satin jewelry pouch black wholesale Our group company now needs the business of the fund pool, and I hope that all banks can give a plan.

hemp jewelry beads wholesale Packing funds together to form a space for storage funds like a reservoir is usually used in fund -raising investment in real estate or insurance. The funds keep it balanced

The inflows of the bank also have a huge capital pool loan loan and deposit. The capital flow outflow of funds can be used in a relatively stable state

Cash pooling is also known as the total cash library. The earliest fund management model developed by the financial company of multinational companies and international banks to uniformly allocates the Group's global funds to minimize the net position held by the group. The matters that the cash pool business mainly includes includes the balance of the membership of the member unit, the daily overdraft of member companies, active allocation and payment, entrusted borrowing between member companies, and the deposit of membership companies to the group headquarters, and borrowing interest respectively. Different banks have specific expressions of cash pools.

The definition of Citibank's cash pool is that the cash pool structure is an automatic allocation tool for capital management between enterprises. The main function is to achieve centralized control of funds. The cash pool structure contains a main account and one or more sub -accounts. The automatic allocation of cash pool funds usually occurs at the end of the day. The amount of allocated depends on the daily amount and target amount of each sub -account. Will be concentrated in the main account.

The HSBC Bank's definition of the cash pool in the 2006 Asia -Pacific Cash Management Guide is that the cash pool is also called the interest of interest, offset multiple account balances, and calculate the interest of the net balance. This is a substantial transfer and centralized arrangement that put multiple account balances through the transfer mechanism. The fund collection category includes zero account account (ZBA), target balance account (TBA) and automatic investment accounts.

The cash pool management launched by China Merchants Bank, which is launched by China Merchants Bank, is the form of funds The centralized operation, this is the flexible application of the maximum entrusted loan. In the cooperation between the group and the bank, the bank is a lender, the group company and its subsidiaries are entrusted borrowers and borrowers, and then the electronic banks are used to implement a package of entrusted loan agreements, so that the original business that needs to be handled one by one. Chengjin's business and processes have realized the unified operation and centralized management of the group's funds.

The financial centralized management model of some large enterprise groups in my country has two lines of income and expenditure, internal banks, fund settlement centers, financial companies, etc., and in both ways: settlement center and financial company. The fund settlement center is usually a specialized institution established in the cash receipt and exchanges settlement business established by the corporate group and the internal members of the group. It is usually established in the financial department and is a functional department for independent capital operation. The financial company is approved by the People's Bank of China to set up a non -bank financial institution under the Group and provide supporting financial services to the group members of the Group.

In the cash pool framework, the group company and its subsidiaries are entrusted borrowers and borrowers. The subsidiary's overdraft in the pool is a loan and pays interest; on the contrary, deposits in the pool are to collect interest. Therefore, the cash pool has formed a close strategic alliance relationship with the commercial bank, which has unique management effects. Even if the group or financial company conducts financial management groups, the cash pool model should be imported to make the group's capital management system and process more efficient.

[Edit] The main role of the cash pool
As the market globalization continues to expand, the requirements of enterprises' management and concentration of mobile assets have become increasingly urgent. At the same time, the acquisition or merger of enterprises has brought new management systems, contacts with banking industry, and account structures, making the integration process of corporate finances more complicated. As a result, in the reduction of costs, automation advancement, and process mergers, enterprises have been facing various pressures.

The typical situation is that the subsidiary hopes to keep the relationship with the local bank or want to put the funds in the local bank, and the subsidiaries must be placed in the process of centralized asset management throughout the group. Consider. On the other hand, from the perspective of the head office, the number of account opening banks is limited to a reasonable scope, or the management of funds in the head office is an important part of the group's centralized asset management advantages.

At the same time, the restrictions on national regulations are constantly relaxing, providing a more convenient environment for the effective management and utilization of corporate funds. For example, the state has introduced a series of regulations to encourage the development of the headquarters of the enterprise region to make the RMB cash pool a popular mobile asset management plan. In addition, the introduction of foreign exchange cash pool regulations also provide the foundation for enterprises to manage their own foreign exchange more effectively.

Specifically, for a multinational company, especially the financial director of group companies with many affiliated institutions in China, mobile fund management is particularly important. Generally, there are four main purpose of the financial director to manage the flow of funds of the company. One is to manage and control the liquidity funds of the entire group at the level of the group company. The fourth is to actively manage idle funds through short -term investment.

The corresponds to the establishment of the cash pool structure, the main improvement of corporate finances is the following three aspects.

First, reduce interest costs. The concentrated structure of automation funds reduces the group company's demand for RMB loans. The financing cost within the company can be set to the loan interest rate below the People's Bank of China. However, in order to avoid transfer of pricing issues, interest rates must be set in accordance with the "normal transaction relationship". In other words, interest rate levels must also be applied to similar transactions to third parties.

It, improve liquidity management. In the cash pool structure, the subsidiaries will maintain the least funds balance in order to fully improve the use of funds and liquidity of the entire group. At the end of the day, the surplus or deficit of any sub -account balance will be concentrated to the main account. In this way, excess flow funds can be better managed and controlled -surplus funds can be transferred from some subsidiary accounts participating in the cash pool to help entities with shortage of other cash shortages.

third, save management costs. Maintaining a small RMB loan can reduce the company's cost of fund account management. In addition, the report service provides detailed information reports to simplify the monitoring process of the cash pool. The liquidity management system of Citibank includes a coordinated pre -defined report and the account trace of the accounts that can be reached through the Citibank's electronic banking system.

[Edit] A few specific issues that operate the cash pool need to pay attention to
In essence, the cash pool is a management concept and management policy. , Early complicated capital allocation and management and control systems between members and banks are organized and organized.

1. Select the appropriate cash pool operation method

The group cash pool usually needs to be completed with the support of the external banking system. Notional Pool.

The entity cash pool is the collection of zero accounts of the account, which means that the cash of the company's cash concentration or cash is cleared in the form of the company. To complete the business separation. For example, the basic operation of the cash pool management launched by China Merchants Bank is that the Group Corporation will uniformly collect the capital positions of each member's corporate account every day and concentrate on the Cash Pool account of the Group Corporation; Chizhong's funds and its unified credit bank applied for the credit bank as a guarantee, which agreed that the daily overdraft amount of members of the members of the members; within the agreed overdraft amount, if the balance of the account of the member corporate in the day, At the end of the payment; at the end of the day, the Group Corporation and China Merchants Bank unified their calculations to make up for the overdraft amount of each member company under the cash pool funds or credit items.

The nominal cash pool refers to the comprehensive surplus generated by different cash positions in various bank accounts to replace the comprehensive deficit. Its operating mechanism is: each company involved in the cash pool retains the account of the currency belonging to the cash pool, and then the bank combines all participating accounts to comprehensively concludes a net amount to reflect the cash position, and there is no actual capital transfer.

I Although the members of the cash pool belong to the same parent company, they still maintain mutual separation of law and tax. Due to my country's legal restrictions on borrowing behavior, the subsidiaries within the group mainly realize the management of physical cash pools through the method of "commissioned loans" (or agreement transfer).

It, according to whether it is mainly based on banks to examine, the cash pool can be divided into cash pools based on banks as intermediaries and cash pools based on corporate group financial companies.

The cash pool with banks as an intermediary is a multi -to -multiple commission loan method, that is, each legal person company may be the provider of the entrusted deposit and the demander of the commissioned loan. In the cash pool, the cash pool The deposit balance is not less than the entrusted loan. The accounts of the group enterprise and legal person associated company exceed the target balance (because each entrusted loan must pay the stamp duty and interest income business tax, the zero account account is not economical and unnecessary), it is stored to the entrusted deposit account or the earliest return time The borrowed loan was borrowed. If there is a lending request that the entrusted deposit balance in the cash pool is less than the entrusted loan balance, the entrusted deposit balance is smaller than the part of the entrusted loan balance to form a capital demand enterprise account overdraft.

The cash pool with the financial company of enterprise group as the intermediary. The service is still provided by the bank. The difference is that the bank does not appear as a commissioned loan agency, but appears as the cash pool software and payment agencies. Its principle is much simpler than the cash pool with banks as an intermediary. The corporate company in the group is uniformly deposited to the entrusted deposit account of the financial company. Enterprises that require funds are borrowed from the commissioned loan within the amount of entrusted deposit than the entrusted loan. Provide a liquid fund loan solution.

2. The internal institutional system necessary for the management of cash pool management

The cash pool is essentially a system of centralized and funding management and control. Construct a corporate culture with the group's overall benefits and competitiveness, rather than a subsidiary individual or single fund business cost. Essence

Since the subsidiary is an independent legal person, the parent company's holding ratio of the subsidiaries is full, absolutely controlled, and relative holdings, etc. Therefore, to promote the cash pool, not only must it be "minority shareholders" with the subsidiaries. The necessary negotiation, and design different centralized management systems according to the "depth" and "breadth" of cash concentration. In addition, under the existing system, the group's listing of subsidiaries will be included in the management scope of the group's cash pool. (For details, please refer to "The embarrassment and defeat of the centralized management of funds")

Colonal with cash pool management, urgently need to establish and improve the internal operation process of the group, internal job responsibilities, information communication, funding of funds, fund classification budget budget , Internal entrusted loan rules, internal audit, performance evaluation and other series of systems. Taking the fund budget as an example, it should focus on the process of "fund budget -fund approval -fund operation -business control -risk prevention -decision support" and other processes to achieve annual budget, monthly balance, and daily scheduling. In the Group's fund management, the principles of fund management must be adhered to unplanned things, and the money management principles without budgets are not spent, and comprehensive fund budget management must be strengthened, and the funds are controlled strictly in accordance with the budget control.

3. The group headquarters should focus on improving the four capabilities

The implementation of the cash pool business test whether the group's subsidiaries can obey the overall situation and maximize the overall benefits of the group instead of the child instead of the child The company's local interests are in the mentality of the first place. Relatively speaking, the biggest test is the group headquarters, because the cash pool business has completely pushed the group's headquarters to the forefront of the entire group's fund allocation, and is the "bridgehead" of the group's capital management. The group headquarters must have strong funding planning, timely allocation of funds and investment decision -making capabilities. However, according to our investigation and analysis, a group of groups cannot implement the biggest obstacle of the cash pool business may be the weakness of the group headquarters, and the headquarters "generally" cannot be up.

The strong group headquarters to build capital management is an institutional arrangement of long -term and substantial results in the cash pool business. To this end, the group's headquarters improved four capabilities.

The first concentrated and unified external financing capabilities. The reason why the cash pool is called "pool" is a premise of full cash reserves. The headquarters should be able to grasp the total scale of capital demand in the group through calculation and analysis, ensure the strong financing capabilities of the headquarters through the concentration and unity of financing power, and ensure sufficient cash supply.

It's fund scheduling ability of the group headquarters. The cash pool business is in the form of entrusted loans to transfer funds with excess position accounts to the overdraft account, and conduct internal allocation and transfer of the group. This scheduling and allocation of cross -regional, cross -industry, and enterprises is a high -risk wealth management business. While improving the efficiency of funds while ensuring the security of funds, it is necessary to prevent the group's capital chain from breaking.

The third is the financial control of the group headquarters. Relying on the platform of the cash pool, the group headquarters should improve the fund management system and system to achieve the standardization, standardization and integration of fund management and control. The target of the group's control is not only cash resources and its allocation, but also to be able to penetrate into the operation and business operation of the affiliated enterprise. Pay close attention to the product competitiveness, business field optimization and market share of their affiliated enterprises in the future. Combine cash pool management with business management.

This is the high -quality service capabilities of the headquarters for subordinate companies. The cash pool business requires the headquarters to organically integrate the management and service of the affiliated enterprises, and the service is in management, and strengthen services in management. This service includes three levels: the first is to provide funding services to ensure that the production and operation of subordinate enterprises has normal funds; secondly, information services in terms of funds and markets; and finally, the headquarters should provide financial management guidance and guidance to subordinate enterprises in a timely manner. consultation service.

[Edit] The cash pool instance
The construction of the cash pool is widely used in the country and domestic. It is PetroChina and Guangdong Transportation Group. Taking GE's "cash pool" as an example, it describes the best practice of the cash pool in detail.

In August 2005, the State Administration of Foreign Exchange approved General Electric (GE) to determine the US dollar cash pool business implemented in China through bidding. GE currently has a total of 82 cash pools around the world. The bidding is the first time that GE uses the cash pool in mainland China to manage the US dollar funds. GE's investment in China has begun in 1979. So far, more than 40 business entities have been invested, with an investment scale of more than 1.5 billion U.S. dollars. The investment business includes high -tech materials, consumption and industrial products, equipment services, business financing, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance, insurance. Energy, infrastructure, transportation, medical and consumer finance, including more than ten industries or departments, etc., GE's sales in China increased from about $ 1 billion in 2001 to nearly $ 5 billion in 2005. With the expansion of the business, the centralized management of the cash of each member company was revealed due to cross -regional and cross -industry reasons. Before the GE cash pool was put into use, GE's 40 subsidiaries were combined by single soldiers in the use of foreign exchange funds. Some companies deposit in banks, and some loans to banks, which affects the efficiency of funds. Only its RMB business achieved centralized control in 2002. The centralized management of the RMB was also implemented by CCB through the form of the cash pool business.

GE's sales revenue in China is mostly US dollar assets, and the management of foreign exchange funds in my country before 2004 stipulates that both companies cannot transfer transfers with foreign currencies regardless of whether they have equity relationships or not. This actually means that for multinational companies in China, even if the subsidiaries are rich, the parent company cannot use it. In this way, the centralized management of GE's US dollar business in China cannot be realized. Until October 2004, the Foreign Exchange Administration issued the "Notice on Internal Operation Management Management of Multinational Corporation", which proposed that "the disassembly of foreign exchange funds between the members of the multinational company can be carried out by entrusted loan." In this case, GE Company cooperated with China Merchants Bank to avoid policy barriers to achieve capital control of the subsidiary company headquarters of the multinational company group. In addition, the international businesses of the 40 subsidiaries of GE in the past were discussed with various banks. Once the GE headquarters collected foreign exchange funds, the international businesses such as the opening and discounting of each subsidiary will be unified to China Merchants Bank.

GE Company set up a parent company account in China. At 4 pm a day, the banking system automatically scan the subsidiary account and clear the subsidiary account. conduct. For example, Company A enjoys an overdraft limit of $ 1 million in the bank. By 4 o'clock in the afternoon, the system computer began to scan automatically and found that the overdraft of 800,000 US dollars on the account was returned from the cash pool of the group company. The account is clear. If Company A did not deposit money from the cash pool of the group company before, it was recorded as a borrowing of $ 800,000 from the group, and if the account of Company B had $ 1 million in capital surplus, it was scheduled to the cash pool and recorded it as the group company. After all funds are concentrated in the group company, the total amount displayed is $ 200,000.

This this approach realizes the sharing of capital resources of the group's internal member enterprises: the funds of the group's internal member enterprises can be concentrated into a "cash pool". At the same time Use the funds in the pool conditionally. The headquarters cash pool account brings together the actual balance of the bank account of each member unit. When the bank account of the member unit has funds, the funds are automatically collected to the headquarters cash pool account; The total amount of the payment funds of each member unit does not exceed the "overdraft amount" stipulated by the group; when the member unit has funds to pay, the member unit's bank account and the headquarters cash pool account are jointly reported to record the information change information in real time; "Management, survived the precipitation funds and improved the utilization rate of funds. By controlling the available amount in the management process, the capital risks are successfully reduced.

It's essence, China Merchants Bank's GE dollar cash pool project is a flexible application of entrusted loans. In the cooperation between the two parties, the bank is a lender, the group company and their subsidiaries are entrusted borrowers and borrowers, and then the electronic banking to implement a package of entrusted loan agreements, so that the business that originally needed to handle was turned into intensive business and intensive business and Process, thereby realizing the unified operation and centralized management of foreign exchange funds throughout the group.

[Edit] Thinking about the management of state -owned enterprise funds
GE cases are actually a common practice of group funding management. The cash pool is only one of the group's capital control model. However, the financial management concept and capital regulation technology shown in this model are worthy of summary, promotion and promotion. The group headquarters should play the role of the "headquarters", not only to monitor the fund income and expenditure of the subsidiaries of the subsidiaries, but also strengthen the Group's internal fund adjustment, flexible capital position, optimize the allocation of funds, reduce cash holdings, accelerate the turnover of funds turnover , Improve the efficiency of the Group's overall funds. The company's headquarters fights independently for the company's capital control, and each holding subsidiary is independent. The phenomenon of self -flow is by no means a case. Practice shows that the result of the company's decentralized system in cash control will reduce the company's profitability and increase the company's financial risks. Financial centralized management, focusing on cash flow, is the only rational institutional arrangement.

is similar to the GE cash pool business. There are two lines of revenue and expenditure in some large groups in my country, set up internal banks, settlement centers, and use group financial companies, etc. Most of them. The settlement center is usually established within the enterprise group. Specialized institutions that handle the cash and payment of each member of the group and the settlement of the intervision settlement business are usually established in the financial department and are a functional department for capital operation. The financial company is a non -bank financial institution under the group company and approved by the People's Bank of China. It is established as a subsidiary of the group enterprise. Regardless of whether it is a settlement center or a financial company, although it is necessary to use external commercial banks to perform its duties, for the "cash pool" business, the group's capital management mainly rely on commercial banks, or banks have become members of the group's realization of various member units. One of the management entities for the centralized operation of funds and the sharing of the group's internal funds, not just the "supporting role" of capital control. Compared with the settlement center or financial company, the introduction of the cash pool can fully enjoy the fund settlement provided by the bank.

The group headquarters should focus on improving fund planning, scheduling allocation, and investing in decision -making capabilities. The implementation of the cash pool business tests whether the company's subordinate companies can obey the overall situation and maximize the overall benefits of the group, and also test the bank's service level and quality. However, relatively speaking, the biggest test is the group headquarters, because the cash pool business pushed the group's headquarters to the forefront of the entire group's fund allocation, becoming the "bridgehead" of the group's capital management. The group headquarters must have strong funding planning, timely allocation and investment decision -making capabilities.