ZY集团财务公司流动性风险管理问题探讨

发布时间：2018-11-23 07:59

【摘要】：近二十多年,我国集团财务公司本着“依托企业集团,服务企业集团”的宗旨,在企业集团资金集中管理上发挥了重要作用,帮助集团实现了资本有效配置,降低了内部成员之间的交易成本,并减少了集团的融资约束。财务公司目前已成为我国金融机构体系中非常重要的一支力量。伴随着经济全球化的快速发展和金融自由化的不断加深,企业集团规模越来越大,成员单位之间的经济合作更加紧密,集团财务公司面临着很大的发展机遇,同时也面临着流动性风险的考验。流动性风险具有联动性、集中度高的特点,财务公司如果不能有效控制其流动性风险,倘若发生流动性危机,不仅财务公司的经营会受到影响,而且其依靠的企业集团整个资金链也会受到沉重打击。因此,流动性风险管理水平的高低对财务公司经营管理和风险管理至关重要。但是在国内,相比于商业银行,我国财务公司流动性风险管理没有被充分的重视,流动性风险管理理念和流动性风险管理技术存在一定的问题。本文旨在对我国企业集团财务公司流动性风险管理进行研究,通过查找国内外相关文献资料,并运用理论分析与案例分析相结合的方法,结合ZY财务公司在流动性风险管理具体实践中的案例,指出其流动性风险管理过程的问题并提出相关建议,从而为我国财务公司流动性风险管理提供案例借鉴。通过对ZY财务公司流动性风险管理的案例进行分析,本文得出以下结论:(1)ZY财务公司流动性风险预警机制不健全;(2)流动性风险量化工具比较落后;(3)风险管理体系政策不完善;(4)流动性风险管理工作易受集团行政干预影响。在此基础之上,本文提出了针对ZY财务公司流动性风险管理过程中存在问题的建议:(1)完善流动性风险预警机制;(2)引进先进的流动性风险管理工具;(3)完善内部控制制度;(4)妥善处理与ZY集团以及成员单位的关系;(5)积聚和培养风险管理人力资源;(6)构建公司风险管理文化。全文共分为五章:第一章为引言,主要介绍本文的研究背景和意义、国内外相关研究文献、研究思路、研究方法和研究框架。第二章为财务公司流动性风险管理相关理论概述,是本文的理论部分,主要介绍了我国集团财务公司的业务范围和功能地位,财务公司流动性风险的特点以及成因,为本文分析奠定理论基础。第三章是ZY集团财务公司流动性风险管理的案例介绍,主要介绍了ZY财务公司的基本业务情况,详细阐述了其流动性风险管理框架,并对其流动性风险管理水平进行了分析。第四章是ZY财务公司流动性风险管理存在的问题及原因分析,主要指出了ZY财务公司流动性风险管理过程中存在的问题,并对这些问题的成因进行了分析。第五章是完善ZY财务公司流动性风险管理的建议。
[Abstract]:In the past twenty years, the Group Finance Company of our country has played an important role in the centralized management of enterprise group funds and helped the group to realize the effective allocation of capital in line with the purpose of "relying on the enterprise group and serving the enterprise group." It reduces the transaction cost among the internal members and reduces the financing constraints of the group. The finance company has become a very important force in the financial institution system of our country at present. With the rapid development of economic globalization and the deepening of financial liberalization, the scale of enterprise groups is becoming larger and larger, and the economic cooperation between member units is closer. It also faces the test of liquidity risk. Liquidity risk has the characteristics of linkage and high concentration. If the financial company can not effectively control its liquidity risk, if there is a liquidity crisis, not only the management of the financial company will be affected. And the entire capital chain on which it depends will also be hit hard. Therefore, the level of liquidity risk management is very important to the management and risk management of financial companies. But in our country, compared with commercial banks, liquidity risk management of financial companies in our country is not paid enough attention to, and there are some problems in liquidity risk management concept and liquidity risk management technology. The purpose of this paper is to study the liquidity risk management of enterprise group financial companies in China. By looking up the relevant literature at home and abroad, this paper applies the method of combining theoretical analysis with case analysis. Combined with the case of ZY Finance Company in the practice of liquidity risk management, this paper points out the problems in the process of liquidity risk management and puts forward some relevant suggestions, so as to provide a case reference for the liquidity risk management of Chinese financial companies. Through the analysis of the case of liquidity risk management of ZY financial company, this paper draws the following conclusions: (1) the liquidity risk warning mechanism of ZY financial company is not perfect; (2) the liquidity risk quantification tool is backward; (3) the policy of risk management system is not perfect, (4) liquidity risk management is easily influenced by group administrative intervention. On this basis, this paper puts forward some suggestions for the liquidity risk management of ZY financial companies: (1) perfecting the liquidity risk warning mechanism; (2) introducing advanced liquidity risk management tools; (3) perfecting the internal control system; (4) properly handling the relationship with ZY Group and its member units; (5) accumulating and cultivating human resources of risk management; (6) constructing the risk management culture of the company. This paper is divided into five chapters: the first chapter is the introduction, mainly introduces the research background and significance of this paper, domestic and foreign related research literature, research ideas, research methods and research framework. The second chapter is an overview of the theory of liquidity risk management of financial companies, which is the theoretical part of this paper. It mainly introduces the business scope and functional status of financial companies in China, the characteristics and causes of liquidity risk of financial companies. It lays a theoretical foundation for the analysis of this paper. The third chapter is the case of liquidity risk management of ZY Group Finance Company. It mainly introduces the basic business situation of ZY Finance Company, elaborates its liquidity risk management framework, and analyzes the level of liquidity risk management. The fourth chapter is the ZY financial company liquidity risk management problems and causes analysis, mainly pointed out the ZY financial company liquidity risk management process problems, and analyzed the causes of these problems. The fifth chapter is to perfect the ZY finance company liquidity risk management suggestion.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39;F830.42

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