Capital is the blood of an enterprise. In recent years, most state-owned enterprise groups have taken strengthening the centralized management of funds as the starting point, innovated management ideas and achieved remarkable results. Due to the particularity of large initial investment, long construction period and scattered construction sites, centralized management of funds is particularly urgent for state-owned construction enterprise groups. However, from the practical point of view, there are some unfavorable factors, such as the increased risk of funds in the group headquarters and the rising resistance of member enterprises. Connecting with the actual work, this paper analyzes the advantages and disadvantages of centralized fund management of state-owned construction enterprise groups through the settlement center, and advances some solutions. Advantages of centralized management of funds (1) Revitalize the deposited funds and improve the efficiency of fund use. Practice has proved that the unified collection, distribution, use and management of funds by the headquarters of large state-owned construction enterprise groups is conducive to strengthening the awareness of fund management of member enterprises, revitalizing the deposited funds and improving the efficiency of fund use. For example, a group set up a settlement center for centralized management of funds. By adjusting the surplus and deficiency among member enterprises, the accumulated deposited funds within the group have been revitalized by nearly 5 billion yuan in the past five years, which not only solved the capital demand of key projects, but also accelerated the capital turnover. (II) Overall management, optimizing the level of resource allocation Centralized management of state-owned construction enterprise groups is to establish a management mechanism with two lines of capital revenue and expenditure as the starting point, cancel multi-bank account opening, control and solve the problems of multi-bank financing, decentralized fund management and limited unified scheduling, realize overall management of funds within the group and optimize resource allocation. For example, before the centralization of funds was implemented in Group A, the total number of bank accounts opened by enterprises reached 1. 5 million, the average balance of monetary funds reached 1 billion yuan, and the funds directly allocated by the group headquarters were only 1 billion yuan. After centralized fund management, only over 300 accounts in the whole group are in external banks, and all member enterprises have opened internal accounts in the settlement center of the group headquarters. At that time, the average balance of monetary funds had reached more than 654.38+0.5 billion yuan, and the funds directly allocated by the group headquarters had reached as high as 654.38+0 billion yuan. (3) Give full play to the advantages of the Group and reduce external financing costs. If each member of the group has a credit relationship with the bank, it is relatively difficult to reduce the financing cost because of the scattered resources and weak negotiation ability. After the centralized management of funds is implemented in construction enterprise groups, the financing authority of member enterprises in external banks will generally be cancelled, and the loan demand of all member enterprises can only be adjusted through the settlement center of the group headquarters, thus giving play to the scale advantage, improving the overall credit line and credit rating by introducing competition among commercial banks, striving for preferential loan interest rates and other preferential policies, and further reducing the external financing cost. (4) Strengthen financial control, guard against operational risks, and implement centralized management of funds of construction enterprise groups. First, member enterprises cannot directly raise funds from banks, which indirectly controls the investment risks caused by the impulse of investment expansion, external financing, guarantee risks and internal control risks of member enterprises; The capital requirements of member enterprises are examined and approved by the group headquarters and adjusted through the settlement center. The settlement center of the group headquarters is responsible for monitoring the use of funds and the allocation of large amounts of funds, which can effectively prevent the business risks of member enterprises. Second, through centralized management of funds, it can ensure that the investment of group funds meets the overall strategic requirements of the group, reduce the overall financing risk and guarantee risk of the group, and thus ensure that the overall capital risk of the group is controllable. Second, the disadvantages of centralized management of funds The construction enterprise group has the following unfavorable factors in implementing centralized management of funds. (1) Diversified risk shifts to centralized risk, and the capital risk of the Group headquarters increases. The biggest problem facing the implementation of centralized capital management is that the investment risk, external financing and guarantee risk and internal control risk of all member enterprises have been transferred to the group headquarters, which has led to a substantial increase in the risk level of the group headquarters. For example, since the centralized management of funds was implemented in Group A for five years, due to the influence of internal and external factors, the internal adjustment scale of the group headquarters settlement center has increased year by year. Because the settlement discipline of internal settlement centers is still weak compared with that of external financial institutions, the adjustment funds of member enterprises often cannot be returned on schedule; The new adjustment funds needed for the construction of member enterprises have to be issued again, which leads to the insufficient status of the settlement center. The group headquarters has to supplement the position of the settlement center by increasing external financing to maintain the normal operation of the settlement center, which makes the external loan scale of the group headquarters run at a high level and the group headquarters faces greater financial risks. (2) The transfer from decentralization to centralization affects the enthusiasm of fund management of member enterprises. After the centralized management of funds is implemented, firstly, the fund control right of member enterprises is limited to some extent, which reduces the enthusiasm of member enterprises and may lead to the inefficiency of the overall fund management of the group; Second, the group headquarters often directly deducts other funds such as management fees owed by member enterprises through administrative intervention and other means, which further increases the resistance of member enterprises; Third, the settlement center of the group headquarters absorbs the deposits of member enterprises with good economic conditions and benefits and transfers them to other member enterprises with poor economic benefits. Often, the worse the member enterprises are, the higher the internal adjustment scale is, which leads to the unfairness of the member enterprises with better economic benefits and reduces the enthusiasm of the member enterprises. (3) Decentralized financing is changed to centralized financing, and the relationship between member enterprises and banks is difficult to handle. After the centralized management of funds is implemented, each member enterprise can only transfer funds through the settlement center of the group headquarters, resulting in that each member enterprise no longer has business relations with the original cooperative bank and no longer obtains the required credit line through the bank. If the group headquarters can guarantee the financing needs of each member enterprise, it is understandable to do so. However, if the group headquarters is limited by the bank's credit line and financing line, it can't get the location of the loan supplementary settlement center through external banks in time, which will inevitably affect the distribution of adjustment funds to member enterprises, and the consequences will be more serious. For example, 20 1 1, due to the tight monetary policy, the financing amount of Group B is limited, and in the case that it cannot meet the internal financing needs of member enterprises, it in turn requires member enterprises to directly finance externally. Because some member enterprises have not had business dealings with banks in recent years, they have not obtained corresponding bank credit and cannot directly raise funds through banks, which leads to the break of the capital chain. (D) Diverse interests shift to centralized interests, and the interests of centralized funds are unevenly distributed. Before the centralized management of funds, each member enterprise had absolute control over the funds, and the short-term deposited funds often obtained the fund management income through financial management. After centralized management of funds, the group headquarters absorbs the deposits of member enterprises through the settlement center, and then transfers them to other member enterprises according to the upper limit of loan interest rate stipulated by the People's Bank of China. The centralized income obtained by the settlement center of the group headquarters after deducting the relevant expenses through the interest difference between deposits and loans is often exclusively enjoyed by the group headquarters, resulting in uneven distribution of benefits. For example, in the past five years, through centralized management of funds, the accumulated net income of the group headquarters settlement center was 200 million yuan to the group parent company, and the member enterprises only paid the interest on demand deposits according to the accumulated deposits, and the income from centralized funds was not reasonably distributed, which led to complaints from member enterprises with better economic benefits. (v) The change from decentralized budget to centralized budget makes it relatively difficult to control the accuracy and process of budget. Before the centralized management of funds was implemented, the capital budget was prepared and organized by the group headquarters and member enterprises respectively, and supplemented by bank loans when the funds were insufficient, so it was relatively easy to control the accuracy and process of the budget. After the centralized management of funds is implemented, because the capital budgets of member enterprises are included in the group headquarters, sometimes the settlement center of the group headquarters absorbs more deposits from member enterprises, and a large amount of funds are deposited, while the total amount of external financing is large, that is, both deposits and loans are high; Sometimes, there will be a phenomenon that the capital demand of each member enterprise is too large, but each member enterprise has less deposits and it is relatively difficult to obtain bank loans in a short time, that is, the deposits are low and the loans are low. Therefore, budget accuracy and process control are the problems that need to be faced and solved in the fund concentration of the group headquarters. Three. Countermeasures for centralized management of governance funds Centralized management of funds means that the capital risk moves to the group headquarters, which puts forward higher requirements for the fund management and risk control level of the group headquarters. At present, in the centralized management of group headquarters funds, it is urgent to solve the problem of how to control the excessive external financing of group headquarters caused by the increase of internal adjustment scale of member enterprises. The author thinks that in order to control the adjustment scale of each member enterprise, firstly, it is necessary to clarify the decision-making power of major capital investment, income distribution management power, bank account control power, daily capital scheduling power and debt management power of the parent and subsidiary companies, and adopt a moderately centralized management mode to improve the effect of capital distribution. The second is to clarify the authorization management and approval system. Each member enterprise must strictly abide by the maximum annual adjustment fund of each member enterprise determined by the board of directors of the parent company of the group, and shall not break through. If it is really necessary to increase the quota due to new construction tasks, it must be approved by the board of directors before it can be adjusted and implemented. The third is to establish a management system of simulated banks, and each member enterprise shall implement the principle of repaying the loan first and then extending it without special reasons. Fourth, the project funds won by the parent company of the group are all included in the unified management and disbursement of the settlement center of the group headquarters; Award-winning projects and self-owned operating funds of each member enterprise are directly and uniformly managed by the member enterprises, and they are given full autonomy without violating the articles of association of the member enterprises; Incorporate its internal adjustment scale control into the performance appraisal system, encourage all member enterprises of the group to operate in debt, and control the scale of external bank loans through the joint efforts of the group headquarters and member enterprises.
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