财务公司西风东进

发布:2017-09-22 15:40 来历: 《我国Betway体育》2017年第15期 作者:王莉

财务公司是金融体系中重要的组成部分。它经过供给赋有特征的金融服务,起到了其他金融组织无法代替的效果。我国财务公司协会供给的数据显现,经过近30年的展开,到2016年年末,财务公司职业财物规划已达476039332.3万元,净赢利6199241.68万元,一切者权益到达67343055.87万元,本钱充足率到达21.25%,拨备覆盖率为3303.79%,不良财物率为0.03%。与此一起,跟着我国金融商场的日臻完善,财务公司的新事务也在不断涌现,如金融债的发行、跨国公司的资金归集及产业链金融等。现在,跟着越来越多的企业走向海外,其效果也日益显示。财务公司起源于西方,不管从理论仍是实践上,国外对财务公司的研讨都较为老练。职业公认,作为企业集团司库渠道的财务公司,将会成为未来的展开方向。西门子财务服务有限责任公司(Siemens Financial Services Ltd.下称“西门子财务公司”)正是这一方向的践行者,其将世界领先的流程技能,也引进到了资金处理事务的各项流程中。在曩昔数年中,其加快了我国司库会集处理的速度,积累了名贵的实践经历,可供我国的财务公司参阅。

Finance companies are an increasingly important part of China's financial system. This is particularly so as China pushes ahead with financial reforms that promote competition in the financial sector and increase the role of the market in setting interest rates and the renminbi exchange rate. According to data provided by the China Association of Finance Companies, after nearly 30 years of expansion, finance companies had combined assets of 4,760.4 billion yuan as of the end of 2016 with owner's equity of 673.4 billion yuan. Non-performing assets were a tiny 0.03%, while the capital adequacy ratio reached 21.25% and provision coverage reached 3303.79%. With the growing maturity of China's financial market, finance companies are moving into new businesses, including the issuance of financial bonds, providing global sweep accounts for multinationals and offering international supply chain financing. As more and more domestic enterprises move into the international market, finance companies are playing an ever greater role in China's financial environment. Finance companies got their start in developed Western economies, and there is a considerable amount of research on the role they have played as the treasury platform for enterprise groups. Much of their experience may be applicable to the China market.

依据《企业集团财务公司处理办法》,我国集团财务公司的功用首要定坐落资金会集处理和为集团成员单位供给财务处理服务。与银行不同,财务公司的危险首要会集在集团内部,相对可控,不会演变为体系性危险。但在我国企业“走出去”的进程中,财务公司本身展开形式的缺点与缺乏,也使一些潜在危险逐步显现出来,首要表现在对危险的操控首要会集在事务买卖层面,没有构成对公司全体危险的操控。

According to the Enterprise Group Finance Company Management Measures, China's group finance companies mainly focus on centralized management of corporate funds and the provision of financial management services to corporate group members. Unlike banks, finance companies have risks that are concentrated within their group. This means risks are relatively controllable -- assuming the group itself is financially healthy -- and there is less likelihood of systemic risk from finance companies. However, as Chinese companies "go out" into the global market, there are more obvious shortcomings in the operations of the nation's finance companies. Risks are largely concentrated in business transactions, and interest rate risk and exchange rate risk are among the chief areas where risk needs to be scrutinized. 

西门子财务公司副总司理韩玲介绍说,西门子的司库会集处理结构由处理、履行和操控三个方面组成。其间:“处理”即企业明晰颁发司库有法律效力的代为处理权;“履行”,指司库既担任内部买卖又担任外部买卖;操控,即法规指引制定出来后,中心司库还要经过相应的内部审计,不断监测这些法规是否得以履行,并将其列为部属公司查核层的查核内容。

Han Ling, deputy general manager at Siemens Financial Services, said that the centralized governance framework at Siemens' treasury operations is comprised of three key segments: governance, implementation and control. She said that for governance, the company clearly confers administrative authority to the treasurer. For implementation, the treasurer can deal with both internal transactions and external payments. For control, the central treasurer needs the corresponding internal auditing to continuously monitor compliance with existing laws and regulations. This is a key measure for performance assessment of the operations of subsidiaries.

企业跨国运营中面对的危险首要有内部危险与外部危险。外部危险首要由企业依存的外部环境发生,如利率危险、汇率危险等。其间,Betway体育危险是指Betway体育汇率变动带来的企业在生产运营中以外币计价的财物与负债的价值、收入和开销的增加或削减,或许导致的丢失,其成果具有不确定性。外部危险是我国企业“走出去”进程中都会面对的问题,那么财务公司应怎么躲避Betway体育危险呢?

One company with a wealth of experience in dealing with these risks as they apply to members of an enterprise group is Siemens Financial Services Ltd. In recent years, Siemens Financial has accelerated the pace of its centralized treasury management operations, and the company's experience could serve as a handy reference for many of China's own enterprise groups.

西门子财务公司履行董事、总司理Matthias Plenio对记者说,西门子在我国各事务范畴的金融需求都迥然不同:或是资金短缺需求借款,或是资金盈利在财务公司存款,而一切触及外币事务的成员单位,都有Betway体育危险处理的需求。作为集团的“内部银行”,财务公司首要经过发挥集团资金结算、资金归集、资金监控和金融服务四个渠道功用,为成员单位供给如处理吸收外币存款、发放外币借款、外币资金池和结售汇等全方位、一体化的Betway体育处理和金融服务。其次,财务公司经过运用有用的内外部操控办法,协助成员单位及时了解Betway体育商场的动态和金融避险东西,对协助其防备和化解在生产运营活动中存在的Betway体育危险;一起,树立跨境外币资金池和人民币跨境资金池,打通财务公司本外币“资金池”通道,统筹运作资金处理,打造高效、方便、便当的Betway体育资金会集处理渠道。

Matthias Plenio, executive director and general manager of Siemens Financial Services, told reporters recently that the financial needs of Siemens across its various business areas in China are similar to those of domestic groups. In some cases there is a shortage of funds while in others there is a surplus of deposits. Moreover, all group members with foreign currency business need foreign exchange risk management. As an enterprise group's "internal bank," a group finance company firstly provides settlement as well as capital pooling, capital monitoring and other financial services. The finance company can also offer integrated foreign exchange management and financial services, such as foreign currency deposits, foreign currency loans, and foreign currency pooling as well as settlement and remittances for group members. Making use of effective internal and external control methods, finance companies help group members keep abreast of financial hedging tools of the foreign exchange market to help mitigate foreign exchange risks in production and other business areas. At the same time, these companies need to build cross-border renminbi capital pools, and facilitate the channels of the capital pool for domestic and foreign currencies of the financial companies, while integrating and co-coordinating capital management. This is to create a fast, efficient and convenient centralized management platform for foreign exchange funds.

详细而言,危险辨认是Betway体育危险处理的第一步。西门子集团在全球的公司都会发布比较翔实的Betway体育处理辅导方针。其间对Betway体育危险敞口进行套期保值的水平、比率及核算危险敞口的办法,集团都有一致的要求。在实践操作中,则由区域司库中心担任。如在我国,西门子财务公司会会集处理一切企业的Betway体育危险,并凭借金融车牌,积极展开即期结售汇事务,测验会集远期、掉期汇率危险处理,以更有用率地为成员单位服务;一起,积极为成员单位展开Betway体育事务咨询、定时Betway体育处理训练,内容包含在签定商务合一起,增加钱银条款(Currency Clause)。触及到详细项目,会在竞标阶段开端,协助出售司理核算报价汇率,将套期保值本钱核算进来。别的,一切成员单位皆树立“钱银司理”(Currency Manager)一职, 全权担任辨认、陈述和监控Betway体育危险。

In particular, risk identification is the first step of foreign exchange risk management. Siemens Group has issued detailed guidelines for foreign exchange management for its global companies. The group has uniform requirements for hedging, the extent of hedging and the method of calculating foreign exchange exposure risks. In actual practice, the regional treasury center takes responsibility. In China, Siemens Financial Services focuses on the foreign exchange risk of all enterprises, and actively carries out spot settlement and sales business with financial licenses. It monitors long-term and swap foreign exchange rate risk management, to deliver more efficient services for the member units. At the same time, the company provides foreign exchange business consulting and regular foreign exchange management training, including the signing of business contracts. When it comes to specific projects, at the start of the bidding phase, the company helps sales managers calculate the exchange rate to determine the hedging costs. In addition, the company installs a currency manager for all member units, and he or she is responsible for the identification, reporting and monitoring of foreign exchange risk.

合规运营

Compliance Management

Matthias Plenio着重,关于危险处理,西门子归于十分保存的跨国公司,规则不行投机、套利,寻求的是事务运营赢利,而不是经过衍生品获取投机收益。运用衍生产品,仅仅为了确定或下降Betway体育危险、运营本钱,经过套期保值防止意外,削减赢利表因汇率危险而发生的动摇。并且,西门子公司的Betway体育危险敞口是很低的,并可随时依据商场状况在Betway体育买卖中心平盘。

Mr. Plenio stressed that Siemens is a very conservative multinational company as far as risk management is concerned, and that it eschews speculative deals. It looks to pursue business operating profit rather than generate profits by taking speculative positions. The use of derivative products is confined to limiting or reducing foreign exchange risks and operating costs. Moreover, hedging is meant to be used to avoid unpleasant surprises and reduce the effects of exchange rate swings on profits. At Siemens, the level of foreign exchange risk is quite low, and the company can always square its positions through the foreign exchange trading center, the executive said.

财务公司作为附归于企业集团的金融组织,事务上首要承受银监会的监督处理,并在同业拆借、Betway体育结算等详细事务上承受人民银行、Betway体育局的监督辅导。

Regulatory supervision of finance companies is conducted mainly by the China Banking Regulatory Commission but for interbank lending, foreign exchange settlement and other specific businesses, the central bank and the foreign exchange regulator provide supervision and guidance.

当时,国内许多财务公司还处于探索展开阶段,基本以信誉危险处理为重心,对操作危险、合规危险未能给予应有的注重。而在“危险监管”这一新的监管风向下,合规运营日益成为趋势及财务公司内操控度的重中之重。

At present, many domestic finance companies are still in the development stage, with credit risk management as their focus. As such they may overlook operational and compliance risks. With greater attention placed on "risk regulation" - or regulation that is aimed at controlling risk -- compliance management is taking on an increasingly critical role in the operations of these companies.

现在国内财务公司在内控机制的运转中,总体上是事前、事中操控少,过后操控多。详细表现在三个方面:一是未到达操控方针;二是未严格履行规则的操控措施;三是跨越处理权限。

Regulatory supervision of domestic finance companies is focused on monitoring ongoing operations of companies rather than prior approvals. In some cases this has not been up to the task of preventing risk while in other areas authorities have exceeded the regulatory limits on their authority.

合规运营一直是西门子财务公司最为垂青的运营战略之一。其结合信息技能,开发了独有的衔接西门子成员企业的渠道,完结了金融买卖、内部结算和账户的主动化处理。韩玲介绍说,内操控度的中心环节之一表现在付款流程,这一流程触及责任分工是否明晰、买卖是否实在、是否存在受贿与诈骗行为等。在西门子,付出进程基本上是一个无人工干预、主动完结的进程。

Compliance has been one of the most important business objectives at Siemens Financial Services Ltd.. With the help of information technology, the company has developed a unique platform that links member companies of the Siemens Group member and achieves coordinated financial transactions, internal settlement and automated account management. Han Ling said that one of the central components of the internal control system is reflected in the payment process, which involves a clear division of responsibilities. This ensures transaction authenticity and eliminates opportunities for fraud or other corrupt practices. At Siemens, the payment process is basically a process of automatic completion without human intervention.

在西门子,假如成员单位下了订单,那么只要在事务实践完结后,即发票、货品及税款匹配成功后,才干转入“付出工厂”等候处理。“付出工厂”在付出前,会进行主动化审阅,详细内容包含对诈骗的防备,以及禁运、反洗钱等相关的核对。

At Siemens, if a group member makes a purchase order, official receipts, invoicing and other documentation is required before the order is transferred to what is called the "payment factory" for further processing.  The "payment factory" carries out automated audit before payments are made, including fraud prevention, embargo, anti-money laundering requirements and other related verifications.

《企业集团财务公司危险点评和分类监管指引》的发布,为财务公司的合规运营供给了方向。在合规运营中最忌讳人为因素的搅扰。在这方面,西门子财务公司“付出工厂”所规划的主动化进程,对我国财务体系的建造或有所启迪。

The Guidelines for Risk Evaluation and Classification of Financial Companies in Enterprise Group provide direction for finance companies in their compliance management task. In the compliance business, human interference is the biggest concern. In this regard, the automation process designed by the "payment factory" at Siemens Financial Services Ltd. is a useful guide.

事务立异

Business Innovation

依照我国企业集团财务公司发表的最新职业评级,有68家财务公司评级为立异类。现在,银监会同意的财务公司事务规模首要包含:为成员单位处理信誉验证和相关咨询;署理事务;财务顾问事务;为成员单位处理托付借款和处理成员单位之间的出资;各成员单位的收据承兑与贴现;内部转账成员单位之间的结算及规划规划;吸收成员单位存款;从事同业拆借等。

According to the latest industry rating by the Financial Companies of China Enterprise Group, there are 68 finance companies rated as "innovative." At present, the business scope of finance companies, as approved by the China Banking Regulatory Commission, covers credit verification and related consulting for group member companies, agency business, financial advisory services, entrusted loans for member companies and investments within the enterprise group, the cashing and discounting of all bills of member companies, settlements for member companies engaged in internal transfers, the taking of deposits from group  member companies and interbank lending.

跟着利率、汇率商场化等金融变革的推动,财务公司事务展开也遭受瓶颈。面对的首要问题有三:一是资金利用率低,资金没有得到优化装备;二是事务拓宽才能低,促进集团事务展开的功用并未得到充沛发挥;三是营运资金运用功率低。

Despite continuing reforms of China's financial system, finance companies face a number of hurdles, particularly a relatively low utilization of funds, which results in idle capital and the inefficient use of working capital. At the same time there has been an overall inability to capitalize on reforms at the group level.

业界专家以为,财务公司要打破现有的约束,必须在运营结构和盈利形式上进行改变。正因如此,一些新的事务,如产业链金融、Betway体育资金会集运营处理等试点事务,已成为许多财务公司转型的抓手。

Experts maintain that finance companies need to transform their operating structure and profit model. New businesses, such as supply chain financing, centralized management of foreign exchange and other pilot business are seen as new potential growth areas that need to be tapped to a greater extent.

韩玲以Betway体育资金会集运营处理试点为例,介绍了西门子的做法。西门子是北京Betway体育处理部的第二批试点企业集团,西门子财务公司为主办企业的Betway体育资金会集运营处理试点项目,成功会集了全国各省50余家营运公司的Betway体育事务。在事务展开中,首要是经过Betway体育资金的会集处理,树立外币资金池,使Betway体育资金高度会集;其次是经过展开即期结售汇事务,取得商场的优惠价格,然后协助成员单位下降结售汇本钱。在此基础上,进一步优化远期结售汇的买卖会集处理流程,让银行充沛竞价,以下降远期结售汇本钱,进步买卖功率。  

Han Ling noted that Siemens Financial Services Ltd. is part of a pilot project of centralized operation and management of foreign exchange funds under a program approved by the Beijing Foreign Exchange Management Department. This has allowed the company to consolidate the foreign exchange operations of more than 50 operating companies around the country. In its business development, the centralized management of foreign exchange funds lets the company build a foreign currency pool that concentrates foreign exchange funds. By undertaking spot settlement and sales in foreign exchange, the group has access to preferential prices, thereby reducing costs to group companies. On this basis, the group can make forward transactions as well and further reduce costs while boosting transaction efficiency.

未来,随同监管部门颁发财务公司新的试点规模,信任财务公司能在传统事务为主的基础上,学习世界展开经历,不断开辟出新的事务范畴。

In the future, with regulatory authorities permitting finance companies to enter new businesses through pilot projects, finance companies are expected to find new business opportunities.