论中小制造企业的现金流管理 ——以M公司为例.docx
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论中小制造企业的现金流管理 ——以M公司为例.docx
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摘要现金流管理作为财务管理的核心,其基本理论和应用理论对各企业有着普遍的指导意义,但不同行业和类型的企业因其自身经营管理的独特性和发展趋势是不同的,要求采取不同的管理对策和重心实现现金流管理,其现金流管理也要采取与之相适的方法。
当前的社会经济形势下发展中小制造企业是国家发展战略的重要组成部分,研究中小制造企业的现金流管理具有时代紧迫性和现实意义。
而目前关于中小制造企业现金流管理的研究成果并不多见,因此开展对中小制造企业现金流管理研究是非常有意义的。
本文研究的目的是通过将财务管理理论应用于工作实践,解决一些具体的问题,包括寻找和论证制约中小制造企业公司可持续发展的根本问题是什么,如何构建与其相适应的现金流管理模式,组织企业的现金流,为企业走出困境提升价值提供一套解决方案。
本文共分为六章:
第一章导论,介绍了本文研究背景、研究目的、研究内容以及研究方法和思路。
第二章国内外研究综述及中小制造企业现金管理特性。
阐述了现金流的概念、分类、国内外理论研究概况。
也阐述了中小制造企业界定及其现金流特点即1.现金结构不合理,公司治理不完善,内部控制和风险管理薄弱。
2.高杠杆融资形成复杂的资金链。
3.市场定位不明晰。
4.企业普遍具有利润追求偏好。
5.员工素质低、人才储备不足。
第三章国内外企业的现金流量管理经验及借鉴。
通过国内外企业现金流管理的成功经验,为中小制造企业现金流管理提供参考。
第四章M公司现金流管理现状分析。
描述了中型制造企业M公司的现金流管理现状。
M公司对有关现金流的管理主要是依据以前的惯例和总经理的临时性命令或观念。
对现金流入的把握、对现金流出的有计划的管理和控制为空白,全员参与的意识并不强,由于缺乏资金的计划性,在资金短缺时需要采取临时的应急借款,加大了筹资成本和难度,以至于资金未到位之前拖欠员工工资、拖欠供货商货款等情况时有发生,对公司的信誉产生诸多不良影响。
再从现金流入量和流出量的整理开始,重点对M公司现金流量结构及影响因素进行分析,找出M公司现金流管理中存在严重的问题:
1.现金结构不合理,对外部资金的依赖性过大,财务风险极大。
2.内部资金的使用效率极低、营运资金尤其是应收账款管理能力差。
3.筹资渠道单一,筹资成本过高。
这种1
情况产生原因是:
1.企业的管理层过于专注于销售额与利润指标却忽略了资金占用、回收和风险管理等重要问题。
2.企业经营性现金流管理能力太差,公司现金流管理没有一套完整的现金流管理体系3.国家宏观金融资政策,不利于中小民营企业的企业获得低成本融资。
提出对应的解决办法:
1.管理层纠正错误的观念,树立“现金即的生命”的管理思想,确立正确的现金流管理目标。
2.
应编制、执行和加强现金流预算管理。
3.在采购存货尤其是应收账款环节加强管理,落实责任制。
4.塑造企业信用,开展筹资渠道研究;
5.塑造整个公司现金流管理的控制环境。
第五章现金流管理对策研究,设计现金流预算框架,提出了M公司的预算管理目标:
增强资金流动性,防范占用性风险;通过现金预算的敏感性分析,及时预见各种变化,准备各种应对预案;通过现金流预算的差异性分析和控制,严格执行现金收支计划。
描述出预算管理循环过程和执行预算管理编制全过程中时间的分配。
再通过预算编制步骤图描述现金流预算以销售为起点编制的步骤和流向。
利用此框架编制了M公司一个季度的现金流预算并指出资金缺口数字,建议公司提前筹划资金。
此章也对应收账款、采购存货环节提出具体管理对策。
销售部门完成销售目标的同时,也需完成信用管理目标,与员工的收入挂钩,实现企业现金流最大化。
增加信用管理职能。
管理层应与各相关部门共同制定一套合理的优惠还款计划与程序,将销售部门的大部分工作重点放在清理积压欠款上,尽量在短时期内盘活积压的资金。
在采购与库存环节公司应当借助CRM联网系统和ERP系统的运用,完成三个JIT。
指出应塑造企业信用,开展筹资渠道研究。
最后塑造现金流的控制环境即塑造良好的企业文化;建全管理组织架构,合理的权责划分;确立企业的人才策略等以保证现金流管理的顺利实施。
整体构建了M公司的现金流管理模式;
第六章结论,通过对M公司现金流量的研究和现金流管理模式构建得出研究结论,提出前景展望:
1.中小制造企业的现金流管理,下一步应着重研究企业现金流预警模型与CRM/ERP系统的结合。
2.对中小制造企业筹资活动现金流的研究,拓宽筹资渠道和培育多元化的融资渠道,合理运用各种筹资方式以减少企业现金流波动幅度。
本文以中型制造企业M公司为例进行现金流纵向分析与横向比较,提出一套切实可行的现金流管理模式,研究得出的结论对中小型制造企业有一定借鉴意义。
本文的创新之处是以典型的民营中小制造企业M公司为例,深入研究企业2
实际情况之后,为M公司构建了一套适合中小制造企业的现金流管理预算模式,并编制了季度预算表,方便企业根据预算结果提前筹划资金。
对其现金流管理欠缺环节提出了管理对策。
提出塑造管理内控环境的建议。
是一套很具有实际操作价值的现金流管理模式。
关键词:
中小制造企业;现金流;现金流管理3
Abstract
Cash flow management as the core of financial management, its basic theory
and application of theory to the enterprises have universal significance, but different
industries and types of enterprise operation and management of the development
trends and their own unique, request takes different management strategies and focus
on cash flow, taken on the management of its cash flow and phase adjustment
metho
D.Current socio - economic development in the situation of small and medium
- sized manufacturing enterprises is an important component of national development
strategies, research of small and medium - sized manufacturing enterprise cash flow
management with urgency and relevance in the er
A.At present cash flow
management in small and medium - sized manufacturing enterprise of research
results and rare.Study on cash flow management in small and medium - sized
manufacturing enterprises is very significant..The purpose of this
study by applying financial management is by theory practice to solve
some specific problems, including what the fundamental problem is.To find
and justify the constraints of small and medium –sized manufacturing enterprises for
sustainable development, how to build and its adaptation to cash flow
management mode, the cash flow of the organization of enterprises.enhance
value for the enterprise out of the woods to provide a solution..
This article is divided into six chapters:
Chapter I, introduction to purposes
described in this paper, background, research, study and research methods and ideas ;
chapter II review and small and medium - sized manufacturing enterprises at home
and abroad of cash management features.Explain the concept, classifications, cash
flow theory research in China and abroa
D.Also elaborated on the definition of small
and medium manufacturing enterprises and its cash flow characteristics;
1.Cash
irrational structure, corporate governance is not perfect, weak internal controls and
risk management.2.Highly leveraged financing complex financial chain.3.Market
position is not clear.4.Enterprises with profit pursuit of preference.5.Low quality
4
of the staff, lack of talent.Chapter III cash flow management experience and
reference of enterprises in China and abroa
D.Through the successful experiences of
corporate cash flow management in China and abroad, provides references of cash
flow management for small and medium - sized manufacturing enterprises ; chapter
IV Analysis of cash flow management of company M .Describes the midsize
manufacturing enterprise cash flow management of the company M.The cash flow
management of Company M is based on previous practice and general manager’s
temporary command or concept.No grasp of cash inflows and outflows management
and control plan, People not aware the important of cash management.When a
shortage of cash to take temporary emergency borrowing.This increased the cost of
fund-raising and difficulty; so that the overdue wages, late payment of supplier often
happened .There have many adverse effects on the company's reputation.Then
starting from the cash inflows and outflows, focus on the cash flow structure of M
and analysis of influence factors to identify the big cash flow problems in the
management of the company:
1.Cash structure is irrational, too much dependence on
external finance, financial risk greatly.2.The low efficiency in the use of internal
funds, working capital, particularly accounts receivable management
capabilities.3.Sources of funding single, high financing costs.The causes of this
situation are:
1.Enterprise management is too focused on sales and profit
targets while ignoring the important issues of the funds used recovery and risk
management.2.Poor management cap in business cash flow.The company's cash
flow management is not a complete.3.National macro-financial assets policy is not
conducive to the small and medium-sized private enterprises to obtain low-cost
financing.And the corresponding solutions:
1.Management to correct the wrong idea,
establish”Cash is the life" management thinking.To establish the correct cash
flow management objectives.2.Should prepare, implement and strengthen the
management of cash flow budget.3.To strengthen management in the procurement
of inventory, receivables links, implement the responsibility system.4.
Shaping corporate credit and fund-raising channel research;
5.Creating cash flow
control environment to ensure the smooth implementation of the cash flow
5
management.Chapter V The study on cash flow management solutions.Design the
cash flow budgeting framework of M.Proposed budget management of the company
objectives :
Enhancing liquidity, risk prevention of occupied through sensitivity
analysis cash budget and anticipate changes in a timely manner.Preparing various
plans through cash flow difference analysis and control of the budget and strict
implementation of the cash balance plan.Describe the allocation of
time in the cycle of budget management and implementation of budget management
prepared .Figure budgeting steps describe the cash flow budget to sell for a starting
point for the preparation of the steps and direction.The framework of the preparation
of the M quarter cash flow budget and pointed out that the funding gap, suggest
that the advance planning funds.This chapter also accounts specific management
countermeasures in receivable, purchasing inventory link.The sales department to
complete the sales target .At the same time also needs to complete the credit
management objectives.It linked to the income of employees, to maximize corporate
cash flow.Increase in the credit Chapter VI conclusion.Through the study of m
companies M's cash flow and cash flow management mode construction draw the
conclusions.Raised the prospect:
1.Cash flow management for small and
medium-sized manufacturing enterprises, the next step should focus on the study
the combination of early warning model of corporate cash flow with CRM /
ERP system.2.Cash flows of the financing activities of
small and medium manufacturing enterprises broaden the financing channels
and foster diversified financing channels, the rational use of various means of
financing in order to reduce the volatility of corporate cash flow.Company M as an
example in this article for cash flow analysis of vertical and horizontal comparison,
present a realistic cash flow management, conclusions of the study on small and
medium manufacturing enterprises have certain significance.
The innovation of this paper is exampled typical of private
small and medium-sized manufacturing enterprises Company M,in-depth
study of the actual situation of enterprises, built a cash flow management for small
and medium manufacturing enterprises budget model, and the preparation of
6
7
quarterly budget tables, the budget results convenience of planning funds in
advance.Make the management countermeasures in problem links of Cash flow
management, proposed to shape the recommendations of the management control
environment.This cash flow management model has practical value to use in small
and medium manufacturing enterprises.
Keyword:
small and medium - sized manufacturing enterprises; cash flow; cash
flow management
目录
第1章导论 ............................................................................................................1
1.1研究背景和研究目的.......................................................................................1
1.2研究内容...........................................................................................................2
1.3研究方法和思路...............................................................................................2
第2章国内外研究综述及中小制造企业现金管理特性 ........................4
2.1现金流管理相关概念与理论介绍.....................
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