Research On Capital Management Risk And Prevention Of Listed Companies Under Centralized Management Mode

With the intensification of market competition,the limited production scale of individual enterprise is difficult to cope with the complex and changing market environment,and enterprise groups have emerged with time.The members within an enterprise group can efficiently integrate internal and external resources through the sharing and deployment of production,sales,capital,technology and talents,so as to achieve the overall goals of the enterprise group.With the expansion of the enterprise group scale,the complexity of the internal organization structure increases the difficulty of group management and control.The group’s financial management,especially the capital management,is the most effective way to ensure the normal operation of the enterprise and improve its market competitiveness.Therefore,investigating and exploring more scientific and efficient capital management strategies to improve the efficiency of internal capital use is a key problem to be solved in enterprise financial management,and is also the core problem of enterprise management and development.The listed company controlled by the enterprise group plays a key role in group management,and the capital management of the listed company is the top priority of the group’s financial management.Capital management under the centralized management mode refers to the financial management and control of the listed company by the Group.This type of capital management can better integrate the internal resources of the enterprise,reduce capital costs and operating risks,and can also effectively improve the efficiency of capital use.However,in the process of implementing capital management,due to national policies,external market environment,information technology and lack of internal control system and other factors,enterprises often face certain risks in capital management.Under the mode of centralized management,listed companies must establish a set of targeted capital risk prevention programs to avoid risks in capital management,make enterprise funds enter a virtuous circle,achieve sustainable development and realize established strategic goals.Based on the perspective of listed companies,this paper firstly introduces the relevant literature on enterprise capital management under the centralized management mode and studies the current status of Chinese and foreign research on enterprise groups,financial management,and capital risks.Secondly,this paper takes capital management of the listed company Kangdexin under the centralized management mode as the research object and makes a brief introduction to Kangdexin and its industry background.The capital management content of Kangdexin is introduced from three aspects: fund budget management,fund allocation management,and fund settlement management.And the problems of kangdexin in capital management,such as high deposit and loan,capital occupation,unreasonable debt structure and inadequate risk control,are described.Thirdly,this paper introduces the modes of enterprise capital management,including reimbursement center mode,settlement center mode,internal bank mode,financial company mode and capital pool mode by theoretical analysis method.The advantages of capital management under the centralized management model are discussed,including optimizing the allocation of internal resources of the enterprise,improving the rate of return on capital,reducing the capital cost of the group,avoiding financial risks of the group,improving enterprise information management level and so on.And then,capital management risks of Kangdexin are analyzed based on the current status of capital management of this listed company.It is found that there are budget preparation risks and budget approval risks in budget management;and there are risks of fundraising,investment and capital occupation in the fund allocation;and there are information system risks and personnel operation risks in fund settlement.And then,the influencing factors of its capital management risk are analyzed.Finally,this paper puts forward the risk prevention measures for capital management of Kangdexin under the centralized management mode.In terms of the capital budget,we should improve the budget management system,improve the scientific management objectives of the capital budget,and select appropriate budgeting methods to prevent the occurrence of capital budget risks.With regard to the capital allocation,risk prevention measures are proposed from four aspects: strengthening the enterprise information disclosure system,strengthening the implementation and supervision of internal control,strengthening internal audit,and strengthening the management of internal credit system.As for the risks in the fund settlement,risk prevention measures such as optimizing the information management system and strengthening the professional ethics of capital managers are proposed.