| As the size of a group grows,so does the business it operates.More and more subsidiaries are established by the group and spread all over the country,in order to open up the market.This exerts a certain pressure to the group's capital management while bringing a growth of income.Shandong Hi-speed Group Co.,Ltd.(Hereinafter referred to as "Shandong Hi-speed"),as a large-scale state-owned holding group with early establishment,rapid development and good income in Shandong Province,mainly focuses on the investment and operation of traffic infrastructure.The industry it engages is vulnerable to the impact of national policy guidance,and its operating income fluctuates with the change of national policy.So,in order to diversify its income,Shandong Hi-speed continues to expand the scope of business and has set foot in the fields of petroleum products sales,environmental protection technology,real estate and finance in recent years,driving an increase in the number of new subsidiaries year by year.Therefore,in order to strengthen its funds management and improve the efficiency of the use,Shandong Hi-speed has implemented a centralized fund management system and set up its own settlement center within the Group.The system is to collect the funds of subsidiaries and gather to the parent company of the Group,and then the parent company distributes the funds according to the capital demand of each subsidiary.With the implementation of the system,the parent company can control the capital flow of each member in real time,make better use of the funds previously deposited in the subsidiaries,and reduce the liability of the parent company due to such deposit.In order to test whether there is any improvement on the financial management of the Group after centralized management of funds,I chose the method of efficiency coefficient to calculate and analyze the financial performance before and after the establishment of the settlement center of the Group.The indicators of financial performance are determined according to the relevant documents issued by the State-owned Assets Supervision and Administration Commission of the State Council,and the calculation result is compared with the standard values of enterprise performance evaluation issued annually by the Financial Supervision and Evaluation Bureau of the Commission to obtain the corresponding financial performance score.On the basis of the score and indicators each year,the profitability,asset quality,debt risk and business growth of the Group before and after centralized fund management are further analyzed.As a result,the changes of financial status of enterprises before and after implementing centralized management of funds will be reflected through various indicator data,and the reasons for such changes will be figured out.Through analysis,it is found that there are still problems in the process of implementing centralized management of funds in Shandong Hi-speed,which are mainly embodied in the following aspects: the idea of fund centralized management in Shandong Hi-speed is lagging behind,and the application mode of fund centralized management is unreasonable.Shandong Hi-speed has sets up its own settlement center and the main function of the center is to collect and distribute the internal funds within the Group,but it cannot help the Group broaden the financing channels.Secondly,the assets turnover of Shandong Hi-speed is not optimistic after the centralized management of funds,and the low rate of accounts receivable turnover reduces the efficiency of funds.Meanwhile,after adopting centralized management of funds,the internal funds has been fully mobilized and the short-term borrowing has been reduced,but the long-term borrowing of the Group still stays at a relatively high level due to the nature of the industry.The existing centralized capital management mode cannot reduce the financial risk arising from the increase of borrowing. |
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