1、高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial ManagementEnterprise Group Financial Enterprise Group Financial ManagementManagement企业集团财务管理 高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management2Enterprise Group Financial Enterprise Group Financial ManagementManagementBrief co
2、ntents : 1.an overview of enterprise group financial management2.system and content of enterprise group financial management 3.enterprise group financial corporation4.performance measurement and evaluation of enterprise group高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management3(1)(1)t
3、ypes of enterprise grouptypes of enterprise group(2)(2)structure of enterprise groupstructure of enterprise group(3)(3)features of enterprise groupfeatures of enterprise group(4)(4)financial characteristics of enterprise groupfinancial characteristics of enterprise group1.An overview of enterprise g
4、roup financial management高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management4Share-controlling enterprise groupShare-controlling enterprise groupMixed enterprise groupMixed enterprise groupManagerial enterprise groupManagerial enterprise group(1)types of enterprise group高级财务管理高级财务管理
5、财务管理教研室 Teaching Team of Advanced Financial Management5Parent corporationParent corporationSubsidiary corporationSubsidiary corporation(2)structure of enterprise group高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management6Parent corporation is also called share-Parent corporation is als
6、o called share-controlling or multidivisional corporation, and controlling or multidivisional corporation, and is a corporate enterprise that finances for is a corporate enterprise that finances for subsidiary corporation and serves as functions subsidiary corporation and serves as functions of cont
7、ributor and capital operation. Its of contributor and capital operation. Its registered capital must reach above RMB500 registered capital must reach above RMB500 million and its number of subsidiary million and its number of subsidiary corporations at least reaches 5 .corporations at least reaches
8、5 .1.Parent corporation（1）高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management7Approved by state council or other regulatory Approved by state council or other regulatory authority, the amount of investment to other authority, the amount of investment to other corporation by parent co
9、rporation shall be corporation by parent corporation shall be above 50% of its net above 50% of its net assets.Branchesassets.Branches of of parent corporation are not legal person.parent corporation are not legal person.Rights: income rights, major decision-making Rights: income rights, major decis
10、ion-making rights, selection of managerrights, selection of manager1.Parent corporation（2）高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management8Stock participating corporationStock participating corporationCollaboration unitCollaboration unit2.Subsidiary corporation（compressed hierarch
11、y)高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management9Legal featuresLegal featuresOrganizational featuresOrganizational featureso operationalperational features featuresFinancial featuresFinancial features(3)features of enterprise group高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced F
12、inancial Management10Complex Complex propertiesrightpropertiesright relationship relationshipDiverse financial entity and multi-Diverse financial entity and multi-level financial decision-makinglevel financial decision-makingDiverse investment fieldsDiverse investment fieldsFrequent affiliate transa
13、ctionFrequent affiliate transaction(4)financial characteristics of enterprise group高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management11(1)(1)basic models of enterprise group basic models of enterprise group financial management systemfinancial management system(2)(2)financial organi
14、zation and decision-financial organization and decision-making mechanismmaking mechanism (3)(3)contents of enterprise group financial contents of enterprise group financial managementmanagement2.system and contents of enterprise group financial management高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advance
15、d Financial Management12centralizationcentralizationdecentralizationdecentralizationDivisional systemDivisional system(1)basic models of enterprise group financial management system高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management13Financial management Power of parent corporationFi
16、nancial management Power of parent corporationuDirect decision-making to all major financial Direct decision-making to all major financial mattersmattersuEstablishing financial institutions of Establishing financial institutions of subsidiaries and appointing or dismissing subsidiaries and appointin
17、g or dismissing financial managers of subsidiariesfinancial managers of subsidiaries1.centralization（1）高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management14 a advantagesdvantages：d developevelop compounded strengths of compounded strengths of resourcesresources；realize the purpose of
18、 enterprise group realize the purpose of enterprise group financial managementfinancial management；reduce capital costreduce capital cost d disadvantagesisadvantages：s slow market responselow market response；eliminate eliminate activities of subsidiariesactivities of subsidiaries；lack of rational la
19、ck of rational division of labor and collaborationdivision of labor and collaboration1.Centralization （2）高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management15 Parent corporation only retains power of Parent corporation only retains power of decision-making and approving of major deci
20、sion-making and approving of major financial matters of subsidiary, and gives financial matters of subsidiary, and gives daily financial decision-making power and daily financial decision-making power and managerial power to subsidiary corporation.managerial power to subsidiary corporation.2.Decentr
21、alization （1）高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management16 a advantagesdvantages：s subsidiaryubsidiary has full power of decision- has full power of decision-madingmading and is more easy to grasp market opportunity.and is more easy to grasp market opportunity. d disadvantage
22、sisadvantages：i is bad for finding out operation problems s bad for finding out operation problems of subsidiary in timeof subsidiary in time；s subsidiaryubsidiary corporation purse its corporation purse its own benefit at the expense of benefit of group own benefit at the expense of benefit of grou
23、p corporation.corporation.2.decentralization（2）高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management17 High centralizationHigh centralization Divisions have power of autonomy, but have no right Divisions have power of autonomy, but have no right to alter budget decided by headquarterto
24、 alter budget decided by headquarter Headquarter has function of financial managementHeadquarter has function of financial management3.Divisional system高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management18 Financial resources on its own have free concentration Financial resources on
25、its own have free concentration and and seperationseperation. . Group financial management does not emphasis on Group financial management does not emphasis on divisionsabilitydivisionsability to change in finance . to change in finance . Powers on finance involve with substantial benefit of Powers
26、on finance involve with substantial benefit of related parties, so integration of group resources needs related parties, so integration of group resources needs centralized financial management.centralized financial management.4.Reasons for Centralization tendency of financial management system高级财务管
27、理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management19 Dealing with relationship between parent and subsidiary Dealing with relationship between parent and subsidiary corporation must be on the basis of properties right.corporation must be on the basis of properties right. Reflecting fully
28、 strategic idea of financial management.Reflecting fully strategic idea of financial management. Subject to different organization structure of Subject to different organization structure of enterprise group .enterprise group .5. Designing principle of financial management system高级财务管理高级财务管理 财务管理教研室
29、 Teaching Team of Advanced Financial Management20Financial management institution of enterprise groupFinancial management institution of enterprise groupLimits of authority of parentLimits of authority of parents s board of directorsboard of directorsLimits of authority of financial headquarter of g
30、roupLimits of authority of financial headquarter of groupFinancial settlement centerFinancial settlement center(2)financial organization and decision-making mechanism高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Managementboard of directorsboard of directorsof parentof parent financial ag
31、ency financial branch of division financial headquarterfinancial headquarter of group of groupInternal settlement center Internal settlement center or financial corporationor financial corporation Financial branch of subsidiaryFinancial branch of subsidiary1.organization of enterprise group financia
32、l management高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management22（1 1）to formulate, replace, interpret and implement financial to formulate, replace, interpret and implement financial strategic and policy.strategic and policy.（2 2）to choose, establish and replace financial management
33、 to choose, establish and replace financial management system and organization. And to appoint, dismiss top financial system and organization. And to appoint, dismiss top financial executives of headquarter.executives of headquarter.（3 3）to decide on financial matters of parent and deal with to deci
34、de on financial matters of parent and deal with exceptional financial matters.exceptional financial matters. 2.Power of directors board of parent 高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management23（1 1）to provide information support to financial policy and decision of to provide in
35、formation support to financial policy and decision of parentparents s board of directors.board of directors.（2 2）to be responsible for organizing and implementing whole financial policy to be responsible for organizing and implementing whole financial policy of group.of group.（3 3）to be responsible
36、for drawing up, implementing and supervising strategic to be responsible for drawing up, implementing and supervising strategic budget.budget.（4 4）to plan optimizing capital structure of group.to plan optimizing capital structure of group.（5 5）to harmonize financial relationship between related part
37、ies internally to harmonize financial relationship between related parties internally and externally of group.and externally of group. 3.financial power of group financial headquarter高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management24Financial settlement center is responsible for c
38、ash receipt Financial settlement center is responsible for cash receipt and payment and settlement of receivables and payables between and payment and settlement of receivables and payables between parent, subsidiary and other corporations.parent, subsidiary and other corporations.Duties and powersD
39、uties and powers：capital credit center; capital overseen capital credit center; capital overseen centercenter；capital settlement centercapital settlement center；capital information centercapital information center 4.financial settlement center高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial
40、Management25Financial management between parent and subsidiaryFinancial management between parent and subsidiaryFinancial relationship in enterprise groupFinancial relationship in enterprise groupExternanlExternanl financial management financial managementInternal financeInternal finance (3)contents
41、 of enterprise group financial management（1）高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management26External investment management of enterprise groupExternal investment management of enterprise groupInternal financial relationship of enterprise groupInternal financial relationship of e
42、nterprise groupInternal transfer price of enterprise groupInternal transfer price of enterprise groupIncome allocation management of enterprise groupIncome allocation management of enterprise groupFinancial supervision and control of enterprise groupFinancial supervision and control of enterprise gr
43、oup (3) contents of enterprise group financial management （2）高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management27Is mainly referred to Is mainly referred to propertiesrightpropertiesright relationship between relationship between parent and subsidiary including parent and subsidiary
44、 including propertiesrightpropertiesright relationship relationship management and management and propertiesrightpropertiesright structure management structure management。Establishing Establishing propertiesrightpropertiesright structure need considering structure need considering fully strategic be
45、nefit of parent.fully strategic benefit of parent. 1. Financial management between parent and subsidiary高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management28Financial relationship between group corporation and units Financial relationship between group corporation and units directly
46、under groupdirectly under groupFinancial relationship between group corporation and affiliate Financial relationship between group corporation and affiliate corporationcorporation 2. internal financial relationship of enterprise group高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Managemen
47、t29（1 1）issues of inter-group on stock equity issues of inter-group on stock equity financefinance（2 2）issues of inter-group on debt financeissues of inter-group on debt finance（3 3）issues of capital raising entityissues of capital raising entity 3. external capital raising高级财务管理高级财务管理 财务管理教研室 Teach
48、ing Team of Advanced Financial Management30The capital source is from The capital source is from internal divisions of groupinternal divisions of group 4. internal capital raising高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management31The important point considering when investing on ex
49、ternal The important point considering when investing on external equity is strategic objective not capital accrue.equity is strategic objective not capital accrue.When selecting investment field, an point that should be When selecting investment field, an point that should be considered is strength
50、ening main business and expanding new considered is strengthening main business and expanding new business field.business field. 5. external investment management of enterprise group 高级财务管理高级财务管理 财务管理教研室 Teaching Team of Advanced Financial Management32contentscontents：projects investment management
