交通运输行业集团化财务管理的思考

影响交通运输行业中企业的核心元素在于企业的财务管理状况。文章从介绍了我国目前交通运输行业财务管理的现状,指出其中存在的很多问题,并提出要实行集团化的财务管理模式:基于交通运输行业自身的特点,遵循一定的财务管理原则,实行强有力的集权管理模式,集权与分权适当结合的模式,实行彻底的分权管理模式等三种管理模式。最终实现我国交通运输行业的集团化财务管理,在具体实行过程中,还要注意扬长避短,积极利用有利方面,使得我国的交通运输行业能够持续健康发展。     

交通运输企业全面预算管理探析

交通运输是国民经济的基础产业和关系国计民生的服务性行业,是我国社会经济的重要组成部分,其行业的健康发展能够有力推进我国整体社会经济的发展.但在当前的市场经济环境下,对交通运输企业有了更高的要求.作为重要的战略管理工具,全面预算管理可以促进交通运输企业资源的优化配置,提升财务管理水平与经营效率.但是,目前交通运输企业在预...     

运输企业财务管理转型的发展策略研究

科学技术的快速发展,促使社会步入信息时代,各行各业都得到了快速发展,其中最具有代表性的便是交通运输行业。而由于财务管理是交通运输企业日常管理的重中之重,也是企业转型的基础,所以如何加快财务管理转型、促进运输企业的良性发展便成为了当务之急。笔者在经过了长达一个月的调查研究,对运输企业的财务管理转型以及自身转型进行了深入探索,并在此基础之上提出了具体的发展策略,仅供研究人员参考分析。     

集团企业财务管理研究

财务管理可以说是很多企业永恒不变的课题,特别对于老牌国企,能够跟上经济的发展,时代的变革,确实来之不易.然而,企业的转型很大程度上是企业财务管理的转型,近年,财务集中化、信息化管理已经成为现代企业财务管理的重要内容,加快企业财务集中化、信息化管理体系建设,构建财务管理职能架构,捋顺财务管理价值链,从而提高企业管理能力.本文结合国内某中型交通运输集团的财务管理现状,阐述该集团财务管理今后发展的方向,以及阐述如何构建集团财务管理职能架构,进一步提出了全面预算管理的核心,进而促进企业实现更好更快的发展和进步.     

关于交通运输企业财务管理问题的几点研究

经过"十一五"时期的稳定发展,我国交通运输行业取得了相对显著的发展成就,交通运输企业在在行业的快速发展中实现了自身经济效益和社会效益的有效提升。但随着"十二五"时期的到来,在现有的经济形势下,我国交通运输行业在面临良好发展机遇的同时,同时还承受着资本环境下的市场风险与挑战。而财务管理作为企业内部唯一的价值管理手段,直接决定着交通运输企业在新经济形势下的生存与发展。因此,如何在实践中提升企业财务管理的整体水平成为新时期交通运输企业发展中的重要研究课题。因此,本文将主要围绕交通运输企业财务管理的问题进行简单研究。     

对交通运输企业资金管理工作改进的思考

资金管理是财务管理工作的核心内容，是企业健康稳定运行的基础保障。交通运输行业在我国社会经济发展中发挥着重要的作用，随着经济的持续发展，交通运输企业获得了广阔的发展空间，但同时也面临着各种挑战。对于交通运输企业来说，结合自身实际情况，构建科学完善的资金管理模式，不但能够有效节约资金、降低成本，而且可以推动资金周转效率的提高，防范各类资金风险问题，增加资金使用效率，从而帮助企业在激烈的市场竞争中占据优势地位。从目前来看，部分交通运输企业资金管控质效不高，还有待进一步优化。基于此，本文阐述了资金管理工作在交通运输企业发展中的积极作用，并针对实践中存在的问题提出了有效的优化策略，希望能够为企业财务管理水平的提高提供参考。     

交通运输企业实施业财融合面临的困境及其对策探讨

随着社会经济的不断发展和市场竞争的日益加剧，企业为了实现高质量发展目标，纷纷开始探索提高竞争力的措施，以期在激烈的市场竞争中获得优势地位。受行业自身特性影响，交通运输企业的运营水平与质量直接影响着我国交通运输业的发展。因此，对于交通运输企业而言，必须紧跟时代发展步伐，积极引入先进的管理理念和管理模式，向着现代化管理方向稳步发展。作为企业内部管理体系的重要组成部分，交通运输企业必须认识到财务管理的重要性和推进业财融合的必要性，也应看到当前部分交通运输企业在业财融合实践中仍存在较多问题，因此，以业财融合为主题展开相关研究，对企业高质量发展具有重要的现实意义。基于此，本文以交通运输企业为研究对象，分析了当前企业在业财融合过程中面临的困境，并提出了相应的解决方案，以供参考。     

经济转型与企业营销模式转换

中国正处在错综复杂的转型期,企业营销的各个环节都不可避免地受到转型经济环境的影响。本文分析了经济转型对企业营销带来的环境挑战,提出了企业适应转型期经济环境变化所需进行的一系列营销模式的转换,得出处于经济转型期的企业必须始终与环境保持动态平衡的结论,目的是要企业对转型经济环境保持高度的警觉,将营销环境对企业的强制性作用转化为企业对环境的适应性行为。     

构建与企业战略转型相匹配的财务资源管控模式

文章从企业转型期财务管理模式出发,分析了构建与企业战略转型相匹配的财务资源集中管控模式的路径。     

浅谈企业集团财务集中管理中的内部控制问题

企业集中财务管理是保证企业经济正常运行的经济管理方式,它将企业的财务管理与会计预算结合在一起。本文通过分析企业集团财务管理存在的内部控制问题,并以此为基础提出了解决对策。     

International trade and hedging in economies in transition

This paper develops a general equilibrium framework to analyze risk management policies in economies in transition. By cross-hedging against real exchange rate risk exposures, these economies can increase their gains from international trade. We suggest that countries with emerging forward markets can gradually introduce the risk sharing markets, as limiting resources may prevent them from introducing complete hedging markets in the first place. Thus the growing demand for risk management instruments can be gradually met and it would be welfare enhancing. Economies in transition benefit when hedging devices are offered by financial markets, irrespective of whether the hedging instruments are de facto perfect or not.     

Topics in macro-modelling of East European countries in the period of transition

Central and European former Centrally Planned Economies (CPEs) entered a period of transition towards market economies. The evolution is marked by a transition from shortage- to demand-determined economies, associated with the abandonment of price control and the introduction of tight wage control. Stabilization programmes (in Poland from 1990), implementing tough deflationary fiscal and monetary policies, brought about the suppression of hyperinflation. The high adjustment costs — deep recession, high rates of unemployment — are characteristics of the early '90s. The deregulation of the public sector and the building of the private one commenced, and will be a long-lasting process.To meet the changes in economic regimes and mechanisms, the existing models had to be adequately respecified and new models constructed. The large W-5 macromodel for Poland, which covers the final and intermediate demands, had to be extended to introduce the market adjustment mechanisms and, more broadly, the financial flows. To meet the needs of short-term financial policies, new quarterly models had to be built, as, for instance, the WK macromodel for the Polish economy. The paper discusses the major problems of the models' specification under the data constraints.     

The transmission mechanism in a changing world

The paper aims to identify those factors that cause changes in the speed and strength of the international transmission of output shocks from the USA to specified European economies. These factors are identified through the use of generalized impulse response functions conditioned on histories defined by an abrupt transition VAR. The chosen transition variables comprise changes in exchange rates, financial prices, international capital flows, trade links and monetary policy instruments. Besides the identification of asymmetric responses, the proposed model is useful in analyzing the strong effect of the recent US recession on the European economies and changes in business cycle synchronization over time. Copyright © 2007 John Wiley & Sons, Ltd.     

Measuring technical and allocative efficiencies for banks in the transition countries using the Fourier flexible cost function

The transition economies are known to have quite different market structures from the market economies. State-owned banks accounts for a major part of the financial sector in East European countries before the transition period. Since the input prices of the sector are frequently under the control of those governments, the misallocated resources may incur the loss of economic efficiency. This paper attempts to gauge the technical and allocative efficiency using unbalanced panel data of 340 banks from 14 transition countries under the framework of the Fourier flexible shadow cost function. Accommodating technical and allocative efficiencies simultaneously, as suggested by Atkinson and Cornwell (Int Econ Rev 35:231–243, 1994a) and Kumbhakar and Wang (J Econom 134:317–340, 2006a), avoids potential specification errors and leads to consistent parameter estimates. The average total cost savings resulting from greater technical and allocative efficiency are around 28.31 and 7.13%, respectively. Foreign-owned banks are found to be the most economically efficient. The enforcement of financial liberalization does gradually improve upon the sample banks’ technical efficiency. The allocative inefficiency arises from over capitalization and excess funds. Scale diseconomies appear to prevail in the sample states with a few exceptions.     

CORPORATE CAPITAL STRUCTURE AND HOW SOFT BUDGET CONSTRAINTS MAY AFFECT IT

Abstract.  This survey paper examines existing theories of capital structure and related empirical tests with the aim to derive theoretical as well empirically testable predictions about the implications of the soft budget constraint for corporate capital structure. We show that the soft budget constraint syndrome is relevant for a variety of institutional environments, from central planning to capitalist economic systems, and consider features of company financing patterns in various institutional contexts. Special attention is paid to emerging and transition economies where, with the development of financial markets, companies reduce their financial dependence on the state and begin to borrow from a variety of sources. However, due to the persistence of soft budget constraints, corporate capital structure in transition and emerging economies may still deviate significantly from the capital structure of companies operating under hard budget constraints.     

Transmission of US financial and trade shocks to Asian economies: Implications for spillover of the 2007–2009 US financial crisis

This paper describes an investigation of the transmission of US shocks to Asian economies with consideration of financial linkages and trade linkages. Using the sign restriction vector autoregression (VAR) approach during 2000–2012, our empirical results can be summarized as follows. First, both US financial and trade linkages exert a significant impact on production in Asian economies. Second, through both financial and trade linkages, US spillover shocks account for around 50% of the production fluctuation in Asian economies. Third, during the episodes of 2007–2009 US financial crisis, the impact of financial shocks is greater than that of trade shocks. Results suggest that (i) Asian economies are not decoupled with US; and (ii) different from conventional findings, financial linkages between US and Asian economies are strong, especially for highly developed Asian economies. Therefore, investors and policymakers of Asian economies should take account of US financial conditions.     

浅析企业集团财务集中管理

企业集团财务集中化管理模式更有利于公司从宏观上控制、协调,财务管理可以实现规模效益。集中化管理模式对于实现总公司战略目标有着重要意义,特别是对全球性战略目标的大型跨国公司更具有吸引力。     

The impact of oil prices and the financial market on cost efficiency in the insurance and Takaful sectors: Evidence from a stochastic frontier analysis

The Gulf Cooperation Council’s (GCC) insurance industry, including conventional insurance and Takaful, has witnessed remarkable growth during the last decade. However, the economies of this region rely on oil as the primary stream of revenue and lack development in financial markets. This could affect the insurance industry. For this reason, this paper examines the impact of oil prices and the financial market on the cost efficiency of the insurance and Takaful sectors in GCC countries using a stochastic frontier cost function with data from 2009–2016. The results show that the relationship between oil prices and efficiency changes from positive to negative when the prices increase, whereas the relationship between the financial market and efficiency is negative. No clear evidence of the impact of oil prices on efficiency arises from the differences between conventional insurance and Takaful. However, there are differences regarding the financial market, with a negative impact on conventional insurance and a positive one on the Takaful business. The results of this study have implications for regulators and management. The Takaful industry is rapidly growing compared to conventional insurance in the GCC and, therefore, the financial market may have added benefits for the GCC region. However, caution is required in relation to the impact of the financial market on conventional insurance. Furthermore, management may require the development of strategies to deal with the nature of GCC economies to avoid shocks to oil prices.     

Multisectoral econometric models of the centrally planned economies and the disequilibria

The paper provides a systematic analysis of the properties of large econometric macro models built for the Centrally Planned economies of the '70s and '80s. A specific typology of macro models is introduced, distinguishing between the demand and quasi-demand determined systems on the one hand and the supply and quasi-supply determined systems on the other, and also between complete and incomplete models specifying only one side of economic activities (i.e. generating either demand or supply). It is shown that, under the command type economy, the incomplete, fully supply determined systems prevailed, generating production and showing its allocation. The economic reforms of the '80s, which aimed at a slow transition towards market economies, brought about a tendency towards constructing complete quasi-supply determined systems (especially for Poland and the CSRS). Since, in principle, they were built for shortage economies, the model builders had to allow for unobservables (final and intermediate demand, capacity utilization) and, on the other hand, for an increasing role of the financial phenomena (including prices) and financial policy instruments. A summary of the applications of macro models in forecasting and policy simulations is provided and new tendencies associated with regaining economic equilibria and approaching the market mechanisms emerging in the period of transition are shown.This is a revised and extended version of our paper delivered at the Project LINK Meeting in Paris, 1989 (see W. Welfe 1989b), which made use of our earlier publication (W. Welfe 1988).     

Organizational Transformation in Transition Economies: Resource-based and Organizational Learning Perspectives

ABSTRACT The capitalist and socialist societies of the twentieth century assigned firms different roles within their economic systems. Enterprises transforming from socialist to market economies thus face fundamental organizational restructuring. Many former state-owned firms in the transition economies of Central and Eastern Europe have failed at this task. These firms have pursued primarily defensive downsizing, rather than strategic restructuring, as a result of both internal and external constraints on restructuring strategies.
Building on the organizational learning and resource-based theories, we analyse strategies available to management in privatized, former state-owned enterprises in transition economies to restructure their organization. Both internal forces promoting or inhibiting the restructuring process, and external constraints arising in the transition context are examined. A model and testable propositions are developed that explain post-privatization performance. Implications of our research point to the ways in which firms should manage and develop their resource base to transform to competitive enterprises.