Knowledge points for junior economist 2020 business administration preparation: the link of financial management
Links in financial management
(A) financial planning and decision-making
(1) Financial forecast and planning. The basis of financial planning is financial forecast. Narrow financial forecasting only refers to estimating the future financing needs of enterprises, while broad financial forecasting includes the preparation of all expected financial statements.
The main method of financial forecast is sales percentage method. The sales percentage method is a method that assumes that there is a stable percentage relationship between assets and liabilities and sales revenue, calculates all kinds of assets and total assets, liabilities and total liabilities according to the expected sales revenue and the corresponding percentage, and then determines the financial forecast and planning method of financing scheme.
For example, suppose ABC Company's actual sales revenue in 20 16 is 20 million yuan, its estimated sales revenue in 20 17 is 25 million yuan, and its total assets and liabilities in 20 16 are 30 million yuan and150,000 yuan respectively, assuming 20 17.
"correct answer"
Estimated total assets in 20 17 years = 2500× (3000 ÷ 2000×100%) = 3750 (ten thousand yuan).
Total estimated liabilities in 20 17 years = 2500× (1500 ÷ 2000×100%) =1875 (ten thousand yuan).
20/kloc-estimated financing amount in 0/7 years = (20/kloc-estimated total assets in 0/7 years-20/kloc-estimated total assets in 0/6 years)-(estimated total liabilities in 20 17 years-20/kloc-estimated total liabilities in 0/6 years) = (3750-)
(2) financial decision-making. Financial decision-making is a process of comparing and analyzing various alternatives by using special methods according to the overall requirements of financial strategic objectives, and selecting the best one from them. Financial decision is the core of financial management.
Financial decision can be divided into investment decision, financing decision and dividend distribution decision.
Investment decision-making refers to the use of certain scientific theories, methods and means to analyze, judge and select the major issues in economic activities, such as investment necessity, investment objectives, investment scale, investment structure, investment cost and income, in order to achieve its expected investment objectives.
Financing decision refers to the evaluation and selection of financing channels, financing methods, financing quantity and financing risks in order to meet the financing needs of enterprises. The basic idea is to balance the capital cost and financing risk and arrange the best capital source structure.
Dividend distribution decision-making is an enterprise's decision on matters related to dividend distribution.
(B) financial budget and control
1. Financial budget
Financial budget is a process of determining various budget indicators in the budget period according to financial strategy, financial plan and various forecast information. It is the concretization of financial strategy and the decomposition and implementation of financial plan. The methods of financial budget mainly include incremental budget and zero-based budget, fixed budget and flexible budget, regular budget and rolling budget.
(1) incremental budget method and zero-based budget method. According to the different characteristics of the starting point, the budgeting methods can be divided into two categories: incremental budgeting method and zero-based budgeting method.
Incremental budget method, also known as adjustment budget method, is based on the base period level, analyzes the changes of business volume level and related influencing factors during the budget period, and prepares the relevant budget by adjusting the items and amount in the base period. The disadvantage of incremental budget method is that when the situation changes in the budget period, the budget amount will be disturbed by unreasonable factors in the base period, which may lead to inaccurate budget, which is not conducive to mobilizing the enthusiasm of various departments to achieve budget objectives.
Zero-based budgeting method is a "zero-based budgeting" method. When using zero-based budgeting method, the expense items and amounts in previous periods are not considered, and the rationality of expense items and amounts is mainly analyzed according to the needs and possible situations in the budget period, so as to comprehensively balance the expense budget. The advantage of using zero-based budgeting method to prepare cost budget is that it is not limited by previous cost items and cost levels, and can mobilize the enthusiasm of all departments to reduce costs. Its disadvantage is the heavy workload.
(2) Fixed budget method and flexible budget method. According to the quantitative characteristics of different business bases, budgeting methods can be divided into two categories: fixed budgeting method and flexible budget method.
Fixed budget method, also known as static budget method, refers to the method of budgeting only according to a certain fixed business level that is normal and achievable during the budget period. Fixed budget method has the shortcomings of poor adaptability and comparability, and is generally suitable for enterprises with stable business operations. Enterprises that have stable product sales and can accurately predict product demand and product cost can also be used to prepare fixed expense budgets.
Flexible budget method, also known as dynamic budget method, is a series of budget methods based on the analysis of cost behavior, the linkage relationship among business volume, cost and profit, and a series of possible business volume levels during the budget period.
Compared with the fixed budget based on specific business levels, flexible budget has two remarkable characteristics: ① flexible budget is based on a series of business levels, thus expanding the scope of application of the budget; (2) flexible budget is listed by cost type, and the budget cost of an actual business volume can be calculated in budget execution, which is convenient for the evaluation and assessment of budget execution.
(3) Regular budget method and rolling budget method. According to the different time characteristics of budget period, it can be divided into two categories: regular budget method and rolling budget method.
Periodic budget method is a kind of budget method with fixed accounting period as the budget period. Using the periodic budget method to prepare the budget can ensure that the budget period and the accounting period match in time, which is convenient for assessing and evaluating the budget implementation results according to the comparison between the data in the accounting report and the budget. However, it is not conducive to the budget convergence of the previous periods and cannot adapt to the budget management of continuing operations.
Rolling budget method, also known as continuous budget method, is to adjust the preparation of the next budget on the basis of the completion of the previous budget, and push back the budget periods one by one to maintain a certain period span. According to the different rolling time units, the rolling budget method can be divided into monthly rolling, quarterly rolling and mixed rolling.
2. Financial control
Financial control is a process of using relevant information and specific means to influence or adjust the financial activities of enterprises in order to achieve the financial objectives stipulated in the plan.
The steps to implement financial control mainly include:
(1) Formulate control standards and decompose and implement responsibilities. ② Implement tracking control and adjust the error in time. (3) Analysis of implementation, summary, assessment, rewards and punishments.
The core content of financial control is cost control and risk control. Financial control should implement the whole process control, including: ① pre-control, which is a control activity before financial activities occur. ② Process control refers to auditing the actual business activities in the production and business activities of enterprises according to the requirements of plans and systems, and taking measures to implement them. (3) Post-event control is to carefully analyze and check the differences between reality and plan after the financial plan is implemented, and take practical measures to eliminate the deviation or adjust the plan to narrow the differences.
(c) Financial analysis and assessment
(1) financial analysis. Financial analysis is a process of systematically analyzing and evaluating the financial status, operating results and future trends of an enterprise by using special methods according to its financial statements and other information.
The contents of financial analysis mainly include: solvency analysis, operational capacity analysis, profitability analysis, growth capacity analysis and comprehensive analysis. The methods of financial analysis mainly include comparative analysis, ratio analysis and comprehensive analysis.
(2) Financial evaluation. Financial assessment is a process of comparing the actual number of completed statements with the specified assessment indicators to determine whether the responsible units and individuals have completed their tasks. Financial assessment is closely related to rewards and punishments, which is the requirement of implementing the principle of responsibility system and the key link of constructing incentive and restraint mechanism.
There are many forms of financial assessment, such as absolute indicators, relative indicators, completion percentage, comprehensive evaluation with various financial indicators, etc.