新西兰作业指导：解析欧洲化工企业现状

新西兰作业

对于一个企业的首席执行官来说，他们在对外宣布离开公司之后，该公司股票又上涨之时是一件比较苦恼的事情。然而朗盛公司正在上演着这一戏剧性的故事.这是一家德国专业生产化工产品的制造商，本周负责人Axel Heitmann对外宣布正式离开公司。自从二零零四年以来朗盛公司从拜尔医药公司正式分离出来之后，他就开始经营朗盛公司。在最初的几年之中，这家公司的股票价格表现还是相当不错的，但是随着财政危机之后很多公司都强势复出，公司的业绩开始出现下降迹象，朗盛公司称Heitmann已经正式决定离开公司。
 

为了找到可以替代他的人，朗盛公司请回了目前正在一家德国医药公司工作的默克（和美国的与它同名的公司没有关系）来出任该公司的首席财务主管人员，专门负责监管如何降低成本扩大利润率，并且还有前任首席执行官Matthias Zachert。投资者们会记住这个名字：该消息发布之后，默克公司的股价下降了百分之十，而朗盛公司却上升了将近百分之十。
 

IT IS always bitter for a chief executive to see his company’s shares spike when his departure is announced. But that is what happened when Lanxess, a German chemicals producer, said this week that Axel Heitmann would be leaving. He has run the business since it was spun off from Bayer, a pharmaceuticals and chemicals group, in 2004. Its shares did well in the early years, and recovered strongly after the financial crisis, but they have slid in the past year. Lanxess says the decision for Mr Heitmann to go was mutual.

 

2 To replace him, Lanxess brought back Matthias Zachert, a former executive who has recently been overseeing a cost-cutting drive as chief financial officer of Merck, a German pharma firm (unrelated to its American namesake). Investors think well of him: Merck’s shares fell by 10% on the news, as Lanxess’s rose by almost as much.

In this section

 

3 To some extent Mr Heitmann was the victim of his own optimistic spiel. The departing boss, a chemist, talked about escaping the fierce competition in global chemicals markets by spending plenty on research to create high-margin specialty products. He pointed (as every modern boss must) to “megatrends” like urbanisation and population growth, arguing that the future world would need Lanxess’s sophisticated chemicals to improve crop yields, for example, and make cars lighter and more fuel-efficient.

 

4 But Lanxess depends heavily on one of the European economy’s weakest sectors: it gets 25% of its revenues from tyres, and 15% from other car parts. Sales of new cars in the EU have dropped for six straight years; and motorists are driving less, so they need fewer replacement tyres. The “temporary weakness”, as Mr Heitmann called it last autumn, has taken its toll.

 

5 It was also hit from the supply side. Martin Evans of J.P. Morgan, an investment bank, explains that when Lanxess’s synthetic-rubber business was going well, it invested a lot in more capacity—only to see Chinese and other competitors also plunging in, causing a surge in supply and a resulting fall in prices.

 

6 Another analyst, Stephan Kippe of Commerzbank, says that at least under Mr Heitmann the company has built a promising suite of products; what it needs now is a disciplined manager to cut costs. That is where Mr Zachert comes in: Mr Kippe thinks that whereas the departing boss talked of shedding 1,000 or so jobs (of a total workforce of 17,500), the new chief will be more “radical”.

 

7 He will need to be. The German chemicals industry has been flat in recent years, even as the rest of the economy has grown. Mr Evans is bearish on Lanxess, as he is on other big European chemicals firms such as BASF of Germany and Arkema of France. He notes that not only are they threatened by state-backed Chinese rivals, they face a revived chemicals industry in America, where shale gas is a cheap source of both energy and raw materials.

 

8 One solution for Europe’s struggling firms is to produce abroad, in lower-cost places closer to their foreign customers. Lanxess and BASF are both aiming to do so. But for legal and political reasons it is hard for them to cut capacity back home. Another answer is to keep pushing those high-end products. But that alone would not be enough to replace, say, the quarter of Lanxess’s revenues from tyres.

 

9 Fortunately, Europe’s economy—even its battered car market—may at last be recovering. And Lanxess has high hopes for “green tyres”, which cost more but save petrol. If thrifty motorists take to them, Mr Zachert may fix Lanxess’s own flat, and get it back on the road.
 

Overall budget to reflect the corporate financial plan during a given period, is the basis to carry out the production and business activities, budget work in order to achieve the goal of corporate profits, and make the appropriate forecasting and planning for the company's production costs and cash flow and other financial conditions, budgeting a certain extent reflect the development of corporate finance and financial health in the future expectations.

Comprehensive budget management within the enterprise to cover their internal capital budget, financing the budget, operational budget and many other content, is an internal development companies develop strategies to achieve the goal of enterprise management, enterprise layers effectively guide the division. Effective internal management and control systems can be various functional departments within the enterprise closely together to achieve a complete and effective control over the economic activity of the whole process, budget management can effectively achieve the preparation of internal resources, prompting management to improve efficiency and achieve business goals . But look at the modern enterprise management, budget management and systematic strategy of development, in line with the concept of people-centered development, can effectively integrate internal capital and business information on the direction and development prospects of the development of enterprises to do good planning, drive enterprise performance, to reach the goal of increasing corporate value.
 

Overall budget and internal control are complementary and inseparable, the overall budget is the basis for effective internal control, and internal controls are effectively achieved through a comprehensive budget. Profit-oriented overall budget, production and business activities of enterprises to effectively manage, to achieve effective internal control to collect a lot of information that can improve business productivity to some extent. The budget is the basis for control of the overall budget can provide the basis for enterprise risk assessment, reducing the risk of loss or even avoid the enterprise. Due to the overall budget needs to be identified and analyzed in accordance with the necessary analytical methods, internal financial situation and understand the health funds, can provide an important basis for risk identification.

Overall budget for corporate control activities and templates provide an important framework for the role of internal control activities is the development of corporate management policies, mandatory for corporate finance, operations, etc., this provision could be included in full to a certain extent budget. The overall budget can get valid information, the information is timely possession and transfer of internal work unscheduled inspection and testing, to ensure the effective operation of internal controls. Authorization approval and planning of internal control, the need to reach a budget management, internal management and control network including planning, decision making, management, budget, etc., which can be seen, the overall budget and internal control are mutually reinforcing, comprehensive budget management implementation of effective internal controls to enhance the level of prompting.
 

With the development of a comprehensive budget management theory, internal budgeting has been formed on a more systematic theory, but in the actual execution of the operation, there are still problems budgeting. Budget management thinking is thinking in the development of strategic management and economics theories continue to be progressive, different companies inside the actual situation, budget preparation and management measures adopted are not the same. In actual operation, just start-ups, in a steady period of development of the enterprise, based on its internal product positioning, financing and investment approach, the general capital budget based budgeting model, while at the growth stage companies, the development of more stable, then choose sales budget based budget model. Some companies have been maturing, business operations are in pursuit of profit maximization as the goal, such enterprises are generally considered when the budget management cost estimates, profit budget, cash flow is an important part of budget management, when the company entered a recession period, they have to pay attention to collect accounts receivable, cash flow budget is particularly important.

Since many companies can not face their stage of development, lack of knowledge of business development, budget management and therefore unreasonable use, leading to a series of questions budget process. While the rapid global economic development, the development of many enterprises is not obvious characteristics, firm-specific strategic development plan to be considered from a pluralistic perspective. Many companies will present a single target, such as sales targets, profit targets as the main starting point for budgeting, causing problems budgeting. Game phenomenon is one of the more common phenomenon in society, the budget preparation process and the audit process is a typical game process, budget management is to advance the overall enterprise resources be allocated among the various departments, the need for coordination and distribution relationships meet the interests of all parties. Game within the enterprise can bring more marginal benefits for the enterprise, but planning is unreasonable, inconsistent with the realities of budgeting, it will have the opposite impact.
 

Budget target could be achieved is closely related to budget control, budget control is to control the process of implementation of the budget, a good budget control to ensure the smooth realization of budget targets. If the budget is the basis for budget management, budget control is then budgeting to ensure good practice, as an important part of budget management, budget control within the enterprise need to be given adequate attention. In the actual budget control process of enterprise, there are the following problems, which are caused by the presence of bias results and budgeting the most important reason. First, the lack of communication between the various departments within the enterprise exchange, resulting in the implementation of the budget process the transaction has not been well coordinated.

Budget management and business aspects of all there is a link, can not rely solely on the financial sector to make the overall corporate monitoring, appropriate, can not objectively to other departments to achieve real-time monitoring. In addition, awareness of the functions of the finance department of a lack of staff and lack of business knowledge, leading enterprises in the budget monitoring, enforcement, there are loopholes in the management, results-based budgeting is difficult to be effectively implemented. Because of budget management in our short history, many companies lack the budget level, a strict system and control processes to manual approval based budget monitoring is more common, the lack of effective tools and means of budget control lack of execution. A series of questions of budgetary control, resulting in business if the mutation suffered internal and external environment, the budget would be difficult to regulate work in coordination with business development, is not conducive to the completion of the interior work. Budget management requires in-depth analysis, a good budget execution is also inseparable from the analysis of the budget, the executive arm of the need for regular analysis of the implementation of the budget, the timely detection of problems and effective solution, budgeting has serious, scientific characteristics, thus analytical work should be in place. The current enterprise budget management, there is the problem of the analysis is not in place, the business enterprise can not effectively make comparative analysis.
 

Functional departments within the enterprise assessment and evaluation work is budget evaluation, budget managers substantive evaluation of the formation of an effective monitoring mechanism constraints, budget management for enterprise-wide assessment and research include the following two elements, namely centralized budgeting and budgetary control content appraisal business. Due to the content of the professional assessment, budget examiners need to master professional skills and expertise to effectively will play to the implementation and control section.

Examiners to understand budgeting methods, procedures and principles, based on the realization of the principles of practical applications based on the full understanding of the knowledge used in actual production, execution and analysis of the reasonableness of the budget preparation process, budget analysis and identification of differences . Budget evaluation meaning rich in content, currently has two meanings, the budget executor can make evaluation work on the budget, the budget implementation constraints and incentives can make the overall budget assessment evaluation of the budget management system for business performance also made the corresponding evaluation. However, due to practical reasons, budget assessment mechanism many companies tend to reach practical effect, due to the lack of professional internal budget management personnel, there is no strict norms for budget evaluation procedures and methods. Budget management is not a simple task, the need is to improve budgeting ideas and familiar budgeting process, budget management staff to analyze the budget on the basis of differences, providing budgetary problem-solving measures.

Currently, there are some companies lack incentive budget factors in work management, the failure to achieve people-oriented, in the evaluation of the budget, a good incentive mechanism is not formed, examination results and staff seem to have little content, resulting in employees' work enthusiasm is not high. Needs assessment phase and staff motivation linked to determine rewards and penalties, incentive systems designed to be perfect and reasonable incentives to follow up evaluation measures, a combination of both, and improving internal employee motivation, creating high performance.
 

The existence of differences in the scale of operation and the internal organizational structure of different enterprises, so when building a comprehensive budget system, different companies have different heavy and difficult, need to be analyzed according to the actual situation of the construction features, you need to follow the principles of scientific and comprehensive, consistent and efficient operation characteristics. To ensure the effective operation of the overall budget management mechanism established within the enterprise needs a comprehensive budget management decision-making bodies, the establishment of the agency's implementation of a unified management and oversight responsibility for the overall budget, institutional members from various departments within the enterprise key management personnel and business executives composition, organization functions mainly includes corporate annual basis operating conditions, access to relevant information, the draft budget preparation and integrated, publish the relevant budget management system, the implementation of the budget rules and measures were announced, the implementation of the budget for an assessment.

Agencies responsible for the management of the enterprise budget daily work, based on the realization of management and supervision, budget management agencies need to set up a special department responsible for the implementation of the budget of the entire implementation process for dynamic monitoring, control the implementation of information on the budget dynamic management. While achieving the overall budget management, the need to control the overall budget management processes, specifically the process of preparation and execution, coordinate the relationship between the various departments to ensure internal coordination of the work. Companies generally on the overall budget management, in three steps, namely budgeting,
 

Prior to the work of the author of an enterprise, for example, that there are some problems in the enterprise budget management, together, mainly in the following aspects. First, the lack of budget-oriented, just attention to short-term activities between departments, but then a long-term business objectives lack of planning, resulting in inconsistent long-term goals and corporate budgets. Secondly, the company will mainly work to the overall budget management the financial sector, budgeting participated only by the department staff, the lack of communication with other departments, and in the budget management process, there is the finance department staff professionalism is not high, information flow is not strong issues, resulting in budget unreasonable. Internal lack of communication with the outside world, is not sensitive to the strain on the economy and the market. Overall budget assessment and employee incentive mechanism is not perfect, the lack of internal staff enthusiasm and creativity.

In order to improve the current situation, companies need to enhance the management of enterprise-wide budget management attention, the formation of a comprehensive budget management agency, responsible for corporate budgeting, budget execution and budget evaluation work, the department and other departments of enterprises have a clear information exchange and transfer relations, information can be shared within the enterprise. In addition, the budget evaluation and employee incentives must be perfect, the staff is the core driver of corporate work, highly qualified staff with specialized skills to enhance the competitiveness of enterprises an important force to strengthen the quality of the staff evaluation, establish reward system, clear the purpose of business operations, and ultimately raise the level of the budget and business benefits of upgrading.
 

Overall, the Group's businesses in controlling subsidiaries of cash flow management model has a variety of options, I prefer to take the way of the establishment of fund management centers owned subsidiary of unified management of cash flow. Group companies in the monetary amount of money is actually the most concentrated financial managers realized the risks and benefits of a balanced attitude, such as holding too much idle money funds, certainly lower corporate profitability. Group companies set up fund management center, set aside money each subsidiary of the course of business temporarily idle funds management center must be placed in full, quarterly, annual fund use plan submitted to the unit, the fund management center compilation system quarterly and annual financial use plan, implemented by the Group, unified enterprise funds. Management Center can simulate a banking enterprise economic accounting, internal financing provided members of the unit, the internal working capital loans and project loans and other services. Enterprise Group to implement such funds management, first take the maximum benefit to unify the existing divergence in various independent accounting of corporate funds, to play their intra-group funding. Companies invest less in increased without increasing investment premise, by improving the quality of the stock of capital and optimal allocation, improve capital efficiency and achieve business development goals. By playing the Group's internal credit center, settlement center, information center, internal control centers and other functions, all-round, multi-level money management. Enable the enterprise exchanges, accelerate cash flow, avoiding idle funds, so to maximize the use of limited funds and improve overall efficiency in the use of funds group. Group cash flow based on the unified management needs, "cash pool" management model emerged.
 

Restrictions on domestic laws and regulations related to the mutual inter-enterprise lending. The current situation of mutual lending between domestic enterprises is very common, which is accounting standards and securities regulations that are not allowed. According to "further regulate listed companies to raise funds notice" issued by the Commission (the "Notice"), a listed company on the use of funds raised must comply with the relevant laws, administrative regulations and normative documents. Shall be in accordance with the purpose to raise funds listed in the prospectus or prospectus used without the approval of the general meeting shall not be changed. Temporarily idle funds raised in additional liquidity, limited to the main business-related production and business use, not through direct or indirect arrangements for the placement of new shares, purchase, or for shares and derivatives, convertible bonds, etc. transactions. Penalties also been clearly notice: For unauthorized change or disguise the use of proceeds, misappropriation of funds raised for stock and derivatives or convertible bond investment, or fails to require the disclosure of the use of funds raised, will take appropriate regulatory measures, in serious cases, will hold public companies and relevant personnel responsibilities.

The feasibility of the proposal entrusted loan operation.

Since the relevant national regulations on mutual inter-enterprise lending expressly limit, the Group's businesses, lending each other between the various subsidiaries, how to do legitimate? More feasible approach is to be taken by way of entrusted loans. First, for each subsidiary to build a software platform for sharing information by Group corporate headquarters, and the amount of time in various subsidiaries above idle can put their money to be released, when financial constraints can also be published on the funding needs of the time period and specific amount, the Group headquarters to do is swap matching funds work, or mutual agreement by the subsidiary, to borrow commissioned by signing the loan agreement, the bank as an intermediary departments charge a fee. Interest rates can float freely in principle between the deposit and lending rates ranged from more appropriate. Thus, through various subsidiaries entrusted loan transfers of funds, especially non-owned subsidiary of the remaining places, we can effectively reduce financing costs, to play Group companies financial advantage, to achieve the best benefits of cash flow management.