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Research on cash flow management of enterprises

Author: ZhouShu From: www.yourpaper.net Posted: 2009-06-14 14:46:42 Read:
[Abstract] cash flow is cash inflows and outflows, reflecting the business activities of enterprises, in a certain period of the investment and financing activities.Therefore, to start with the cash flow management content and objectives, business cash flow management in the financial management of the status and importance, effect of cash flow in financial management of enterprises, to provide an important basis for enterprises to strengthen the management of cash flow.
[keyword] cash flow; cash flow management; ratio of
One, the enterprise cash flow management content and the target

(a) the enterprise cash flow management content and
The concept of 1 cash flow and cash flow management.The definition for the cash flow, the academic circles have different views.Economist Zhang Junrui says: "cash flow is usually is refers to the enterprise's cash flow, cash flow and net.The main source of cash flow is the result of sales or services to collect the money, money, including the foreign investment enterprise to the disposal of non-current assets to recover the money and issuing stocks, corporate bonds, obtain loans from the bank revenue cash."Also somebody thinks: "the so-called cash flow, is refers to under the condition of market economy, business transactions with monetary payments, can dynamically reflect the economic activity and the amount of money balance security and control of the."Some people think: "cash flow and cash flow and cash flow, is refers to the enterprise in a certain accounting period to realize the system in accordance with the cash basis, through certain economic activities (including operating activities, investment activities, financing activities and non-recurring items) and generate the cash inflows, outflows and general situation of the poor.Cash flow information of the cash flow statement reflects the plays an important role in the coordination of the various financial relationships, financial organizations and activities."And cash flow management refers to the cash flow as the administrative centre of gravity and balancing return, around the enterprise business activities, investment activities and financing activities and the building management system, is the current or future cash flow within a certain period of time in the quantity and timing of the forecasting and planning, execution and control, information transmission and reporting and analysis and evaluation.
The specific content of the 2 cash flow management.By understanding the definition of management of cash flow and cash flow, we can learn about the specific content of cash flow management: with both cash budget division organization system of a series of systems, procedures relating to the arrangement and implementation of forecasting and planning system and by the execution and control system of accounts receivable system, pay system and scheduling systems, and including information and reporting system to report certain period end parent system and each subsystem of the comprehensive operation and management system of the final results, the implementation of cash budget cash flow and cash flow information analysis and evaluation of the system.Thus, the cash flow management system is a very rich in content.

(two) the enterprise cash flow management of target
On enterprises, the basic objective of cash flow management is to ensure that the enterprise is necessary for normal operation and development of the capital, liquidity and strengthen the cash, improve the efficiency of its operation, the enterprises to strength in the stable development, expand the scale of.The specific target of the enterprise cash flow management as follows:
1 actively raising business needs sufficient cash flow.This is the enterprise cash flow management is the most basic goal.In recent years, due to some defects in the macroeconomic environment and enterprise itself leads to the difficulty of financing, it is difficult to obtain loans from financial institutions, its own funds become the source of liquidity is very important.This further leads to the monetary funds shortage, narrow financing channels, mainly to the endogenous financing.Especially the small and medium-sized enterprise financing difficult problem is very prominent.In view of this present existence, to protect and encourage the development of enterprises, all for the enterprise financing policies.The Chinese government promulgated the "law" and "special funds for SME development management measures to promote the small and medium-sized enterprise" of the people's Republic of china.For the enterprise, must through the improvement of management, standardize the financial system, improve the core competitiveness and sustainable development capacity to gradually enhance the absorption of credit funds.To adhere to honesty and trustworthiness, improve credit bank, won the trust and support.
2 to strengthen the management of cash flow, improve the efficiency of the use of funds.The enterprise should build on its core competitive ability, the investment project of the foundation, avoiding blind diversification development, it is necessary to pay attention to the enterprise fund application problems.Only enterprises with their own stage of development, positioning good enterprise development goals, the rational use of funds, while strengthening the accounts receivable account management of cash, inventory and, in order to improve efficiency in the use of funds.
3 to create the enterprise value.Enterprise financial management goal is to maximize the value of enterprises, which reflects the enterprise's goal from the owners point of view.Profit is a basic goal of enterprise target system of the enterprise, but the goal is not to "profit maximization", but the long-term capital value maximization.Financial management is the effective use of funds and the management, strengthen the management of funds, improve income ability, create enterprise value.

Two, the cash flow of the enterprise management in the financial management of the status and importance of the

(a) the enterprise cash flow management in financial management status of
About the problem of cash flow management position in the modern enterprise financial management, the current our country financial theory circle has many different views.Our country finance expert Professor Yu Xuying said: "the object of financial management in modern enterprises is the movement of funds, cash flow as the dynamic performance of enterprise capital movement, the main production and operation of the process of comprehensive reflection of enterprise (supply, production, marketing) and main aspects of financing, financing, investment, (cost, cost, profit distribution the picture)".Jinan University professor Hu Yuming think: "cash flow itself is the object of Finance Management (as distinguished from as cash flow information of object management accounting).Financial management is the essence of the cash flow of enterprises (including cash inflow and outflow of cash amount) arrangement".Professor Wang Bin of Beijing business school think, "cash flow that is the essence of the object of financial management description", "cash flow that is positioned on the enterprise financial management process".
The author thinks, the understanding of cash flow and management status in the modern financial management of the enterprise, the first not to be confused with cash money.Because cash management is to manage the enterprise cash assets, and the object of cash flow management is not limited to cash assets, should be the whole enterprise capital movement, involving all aspects of the business, cash management is just a part of the cash flow management.Funds from the static form, on one hand, for a variety of current assets and long-term assets (rather than only the performance for the cash) occupation, on the other hand, as the sources of various types of liabilities and owners' equity; from its dynamic performance, capital circulation and turnover is in cash as a starting point, through the reserve fund, production money, money, finished settlement funds or other non-cash form, and ultimately into cash.Obviously, to cash in the process too far-fetched.In addition, the cash flow management is a comprehensive management of the enterprise, not only to the specific management, and many are abstract, such as the value assessment, investment decision.The enterprise is not the method of funds needed to rely only on cash flows, and obtain the supplier to provide credit, using financing lease and operating leases acquired assets ownership or right to use.Similarly, the enterprise use of funds is not only way only cash outflows, give the customer credit is also one of the ways.Cash flow is smooth, the capital turnover and smooth the main content, pay attention to cash flow management, the capital turnover also must be able to run in a reasonable track.The difficulties in the capital turnover, is the cash flow stagnation and cash position of the lack of a fundamental."For cash, monitoring and management of cash flow is the core work of" financial management, know this represents the relationship of capital and cash in the western financial theory and its role in finance.
Therefore, the author thinks, the movement of capital is the object of modern enterprise financial management, cash flow is the essence of fund movement.Thus, at the core of modern enterprise financial management of cash flow management.

(two) to strengthen the enterprise cash flow management of the importance of
The enterprise cash flow management and the management activities are intertwined, and the enterprise management activities is not stable, it will cause the enterprise cash inflows and outflows are not balance.In order to maximize the pursuit of balance and maximum net cash inflow, maintain cash flow smoothly, we must strengthen the enterprise cash flow management, reasonable configuration of resource of enterprises timely.
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