论文标题:成都LY股份有限公司财务问题研究——财务分析及财务体系优化研究
The Finance Problem Research of the Thrrough Traneportation Stock Ltd Co
论文作者 冯廷轩
论文导师 孙利琼,论文学位 硕士,论文专业 工商管理
论文单位 电子科技大学,点击次数 92,论文页数 90页File Size1510k
2004-05-10论文网 http://www.lw23.com/lunwen_68722242/ 财务控制; 全面预算; 投资; 现金流量; 信息化系统
financial control; overall budget; investment; cash flow; information system
成都LY股份有限公司是以客运车站为核心，在零担运输、集装箱业务、旅游、汽车租赁等相关领域进行多元化投资发展起来的中型企业。文章首先研究了LY公司行业竞争环境，分析了各分公司及合资公司的优势与劣势，通过对公司的资产负债状况、现金流量、经营业绩的深入分析，得出结论：因公司核心业务存在高度依赖性，使其面临发展瓶颈，甚至危及主营业务；除客运车站外的其他分公司的盈利能力持续减弱，导致公司利润呈下滑趋势；应收账款的大幅增多及回收期延长，导致资金的利用效率低和现金流量的结构欠佳；公司获取现金能力、偿债能力、可持续发展能力减弱。总之，LY公司面临危机。究其原因，固然有行业竞争及政策变化的因素，但主要原因是公司财务管理体系的薄弱。LY公司虽然有资金管理、投资控制、财务预决算等一系列财务制度，但制度贯彻不到位，过程监督形同虚设。并且缺乏明确的战略目标和投资责任追究制度，缺乏严密的财务管理体制；其经济目标责任制存在诸多弊端，财务投资目标模糊，再加上应收款项控制监督不力，使公司现金流量日趋紧张，应收款项大幅增多，投资项目效益普遍不高，既没有形成优势核心业务，又没有形成多元化发展的良好势头。为适应竞争日趋激烈的市场，提高公司竞争能力，必须改变财务管理制度现状，优化财务管理体系，加强财务监督。笔者基于上述分析，根据经济学理论，财务控制理论，优化构建LY公司财务控制体系。具体措施是：完善公司制衡机制；强化结算中心的功能，加强应收款项管理和现金流量控制；逐步形成项目三级评审、监控和评估的投资体系；重构财务管理组织，建立全面预算制度；构建财务信息化系统。
The ChengDu through transportation industry stock Co.Ltd is a middle-sized enterprise, its core business is passenger carrying, at the same time, it also does other businesses such as cargo and gathering packing logistics, container transporting, traveling, car leasing and other relevant businesses.This paper has analyzed the competition environment of transportation industry as well as the advantage and disadvantage of all branches and joint ventures. According to further analysis of the balance sheet, cash flow and the performance of the company, we can draw the following conclusions: For the strong dependence among the core businesses, the company faces the development bottleneck, and what is more, this has threatened the main businesses. The profit of other subsidiaries becomes less and less except the passenger transportation station, which lead to the decline of the whole company’s profit. The increase of receivable and its longer payback period don’t allow the company to make full use of the asset, and at the same time this leads to the unreasonable cash flow structure. The ability of obtaining cash, paying off debt and continual development is also on the decline. In a word, the company faces a severe crisis.What’s the reason? Apart from industry competition and the change of the policy, the main reason is the weakness of financial management in that corporation. Although this company has some financial management rules, such as cash management, investment control, financial budget, it does not carry out these rules very well. Meanwhile, this corporation lack strategy goal and they don’t know who should be responsible for the investment. The system that profits index sign manage with duty have many irregularities, their investment goal is ambiguous, and they haven’t controlled the receivable very well. These lead to less cash and more receivable, and the profit of the projects is not very good. Finally, this company doesn’t construct their core business, and at the same time they doesn’t diversify their investment very well.In order to adapt to fierce competition, enhance the company’s competition ability, we have to change the current financial management system, optimize it and strengthen its financial supervisionAccording to the above analysis and the theory of economics and financial control, the author want to optimize and reconstruct the financial control system. The management committee should take the following steps: Improve the evaluation mechanism of the company; strengthen the function of the clearing center, enhance the receivable management and the control of the cash flow; gradually formation the investment system of the item deliberation, supervision and evaluation; restructure financial management system ,construct overall budget rules; build up financial information system.
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