3. Maximizing shareholders' interests is based on long-term stable income, not high-risk gambling.
4, enterprise financial management is to use the form of value, organize enterprise capital movement, and correctly handle the financial relationship between enterprises and all aspects.
Comprehensive economic management. To do a good job in enterprise financial management, we must follow the principles, policies and relevant policies of the party and the state.
Laws and regulations, in accordance with the objective requirements of the law of capital movement, combined with the specific situation and financial environment of enterprises, raise and manufacture funds.
Use, recovery and distribution for scientific planning, organization, coordination and control, and correctly handle the various currencies reflected in the capital movement.
Business relations, through the form of value, comprehensively manage the production and business activities of enterprises.
Second, the capital movement
Enterprises carry out production and business activities, mainly supply, production and sales activities. These activities must rely on a variety of
Property, materials, currency. All kinds of property and materials embodied in money, including money itself, are collectively called funds. Enterprise capital
Gold, with the continuous reproduction activities, is also constantly transforming from one form to another, forming cash flow.
Move it. The movement of funds means that it starts from the form of monetary funds and goes through different stages of purchase, production and sales in turn, which are manifested as solids,
Fixed funds, materials reserve funds, semi-finished products funds, finished products funds and other different forms, and then converted into monetary funds.
Form. The capital of an enterprise starts from the monetary form, goes through different stages of supply, production and sales in turn, and then returns to the monetary capital form.
This process is called capital circulation. The constant circulation of funds is called capital turnover.
In the whole process of capital movement, enterprises raise, use, spend, recover and distribute funds from five aspects.
Business activities reflect the morphological changes of capital movement, and comprehensively reflect the production and business activities of enterprises in the form of money.
Third, the financial relationship of enterprises.
In the process of production and business activities, enterprises carry out financial work in five aspects: fund raising, use, consumption, recovery and distribution.
Activities are bound to have economic ties with all aspects. Enterprises in financial activities, through the movement of funds to reflect economic ties, said
For financial relations. The financial relationship of an enterprise mainly includes the following five aspects:
(A) the financial relationship between enterprises and investors
Enterprise financing and investment are two inseparable aspects in the modern enterprise capital movement. Whether starting a new business or
The transformation or expansion of the original enterprise needs to raise the required funds outside the enterprise. With the formation of multi-channel sources of funds in China
Our investors are also diversified. At present, China's diversified investment subjects mainly include the state and local governments at all levels.
Government, competent departments, enterprises, collective organizations, etc. With the deepening of reform and the development of market economy, mutual investment between enterprises is developing.
Trend, enterprises will become the main body of investment. With the development of joint-stock enterprises, investors include not only countries and legal persons.
In addition, it also includes individual shareholders.
The multi-channel financing and diversified investment of enterprises in Wang Ti require enterprises to make financing decisions, investment decisions and benefit distribution.
Make decisions, choose the best financing scheme, make the most reasonable investment, and adopt the most ideal benefit distribution policy. By improving management
Management, continuously improve economic benefits, provide investors with more investment income and provide a good investment environment.
Both the enterprise and the investor should fulfill their respective responsibilities and obligations in accordance with the investment contract and relevant laws and regulations in order to complete the wealth of the enterprise.
Handle the financial relationship with investors.
(two) the financial relationship between the enterprise and the creditors and debtors.
The creditor of an enterprise is an external affiliated unit or individual who lends money to the enterprise, sells goods on credit or prepays payment to the enterprise.
Units or individuals that pay for goods. Creditors of enterprises include government departments or institutions that provide loans to enterprises, banks that issue loans and their creditors.
He is not a financial institution, a bondholder, a holder of commercial bills, acceptance bills, etc.
The debtor of an enterprise is a unit or individual who has paid or received the payment in advance. Enterprises hold bonds issued by other units and issue them.
Or accepted commercial bills, these units are the debtors of the enterprise.
In economic exchanges, enterprises should repay loans, accounts and interest to creditors on schedule, and at the same time take back goods from debtors on schedule.
Payment, bond principal and interest and commercial bills, timely financial settlement of economic transactions, and establish good relations with creditors and debtors.
Financial relationship.
(three) the financial relationship between the enterprise and the industrial and commercial administration, taxation, insurance, price, audit and other departments.
Enterprises should handle industrial and commercial registration according to regulations; Pay taxes in accordance with the law, in time and in full; Handle insurance business such as property to ensure that
When an enterprise suffers extraordinary losses, it can obtain economic compensation according to regulations; Abide by price and financial discipline, and actively cooperate with taxation and property management.
The inspection and supervision of price and audit departments should correctly handle the financial relationship with these departments and create a good financial management ring for enterprises.
Conditions.
(D) the financial relationship between the various units within the enterprise
The financial relationship within the enterprise is not only reflected in the mutual provision between the supply, production and sales departments of the enterprise and the production units at all levels.
In addition to the fund settlement relationship between products and services, there is also the relationship between the basic production business of enterprises and the basic construction and welfare institutions.
The fund settlement relationship in economic communication. Dealing with the financial relations between various departments and units within an enterprise is to implement economic responsibility.
Objective requirements for formulating and implementing economic accounting.
(v) Financial relations between enterprises and employees.
We should properly handle the interest relationship between enterprises and employees, and combine the labor income of employees with the labor achievements of individual employees and enterprises.
The results of collective labor are linked, not only according to the quantity and quality of workers' own labor, but also combined with the independent operation and self-management of enterprises.
Pay reasonable labor remuneration to employees in the case of negative profits and losses. In addition, employees invest in enterprises to buy stocks, according to enterprises and investors.
Handling of financial relations; The purchase of bonds by employees from enterprises shall be handled according to the financial relationship between enterprises and creditors.
Fourth, the content of financial management
Enterprise financial management includes five links: fund raising, use, consumption, recovery and distribution in enterprise financial activities.
Surface management refers to the financial activities of an enterprise from start-up to termination and liquidation. The specific main contents include:
(A) the management of fund raising
Raising funds is a basic function of financial management and a necessary prerequisite for enterprises to engage in production and business activities.
Through which channels and how to obtain funds, we need to adopt scientific methods to make financing decisions and analyze the risks and costs of funds.
Balance, choose the best financing method and the best capital structure, in order to achieve good financing effect.
(B) the use and management of funds
Enterprises raise funds to effectively use funds, which are mainly used for cash, notes receivable, accounts receivable and
Current assets such as prepayments, inventories, fixed assets, intangible assets, deferred assets and other assets, as well as external
All kinds of securities investment. In order to make all kinds of assets achieve good capital use efficiency, it is necessary to strengthen the management of the above assets.
And the management of foreign investment.
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8. Formulate the company's annual financial budget plan and final accounts plan;
To formulate the company's profit distribution plan and loss compensation plan;
To formulate plans for the company to increase or decrease its registered capital and issue corporate bonds,
The appointment and dismissal of the accounting firm that undertakes the company's audit business shall be decided by the shareholders' meeting, the shareholders' general meeting or the board of directors according to the provisions of the company's articles of association.
9. For example, the risk of venture capital investment obeys normal distribution, and the risk coefficient is A. The range of this A is the investment risk range that enterprises cannot tolerate. In other words, 1-a is the range of venture capital that he can tolerate. The smaller a is, the greater 1-a is, that is, the greater the risk range that the enterprise can bear. 1-a Large enterprises are risk-oriented enterprises. That is, the smaller a is, the greater the risk preference is. On the contrary, it is a risk-averse enterprise. This analysis is correct.
The complete formula is: return on investment = risk-free return+beta coefficient * risk return rate.
Beta coefficient refers to the correlation between investment and average market risk, and can also be used to measure risk.
If the decision-makers who dare to take risks set the risk coefficient low, that is, a is set low, then the relative risk return rate (1-a) is high, and then the return on investment is high.
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1 1, at present, major wealth management products are not a new word for many ordinary families. Products such as funds and insurance have also become family investment projects. However, professionals remind families not to fall into a misunderstanding when buying funds.
Myth 1: Open-end funds have "speculative" value. Because the net value of open-end funds generally changes with the change of the stock market. Therefore, many people unilaterally think that buying funds is the same as buying stocks, and they can make more money by throwing high and sucking low. In fact, although the net value of funds is closely related to the stock market, the concept of "speculation" in the stock market is not suitable for open-end funds. Fund experts say: stocks are like commodities, and prices fluctuate due to market supply and demand; Fund is a kind of currency, and its price is determined by its value, which has nothing to do with market supply and demand, that is to say, open-end funds are not speculative. In addition, the handling fee of trading funds is much higher than that of stock trading, and open-end funds should not be purchased and redeemed frequently, so they must be operated with the concept of investment.
Myth 2: Open-end funds can only be bought at the time of issuance. The reason why open-end funds are called "open-end" is relative to closed-end funds. In fact, if you think that a fund that has been issued for more than one year has good operational efficiency and investment value, you can also open a fund account and bank card in the bank and buy the fund directly at the current price, but the cost of subscription is slightly higher than that of issuance and subscription.
Myth 3: the capital preservation fund can completely protect the capital. Many investors buy capital preservation funds just for the word "capital preservation", thinking that buying such funds can ensure the absolute safety of investment "funds". However, most capital preservation funds are defined as "investors can get 100% principal security after buying and holding for three years during the issuance period". In other words, if investors need money within three years, they still have to bear the risk of fund ups and downs and redemption fees.
Some matters needing attention in purchasing funds
One: The cheaper the fund, the better. The most important thing for an investment fund is its investment concept, performance and historical performance. Whether the fund you buy can bring you returns and benefits depends on whether the fund conforms to the market changes in China stock market at a certain stage. In addition, the management level of fund companies is also very important, which can reduce your investment cost invisibly and maximize your income. Therefore, when purchasing funds, the family financial guidance network recommends joint venture fund companies and branded fund companies. When investors buy funds, they should first carefully choose the varieties and companies of open-end funds. Before buying, they should consult the relevant information of the fund and master the basic situation, investment direction, expected income and risks of the fund. Under normal circumstances, a fund company will have many closed-end or open-end funds. You can learn about the operation of other funds in the company and choose a company with high dividend rate and stable operation as your investment goal.
Second, the significance of conditional reference fund ranking. For details, you can refer to the ranking of Morningstar, a world-renowned fund evaluation company, and choose the right fund * among the top funds. At the same time, in the process of holding a certain fund, we should track our own fund for a certain period of time and evaluate and adjust our fund portfolio in time. Rather than simply choosing the best-ranked fund at present.
Three: the old fund or the new fund is worth buying. Several key issues to consider when buying a fund are: whether it is suitable for you and how it grows (the new fund will be tracked for a period of time at the beginning, and it also depends on which fund company made it. If the brand is good, the time can be shorter. If it is a new fund company, it should be observed for a long time.
Four: whether it should be held for a long time. I don't think so. This decision should be made according to your judgment on the general trend of China stock market. If you can see the future trend of China stock market clearly, then you can do band operation, but the band operation time should not be too short, one quarter or more than half a year is appropriate, otherwise the loss outweighs the gain. In addition, regular quota is also a simple and effective way to reduce investment costs.
Fifth, we should carefully analyze the fluctuation of the securities market, the development of the economic cycle and the national macro-policy, and find the opportunity to buy and sell funds. Generally speaking, you should buy when the stock market or economy is at the bottom of the fluctuation cycle and sell at the peak. When the economic growth rate drops to the bottom, the investment proportion of bond funds can be appropriately increased and new funds can be purchased in time. If the economic growth rate starts to increase, we should increase the proportion of partial stock funds and pay attention to the listed old funds. This is because the old fund has completed the opening of positions, and the cost of opening positions will be lower.
Six: Try to choose the back-end charging method. Fund management companies should charge certain fees to investors when issuing and redeeming funds. There are two main charging modes: front-end charging and back-end charging. The front-end charge is the charge at the time of purchase, and the back-end charge is the charge at the time of redemption. Under the back-end charging mode, the longer the fund is held, the lower the charging rate, which generally decreases at a rate of 20% every year until it is zero. Therefore, when you are ready to hold the fund for a long time, choosing the back-end charging method will help reduce the investment cost.
Seven: Try to choose umbrella fund. Umbrella funds are also called series funds, that is, a fund management company has several different types of sub-funds. For investors, investing in umbrella funds mainly has the following advantages: First, the management fee charged is low. Second, investors can easily switch between sub-funds under umbrella funds.
About fund purchase
Purchase fund:
The subscription and purchase of funds can be carried out through banks and securities companies. Because there are many bank outlets, it should be the most convenient to handle it through the bank. However, different banks may sell different funds, and investors need to read the announcement of Chu Fund.
Time of purchase:
The subscription, subscription and redemption time of the Fund is from 9: 30am to11:30am on normal working days (usually Monday to Friday); 1 pm ~ 3 pm.
Fund handling fee:
The subscription and subscription rates of stock funds are generally above 1%, while the redemption rate is gradually decreasing according to the holding years. Some funds do not need to pay a handling fee when they are redeemed as long as they are held for more than 3 years.
Bond funds (excluding short-term and medium-term bond funds) have lower fees because their yields are lower than those of equity funds.
Short-and medium-term bond funds and money market funds have good liquidity, similar to demand bank deposits, and there is no handling fee for subscription, subscription and redemption.
12. Fixed assets renewal refers to replacing old assets that are not technically or economically suitable for continued use with new assets, or adopting advanced technology to partially update and transform the original fixed assets. The common decision of fixed assets renovation is whether to continue to use old equipment or adopt new equipment. Under the condition of not changing the production capacity of enterprises, the cash inflow of enterprises will not increase or slightly increase, and the cash flow involved is mainly cash outflow. Therefore, the commonly used analysis and decision-making method is to calculate the annual average cost of fixed assets. The average annual cost of fixed assets refers to the average cash outflow caused by fixed assets. Under the time value of money, it is the ratio of the total present value of cash outflow to the present value coefficient of annuity in the future service life, namely:
Average annual cost = total present value of cash outflow in the future service life ÷ annuity present value coefficient.
When using the above formula to calculate, it is necessary to analyze the cash flow generated by the renovation, but due to many factors involved, the analysis of cash flow has always been a difficult point in the decision-making of fixed assets renewal. The author intends to analyze the cash flow from two aspects: whether the realized value of the old fixed assets is equal to the net value of the fixed assets, whether the residual value of the old fixed assets that are finally scrapped after continuous use is equal to the net value at the time of scrapping, and how to make the decision of updating and reforming the fixed assets by calculating the average annual cost.
1. The realized value of old fixed assets at the time of updating is equal to the net value of fixed assets, and the residual value of old fixed assets at the time of final scrapping is equal to the net value at the time of scrapping.
[example 1] A company has a piece of equipment, the original recorded value is 6.5438+0 million yuan, the estimated net salvage value is 6.5438+0 million yuan, and the estimated service life is 654.38+0 years. It has been used for 4 years, and it can be used for 3 years. Company A now plans to replace the old equipment with new equipment, and the realized value of the old equipment is 640,000 yuan. The purchase cost of new equipment is 2 million yuan, the estimated net salvage value is 200,000 yuan, and the estimated service life is 10 year. The straight-line depreciation method can save the cash cost of new equipment by 654.38 billion yuan per year. If we continue to use the old equipment, the final scrap residual value after 3 years is 654.38+10,000 yuan. The income tax rate of Company A is 33%, and the capital cost rate is 10%, assuming that Company A has no other non-cash expenses except depreciation. Tax policy and accounting policy are the same. Should Company A update its equipment?
(a) continue to use the old equipment. If you continue to use your old equipment:
1, cash flow analysis. In this example, the cash flow from continuing to use the old equipment comes from the following three aspects:
(1) The opportunity cost caused by the failure of old equipment disposal is equivalent to cash outflow.
Annual depreciation of original value of fixed assets = (100-10) ÷10 = 9 (ten thousand yuan)
Net equipment value = 100-9× 4 = 64 (ten thousand yuan)
Because the realized value is 640,000 yuan, which is equal to the net value of the equipment, the net profit and loss when disposing of the equipment is zero, which does not affect the taxable income, so the cash flow that affects the income tax is zero (if there is net income in the realization, the taxable income will increase, resulting in an increase in the taxable income, that is, the opportunity cost of continuing to use the old equipment will decrease; If there is a net loss in the realization, resulting in non-operating expenses, the taxable income will decrease, resulting in a decrease in income tax payable, that is, the opportunity cost of continuing to use old equipment will increase). Therefore, the opportunity cost of old equipment that cannot be disposed of is:
Cash outflow = realized income+cash flow affecting income tax = realized income-(realized income-net disposal value) × income tax rate = 64-(64-64 )× 33% = 64 (ten thousand yuan)
(2) If the old equipment is used continuously (for 3 years), the depreciation accrued every year can be tax-deductible (depreciation means an increase in expenses, a decrease in taxable income and a decrease in income tax payable), which is equivalent to cash inflow.
Annual depreciation of fixed assets = (64- 10) ÷ 3 = 18 (ten thousand yuan)
Cash flow generated by annual depreciation tax deduction = 18× 33% = 5.94 (ten thousand yuan)
(3) The cash flow generated by the final scrapping of old equipment belongs to cash inflow.
When the old equipment is scrapped, the scrap residual value is 654.38+10,000 yuan, which is equal to the estimated net residual value. Therefore, the net profit and loss of equipment scrapped is zero, and the cash flow affected by income tax is zero (if there is net income when scrapped, the taxable income will increase, resulting in an increase in income tax payable and an increase in cash outflow; If there is a net loss when scrapping, it will lead to a decrease in non-operating expenses and taxable income, resulting in a decrease in income tax payable and a decrease in cash outflow. Therefore, the cash flow generated by scrapped equipment:
Cash inflow = scrapped income+cash flow affecting income tax = scrapped income-(scrapped income-net value at the time of scrapping) × income tax rate =10-(10 )× 33% =10 (ten thousand yuan).
2. Average annual cost. Due to:
The total present value of cash outflow in the future service life = 64-5.94× (P/A, 10%, 3)- 10× (P/S, 10%, 3) = 64-5.94× 2.487-64.
Average annual cost = 4 1.7 17 ÷ (P/A, 10%, 3) = 41.717 ÷ 2.487 =/kloc-.
(2) update new equipment. Such as updating equipment:
1, cash flow analysis. In this case, the cash flow of updating equipment comes from the following four aspects: first, the procurement cost is 2 million yuan; Second, the depreciation tax credit is accrued every year: "Annual depreciation amount = (200-20) ÷ 10 = 18 (ten thousand yuan); Annual cash flow generated by depreciation tax deduction = 18× 33% = 5.94 (ten thousand yuan) ". Third, save the cash flow generated by the cash cost every year, saving the cash cost by 654.38 million yuan, which is equivalent to the cash inflow; Cash flow generated by saving cash costs affects income tax. Because the cash cost is saved, there will be no tax deduction effect. The increase of income tax payable will lead to an increase of 33,000 yuan (65,438+00× 33%) in cash outflow.
Therefore, the cash flow generated by saving cash costs is:
Cash inflow = cash cost × (1- income tax rate) = 10 × (1-33%) = 6.7 (ten thousand yuan)
(4) Cash flow generated by the final scrapping of equipment.
Cash inflow = 20-(20-20) × 30% = 20 (ten thousand yuan)
2. Average annual cost.
The total present value of cash outflow in the future service life = 200-5.94× (P/A, 10%, 10)-6.7× (P/A, 10%, 10)-20× (.
Average annual cost = 1 14.607 ÷ (P/A, 10%,10) =14.607 ÷ 6./kloc.
Finally, it's over