Several Opinions of Ministry of Finance People's Republic of China on Tackling Present Financial Crisis and Strengthening Financial Management of Enterprises.

财政部关于当前应对金融危机加强企业财务管理的若干意见

Promulgating Institution: Ministry of Finance

Document Number: Cai Qi [2009] No.52

Promulgating Date: 04/09/2009

Effective Date: 04/09/2009

颁布机关: 财政部

文   号: 财企[2009]52号

颁布时间: 04/09/2009

实施时间: 04/09/2009

For the present time, with continuous spread of the global financial crisis and the growing impact thereof on China's real economy, some enterprises are confronted with crucial problems of increasing pressure on production and operation, serious overstock, inadequate capital for operation and decreasing profit level, and financial risks of enterprises have been further increasing. For the purpose of tackling the global financial crisis, Central Committee of the Communist Party of China and the State Council implement proactive fiscal policy and moderately easy monetary policy and formulate requirements of macro-control as 'boosting domestic demand to sustain economic growth, adjusting the structure of the economy to raise it to a higher level of development, pressing ahead with reform to make the economy more vigorous and giving top priority to ensuring people's well-being to promote social harmony'. Governments at all levels formulate in succession a series of fiscal，taxation, financial and industrial policies and measures, forming policy system of promoting steady and rapid development of economy. All sorts of enterprises actively adopt tackling measures, adjust development strategies and improve operation and management, attaining satisfactory achievements. However, the production and operation of Chinese enterprises still encounter many new situations and problems of deteriorating external environment, multiplying investment risks, decreasing assets quality and increasing financial burden. For the purpose of improving the capacity of enterprises to prevent and ease financial risks, enhancing the development strength, and maintaining steady and sound development, opinions on crucial issues at present concerning further strengthening financial management of enterprises are now hereby formulated as follows:

  当前,国际金融危机还在扩散和蔓延,对我国实体经济的影响日益加深。部分企业出现生产经营压力加大、库存积压严重、运营资金趋紧、盈利水平下降等突出问题,企业财务风险进一步加大。为应对国际金融危机,党中央、国务院实施积极的财政政策和适度宽松的货币政策,提出“扩内需保增长、调结构上水平、抓改革增活力、重民生促和谐”的宏观调控要求。各级政府陆续出台了财税、金融、产业等一系列政策措施,形成了促进经济平稳较快发展的政策体系。各类企业积极采取应对措施,调整发展战略,改善经营管理,取得了积极成效。但是,我国企业生产经营仍然面临外部环境恶化、投资风险加剧、资产质量下降、财务负担加重等新情况新问题。为提高企业防范和化解财务风险的能力,增强企业发展实力,保持企业平稳健康发展,现就当前进一步加强企业财务管理有关重要事项提出如下意见:

I. To be full aware of the great significance of strengthening financial management of enterprises. With the impact of the global financial crisis on China's real economy continuously deepening, operation risks of enterprises will eventually turn into financial risks. In the process of tackling the global financial crisis, maintaining the steady and sound development of enterprises and improving the capacity of enterprises against risks have great significance to guaranteeing the steady operation of China’s economy and achieving the goal of macro-control put forward by the Central Government. Due to the core position of financial management in enterprise management, financial performance eventually reflect operating performance of enterprises, therefore, the more specific and difficult the situation is, the more emphasis and the more prominent position shall be given to strengthen financial management of enterprises. All sorts of enterprises shall in accordance with unified regulations of financial system of the state intensify financial management, earnestly improve operation and management of enterprises, effectively tackle the global financial crisis, prevent financial risks of enterprises and maintain the steady and sound development of enterprises and economy.

    一、充分认识加强企业财务管理的重要意义。随着国际金融危机对我国实体经济影响的不断加深,企业的经营风险最终将转变为财务风险。在应对国际金融危机中,继续保持企业平稳健康发展,提高企业抗风险能力,对于确保我国经济平稳运行、实现中央提出的宏观调控目标具有重要意义。企业财务管理处于企业管理的中心环节,企业经营成果最终都要反映到财务成果上来。因此,越是在特殊困难的时候,越要重视和加强企业财务管理,始终把加强企业财务管理放在更加突出的位置。各类企业应当按照国家统一的财务制度规定,强化财务管理,切实提高企业经营管理水平,有效应对国际金融危机,防范企业财务风险,保持企业和经济平稳健康发展。

II. To actively and steadily accelerate merger and acquisition and reorganization of enterprises. Merger and acquisition and reorganization provide important measures for enterprises to accelerate strategic adjustment of economic structure and effective methods to adopt international operation. Under the circumstances of growing impact of the global financial crisis, enterprises shall not only seize favorable opportunity, actively participate in global resources allocation, conduct multinational merger and acquisition, but also earnestly implement industry adjustment and rejuvenation planning formulated and issued by the state, and actively and steadily develop merger and acquisition on the principle of marketization. Enterprises shall in light of their own development strategies, financial conditions and capacity of risk appetite analyze and research the necessity and feasibility of merger and acquisition and reorganization to avoid unnecessary loss resulted from blind expansion; with consciousness of risks prevention built up and strengthened, enterprises shall in accordance with laws and regulations of the state and internal management system strictly perform internal decision and approval procedure to cautiously develop merger and acquisition and reorganization; and enterprises shall intensify the integration of merged enterprises, optimize and adjust business process and expand the synergy effect of merger and acquisition and reorganization. Enterprises developing outbound merger and acquisition and reorganization shall highly focus on economic risks of changes of exchange rate in global market, deeply research factors as political and legal environment and social conditions of the country being invested to avoid outbound investment risks.

    二、积极稳妥地推进企业并购重组。并购重组是推进经济结构战略性调整的重要举措,也是企业实施国际化经营的有效途径。在国际金融危机日益加深的形势下,企业既要抓住有利时机,积极参与全球资源配置、实施跨国并购,也要认真贯彻落实国家制定出台的产业调整与振兴规划,按照市场化原则,积极稳妥地开展并购重组工作。应根据企业发展战略、财务状况和风险承受能力,分析研究并购重组的必要性和可行性,避免因盲目扩张造成不必要的损失。树立和强化风险防范意识,按照国家法律法规和企业内部管理制度,严格履行内部决策和审批程序,审慎开展并购重组。加强对被兼并企业的整合力度,优化调整业务流程,扩大并购重组协同效应。开展境外并购重组的企业,要高度关注国际市场汇率变化等经济风险,深入研究被投资国的政治、法律环境及社会状况等因素,规避境外投资风险。

III. To earnestly strengthen investment management of financial derivatives of enterprises. The incorporation and application of tools of financial derivative provide an important means for enterprises to participate in market competition and avoid market risks. Under the circumstances of China’s integration into economic globalization, enterprises shall strengthen the analysis and judgment of the inbound and outbound economy, finance and market to master financial innovative products, to acquaint with rules of market operation, to reasonably adopt financial tools and to focus on strengthening the management of investment on financial derivatives. Enterprises shall attach great importance to the introduction and cultivation of proficient personnel and give full play to the advantages thereof. Enterprises shall conduct transactions on the requirements of market supervision, effectively control investment risks of financial products, strengthen consciousness of risks prevention, improve internal control system of investment on financial derivatives and management and decision-making procedure to prohibit speculation behavior of financial derivatives. Enterprises shall on the demands of major business cautiously engage in financial derivatives investment as hedging risk, reasonably select transaction types, control transaction quantity and time limit, strictly comply with business rules, subtly respond to market changes and strengthen management of foreign exchange assets to reduce loss of currency exchange.

    三、切实加强企业金融衍生品投资管理。借鉴和运用金融衍生品工具,是企业积极参与市场竞争、规避市场风险的一个重要手段。在我国经济融入世界经济一体化的形势下,企业应加强对国际国内经济、金融、市场等形势的分析判断,掌握金融创新产品,熟悉市场运行规则,合理运用金融工具,重点加强对金融衍生品投资的管理。重视专业人才的引进和培养,充分发挥专业人才优势,按照市场监管要求开展交易活动,有效控制金融产品投资风险。增强风险防范意识,健全企业内部金融衍生品投资控制制度,完善管理和决策程序,杜绝金融衍生品投机行为。根据企业主营业务发展需要,审慎从事套期保值等金融衍生品投资,合理选择交易品种,控制交易数量和交易期限,严格遵守交易规则,敏锐应对市场变化。要加强外汇资产管理,减少汇兑损失。

IV. To improve and strengthen the management of external guarantee business of enterprises. The continuous deepening global financial crisis increases the risks of developing external guarantee business. Enterprises shall strengthen marketing research to acknowledge operation conditions of the enterprises being guaranteed and steadily develop external guarantee business. In accordance with provisions of laws and regulations of the state, enterprises shall establish work regulation and process of internal guarantee business and strengthen the management of external guarantee business. Enterprises shall improve approval and management system of enterprise guarantee business, strictly perform approval procedure and strictly control external business provided by enterprises concerning guarantee business, mortgage and lien, cautiously evaluate assets conditions and solvency of the guaranteed and prepare established risks-controlling plan to control guarantee risks to the lowest minimum.

    四、改进和加强企业对外担保业务管理。国际金融危机的日益加深,使企业开展对外担保业务的风险增大。企业应加强市场调研,了解被担保方企业的生产经营状况,稳妥地开展对外担保业务。按照国家法律法规的规定,建立企业内部担保业务工作规程,加强企业对外担保业务的管理。健全企业担保业务审批管理制度,严格履行审批程序,从严控制企业对外提供担保、抵押、质押等业务。慎重评估被担保方的资产状况及偿债能力,制定完备的风险控制预案,把担保风险控制在最低程度。

V. To earnestly intensify the management of receivables and prepayment of enterprises. With the external environment confronted with Chinese enterprises more complicated and changeable, the global financial crisis tremendously increases operation risks and financial risks, particularly the operation risks of foreign trade export enterprises. Enterprises shall highly place emphasis to the management of receivables and prepayment, strengthen the management of contract order, increase the proportion of prepayment and decrease the amount of prepayment. Enterprises shall enhance the management of payment withdrawing and perform the responsibility for collection of receivables overdue to increase the receivables’ velocity of turnover. Risks forecast for and warning to receivables and prepayment shall be intensified and necessary guarantee or reinsurance approach shall be adopted to reduce the proportion of doubtful accounts. Enterprises shall closely focus on the political and economic situations of the import country, cautiously research and judge the production and operation conditions of enterprises of the import country and make timely and appropriate adjustment of the export strategies and approaches. Enterprises shall strengthen the credit management of foreign clients, objectively evaluate the credit conditions and payment abilities of foreign clients, make timely and appropriate adjustment of settlement method of export sales, and strictly control the risks of doubtful accounts resulted from export.

    五、切实强化企业应收账款和预付账款管理。国际金融危机使我国企业面临的外部环境更加复杂多变,经营风险与财务风险骤增,特别是外贸出口企业面临的经营风险更大。企业应当高度重视应收账款和预付账款管理,强化合同订单管理,提高预收账款比例,减少预付款金额。加强货款回收管理,落实催收责任,提高应收款周转速度。强化应收账款和预付账款风险预警预报,采取必要的保险或再保险办法,降低坏账比例。密切关注进口国政治经济形势,认真研判进口国企业的生产经营状况,适时调整出口策略和方式。重点加强国外客户授信管理,客观评估国外客户信用状况及支付能力,及时调整出口销售结算方式,严格控制因出口带来的坏账风险。

VI. To strengthen the management and control of enterprise costs with painstaking efforts. With market demands deteriorating, enterprises are confronted with difficulties concerning decline in operating revenue, rigid expenditures on costs and expenses and decrease in profit earning capacity. Strict controls on enterprise costs provide important measures for enterprises to tackle the impact of the global financial crisis. Enterprises shall further optimize the processes of business and management, promote the management of budgets in all aspects and intensify the binding force of each budget quota and expense standards. Enterprises shall foster the thought of tightening-the-belt, intensify delicacy management, promote tapping the potential and increasing the profit and reduce costs and expenses of enterprises. Enterprises shall attach much importance to strengthen the purchase management of raw materials (fuel) and auxiliary materials, properly handle the relationship between centralized purchase and decentralized purchase and control with great efforts the costs of raw materials (fuel) and auxiliary materials within the ambit of the budget. Enterprises shall vigorously advocate the sense of thrifty, cut down unproductive expenditures to the greatest extent possible and lower management expenses with great efforts. Enterprises shall regulate the system of remuneration management of the staff and reasonably determine remuneration level of management personnel to avoid widening the remuneration gap between operation manager and the staff.

    六、着力加强企业成本管理和控制。市场需求萎缩,企业面临营业收入下滑、成本费用刚性支出、盈利能力下降等多重困难。严格控制企业成本,是企业应对国际金融危机冲击的重要举措。进一步优化业务和管理流程,推行全面预算管理,强化各项预算定额和费用标准的约束力。树立过紧日子的思想,强化精细管理,推进挖潜增效,降低企业成本费用水平。重点加强对原材(燃)料及辅助材料的采购管理,妥善处理集中采购与分散采购的关系,努力把原材(燃)料及辅助材料成本控制在预算范围内。大力倡导节俭意识,尽可能减少非生产性支出,努力降低管理费用。规范企业员工薪酬管理制度,合理确定企业管理人员薪酬水平,避免拉大经营管理者与员工之间的薪酬差距。

VII. To actively reduce storage pressure of enterprise. Economic slowdown and sluggish demands of overseas market constitute important factors concerning continuously intensifying storage pressure and severely affecting the normal operation and production of enterprises. Enterprises shall adopt comprehensive measures, effectively alleviate storage pressure and continuously promote the rate of production and marketing. Enterprises shall adhere to limiting production to market ability, adequately grasp market development trend of the product, strengthen the forecast for market situations, scientifically and reasonably organize the production and make timely and appropriate adjustment of the product structure. Concerning important goods involving national security strategies and national economy and people’s livelihood, enterprises shall actively cooperate with relevant departments of the state to intensify the purchase and storage of the state and the commerce and alleviate storage pressure of enterprise. Full play shall be given to the advantages of current marketing network, marketing regions shall be explored both in China and elsewhere and marketing blind spots shall be eliminated to extend with great efforts the marketing share of regions and continuously promote the market share of product. Much importance shall be attached to intensify the exploration into emerging markets of developing countries and new growth points of foreign trade shall be fostered and developed to expand the export of foreign trade. The policy opportunities concerning household electrical appliances and automobiles going to villages shall be tightly seized, more attention shall be paid to the development of rural market and marketing network system of rural market of enterprise shall be improved to explore consumption market in rural areas with painstaking efforts.

    七、积极缓解企业库存压力。经济减速和外需乏力是企业库存压力不断加大、严重影响企业正常生产经营的重要因素。应采取综合措施,有效缓解企业库存压力,不断提高企业产销率。坚持以销定产,准确把握产品市场发展态势,加强市场形势预测,科学合理组织生产,适时调整产品结构。对涉及国家战略安全及国计民生的重要物资,要主动配合国家有关部门加大国家及商业收储力度,减轻企业库存压力。充分发挥现有营销网络优势,拓展国际国内营销区域,消除营销盲点,努力扩大区域销售份额,不断提高产品市场占有率。重点加强对发展中国家等新兴市场的开拓力度,培育和发展新的外贸增长点,扩大外贸出口。紧紧抓住家电、汽车下乡等政策机遇,更加重视农村市场开发,完善企业农村市场营销网络体系,努力开辟农村消费市场。

VIII. To attach importance to strengthen the management of cash flow of enterprise. Steady and sufficient cash flow provides enterprises with important guarantee of crisis tackling, steady and healthy operation and sound development. Enterprises shall fully foster the fund management-oriented idea of financial management, intensify the management consciousness of cash flow and attach great importance to the management of cash flow. Enterprises shall properly handle the relationship between centralized management and decentralized management and advocate the centralized management of funds to reduce fund costs and to strengthen the guarantee capacity for fund. Enterprises shall intensify the planning management of funds, promote cash inflows and control cash outflows to guarantee fund security. Circuit period of funds shall be shortened with great efforts to prevent fund risks and guarantee the security of fund flow. The management system of cash flow of enterprises shall be improved, efficient information system of management shall be established, and dynamic monitoring of cash flow shall be further improved and strengthened to ensure the continuance of fund chain of enterprises.

    八、重视加强企业现金流管理。稳定充足的现金流,是企业应对危机、稳健经营、健康发展的重要保证。全面树立以资金管理为主导的企业财务管理理念,强化现金流管理意识,高度重视企业现金流管理。妥善处理资金集中管理与分散管理的关系,倡导资金集中管理,降低资金成本,增强资金保障能力。强化资金计划管理,增加现金流入,控制现金流出,保障资金安全。努力缩短资金循环周期,防范资金风险,保障资金运转安全。健全企业现金流管理制度,建立有效的管理信息系统,进一步改进和加强对现金流的动态监控,确保企业资金链不断裂。

IX. To adjust and improve the financial strategies of enterprises. The financial strategies of enterprises determine the ambit and direction of financial management activities and provide basic guidelines for enterprises to implement financial work. Enterprises shall in accordance with the changes of external economic environment and development strategies make timely and appropriate adjustment of financial strategies, and strengthen the directive, efficiency and binding force thereof. Enterprises shall give full play to the leading role of financial strategies, scientifically arrange annual planning for cash flow of fund raising, investment, operation and proceeds allocation, adjust and improve the financial management issues concerning capital operation, assets management and proceeds allocation and promote the implementation of development strategies and operation goals to continuously increase the market competitiveness of enterprises.

    九、调整完善企业财务战略。企业财务战略决定着企业财务管理活动的范围和方向,也是企业开展财务工作的基本纲领。应根据外部经济环境变化及企业发展战略,适时调整企业财务战略,增强企业财务战略的指导性、实效性和约束力。充分发挥企业财务战略的统领作用,科学安排企业年度筹资、投资、经营、收益分配等现金流计划,调整完善企业资本营运、资产管理及收益分配等财务管理事项,推动落实企业发展战略和经营目标,不断提升企业的市场竞争力。

X. To attach importance to strengthen the analysis of and forecast for financial risks of enterprises. The analysis of and forecast for financial risks provides important method for enterprises to control future financial risks and also provides important basis for enterprises to make operating decisions. Enterprises shall adequately grasp the macro-economic situations and the development and changes of market, pay much attention to operation information and important indicators of macro-economy, voluntarily adjust all financial indicators and targets and tasks, and scientifically forecast future financial activities and financial achievements to do well in assisting making strategic decisions. Enterprises shall strengthen the construction of information systems of economy, finance, market and policy, intensify the conjunction between analysis of and forecast for financial risks and development strategies, and reasonably adopt the methods of analysis of and forecast for financial risks to improve financial management and promote the capacity for strategic decisions. Enterprises shall give full play to the warning role of financial information and strengthen monitoring and warning of financial risks. Where substantial operation risks or financial risks are detected, a timely report shall be made to the competent financial authority.

    十、注重加强企业财务风险分析和预测。财务风险分析和预测是企业控制未来财务风险的重要方法,也是企业进行经营决策的重要依据。准确把握宏观经济形势和市场发展变化,高度关注宏观经济运行信息及重要指标,主动调整企业各项财务指标和目标任务,对企业未来财务活动和财务成果作出科学预判,当好企业战略决策的参谋助手。加强经济、财务、市场、政策等信息体系建设,强化财务风险分析和预测与企业发展战略的相互衔接,合理运用财务风险分析和预测方法,提高企业财务管理水平,提升企业的战略决策能力。注重发挥企业财务信息的预警作用,加强企业财务风险监测预警工作,发现重大经营风险或财务风险,要及时向主管财政机关报告。

XI. To actively implement each fiscal and taxation policy and measure. Enterprises shall closely combine the reinforcement of financial management with the implementation of each fiscal and taxation policy to strengthen the capacity for tackling the global financial crisis. Enterprises shall earnestly implement macro-regulation policy put forward by the Central Government and correctly adopt policy methods of national fiscal and taxation and finance to effectively tackle the global financial crisis. Enterprises shall actively implement industrial adjustment and rejuvenation planning of the state to promote technical progress and industrial upgrade. Enterprises shall give full play to national policies and measures of energy conservation and emission reduction, promotion of the development of medium and small-sized enterprises, supporting the development of foreign trade and economic cooperation and promoting the transformation of industrial technological achievements, and actively promote the transformation of development mode to strengthen sustainable development. Enterprises shall actively adopt the national policy of scientific innovation, accelerate the construction of technology center or project center, and continuously promote independent innovation to strengthen the core competitiveness. Enterprises shall in accordance with national industrial policies and development strategies, scientifically allocate elements of production of capital, technology, management and labor, and transform and upgrade production processes and technical equipment to strengthen the competitiveness.

    十一、积极贯彻落实各项财税等政策措施。把加强企业财务管理与落实各项财税政策紧密结合起来,增强应对国际金融危机的能力。认真贯彻中央提出的宏观调控政策,正确运用国家财政、税收、金融等政策手段,有效应对国际金融危机。积极落实国家产业调整与振兴规划,推进企业技术进步和产业升级。充分利用国家节能减排、促进中小企业发展、支持外经贸发展、促进产业技术成果转化等政策措施,积极推进企业转变发展方式,增强发展后劲。积极运用国家科技创新政策,加快企业技术中心或工程中心建设,不断推进企业自主创新,增强核心竞争力。根据国家产业政策和企业发展战略,科学配置企业资本、技术、管理、劳动等生产要素,改造提升企业生产工艺及技术装备,增强企业竞争力。

XII. To earnestly strengthen the contingent construction of financial personnel of enterprises. A contingent of financial personnel with political competence and professional conversance plays more important role for enterprises in tackling the impact of the present global financial crisis. Enterprises shall attach much importance to the construction of financial personnel contingent and cultivate a group of financial personnel with high quality who understand management, capable of accounts and adept in financial management. Enterprises shall in accordance with the requirements of development strategies and business development research and formulate training planning for financial personnel and in combination with the conditions of financial work reasonably arrange the training of financial personnel. Enterprises shall intensify the training of financial personnel to promote the policy level and professional quality and continuously tamp the foundation for financial work, who shall receive the training of financial accounting system, financial policies and various laws and regulations on taxation including the General Rules on Enterprise Finance, Accounting Standards for Enterprises and the Basic Internal Control Norms for Enterprises. Enterprises shall attach importance to the study and research on the national macro-economic policies, widen the horizon of financial personnel, and build up macro-economic knowledge to promote the comprehensive quality of financial personnel. Enterprises shall strengthen the construction of professional ethnical quality of financial personnel and strictly adhere to the national financial regulations and systems to strengthen the capacity for preventing corruption.

Ministry of Finance People's Republic of China

April 9, 2009

    十二、切实加强企业财务人员队伍建设。拥有一支政治过硬、业务精通的财务人员队伍，对于企业应对当前国际金融危机冲击更加重要。高度重视企业财务人员队伍建设，培养一批懂管理、会算账、善理财的高素质财务工作人员。根据企业发展战略和业务发展需要，研究制订企业财务人员培训规划，结合企业财务工作实际，合理安排企业财务人员培训工作。加大企业财务人员培训力度，重点培训《企业财务通则》、《企业会计准则》、《企业内部控制基本规范》等财务会计制度、财政企业政策及各类税收法律法规，提高财务人员政策水平和业务素质，不断夯实企业财务工作基础。注重学习研究国家宏观经济政策，拓宽企业财务人员视野，充实企业财务人员宏观经济知识，提高企业财务人员综合素质。加强企业财务人员职业道德素质建设，严格遵守国家财经法规制度，增强预防腐败的能力。

  财政部

  二OO九年四月九日