Financial Management of Group Companies for the 21st Century 二十一世纪集团财务管理31 July 20022002年7月31日Traditional View of Finance 财务的传统观点Controlling 控制Transactional 业务结果的记录Inflexible 不灵活Strong emphasis on budgeting 过分强调预算Not integrated with the enterprise 不能与企业有机结合Not a trusted partner to the business不是业务可信赖的合作伙伴Our current view of finance 我们认为财务应该是Building shareholder value 创造股东价值Streamlining through shared services 通过如共享服务等手段提高效率Measuring performance through scorecards通过综合考评卡考核业绩Implementing ERP 实施 ERPSupporting the business 支持业务CurrentCurrent 现在现在现在现在New Horizon?New Horizon? 新视野新视野新视野新视野Business PartneringBusiness Partnering 业务合作伙伴业务合作伙伴业务合作伙伴业务合作伙伴Transaction processing & Transaction processing & ReportingReporting业务记录和报告业务记录和报告业务记录和报告业务记录和报告Process LedProcess Led过程引导过程引导过程引导过程引导Focus on the businessFocus on the business以业务为中心以业务为中心以业务为中心以业务为中心ValueValue价值价值价值价值Finance is focusing on providing more value with fewer resources财务的重点应用更少的资源提供更多的价值uManaged globally incentres of excellence采用优势中心一体化管理 uDelivered either internally or externally 由内部或外部提供uCarried out byor close to the business units由业务部门或接近业务部门的部门执行uFocused on delivering strategy注重战略支持uIncreasingly embedded in business transaction systems尽量内置于业务支持系统中uRemainder in regional & global service centres剩余部分则在区域或全球共享服务中心处理uProgressive use of external service providers?适当采用外包服务Specialism 专业化专业化eg Tax, Treasury 例如例如: 税务税务, 资金资金Decisionsupport决策支持决策支持Accountingoperations会计运营会计运营The new role definition is posing new organisational challenges新的角色定义带来了新的挑战Convergence of markets市场的合并市场的合并Regionalisation and Globalisation区域化和全球化区域化和全球化Mature Markets成熟的市场成熟的市场Investor sophistication投资者的成熟投资者的成熟Technology Opportunities技术的机遇技术的机遇Customers and Products客户和产品客户和产品Challenges for Finance? 给财务带来的挑战给财务带来的挑战Finance must respond to the business pressures财务必须对业务压力作出回应Company企业企业Convergence of MarketsConvergence of Markets市场的合并市场的合并市场的合并市场的合并Barriers are coming downBarriers are coming down壁垒逐渐消失壁垒逐渐消失Appraise new investment Appraise new investment opportunitiesopportunities 评估新的投资评估新的投资评估新的投资评估新的投资机会机会机会机会Analyse pricing and Analyse pricing and profitabilityprofitability 分析定价和盈利分析定价和盈利分析定价和盈利分析定价和盈利Process accounting and Process accounting and transaction processing for new transaction processing for new operationsoperations 为新业务活动进行为新业务活动进行为新业务活动进行为新业务活动进行会计和交易程序会计和交易程序会计和交易程序会计和交易程序Market Maturity Market Maturity 市场成熟化市场成熟化市场成熟化市场成熟化Slow growth and fierce Slow growth and fierce competitioncompetition低增长和激烈竞争低增长和激烈竞争Optimise transaction Optimise transaction processing efficiency (processing efficiency (egeg Shared Services)Shared Services) 优化业务处优化业务处优化业务处优化业务处理过程的效率理过程的效率理过程的效率理过程的效率( (例如例如例如例如: :共享服务共享服务共享服务共享服务中心中心中心中心) )Drive down costs through Drive down costs through performance management performance management 通过绩效管理降低成本通过绩效管理降低成本通过绩效管理降低成本通过绩效管理降低成本Ensure marketing and Ensure marketing and advertising produces a advertising produces a sufficient returnsufficient return 保证市场和广保证市场和广保证市场和广保证市场和广告活动有足够回报告活动有足够回报告活动有足够回报告活动有足够回报The Finance Response 财务的回应(1)Understanding and Understanding and analysinganalysing customer segments customer segments 了解和分析了解和分析了解和分析了解和分析客户细分客户细分客户细分客户细分Answering the questions of the Answering the questions of the regulatory authorities regulatory authorities 回答主管回答主管回答主管回答主管部门的问题部门的问题部门的问题部门的问题Negotiation support for Negotiation support for procurement procurement 为采购谈判提供支为采购谈判提供支为采购谈判提供支为采购谈判提供支持持持持Regionalisation/GlobalisationRegionalisation/Globalisation 地区化地区化地区化地区化/ /全球化全球化全球化全球化New entrants, new opportunities New entrants, new opportunities 新参与者新参与者, ,新机会新机会Appraisal and support of Appraisal and support of acquisitionsacquisitions 评估和支持并购评估和支持并购评估和支持并购评估和支持并购活动活动活动活动Integrating new businesses Integrating new businesses quickly and effectivelyquickly and effectively 迅速有迅速有迅速有迅速有效地整合新业务效地整合新业务效地整合新业务效地整合新业务What if analysis of competitive What if analysis of competitive scenariosscenarios 分析竞争的可能情况分析竞争的可能情况分析竞争的可能情况分析竞争的可能情况Customers and ProductsCustomers and Products客户和产品客户和产品客户和产品客户和产品Customer and product cost and Customer and product cost and profitability profitability 客户和产品成本以及盈利客户和产品成本以及盈利The Finance Response 财务的回应(2)Accounting for new Accounting for new transaction types arising from transaction types arising from new businessnew business 由新业务类型产由新业务类型产由新业务类型产由新业务类型产生的会计处理方法生的会计处理方法生的会计处理方法生的会计处理方法Communicating in investor Communicating in investor friendly languagefriendly language 采用投资者熟采用投资者熟采用投资者熟采用投资者熟悉的语言进行交流悉的语言进行交流悉的语言进行交流悉的语言进行交流Embedding performance Embedding performance measures based on shareholder measures based on shareholder valuevalue 植入基于股东价值的业绩植入基于股东价值的业绩植入基于股东价值的业绩植入基于股东价值的业绩衡量标准衡量标准衡量标准衡量标准TechnologyTechnology技术技术技术技术New services, new distribution New services, new distribution channelschannels新服务新服务, ,新分销渠道新分销渠道Investor sophisticationInvestor sophistication 投资者的投资者的成熟成熟Closer scrutiny, new evaluation Closer scrutiny, new evaluation techniquestechniques详细的详细的审查审查, ,新的评估技新的评估技术术The Finance Response 财务的回应(3) Issue问题问题Majority of finance resources working in transaction processing大部分的财务资源用于业务记录Different systems used by different finance functions 不同财务职能部门使用不同系统 Solution解决方案解决方案Shared service centre for accounting operations 会计处理共享服务中心Common IT platform across the business 整个公司中共同的IT平台 Impact影响影响Accounts payable and General Ledger account for 60% of accounting costs应付帐款和总帐占据了60%的会计成本Opportunities for cost savings and process improvements成本节约和流程改进的机会 Benefit好处好处Savings of 40% of accounting costs 节约了40%的会计成本Improved support to the business 改进了对业务的支持Client example of finance response - shared service centre财务回应的范例-共享服务中心国际集团公司资金管理战略目标普华永道的研究表明，在国际集团公司中对资金管理的的战略有三大类别，体现出不同的风险管理理念*Source: PwC Corporate Treasury Control and performance Standards (note 7% of survey respondents were undefined)一个主要目标是通过对风险管理和资金的活跃交易获得收益往往要冒较大风险资本运营是其主要特点通过对集团资金均衡流动和风险管理以保障既得收入是首要目标对资金头寸管理采用有限度的方法服务和对业务的支持是其特点责任范围较小 主要注重成本控制在企业中主要是协调作用，较少主动行为 利润中心 （7）增值服务中心(67%)成本中心 (19% )资金管理理念资金管理理念Pfizer EuropeBATBritish AirwaysIBMICISmithKline Beecham Warner Lambert MNC资金管理方式分散分散集中集中分散分散集中集中基层责任基层责任政策制定政策制定集团责任集团责任执行执行集团集团基层单位基层单位趋势In general there is a trend by leading MNCs towards centralised policy setting, decision making, monitoring and execution supported by sophisticated information and banking systems (World Treasury Centre structure). MNC资金管理目的资金管理目的组织结构组织结构人员人员流程流程控制控制衡量衡量信息系统信息系统管理短期流动均衡和长期融资要求降低资本成本高效率的执行日常资金交易活动 准确预测资金状况备用金的有效管理有效规避利率和汇率风险集中统一的资金管理与其它业务的有机整合收付款的处理记录和管理资金头寸管理/投资管理汇率风险管理对帐结帐和报告资金预测统一的政策和业务流程银行关系管理政策合理的分工和审批权限内部控制制度符合整体战略的KPI报告的时效预测的准确性资本回报率银行帐户与资金系统的自动链接银行余额调节表的自动生成实时在线现金预测资金管理知识技能对公司业务和战略的理解与金融机构的关系关键成功因素 Electronic Interfaces with Accounts Payable, Accounts Receivable, Payroll and General Ledger 资金系统与应收、应付、工资和总帐系统的自动接口Establish and maintain good relations with banks 与银行的良好关系Agree Finance terms 预先商定的融资、服务条款Reconcile bank accounts on a regular (daily) basis 经常性 （每日）银行对帐EDI for the majority of payments and receipts - where possible using high volume/low value clearing systems 尽量采用收付款的自动划帐（如EDI)Automated bank reconciliation systems and processes 银行余额调整过程由系统自动执行关键成功因素(续)Cash monitoring and forecasting techniques to provide first class accuracy 准确及时的资金监控和预测Operate minimum petty cash and foreign currency floats 尽量减少备用金和外币金额Separation of Cash management staff duties from other finance operations 从事资金管理的员工应与其它财务职能相分离Secure EB systems 电子商务系统的安全保障Customers pay by most cost-effective routing 客户付款应采用成本最低的途径Short cycle time between customer payment and use of funds 资金循环速度Measures 考核衡量衡量依照公司整体战略目标设立资金管理依照公司整体战略目标设立资金管理KPI。与预算和业界的与预算和业界的比较分析。比较分析。Number of bank accounts银行帐户数目Number of outstanding reconciling items 1 month old 调整数目Percentage of cash transactions effected electronically 资金交易自动化的程度Floating days banks take on receipts/payments 银行收付款效率Cost of cash function as a percentage of total finance cost 资金运营成本占财务运营成本的比例Number of accounts outside cash pooling 未纳入统一管理的银行帐户数Opportunity cost of bank balances vs. money market rates 资金的机会成本Cost Drivers 主要成本要素Electronic payment and receipt mechanisms 电子结算手段Number of banking locations and bank accounts 银行帐户的数目的地区分别Number of locations 区域数目System interfaces available for cash entries 系统的自动链接程度Types of payments and currencies used 支付的种类和币种Number of petty cash sites 备用金数目Number of transactions per day 每日交易数目Extent of government regulation 政府的监管手段总部资金战略总部资金战略 FX 战略 .长期融资银行关系IR 战略资金流程资金流程 现金管理FX短期流动平衡 付款 / 收款银行关系G/L 对帐对帐流程建议流程建议资金管理模块资金管理模块对战略的建议对战略的建议资金归集资金归集付款付款 / 收款收款营运资金预测营运资金预测FX 预测预测业务业务SSC长期长期 预测预测集团总部集团总部第三方第三方报告报告* Note only treasury relationships shown短期预测短期预测案例在共享服务中心下的资金管理模型