Enterprise management; Finance company; Development direction; survey
The Fifth Plenary Session of the Seventeenth Central Committee of the Communist Party of China put forward the new requirements of accelerating the transformation of economic growth mode with scientific development as the theme during the Twelfth Five-Year Plan period, which is a powerful driving force for the development of large state-owned enterprises. Large state-owned enterprises should improve the independent innovation mode and create a new situation of scientific development with the concept of innovative enterprise construction.
As the main lifeline of enterprise's survival and development, capital is not only the key to enterprise's financial management, but also determines the quality, speed and benefit of enterprise's development. Therefore, the correct management and mastery of the past, present and future flow and use of funds by enterprise groups will greatly benefit the company's scientific and reasonable decision-making, investment and business activities. Scientific and effective management, control and mastery of the rationality of the use of funds are conducive to promoting the comprehensive, rapid and healthy development and stable and orderly operation of enterprises. At present, some enterprises are actively exploring new ideas, new methods and new ways of fund management, in order to achieve the optimal efficiency of the overall fund use of the group. Among them, some large state-owned enterprise groups took the lead in setting up financial companies within them, making them an important platform for group fund management, settlement, investment and financing, and gradually realizing intensive, refined and standardized enterprise fund management. Finance company has become one of the most widely used and effective group fund management modes for enterprise groups at home and abroad. At present, the formation of financial companies has become an effective organizational model for most enterprise groups to realize centralized management of funds, and has achieved certain results. In this regard, the author analyzes and studies the development history, present situation and existing problems of enterprise group finance companies, and discusses the future development direction and trend of enterprise group finance companies in order to promote the comprehensive, rapid and healthy development of enterprise group finance companies.
First, the development of financial companies in China
From China's point of view, the development of enterprise group finance companies has roughly experienced three development periods, and its guiding ideology has mainly experienced two relatively big developments and evolutions, that is, from the initial non-bank financial institutions aimed at providing financial services to enterprise group members, to the non-bank financial institutions providing financial services for technological transformation, new product development and product sales of enterprise group members, focusing on medium and long-term financial services. Up to now, non-bank financial institutions with the main development goal and task of strengthening the centralized management of enterprise group funds and improving the efficiency of enterprise group funds provide financial management and services for enterprise group members. On July 27th, 2004, China Banking Regulatory Commission promulgated the Measures for the Administration of Finance Companies of Enterprise Groups, which came into effect on September 1 of that year, thus defining the basic functions and development direction of finance companies of enterprise groups in China. In fact, these changes are aimed at continuously strengthening and highlighting the centralized fund management function of enterprise group finance companies, so as to improve the quality and efficiency of the use of enterprise group funds and provide better and more effective financial management and services for enterprise group members. How to give full play to the financial functions and functions of enterprise group finance companies and continuously realize the scientific, reasonable and effective management of group funds has been a research topic in the financial sector for many years. Some experts and scholars believe that financial companies, as the best system and platform for enterprise groups to strengthen fund management, have made positive contributions to the development of enterprise groups. However, some experts and scholars believe that the funds of enterprise groups must be centrally managed in terms of development speed, settlement method, management means, fund management and fund use in accordance with China's current financial, management and legal policies, in order to maximize its due role and efficiency. Some experts and scholars have analyzed the potential advantages of financial companies as a centralized fund management system and platform for enterprise groups through the comparative analysis of three main modes: settlement institutions, commercial banks and financial companies. The author thinks that in the aspect of fund management mode of enterprise group finance company, three management modes can be adopted: loose management, high concentration and relative concentration.
Second, the development of China's financial companies and problems
As early as 1987, Dongfeng Motor Industry Finance Company, the first financial company in China, was approved to be established. After more than 30 years of development, financial companies have played an extremely important and key role in the fund management, internal settlement, investment and financing of enterprise groups, and formed a benign interactive relationship of mutual promotion and common development with enterprise groups, inevitably forming an interest alliance relationship of sharing risks, cooperative development, honesty and mutual trust. Nowadays, group finance company has gradually developed into one of the best organizational forms of organic combination of enterprise and finance in China at present.
By the end of the first quarter of 20 12, there were 124 enterprise group finance companies in China, involving many industries such as electric power, coal, transportation, building materials, petrochemical, steel and machinery manufacturing. The total assets of the finance company reached17351400 million yuan, the profit was11400 million yuan, the capital adequacy ratio was 26.48%, and the return on assets was 1.96%.
However, due to the influence of various systems, environments and their own factors, the development level of financial companies in China's enterprise groups is still relatively low. From a macro point of view, there are still some outstanding problems in the development of financial companies of enterprise groups in China, which are manifested in two aspects: insufficient balance between functions and property rights.
1, unbalanced function. Under normal circumstances, the main business of enterprise group finance companies is that the traditional businesses such as deposits, loans and settlement within enterprise groups are the main business, and the business scope is relatively narrow and single.
In addition, the financial services available to financial companies are relatively few, lacking absolute advantages, and it is difficult to carry out multi-level, multi-form and multi-angle financial cooperation with enterprise groups, which often leads to a serious imbalance in their functions and a lack of market competitiveness.
2. Unbalanced property rights. Generally speaking, the single and lagging form of property rights of financial companies is incompatible with the development of enterprise groups and financial markets. The member units of enterprise groups are often one of the shareholders of financial companies, so industrial capital can gradually penetrate into financial capital through the combination of property rights, thus forming a single combination of industrial capital and financial capital. However, due to China's relevant policies, financial companies are not allowed to invest in property rights of enterprise member units, resulting in the inability of financial capital to penetrate into industrial capital. In this way, industrial capital and financial capital cannot be effectively integrated. A large number of financial practices in China show that only the two-way combination of industrial capital and financial capital can promote the all-round development of industrial capital and financial capital.
Third, the future development direction and trend of China Finance Company
1, internal integrated service. Developing into an internal banking institution of an enterprise group can provide comprehensive, high-quality and efficient financial services for its internal member units, thus realizing the organic combination of enterprise groups and financial companies and promoting the maximization of economic benefits and development scale of both parties. In the past, based on the traditional settlement credit business, we constantly explored and developed new businesses and varieties, diversified operations and scientific and effective risk supervision within the scope permitted by policies and laws, and effectively improved the quality and efficiency of the Group's financial services. Carrying out comprehensive business through internal banking institutions is beneficial to the consulting service, capital operation and personnel training of the Group. At the same time, it can also provide safer, more efficient and faster services for the member units within the enterprise group, and continuously improve the overall strength of the enterprise group and financial companies.
2. Professional financial institutions. Specialized financial institutions are the product of financial companies gradually extending to the industrial chain of the group. Only in this way can we give full play to the financial service function and role of financial companies, and then we can deeply understand all links, processes and capital operation tracks of enterprise groups in time and effectively, and promote the organic combination of enterprise groups and financial companies. In addition, it can provide personalized financial services for enterprise group members in time and accurately, promote the all-round and rapid development of enterprise groups, and continuously realize the scale development of enterprise groups and financial companies with the same efficiency.
3. Financial holding system. In the long run, as a mixed non-financial organization, financial companies must extend to enterprise groups and markets, actively take advantage of the potential advantages of high-end markets and customers, and scientifically and reasonably extend their business to trust, insurance, banking, credit, securities, wealth management, services and other fields through effective ways such as investment, acquisition, merger and cooperation, and gradually build a financial service platform system based on financial companies. Under this new financial service platform system, the traditional service projects of financial companies gradually break through the internal constraints of enterprise groups through financial organizations such as trusts, banks and insurance, and create value and realize profits in a wider range, thus continuously improving the ability and level of centralized fund management of enterprise groups and promoting the development of financial companies to comprehensive financial services.
Four. Concluding remarks
In short, the financial companies of China's enterprise groups have developed rapidly in an all-round way, and based on themselves and service groups, they have gradually developed into internal comprehensive businesses, specialized financial institutions and financial holding systems, giving full play to their functions in financial services, fund management, operation and risk control. Therefore, we must combine the reality and the development trend of financial companies, carefully analyze the existing problems, actively take effective countermeasures, and constantly promote the all-round and rapid development of financial companies in enterprise groups.
refer to
Cui, Problems and Countermeasures of Finance Company of China Enterprise Group [J], Financial Supervision, 2010 (02);
◆ Luo Jun, current situation analysis and future development exploration of financial companies of enterprise groups [J], Journal of qujing normal University, 2012 (01);
◆ Jin Haiyan, Analysis of the Present Situation and Future Development Prospects of Finance Companies [J], Special Economic Zone, 20 10(05).