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Optimization of Financial Management System of Qingdao Hisense Group

Author: WangLi
Tutor: YangGang
School: Jilin University
Course: Business Administration
Keywords: Financial management system Optimization recommendations Enterprise Group Profit maximization Competitive advantage
CLC: F406.72
Type: Master's thesis
Year: 2011
Downloads: 960
Quote: 1
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Abstract

Since the beginning of the twenty-first century, the domestic and international situation have undergone a profound change, and we entered a new economic era of information, networking and knowledge-driven features. In this era, many enterprise group has been expanded to markets in the world, both to the enterprise group brings opportunities also bring challenges as the central link in the chain of the enterprise group, with the increasingly fierce market competition, financial management, has become a key element to achieve the strategic objectives of the enterprise group. Whether the financial management system of the enterprise group can be well adapted to the growing competition in the market, promote the realization of the strategic objectives of the Group and the formation of competitive advantage, optimizing the regulatory environment and regulatory regime of the Enterprise Group, a direct impact on investors and other stakeholders interests relating to the configuration of the entire social resources rationally and effectively. Sound financial management system helps enterprise groups to realize their own value and profit maximizing business objectives, help to optimize the capital structure of the enterprise groups to improve the allocation of production factors can radically improve the Group's ability to resist risks. Financial management as a value in the form of comprehensive management, value creation and development strategy plays an important role, to provide decision support for enterprise groups. However, due to the impact of a highly centralized planned economy system, many domestic enterprises Group despite several mechanisms for reform and mechanisms, has yet to form a modern enterprise financial management system, many enterprise groups, despite the accumulation of decades of experience in financial management formed its own characteristics, in some respects, but significant gaps compared to the Group's financial management requirements, but also with the development of the socialist market economic system, the establishment of a modern enterprise system. As a global market capitalization of the largest group of companies - General Electric Company by virtue of its sound financial management mechanism science and good governance structure, to achieve the ultimate goal of the financial management of the enterprise group - shareholder value maximization, and four consecutive American Fortune magazine's annual Most Admired U.S. companies, three times by the British \financial management systems play a reference. The author as the research object Hisense Group, Hisense Group's financial management system of the status quo, in-depth analysis, mining exist many problems in the financial management system, and gives specific optimization suggestions for its existing financial management system, in order to to explore how the enterprise group, represented by Hisense Group to establish a rational and efficient financial management system for the overall development strategy of the Group, to expand the Group's competitive advantages, enhance sustainable development capacity of the enterprise group. The ultimate goal is to build a sound financial management system in order to achieve the goal of financial management of the enterprise group, financial management objectives will be different because of the stage of development of the enterprise group. In the start-up of the Group, financing scale, sales of high-income and low bad debt ratio of their financial management objectives; When the Group continued to grow and develop into the mature, there is a degree of accumulation of capital, then profit maximization it into their financial management objectives. Many large enterprise groups like Hisense has developed to a mature stage, when they forward to the internationally renowned enterprises, however, their financial management goals without a corresponding and timely conversion remained in profit maximization, resulting in the development of the Group's divorced from its objectives, and thus how timely conversion to the goal of financial management and the establishment of the problems to be solved in connection with the financial management system has been adapted to become placed in front of many enterprise groups. In short, the Enterprise Group Financial Management System is a systematic project, a long-term, systematic plan of work, it needs according to the development strategy of the Group, the business environment, combined with its own characteristics planning for the Group's financial management mode, and make timely adjustments according to the actual situation, start system, subsystem, and perfect one by one, in order to establish a scientific management system and the formation of the Group's own financial competitive advantage.

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CLC: > Economic > Industrial economy > Industrial economic theory > Organization and management of industrial enterprises > Financial management and accounting > Financial management, cost management
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