How to standardize finance and do a good job in listed companies?

Judging from the annual reports of listed companies in recent years, some companies have made retrospective adjustments to their financial performance year after year, or corrected major accounting errors and denied themselves. A careful analysis of the contents of these adjustments and corrections is nothing more than excessive income, no provision for costs, expenses, depreciation and amortization in advance, and no provision for asset impairment, which leads to untrue financial results. There are two reasons for this. First, in order to achieve certain goals, such as protecting the rights issue, protecting the par value of shares, avoiding being st or delisted, listed companies deliberately do something to leave water in their earnings; Second, corporate financial management is still not in place. Some enterprises value business over management, and value business over finance. The "number one" has the final say, so that the supervision function that finance should have played has not been brought into play, the running, running, dripping and leaking of the blockage have not stopped, and the benefits that should have been increased through financial management have not been revealed, making some companies stretched for years. Therefore, it is very important to strengthen the financial management of listed companies.

The first is to strengthen fund management.

From the experience and lessons in recent years, it can be seen that major shareholders hollowed out listed companies, and listed companies guaranteed other enterprises, which led to debt risks. Some listed companies repeatedly failed to invest abroad, losing millions and tens of millions of yuan, forming many financial "traps". Therefore, strengthening fund management is the top priority of financial management of listed companies. The author believes that listed companies should pay attention to three key points in fund management:

1. Fund budget management.

At the beginning of the year, the financial department should prepare a capital budget plan, including two main contents: capital budget income and capital budget expenditure. Among them, the core content of capital budget is the net increase of cash brought by enterprises through business activities; The core content of budget expenditure is the capital expenditure required for enterprise investment. By compiling the annual capital budget plan of an enterprise, we can make clear the key points of the annual capital operation of the enterprise, facilitate the daily capital control of the company, grasp the "pulse" of capital turnover, save the financing cost of the company and avoid the occurrence of blind loans and unreasonable deposits.

2. Risk management of funds.

Enterprise capital risk mainly includes use risk, in-transit risk and contingent risk. The use risk of funds is mainly manifested in the investment risk of enterprises, which can be controlled in advance, so it is necessary to strengthen the control of this risk in advance. Strengthen the feasibility investigation and demonstration of investment projects, make the project evaluation scientific and professional, and try to control the probability of expected risks to a minimum. The risk of funds in transit generally occurs in the process of enterprise fund settlement, so it is particularly important to choose settlement bills. General enterprises mainly use "credit voucher" and "transfer cheque" as settlement means in the same city settlement business, and "credit voucher" is a safer settlement means in practical work. The contingent risks of funds are mainly contingent liabilities formed by the company's guarantee for other enterprises, including loan guarantee and business guarantee. The key to this point is to conscientiously implement the Notice of the CSRC on Several Issues Concerning Standardizing the External Guarantee of Listed Companies. All directors should be diligent and conscientious, treat and strictly control the debt risks arising from external guarantees, and bear joint liability for losses caused by illegal or improper external guarantees according to law.

3. Daily management of funds.

Mainly refers to the approval management, report management and tracking management in the process of using funds. The formulation of enterprise fund approval procedures should follow the principle of "convenience, high efficiency and controllability", and the corresponding fund approval procedures and authorities should be set in advance. According to the hierarchical authority, there can be four levels: board of directors, general manager's office meeting, general manager and chief financial officer. Each level has a clear approval quota, which can be used within the authority level. If it exceeds its authority, it needs to be reviewed at the same level and reported to the next higher level for approval until it has the right to examine and approve. Major investments of general listed companies and loans from large banks must be approved by the board of directors; General fixed assets, low-value consumables procurement, small loans, etc. Approved by the general manager's office; The performance of large-scale contracts and payment for goods shall be approved by the general manager; The use of ordinary funds shall be approved by the chief financial officer. Enterprises should regularly and irregularly check the use of funds, not only to understand the overall situation through daily reports, but also to find deep-seated problems in the implementation of capital budget through special inspections, especially to track and manage accounts receivable, prepayments, other receivables and other current accounts one by one. The performance of department heads and business personnel should be linked to the collection speed and recovery amount of accounts receivable, and corresponding reward and punishment measures should be formulated to ensure that money goes out, goods come in, goods go out and money comes in.

Second, control expenditure by effective means.

At present, the operating expenses, management expenses and financial expenses of production and operation enterprises account for 20%-30% of the cost. Strengthening the management of these expenses is not only an effective way to tap the potential and increase income, but also a magic weapon to reduce the cost of products (services) and improve competitiveness. First of all, budget management should be implemented for enterprise expenses, and fixed expenses and variable expenses should be distinguished when budgeting. Once the budget is made, it must be guaranteed to be serious, the business volume has not changed much, and the expense budget is generally not suitable for adjustment. And the budget will be broken down by department, month and quarter, so as to achieve monthly inspection and quarterly evaluation, and the reward will be saved and the penalty will be exceeded. Secondly, two lines of revenue and expenditure management are implemented in the cost operation. Thirdly, in terms of cost control, a pen approval is implemented.

Third, strengthen revenue management.

The income of listed companies mainly includes five items: main business income, other business income, investment income, non-operating income and subsidy income. The focus of management should be the first three items, and the content of management should be positive and negative. On the positive side, we should truly reflect the income according to the enterprise accounting system. Generally speaking, there are several behaviors that do not truly reflect income: first, the company's performance is relatively good, and it is afraid that the base will be too high, and a piece of income will be thrown out at the end of the year; Second, for the purpose of tax avoidance, the main business income will be converted into other business income, and the rental income will be operated as joint venture income; Thirdly, due to some factors, the contract signed with customers is obviously unfair, and the target is far below the actual income, which makes the company lose its benefits. To solve the above problems, the financial department has a great responsibility. On the other hand, it is mainly to prevent the use of false means to reflect income and packaging profits. In this regard, Zheng, Yinguangsha, Dongfang Electronics and other listed companies have learned a profound lesson.

Fourth, standardize job consumption.

At present, job consumption is a kind of flexible expense that actually exists in listed companies, and there is no law to follow. For example, the expenses of the chairman, general manager and other senior executives, such as work vehicles, clothing, business trips, meals, communications, daily office supplies, medical care, etc. , should be one of the key points of financial management, but also a headache for financial personnel. We suggest that the relevant departments formulate and introduce measures for the management of post consumption as soon as possible. At the same time, as the chief financial officer and person in charge of finance of listed companies, we should establish the style of managing people by system and doing things by rules, and turn flexible expenses into rigid expenses.

Five, strengthen the construction of accounting professional ethics.

First, vigorously strengthen accounting professional ethics education and optimize the content of accounting education with both ability and political integrity.

Second, the chief financial officer should be entrusted with important responsibilities. The chief financial officer should bear the main responsibility for preventing financial fraud. At the same time, it should be given certain rights. For example, the Company Law stipulates that "a director shall not be removed by the shareholders' meeting before the expiration of his term of office". Does this provision also apply to the CFO? The CSRC can also establish a mechanism to protect the chief financial officer from the worries of exercising his functions and powers in case of retaliation or dismissal.

Third, we must severely punish acts that violate professional ethics.