Are enterprise financial management and financial management the same major?

Provisions on financial management of property management enterprises

Chapter I General Provisions

Article 1 In order to standardize the financial behavior of property management enterprises, promote fair competition among enterprises, and strengthen financial management and economic accounting, these Provisions are formulated in combination with the characteristics and management requirements of property management enterprises.

Unless otherwise provided in these Provisions, property management enterprises shall implement the financial system of construction and real estate development enterprises.

Article 2 These Provisions shall apply to all kinds of property management enterprises in People's Republic of China (PRC) (hereinafter referred to as enterprises), including state-owned enterprises, collective enterprises, private enterprises, foreign-invested enterprises and other enterprises of various economic nature; Limited liability companies, joint stock limited companies and other organizations.

This provision also applies to property management enterprises with independent accounting in other industries.

Chapter II Escrow Fund

Article 3 Escrow funds refer to the housing parts maintenance funds and facilities and equipment maintenance funds entrusted by the owners' management committee or property users to enterprises.

Housing * * * parts maintenance fund refers to the funds earmarked for the overhaul of housing * * *. * * * The use part of the house refers to the load-bearing structural parts (including floors, roofs, beams, columns, internal and external walls, foundations, etc.). ), exterior walls, stairs, corridors, foyer, building garage, etc.

* * * facilities and equipment maintenance fund refers to the funds earmarked for * * * facilities and equipment overhaul. * * * Facilities and equipment refer to tap water pipes, public water tanks, booster pumps, elevators, public antennas, power supply trunk lines, lighting trunk lines, heating trunk lines, fire-fighting facilities, roads in residential areas, street lamps, ditches, pools, wells, outdoor parking lots, swimming pools, stadiums and gymnasiums, etc.

Article 4 Escrow funds shall be managed as long-term liabilities of enterprises.

Escrow funds shall be stored in special accounts and used for special purposes, and shall be regularly inspected and supervised by the owners' management committee or property users.

The net interest income of the escrow fund shall be transferred to the use and management of the escrow fund with the consent of the owners' management committee or the property user.

Article 5 Where an enterprise uses the management houses, commercial houses and facilities and equipment provided by the owners' management committee or property users for compensation, it shall set up a memorandum book to conduct physical management separately, and pay related expenses (such as rental fees and contracting fees) according to the provisions of national laws and regulations or the contracts and agreements signed by both parties.

Management space refers to the office space provided by the owners' management committee or property owners and users to enterprises.

Commercial housing refers to the business premises provided by the owners' management committee or property owners and users to enterprises.

Article 6 The paid use fees paid by an enterprise for management houses and commercial houses shall be converted into the maintenance fund of the houses managed by the enterprise with the consent of the owners' management committee or property users; The paid use fee of * * * facilities and equipment paid by the enterprise shall be transferred to the * * * facilities and equipment maintenance fund managed by the enterprise with the consent of the owners' management committee or property users.

Chapter III Costs and Expenses

Seventh enterprises engaged in property management activities, to provide maintenance, management and services for owners and property users. , in accordance with the provisions of the state included in the costs and expenses.

Eighth enterprises engaged in property management activities in the direct expenditure, included in the operating costs. Operating costs include direct labor costs, direct material costs and indirect costs. Enterprises that implement first-level cost accounting may not set indirect expenses, and related expenses are directly included in management expenses.

Direct labor costs include wages, bonuses and employee welfare expenses of personnel directly engaged in enterprise property management activities.

Direct material costs include all kinds of materials, auxiliary materials, fuel power, spare parts, low-value consumables and packaging materials directly consumed by enterprises in property management activities.

Does the indirect cost include the enterprise? Wages, bonuses, employee welfare expenses, fixed assets depreciation and repair expenses, utilities, heating expenses, office expenses, travel expenses, post and telecommunications expenses, transportation expenses, rental expenses, property insurance fees, labor protection fees, security fees, greening maintenance fees, amortization of low-value consumables and other expenses.

Article 9 The paid use fees paid by enterprises for operating facilities and equipment shall be included in the operating costs.

Article 10 The paid use fee for the management house paid by an enterprise shall be included in the operating costs or management expenses.

Article 11 The expenses incurred by an enterprise in renovating or renovating its management premises shall be included in deferred assets, and shall be amortized into the operating costs or management expenses in installments within the effective use period.

Article 12 An enterprise may make provision for bad debts at the end of the year according to 0.3%-0.5% of the year-end balance of accounts receivable, which shall be included in the management expenses.

Bad debt losses incurred by enterprises, write off bad debt reserves. Recover the bad debts that have been written off and increase the bad debt reserve.

The bad debt losses incurred by enterprises with bad debt reserves shall be included in the management expenses. Recover the bad debts that have been written off and offset the management expenses.

Chapter IV Operating Income and Profit

Thirteenth operating income refers to the income obtained by enterprises engaged in business activities such as property management, including main business income and other business income.

Fourteenth main business income refers to the income obtained by enterprises in providing maintenance, management and services for property owners and users in property management activities, including property management income, property management income and property overhaul income.

Property management income refers to the public service fee income, public institution service fee income and special service income collected by enterprises from property owners and users.

Property operating income refers to the income from the operation of houses, buildings and facilities provided by the owners' management committee or property owners and users, such as the rental income of houses, the operating income of parking lots, swimming pools, various stadiums and other facilities.

Property overhaul income refers to the income obtained by the enterprise from overhauling the * * * parts and facilities of the house entrusted by the owners' management committee or the property owners and users.

Article 15 An enterprise shall confirm the realization of its operating income when the labor service has been provided and the payment has been received or the receipt of the payment voucher has been obtained.

The income from property overhaul is recognized as the realization of operating income after it is approved by the owners' management committee or signed by the owners and users.

If an enterprise signs a payment contract or agreement with the owners' management committee or the property owner or user, it shall be recognized as the realization of operating income according to the payment date agreed in the contract or agreement.

Article 16 The total profit of an enterprise includes operating profit, net investment income, net non-operating income and expenditure and subsidy income.

Seventeenth subsidy income refers to the policy loss subsidies and other subsidies allocated by the state to enterprises.

Article 18 Operating profit includes main business profit and other business profit.

Main business profit refers to the net amount of main business income after deducting business tax and surcharges, and then deducting operating costs, management expenses and financial expenses.

Business tax and surcharges include business tax, urban maintenance and construction tax and education surcharge.

Other business profit refers to the net amount of other business income minus other business expenses and taxes paid by other businesses.

Article 19 Other business income refers to the income obtained by an enterprise in other business activities other than its main business, including agency fee income, material sales income, waste recycling income, business premises income and intangible assets transfer income.

Commercial housing business income refers to the income obtained by enterprises from engaging in business activities by using commercial housing provided by owners' management committees or property owners and users, such as operating gymnasiums, dance halls, beauty salons, shops and restaurants.

Twentieth other business expenses refer to the relevant costs and expenses incurred by enterprises engaged in other business activities.

Paid use fees paid by enterprises for commercial buildings are included in other business expenses.

The expenses incurred by enterprises in the decoration of commercial buildings are included in deferred assets and amortized to other operating expenses within the effective use period.

Chapter V Supplementary Provisions

Article 21 These Provisions shall come into force on June 1998 65438+ 10/day.

Financial management is the management of asset purchase (investment), financing (financing), operating cash flow (working capital) and profit distribution under a certain overall goal.

Western finance is mainly composed of three areas, namely, corporate finance, investment and macro finance. Among them, corporate finance is often translated as "corporate finance" or "enterprise financial management" in China.

Evolution of financial management

] The embryonic period of financial management

Enterprise financial management originated at the end of 15 and the beginning of 16. At that time, the western society was in the embryonic period of capitalism, and many commercial cities along the Mediterranean coast appeared commercial organizations with public shares. Shareholders of stocks are businessmen, princes, ministers and citizens. The development of commodity joint-stock economy objectively requires enterprises to reasonably predict the demand for funds and effectively raise funds. But at this time, the demand for funds by enterprises is not great, and the financing channels and methods are relatively simple. The financing activities of enterprises are only attached to business management, and there is no independent financial management major. This situation lasted until the end of 19 and the beginning of the 20th century.

Financing period

19 At the end of the 20th century, the success of the industrial revolution promoted the continuous expansion of enterprise scale, the remarkable improvement of production technology and the further development of industrial and commercial activities. The joint-stock company developed rapidly and gradually became the dominant enterprise organization form. The development of joint-stock companies not only caused the expansion of capital demand, but also greatly changed the channels and methods of financing, and the financing activities of enterprises were further strengthened. How to raise capital to expand business has become the focus of most enterprises. As a result, many companies have set up a new management department-financial management department, and financial management has begun to separate from enterprise management and become an independent management profession. At that time, the function of enterprise financial management was mainly to predict the amount of funds needed by enterprises and raise the funds needed by enterprises, and financing was the fundamental task of theoretical research on enterprise financial management at that time. So this period is called financing period or financing period.

The research focus of this period is financing. The main financial research achievements are as follows: 1897, American financial scholar Green published Corporate Finance, which elaborated on the issue of raising corporate capital in detail. This book is considered as one of the earliest financial works; 19 10 Mead published "Corporate Finance", which mainly studies how enterprises can raise capital most effectively. This book laid the foundation for modern financial theory.

Statutory financial management period

/kloc-the world economic crisis that broke out in 0/929 and the overall depression of the western economy in the 1930s led to the bankruptcy of many enterprises and serious losses for investors. In order to protect the interests of investors, western governments have strengthened the legal management of the securities market. For example, the United States promulgated the Federal Securities Law and the Securities Exchange Law of 1933 and 1934, which made strict legal provisions on the company's securities financing. At this time, the outstanding problems faced by financial management are the financial market system and related laws and regulations. Financial management first studies and explains various laws and regulations, guides enterprises to form and merge companies in accordance with the requirements of laws and regulations, and issues securities to raise capital. Therefore, western financiers call this period "law-abiding financial management period" or "descriptive legal period".

The research focus of this period is laws and regulations and internal control of enterprises. The main financial research achievements are as follows: "Enterprise Finance" written by W.H.Lough of the United States puts forward for the first time that enterprise finance should not only raise capital, but also effectively manage capital turnover. British T.G.Rose's internal financial theory especially emphasizes the importance of internal financial management, and holds that the effective use of capital is the focus of financial research. After the 1930s, the focus of financial management began to shift from expansionary external financing to defensive internal capital control, and the determination of various financial objectives and budgets, debt restructuring, asset evaluation, and maintaining solvency began to become important contents of financial management research in this period.

Period of asset financial management

After 1950s, faced with fierce market competition and the emergence of buyer's market trend, financial managers generally realized that simply expanding financing scale and increasing product output could not meet the development needs of the new situation. The main task of the financial manager should be to solve the problem of capital utilization efficiency, and the financial decision within the company has risen to the most important issue. Western financiers call this period "internal decision-making period". During this period, the time value of funds has aroused the general concern of financial managers, and the capital budgeting method with fixed assets investment decision as the research object has become increasingly mature. The focus of financial management has shifted from paying attention to external financing to paying attention to the rational allocation of funds within the company, which has made a qualitative leap in the company's financial management. Because asset management has become the top priority of financial management in this period, it is called asset financial management period.

At the end of 1950s, paying attention to and studying the overall value of a company was another remarkable development of financial management theory. In practice, investors and creditors usually determine the value of the company's stocks and bonds according to a series of factors such as the company's profitability, capital structure, dividend policy and operational risk. Therefore, the research on capital structure and dividend policy is highly valued.

The main financial research achievements in this period are as follows: 195 1 year, Joel Dean, an American financier, published the earliest theoretical works on investment finance, which played a decisive role in the rapid development of financial management from financing financial management to asset financial management; 1952, H.M.Markowitz published the paper "Portfolio Selection", and thought that under some reasonable assumptions, the variance of investment return rate is an effective method to measure investment risk. From this basic point of view, from 65438 to 0959, markowitz published the monograph "Portfolio Selection" to study the portfolio problem among various assets from the measurement of returns and risks. Markowitz is also recognized as the founder of modern portfolio theory school; 1958, Franco Modigliani and Merto H. Miller published the Theory of Capital Cost, Corporate Finance and Investment in American Economic Review, and put forward the famous MM theory. Modig Lenny and Miller won the Nobel Prize in Economics in 1985 and 1990 respectively for their outstanding achievements in studying the theory of capital structure. 1964, William Sharpe and lintner put forward the famous CAPM based on Markowitz theory. This paper systematically expounds the relationship between risk and return in asset portfolio, distinguishes systematic risk from non-systematic risk, and clearly puts forward the viewpoint that non-systematic risk can be reduced by diversifying investment. The capital asset pricing model revolutionized the modern portfolio theory, so Sharp and markowitz won the 22nd Nobel Prize in Economics. In a word, during this period, a "new financial theory" was formed, which mainly studied financial decision-making. Its essence is to attach importance to the pre-control of financial management, emphasize the close relationship between the company and its economic environment, and take asset management decision as the center, which has pushed the financial management theory forward a big step.

Investment and financial management period

Since the end of World War II, with the rapid development of science and technology, the speed of product upgrading, the rapid expansion of the international market, the increase of multinational companies, the prosperity of the financial market, the more complicated market environment and the increasing investment risks, enterprises must pay more attention to investment benefits and avoid investment risks, which puts forward higher requirements for existing financial management. After the mid-1960s, the focus of financial management shifted to investment, so it was called the investment and financial management period.

As mentioned above, portfolio theory and capital asset pricing model reveal the relationship between asset risk and its expected rate of return, which is welcomed by the investment community. It not only bases the securities pricing on the interaction between risk and return, but also greatly changes the company's asset selection strategy and investment strategy, and is widely used in the company's capital budget decision. As a result, two independent fields in finance-investment and corporate financial management are combined, and the theory of corporate financial management has entered a new era of investment financial management. The above-mentioned financial research achievements in the asset management period are also the main financial achievements in the initial stage of investment and financial management.

Since 1970s, the innovation of financial instruments has strengthened the connection between companies and financial markets. Warrants and financial futures are widely used in enterprise financing and foreign investment activities, which promotes the development and perfection of financial management theory. In the mid-1970s, Blake and others established the option pricing model (OPM). Stephen ross put forward the arbitrage pricing theory. During this period, modern management science makes the investment management theory mature day by day, which is mainly manifested in: establishing reasonable investment decision-making procedures; A perfect investment decision-making index system has been formed; A set of scientific decision-making methods for venture capital is established.

It is generally believed that the 1970s was the period when western financial management theory came to maturity. Because of absorbing the rich achievements of natural science and social science, financial management has further developed into a management activity integrating financial forecasting, financial decision-making, financial planning, financial control and financial analysis, with fund-raising management, investment management, working capital management and profit distribution management as the main contents, occupying a core position in enterprise management. 1972, Fama and Miller published the book Financial Management, which is a representative work of western financial management theory and marks the maturity of western financial management theory.

The new period of deepening the development of financial management

At the end of 1970s, the financial management of enterprises entered a new period of deepening development, developing towards internationalization, accuracy, computerization and networking.

In the late 1970s and early 1980s, the western world generally suffered from long-term inflation. Large-scale sustained inflation leads to the rapid increase of capital occupation, the increase of financing cost with interest rate, the depreciation of securities, the more difficult for enterprises to raise funds, the inflated profits of the company and the serious loss of funds. Serious inflation has brought a series of unprecedented problems to financial management, so the task of financial management in this period is mainly to deal with inflation. The financial management of inflation once became a hot issue.

Since the middle and late 1980s, import and export trade financing, foreign exchange risk management, international transfer price issues, international investment analysis, and financial performance evaluation of multinational companies have become hot spots in financial management research, and a new branch of finance-international financial management has emerged. International financial management has become a branch of modern finance.

In the middle and late 1980s, developing countries in Latin America, Africa and Southeast Asia fell into a heavy debt crisis. The political situation in the former Soviet Union and Eastern European countries was turbulent and their economies were on the verge of collapse. The United States has a trade deficit and a fiscal deficit, and trade protectionism once prevailed. This series of events led to the turmoil in the international financial market, which made the investment and financing environment faced by enterprises very uncertain. Therefore, enterprises pay more and more attention to the evaluation and avoidance of financial risks in financial decision-making. Therefore, quantitative methods such as utility theory, linear programming, game theory, probability distribution and simulation technology are increasingly applied to financial management. Attach great importance to financial risks and the quantification of financial forecasts and decisions.

With the application of advanced methods and means such as mathematical methods, applied statistics, optimization theory and electronic computer in financial management, the company's financial management theory has undergone a "revolution". Financial analysis is developing rapidly in a precise direction. Financial management information system was born in 1980s.

Since the mid-1990s, computer technology, electronic communication technology and network technology have developed rapidly. A great revolution in financial management-online financial management has quietly arrived.

The goal of financial management

1, profit maximization

2. Maximize the income of management.

3. Maximize corporate wealth (value).

4. Maximize social responsibility.

Content of financial management

1, fund-raising management

2. Investment management

3. Working capital management

4. Profit distribution management

Basic theory of financial management

(1) capital structure theory (capital structure)

The theory of capital structure is a theory to study the relationship between the financing mode and structure of a company and its market value. Modigliani and Miller's conclusion in 1958 is that in a perfect and effective financial market, enterprise value has nothing to do with capital structure and dividend policy-MM theory. Miller won the 1990 Nobel Prize in Economics for MM theory, and Modleya won the 1985 Nobel Prize in Economics.

(2) Modern modern portfolio theory and CAPM.

Modern portfolio theory is about the best portfolio. Markowitz put forward this theory in 1952, and his research conclusion is that as long as the returns between different assets do not change the perfect positive correlation, the investment risk can be reduced by portfolio. Markowitz therefore won the Nobel Prize in Economics in 1990.

Capital asset pricing model is a theory to study the relationship between risk and return. Sharp and others come to the conclusion that the risk return rate of a single asset depends on the risk-free return rate, the risk return rate of market portfolio and the risk of risky assets. Sharp won the 1990 Nobel Prize in Economics.

(3) Option pricing model.

Option pricing theory is a theory about determining the value or theoretical price of options (stock options, foreign exchange options, stock index options, convertible bonds, convertible preferred stocks, warrants, etc.). ). Scholes put forward the option pricing model in 1993, also known as B-S model. Since 1990s, option trading has become the main theme in the world financial field. Scholes and Morton won the Nobel Prize in Economics in 1997.

(4) Efficient Market Hypothesis (EMH)

Efficient market hypothesis is a theory to study the degree of information reflected by securities prices in the capital market. If the capital market fully reflects all the relevant information of securities prices, it is said that the capital market is effective. In this market, it is impossible to get economic benefits from securities trading. Fama is the main contributor to this theory.

(5) Agency theory.

Agency theory is to study the agency cost under different financing methods and different capital structures, and how to reduce the agency cost and improve the company value. The main contributors to this theory are Zhan Sen and McCullough.

(6) Asymmetric information theory.

The theory of information asymmetry means that people inside and outside the company have different understandings of the actual operating conditions of the company, that is, there is information asymmetry among the relevant personnel of the company, which will lead to different judgments on the value of the company.