| The financial crisis sweeping the world, it has exposed issues such as Chinese economic structure development unbalance and inefficient resource allocation. With the Chinese government implement measures such as loose monetary policy to stimulate economy, the state-owned enterprise groups had effectively alleviated the financing problem. Facing lending impulse of the bank, the questions of how to solve the "three high" phenomenon, that is the high credit growth; the high capital idle; the high financial cost burden and how to improve the capital allocation efficiency within the group is worthy of reasonable contemplation. In fact, in the resources allocation process, in addition to the external capital market to play a role, the internal capital market plays an important role. They are an integral part of the resources allocation.As an important theory of researching enterprise groups’internal funds allocation, internal capital market theory could provide a new researching perspective of funds centralized management within the groups. The "cash pooling" model as a financial innovation of the modern information network development, is not only an important new technical means to achieve funds centralized management, but also an important development direction of domestic commercial banks intermediary business in the future. It’s an important manifestation for exploration of the relationship between banks and enterprises. At present, more and more domestic enterprise groups began to use the model for funds centralized management. Because of the flexible operating characteristics and the complex internal structure of the model, study and summarize of its interest conflict and coordination problems is needed in theoretical and practical aspects. Therefore, the purpose and significance of this paper is to review the related funds centralized management theories, combining the experience of selected case-YT group in the use of "capital pool" model. It aim to introduce the research vision of further integration between the "cash pooling" mode and the internal capital market theory, analyzing the difference of traditional way on centralized fund management, exploring the role on internal capital market operations and the potential risk, raising coping measures. It has positive practical significance on improving overall operational efficiency and avoiding capital operation risk. I respect this paper could be a reference for the person of the same trade or occupation.The paper is composed of 6 chapters.The first chapter is a introduction, which mainly introduces the background and meaning of the subject, the current theory of internal capital market-related research, home and abroad research trend, the research methods and research ideas, the main content structure, and the main contribution and differences from other professional articles.The second chapter is the focus of this paper. Based on a brief introduction and comparison of the traditional methods of funds centralized management, introduces the origin and concept of "cash pooling" mode; the running conditions and the differences in Chinese and foreign modes, compares the advantages with other traditional funds centralized mode. Then elaborates on the "cash pooling" mode effectiveness of smoothing funds, recreating money, maximizing funding resources in internal capital markets and analysis the potential risks.The third chapter to the fifth chapter researches the use of "cash pooling" mode in practice. The third chapter briefly introduces the selection case-- YT group development situation, funds management status and analysis of existing reason. The fourth chapter is from the practical operational level, details the demands and practical application of the YT group based on the "cash pooling" mode of funds centralized management. The fifth chapter amid at the mode’s practical implementation difficulties of YT group and proposes countermeasures and solutions, which include further subdivides internal market, strengthens group headquarters operation mechanism and capital control ability construction, increases effective coordination and cooperates distribution of remaining.The sixth chapter is a conclusion. which summarizes the research results and outlines the key problems and direction of the future research.Although the "cash pooling" of funds centralized management mode was born in the 80s of last century, because of its originating from multinational financial companies and international banks join forces and the time of into china is not long, meanwhile, for the domestic enterprise group management features, financial and tax policy, regulatory restrictions and regulations, there is a localization process of it. Therefore, the principal innovation of this paper is the application of innovative research, runs a theoretical perfection and innovation by summarizing the implementation effect of actual case, sums up and concluded the role of "cash pooling" on the effectiveness of internal capital markets and potential risks. Puts forward to prevent and control the centralized funds that may be induced "over-investment," according to the nature of capital and the time needs internal market segmentation and a new "internal money market" theory, and the combination of internal capital market theory. By the market segmentation, inhibits the excessive investment of the Group headquarters, reduces ineffective allocation of resources within the Group, and increases effective collaboration and equitable distribution of "cooperative surplus.’The deficiency of this paper is that the selected cases-YT Group is currently in the stage of building financial shared platform. The total "cash pooling" construction; the efficient connection between the comprehensive monitoring of bank accounts and budget is still in trial and correction. Related financial operation system is not fully effective established and long-term effects have yet to be observed. At the same time, the tax planning issues, which arise by internal transfers of funds and the rational allocation of "cooperative surplus", remains to be further studied.In short, when the enterprise groups introduce the "cash pooling" model to centralize group funds, should actively study the relevant theory of internal capital market and funds management, strengthen the construction of their own internal capital market operation mechanism and financial management system, actively explore the relevance between the distribution of its internal cash flow characteristics and the external financial resources, strengthen the control of the Group’s operational risk, optimize the allocation of resources within the group and give full play to the funds centralized management, create greater business value for the Groups. |
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