基于内部控制企业现金流控制模式研究外文翻译

1、基于内部控制理论的企业现金流管理模式研究Author：Chirinko，R.SSource：Journal of Financial Economics摘 要：运用内部控制理论，从目标设定、控制方式、信息系统和风险管理等四个方面，提出了现金流的管理架构及其具体措施和建议。关键词：内部控制理论 现金流管理 模式一、现金流内部控制目标设定 现金流内部控制制度是现金流管理的核心部分。根据内部控制相关理论，可以把现金流的内部控制目标设定为如下三个方面:现金流管理和利用的效率、财务报告中有关现金流特别是现金流量表的相关报告内容的可靠性以及现金流管理与控制方面的法律法规的遵循性。细化如下:一是企业在对流入

2、的现金进行合法性、合规性检查的基础上，确保各种收入产生的现金能够流入企业；二是企业的现金支出符合有关法律规定的要求，流出企业的现金经过相应授权批准程序；三是企业所拥有的现金能够满足企业经营所需。企业应当对生产经营的现金需求进行分析，企业现金资产的使用必须服从和服务于企业的总体目标；四是企业对现金资产的管理安全有效；五是与现金流量的相关内容揭示符合有关规定，并能满足信息使用者对信息的需要。二、规范协调现金流控制方式现代企业的现金流控制方式主要有现金预算、支配授权和全面审计三种。（一）现金预算现金预算的编制能全面反映和揭示企业现金流入、现金流出、现金多余或现金不足等内容，并对现金不足部分制定筹措方

3、案和对多余部分制定利用方案。现金预算是在其他一系列预算编制的基础上，对其他预算中有关现金收支部分进行汇总，并对现金收支差额部分制定平衡计划。企业应当建立现金预算编制制度，使每一现金收支的发生部门或单位的有关现金收支活动都能事先被揭示出来，通过逐级汇总，最后由企业财务部门汇总编制整个企业的现金预算。该预算经企业有关部门批准后，作为整个企业现金流控制的依据。企业现金预算的编制可以以销售预算、生产预算、期间费用预算等相关预算中现金流入、流出为基础，结合企业每期期末的现金结余或不足情况，制定资金使用计划或资金筹措计划，汇总编制出，也可以在各基层单位现金预算的基础上，加上企业总部的调整内容编制得出。通过

4、现金预算的编制，企业的各级各部门对本单位面临的风险有一个全面的审视，对本单位的资源利用情况和经营管理状况有了全面的了解，从而有利于各单位管理水平的提高。（二）支配授权对现金流入的控制应当在分析现金流入各环节的基础上，对关键控制点或关键控制部门进行控制，明确办理结算的不同岗位和不同部门在业务中的职责权限，保证收入行为得到恰当的授权。企业对外筹集资金，应当明确规定由企业总部统一进行或在企业总部的授权下进行，同时实现现金流入的不相容职务的分离。企业现金流入的全过程还必须由独立于现金流入各事项办理部门以外的单位或部门进行监督检查，保证现金流入的真实和合法，避免现金流入过程的黑洞。对于每一项现金支出，应

5、当履行必要的审核批准手续，在企业的层级结构中，应当明确每一层级的管理者或员工在现金支出中的权限和责任。对于重大的采购项目、对外投资项目等，应当经过企业领导层集体决策，必要时报请企业上级部门批准。同时实行现金流出的不相容职务的分离。现金流出的独立检查方面，可由企业的传统审计业务完成，对现金支出进行的独立的监督检查是有效防止腐败和舞弊行为的方式之一。此外，还要对现金资产进行控制，由独立的第三人对企业的现金资产进行定期和不定期的盘点，将盘点结果与企业的账面数相比较，以确定是否相符。在资金的集中控制中，在加强对各单位进行监管的同时，有必要引进市场机制并借鉴银行功能对各内部单位的资金调动和调剂进行有偿服

6、务，调动各单位节约资金的积极性。（3） 全面审计按照对现金流的内部控制要求，企业审计部门的现有职能必须进行必要的转变，从单纯的事后监督，查错防弊，变为对整个现金流的流入、流出以及现金资产控制的全过程的监督，并评价整个现金流控制活动的有效性。这种对现金流内部控制的监控事实上也是对内部控制制度的监控。内部审计机构应当能够对内部控制制度是否有效做出评价，在外部环境和有关条件发生变化后，能够根据客观变化对内部控制制度的改进和完善提出具体意见。同时，内部审计部门应当与会计师事务所密切配合，结合外部审计机构对本企业的有关内部控制进行有关测试与评价，以发现企业内部控制的薄弱环节，健全企业的内部控制。三、构建

7、现金流信息系统企业应当根据现代科技的发展和施工、生产特点的变化，改变传统的多层级的组织结构，减少信息在组织内部传递所需经过的环节。同时，运用现代网络技术在现有的会计电算化系统的基础上建立整个企业范围内的信息适时传递系统。应当结合企业流程再造的思想对企业的组织和业务流程进行重新审视，建立适合企业施工、生产特点的组织结构。同时在现有的实施会计电算化的基础上，依托网络技术逐步推进企业内部所有的核算单位的会计信息的集中管理。企业内部报告是企业内部信息传递的主要载体。企业应当要求内部单位或部门定期报送记载有现金流信息的内部报告。这些报告包括:内部资金快报、中期财务报告或年度财务报告中的现金流量表和其他现

8、金流量信息。必要时可以要求有关单位报送临时的资金信息，以满足企业某一特定决策的需要。企业的所有内部单位在报送本期的现金流量信息时，还应当报送本单位下期现金流量的预计状况，以便企业总部有计划地提前采取某些措施，应对可能出现的问题。企业内部的这些报告的时效性都较强，必须及时地通过电子邮件等快速的方式发送到企业的有关部门。四、健全现金流风险管理机制 （一）成立独立的风险管理机构 企业的风险管理机构为企业的风险管理提供组织保障。风险管理机构对涉及企业经营管理所面临的各方面的风险均应进行管理和监控。企业可以成立由财务部门、审计部门、工程投招标管理部门、工程技术部门、采购部门的相关人员组成风险管理委员会，

9、由其对企业现金流的风险进行分析与评估，定期或不定期地提出风险分析报告。对于来自企业外部的风险，企业可委托专门的风险调查分析评估机构进行分析，提出风险分析报告，供企业决策使用。（二）建立现金流预警系统现金流预警系统的作用在于当企业现金流偏离正常状态时，报告企业可能面临的现金流危机，通过分析造成该种状态的原因，提前采取防范措施。该预警系统在依托现有财务预警系统的基础上，增加对现金流的监测功能。比如:在现有的风险管理机构内部增设专门或兼职的现金流的分析管理人员，在会计信息系统或其他内部报告系统中增加反映现金流方面的信息，加强对现金流的分析，形成专门的现金流分析报告等。预警系统一般包括专门的机构或人员

10、、预警指标体系、相关的现金流信息及传递、指标的分析处理等。（三）加强对风险的定量分析企业应当建立对现金流风险的定量分析机制。对现金流风险的定量分析，应根据财务报告和内部信息系统提供的其他专门现金流量资料进行。从定量分析所使用的指标来看，定量分析分为单变模式和多变量模型。单变模式就是运用单一的财务指标或财务比率来对风险、危机进行评估。单变模式的分析方法通常采用趋势分析法和横向比较法。通过相关指标与本企业的历史资料对比，反映该指标发展变化的趋势，来判定企业在该方面可能面临的问题为趋势分析法。横向比较法则侧重于企业与同行业的其他企业的比较，通常横向的比较分析企业在某一方面的优劣，进而针对企业面临的问

11、题采取措施。单变模式对现金流的定量分析指标，依据需要了解和分析的问题不同通常包括:现金流的结构分析(现金流入结构比率、现金流出结构比率、流入流出比率)、变现能力分析(流动比率、速动比率)、流动性分析(现金到期债务比、现金流动负债比、现金债务总额比)、获取现金能力分析(销售现金比率、全部资产现金回收率)、财务弹性分析(现金满足投资比率)和收益质量分析（现金运指数）。多变量模型是通过两个以上的指标组合来对企业可能面临的风险进行监测和分析的模式。主要包括:利用企业经营安全率和资金安全率两个因素的不同组合分析来断定企业所面临的情况；运用爱德华阿尔曼提出的“Z计分模型”判断企业破产的可能性。（四）加强对

12、风险的定性分析公司在进行定量分析的同时，应当进行风险的定性分析。有时定性分析比定量分析更为有效。这是因为:定量分析的部分指标是依据过去的数据得出的，企业过去的繁荣并不一定意味企业在将来也一定繁荣;有些定量分析的指标是根据预测资料得出的，虽然预测往往是经验丰富的专业人员进行的，但客观环境的变化以及预测者的主观因素可能使预测数据与客观实际相去甚远;定量分析所使用的指标或比率不可能全面反映企业的经营状况，比如在描述企业经营管理面临的外部宏观经济环境、制度因素、法律制度、所在地区或国家的文化特点、行业前景、科学技术发展、人力资源状况、企业内部的管理状况、企业的制度建设状况、企业现有人才储备状况、本企业

13、区别于行业内其他企业的特点等方面，定性分析具有不可替代的作用。而这些因素往往是企业所面临的风险的源泉。定性分析的方法包括:调查分析法、专家分析法等。总结 众所周知，企业管理应以财务管理为中心，财务管理应以资金管理为中心，而资金管理应以现金流管理为核心。众多世界知名的企业家常常感叹:现金流管理的好坏往往是决定企业成败的命门，世界众多的投资集团，在审核投资时首先审核的就是公司的现金流，大多数据统计显示:企业运营危机大多是由于现金流管理不合理引起的。面对日益激烈的市场竞争，企业面临的生存环境更加复杂多变，只有通过提升企业现金流的管理水平，才可以合理控制运营风险，提升企业资金的利用效率，从而不断加快企

14、业的发展。Based on the theory of internal control of the enterprise cash flow management mode researchAuthor：Chirinko，R.SSource：Journal of Financial EconomicsAbstract: using the theory of internal control, from goal setting, control mode, information system and risk management in four aspects, put up the

15、 cash flow management architecture and specific measures and suggestions.Key words: internal control theory cash flow management mode1 Cash flow internal control goal settingCash flow internal control system is the core of the management of cash flow. According to the internal control related theory

16、, can put cash flow internal control goal setting for the following three aspects: cash flow management and utilization efficiency, financial report about cash flow especially cash flow statement reports reliability of content and cash flow management and control aspects of the legal laws and regula

17、tions. Detailed as follows: one is the enterprise in the inflow of cash were legal, compliance checks on the basis, ensure that all revenue generated from cash to flow to the enterprise; two is the enterprise cash expenditure in accordance with the relevant legal requirements, outflow of cash after

18、the corresponding accredit approval procedures; three is the enterprise has the cash to to meet business needs. Enterprise shall, on the production and operation of cash needs analysis, business cash assets use must be subordinated to and serve the overall objective of the enterprise; four is the en

19、terprise cash asset management is safe and effective; five is the cash flow related content revealed in conformity with the relevant provisions, and can meet the needs of information users information nee.2 Coordination of regulating the cash flow control mode The modern enterprise s cash flow contr

20、ol ways mainly have the cash budget, control authorization and a comprehensive audit three.2.1 Cash budget Cash budget can reflect and reveal the corporate cash inflow, outflow, cash surplus or insufficient cash and other content, and the lack of cash raising plan and to set excess formulated using

21、the scheme. Cash budget is in a range of other budgeting based on budget, on the other the cash portion was summarized, and the cash balance plan to develop balance section. Enterprises should establish a cash budget cash receipts and payments system, so that each occurrence of departments or units

22、of the cash flow activity can be revealed, through collect that pursue course, finally by the Finance Department of the enterprise compiling the whole enterprise cash budget. The budget of the enterprise after the approval of relevant departments, as the whole enterprise cash flow control based on.

23、Cash budget to the sales budget, production budget, during cost budget and other related budget cash inflow, outflow for the foundation, combined with the enterprise each final cash balances or insufficient circumstance, develop fund use plan or financing plans, compiling, also can be in each basic

24、unit on the basis of cash budget, plus on the adjustment of the content for corporate headquarters. Through the cash budget, business departments at all levels of the flat face of the risk of a comprehensive examination, the unit resource utilization and management conditions for a comprehensive und

25、erstanding, which is conducive to the improvement of management level of each unit.2.2 Innervation of authorizationThe cash inflow control should be in the analysis of cash flow into each link on the basis of critical control point, or critical control department for settlement control, clear the di

26、fferent positions and different departments in the business of the duties and authority, the guaranteed income behavior to get proper authorization. Foreign enterprises to raise funds, should be clearly defined by the corporate headquarters of unified or in corporate headquarters under the authority

27、 of, while achieving the cash flows of incompatible duties separation. Enterprise cash flow to the entire process must also be made independently of the cash flows into the matters outside the Department units or departments to conduct supervision and inspection, to ensure the cash flow to the true

28、and lawful, avoid cash inflow process of the black hole. For each of a cash outlay, shall perform the necessary approval procedures, in the enterprises structure, should make clear each level managers or employees in cash expenditure of authority and responsibility. For major procurement projects, f

29、oreign investment projects, shall be subject to the enterprise leadership collective decision-making, need please times enterprise approved by higher authorities. At the same time the implementation of cash outflow of incompatible duties separation. Cash outflow independent examination, by the tradi

30、tional enterprise audit business, the cash disbursements independent supervisory examination is effective in preventing corruption and fraud is one of the ways. In addition, but also on the cash assets control, composed of third independent of enterprise cash assets to conduct regular and irregular

31、inventory, the counting result and enterprises book number is compared to determine whether conform to. In the fund centralized control, the strengthening of the units to carry out supervision at the same time, it is necessary to introduce market mechanism and draw on the internal function of bank c

32、apital mobility and transfers unit paid service, all units to save funds enthusiasm.2.3 Comprehensive auditAccording to the cash flow internal control requirements, Corporate Audit Department of the existing functions must be carried out the necessary change, from pure supervision, checking to preve

33、nt fraud, to the cash flow of the inflow, outflow and cash assets control of whole process supervision, and evaluation of the overall cash flow control effectiveness of the activity. The cash flow internal control monitoring is in fact on the internal control system of monitoring. Internal audit ins

34、titutions shall be able to judge whether the internal control system is effective, in the external environment and the condition changes, according to the objective changes in internal control system to improve and perfect offerred specific opinion. At the same time, the internal audit department sh

35、all cooperate closely and accounting firms, combined with external audit institutions of the enterprises internal control on test and evaluation, in order to find the weak link of enterprise internal control, and improve the internal control of enterprise.3 Construction of the cash flow information

36、system Enterprises should be based on the development of modern science and technology and construction, production characteristics of the change, change the traditional multi level structure, reduce the information inside the organization required for delivery through the link. At the same time, th

37、e use of modern network technology in the existing accounting system on the basis of the establishment of the enterprises within the scope of information timely delivery system. Should be combined with the idea of business process reengineering of enterprise organization and business process of revi

38、ew, the establishment of enterprises for the construction, production characteristics of the organization structure. At the same time in the existing implementation of computerized accounting basis, relying on the network technology is gradually advancing enterprise interior all accounting unit acco

39、unting information centralized management.The internal report of the enterprise is enterprise interior the main carrier of information transmission. The enterprise shall require the internal units or departments shall periodically submit records the information of cash flow internal report. These re

40、ports include: internal capital letters, interim financial report or annual financial reports in the statement of cash flow and cash flow information. It may be necessary to ask the relevant units submit interim financial information, to meet the needs of enterprise of a particular decision needs. E

41、nterprises of all units within the period of the cash flow information, it shall also submit the unit period cash flow forecast, in order to corporate headquarters has plans to advance to take certain measures, to deal with problems that may arise. Enterprise interior of these reports timeliness str

42、ong, must promptly through email quickly sent to the relevant departments of the enterprises.4 Improving cash flow risk management mechanism 4.1 The establishment of an independent risk management mechanismEnterprise risk management mechanism for enterprise risk management to provide organizational

43、guarantee. The management organization of the risk relating to business management of enterprise faces various risks should be managed and monitored. Enterprises can set up by the financial department, audit department, project bidding management department, engineering department, purchasing depart

44、ment related personnel of the risk management committee, by the enterprise cash flow risk analysis and assessment, regularly or irregularly puts forward risk analysis report. For external to the enterprise risk, enterprises may entrust the special risk analysis assessment institution to conduct anal

45、ysis, put forward the risk analysis report, for the enterprise decision-making.4.2 Establishment of early warning system of cash flowCash flow warning system is the role of when the enterprise cash flow deviations from the normal state, report the enterprise may face a cash flow crisis, through the

46、analysis of the state, to take preventive measures. The warning system in relying on the existing financial early warning system based on cash flow, to increase the monitoring function. For example: in the existing risk management mechanism arranged inside specialized or part-time analysis of cash f

47、low management, the accounting information system or other internal reporting system to reflect the increase in the cash flow information, strengthen the analysis of cash flow, the formation of specialized cash flow analysis report etc. Warning system generally includes specialized agencies or perso

48、nnel, early warning index system, the information of cash flow and transfer, index analysis.4.3 Strengthen the risk quantitative analysisThe enterprise should be established for the cash flow risk quantitative analysis of the mechanism. On cash flow risk quantitative analysis, according to the finan

49、cial reporting and internal information system to provide other special cash flow data. From the quantitative analysis by the use of indicators, quantitative analysis is divided into single variable and multiple variables model. Single variable model is the use of a single financial index or financi

50、al ratios to the risk, crisis evaluation. Single variable model analysis methods commonly used trend analysis and horizontal comparison method. Through the relevant indexes and the historical data contrast, reflect the index change trend, to determine the enterprises in the aspects of problems for t

51、rend analysis method. Comparative law focusing on enterprises and other enterprises in the same field comparison, usually horizontal comparative analysis of enterprises in a certain aspect of the actor bad, then according to the problems facing the enterprises take measures. Single variable model fo

52、r cash flow index for quantitative analysis, based on the need to understand and analyze the different issues usually include: cash flow structure analysis ( cash inflow structure ratio, cash outflow structure ratio, inflow and outflow ratio ), the cashability analysis ( current ratio, quick ratio )

53、, liquidity ( cash, debt ratio cash to current liability ratio, cash / total debt ratio ), analysis of the ability to access cash ( sales cash ratio, cash recovery for all assets ), financial flexibility analysis ( cash for investment ratio ) and earnings quality analysis ( cash transport index ). M

54、ultivariate models through more than two combinations of indicators of enterprises may face the risk monitoring and analysis of model. Mainly include: the use of business funds safety safety rate and rate of different combinations of two factors analysis to determine the enterprise faces the situati

55、on; with Edward Arman to put forward Z scoring model to judge the possibility of enterprise bankruptcy.4.4 Strengthen the risk qualitative analysisIn the quantitative analysis and qualitative analysis, it shall make a risk. Sometimes the qualitative analysis quantitative analysis is more effective t

56、han. This is because: a quantitative analysis of the index is based on the past data, the past prosperity does not necessarily mean the business in the future will also be prosperous; some quantitative analysis of the index is derived according to forecast information, although the prediction is often experienced pro