Operation mode of enterprise capital management

Capital management is a strategic measure to be taken when an enterprise develops to a certain scale and stage. It is based on production and operation, and after a series of capital operations, it finally returns to production and operation to serve production and operation. Let's take a look with me!

I. capital operation and production operation

capital operation is a strategic measure to be taken when an enterprise develops to a certain scale and stage. It takes production operation as the basis and starting point, and after a series of capital operations, it finally returns to production operation to serve it. However, there are some differences between capital management and production management in terms of business objects, mainly as follows: < P > (1) The business objects are different. The object of production and operation is all kinds of products or services, and the core problem of operation is to decide what to produce, how much to produce and how to produce according to the market demand and changing trend.

(2) the market conditions are different. The market faced by production and operation is mainly commodity market, and operators are mainly concerned about the market prices of raw materials and products, sales channels and market share of products.

(3) different development strategies. Production and operation is an internal management strategy or product expansion strategy, that is, under the existing capital structure, by adjusting internal resources, including controlling costs, improving production efficiency, developing new products, expanding new markets, adjusting organizational structure, improving management capabilities, etc., to maintain and develop the competitive advantage of enterprises.

(4) the capital cycle is different. The capital cycle in production and operation generally goes through three stages: supply, production and sales, and takes three forms in turn: monetary capital, production capital and commodity capital.

(5) different sources of income. The income from production and operation mainly comes from the profits from providing products and services to the market, so as to maintain and increase the original capital.

Second, the basic mode of capital management

The mode of capital management has different expressions in different works. From the observation of the change of total capital value, there are generally three modes of capital management: first, adding, that is, implementing cross-regional, cross-industry and cross-ownership alliances to develop economies of scale and obtain economies of scale; The second is to do subtraction, that is, to eliminate a number of long-term products and loss-making enterprises, as well as low-level and redundant construction enterprises, so as to reduce losses and solve difficulties for economic development; Third, do multiplication, that is, take the road of combination, merger, holding and equity participation, and realize economies of scale and economies of scale while starting the existing assets, shortening the construction period and promoting the optimal combination of existing assets.

from the analysis of specific operation practice, there are five main ways of enterprise capital management:

(1) equity transfer. Equity transfer is the most frequent capital management mode in China's capital market at present. It can be subdivided into two ways: agreement transfer and free transfer. Generally, the objects of equity transfer are state-owned shares and legal person shares. Because most listed companies in China are formed by the restructuring of state-owned enterprises, and state-owned shares and legal person shares account for an absolute proportion in enterprises, the transfer and concentration of state-owned shares has become the fastest and most economical way in the process of restructuring listed companies. The free transfer of listed company's equity refers to the reorganization behavior that the owner of listed company (generally refers to the government) transfers the property rights of listed company (usually refers to state shares) to the relevant company through administrative means.

(2) Mergers and acquisitions, and joint ventures. M&A and combination are the most active operation modes in enterprise capital management. M&A methods are generally purchase, that is, the acquirer invests in the assets of the target company to obtain its property rights, and after the merger, the corporate subject status of the acquired company disappears; Debt-bearing, that is, the acquirer accepts the assets of the target company on the condition of assuming the debt of the target company and obtains the property rights, which is the most widely used in China's reality; Holding type, that is, an enterprise achieves holding by purchasing a certain proportion of shares or equity of the target company to achieve the purpose of merger and acquisition; Absorbing shares, that is, M&A enterprises absorb the assets or equity of the target company to make the original owner or shareholder of the target company become the new shareholder of the M&A enterprise. Leverage means that the acquirer uses the assets of the target company as collateral to acquire the target company through debt financing. According to statistics, in 1997, the total amount of global corporate mergers and acquisitions reached $1,22.3 billion. The most striking feature of the worldwide M&A wave is the strong alliance. After AT&T invested $12.6 billion to acquire Macow Mobile Communication Company, Boeing bought McDonnell Douglas, which has a market share of 15% of the world's civil airliners, and triggered the alliance of European airlines. In China, following the combination of Guangdong TCL Electronics Group and Henan Xinxiang Meile Electronics Group with annual sales of 1 billion yuan in August 1997, Beijing Xidan Market Group and Beijing Friendship Commercial Group ended their single operation and merged into one in September to form the largest commercial enterprise group in Beijing with a total investment of 1.5 billion yuan. In November, China Donglian Petrochemical Group Co., Ltd. was established by four mega-enterprises in Nanjing, Jiangsu, namely Jinling Petrochemical Company, Yangzi Petrochemical Company, Yizheng Chemical Fiber Group Company, Nanhua Group Company and Jiangsu Petroleum Group Co., Ltd.

(3) asset stripping. Asset divestiture refers to the separation of non-operating idle assets, unprofitable assets and assets that have reached the intended purpose from the company's assets. On the surface, it is a contraction of the company's scale, but its essence is a larger and more efficient expansion after contraction. Asset divestiture enables companies to choose assets that are suitable for their own operations and eliminate assets that they are not good at managing, which can greatly improve the efficiency of the company's asset operation. The ways of asset divestiture generally include capital reduction, replacement and sale. A foreign study shows that the success rate of mergers in unrelated industries is very low compared with mergers in the same industry. The inefficiency after mergers often leads companies to divest assets again and sell branches and other business units after mergers. For example, in the capital operation, SEG Group adopts the strategy of paying equal attention to activating effective assets and flowing invalid assets, and at the same time, it adopts various ways to make invalid assets flow. During the four years from 1993 to 1996, 26 enterprises whose products did not meet the needs of the market, with low return on assets, and did not conform to the overall development strategy of the group were resolutely cleaned up and dissolved. Six leasing companies with unlimited liability and low economic benefits were announced to terminate their operations, and 12 domestic and foreign sales outlets with serious losses were cancelled. For some enterprises with a small proportion of shares and no prospects for operation, and those that are in a profitable state but are not helpful to the development of the group as a whole, by the beginning of 1997, 1 companies had transferred their shares and 17 companies were still under negotiation. According to the provisions of the Bankruptcy Law, some enterprises that are insolvent due to poor management and serious losses are declared bankrupt. In the past four years, SEG Group has successfully adjusted more than 5 enterprises, and recovered more than 2 million yuan of funds, so that the capital has been increased in the movement. In the past four years, the Group not only absorbed the potential loss of 2 million yuan in history, but also realized the after-tax profit of 1.185 billion yuan, of which the after-tax profit of 35 million yuan was realized in 1996, which was 3.5 times higher than that in 1992.

(4) Lease and custody operation. Leasing and trusteeship can directly carry out the flow and reorganization of enterprise assets without changing or temporarily changing the original ownership of property rights, thus effectively avoiding some problems and operational difficulties in the process of enterprise bankruptcy and merger, and is one of the effective ways to carry out large-scale reform of state-owned enterprises under the existing conditions. For example, Jiangsu Dadi Group leased Heilongjiang Anda Plant Oil Factory, which stopped production for more than half a year, and leased Xuzhou Likanger Food Factory, which not only solved the shortage of its own production line, but also revitalized idle assets. Another example is that in 1996, Nanjing Gold Foil Group Company managed Nanjing Crane Motor Factory; Anshan No.1 Industrial Co., Ltd. adopted options to manage three joint ventures of Liaogong Group. Because leasing and trusteeship have not caused property right change or capital translocation, they are not strictly capital management. However, compared with bankruptcy and merger, leasing and trusteeship can avoid some sensitive problems such as bankruptcy and merger, cause little social shock and low operating cost, and can play a social effect of stabilizing society and reducing the burden on the government. Therefore, some people call leasing and trusteeship management? Effective extension of contracting, moderate transition of merger? .

(5) brand management. Brand management mainly uses the famous brand effect for low-cost expansion. As an intangible asset, famous brand has strong market development, cultural accumulation, reputation radiation, asset expansion and extraordinary profitability. Such as Wuxi Little Swan Group? Little swan? The marriage of trademark and Wuhan Lotus Washing Machine Factory not only realized the brand value of Little Swan, but also revitalized the idle production line of Lotus Washing Machine Factory. After three years of strategic cooperation between the two parties, by the end of 1997, Lotus Washing Machine Factory donated 51% of the fixed assets of 34.1 million yuan to Little Swan Group, and since then it has officially become one of the important members of Little Swan Group. This is a new move of Little Swan Group from brand management to capital alliance, and it is also a new trend of domestic enterprise restructuring. In practice, different forms of capital management can be operated separately or combined together. ;