司總裁米勒訪問(wèn)中國(guó)石油[N];中國(guó)石油報(bào);2013年

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