Guidelines for the Application of Internal Control in Enterprises No. 6 - Fund-related Activities

企业内部控制应用指引第6号——资金活动

 

Promulgating Institution: Ministry of Finance; China Securities Regulatory Commission; National Auditing Office; China Banking Regulatory Commission; China Insurance Regulatory Commission

Document Number: Cai Kuai [2010] No. 11

Promulgating Date: 04/15/2010

Effective Date: 04/15/2010

颁布机关: 财政部; 中国证券监督管理委员会; 审计署; 中国银行业监督管理委员会; 中国保险监督管理委员会

文   号: 财会[2010]11号

颁布时间: 04/15/2010

实施时间: 04/15/2010

 

Chapter 1: General Provisions

第一章 总 则

 Article 1  With a view to pushing enterprises to organize fund-related activities in a regulated manner, guarding against and controlling fund risks, ensuring fund security, and improving the use efficiency of funds, these Guidelines are formulated in accordance with the relevant laws and regulations, as well as the Basic Norms for the Internal Control of Enterprises.

   第一条 为了促进企业正常组织资金活动，防范和控制资金风险，保证资金安全，提高资金使用效益，根据有关法律法规和《企业内部控制基本规范》，制定本指引。

 Article 2  For the purpose of these Guidelines, fund-related activities shall refer to the general name of the fund-raising, investment and fund operating activities of an enterprise.

   第二条 本指引所称资金活动，是指企业筹资、投资和资金营运等活动的总称。

 Article 3  An enterprise shall, at least, pay attention to the following risks in fund-related activities:

(1) The risks that inappropriate fund-raising decision-making leads to an unreasonable capital structure or invalid financing, which may cause the enterprise to incur excessively high cost of financing or to experience a debt crisis;

(2) The risks that erroneous investment decision-making results in blind expansion or the loss of development opportunities, which may lead to a broken capital chain or inefficient use of funds;

(3) The risks of unreasonable allocation and unsmooth operation of funds, which may cause financial distress or fund redundancy of the enterprise; and

(4) The risks of lax control of fund-related activities, which may lead to misappropriation, embezzlement or unauthorized withdrawal of funds, or cause the enterprise to be a victim of fraud.

   第三条 企业资金活动至少应当关注下列风险：

  （一）筹资决策不当，引发资本结构不合理或无效融资，可能导致企业筹资成本过高或债务危机。

  （二）投资决策失误，引发盲目扩张或丧失发展机遇，可能导致资金链断裂或资金使用效益低下。

  （三）资金调度不合理、营运不畅，可能导致企业陷入财务困境或资金冗余。

  （四）资金活动管控不严，可能导致资金被挪用、侵占、抽逃或遭受欺诈。

 Article 4  An enterprise shall, according to its own development strategies, determine the investment and financing goals and planning in a scientific manner, improve the rigorous fund authorization, approval, examination and verification, and other related management systems, strengthen the centralized management of fund-related activities, specify the authority and the position separation requirements in terms of fund-raising, investment, operation and other aspects, conduct regular or ad hoc inspection and evaluation of fund-related activities, and enforce the accountability system, so as to ensure the safety and efficient operation of funds.

The person in charge of the financial and accounting department of the enterprise shall be responsible for the routine management of fund-related activities, and shall involve in the feasibility study of investment and financing programs. The chief accountant or the person in charge of accounting shall get involved in the investment and financing decision-making process.

An enterprise with subsidiaries shall take lawful and effective measures to reinforce the centralized monitoring of the fund-related activities of the subsidiaries. Enterprise groups whose conditions permit shall explore centralized fund management and control models such as by setting up financial companies or fund settlement centers.

   第四条 企业应当根据自身发展战略，科学确定投融资目标和规划，完善严格的资金授权、批准、审验等相关管理制度，加强资金活动的集中归口管理，明确筹资、投资、营运等各环节的职责权限和岗位分离要求，定期或不定期检查和评价资金活动情况，落实责任追究制度，确保资金安全和有效运行。

  企业财会部门负责资金活动的日常管理，参与投融资方案等可行性研究。总会计师或分管会计工作的负责人应当参与投融资决策过程。

  企业有子公司的，应当采取合法有效措施，强化对子公司资金业务的统一监控。有条件的企业集团，应当探索财务公司、资金结算中心等资金集中管控模式。

Chapter 2: Fund-raising

第二章 筹 资

 Article 5  An enterprise shall, based on the fund-raising goals and planning, draft fund-raising programs in light of the annual overall budget, specify the purposes, amount and structure of the funds to be raised and the fund-raising methods, and make sufficient estimate of the fund-raising costs and potential risks.

In overseas fund-raising activities, the enterprise shall also take into consideration the political, economic, legal, market and other factors of the country/region where the funds are to be raised.

   第五条 企业应当根据筹资目标和规划，结合年度全面预算，拟订筹资方案，明确筹资用途、规模、结构和方式等相关内容，对筹资成本和潜在风险作出充分估计。

  境外筹资还应考虑所在地的政治、经济、法律、市场等因素。

 Article 6  An enterprise shall make scientific argumentation of its fund-raising programs, and shall not carry out fund-raising activities based on programs not argued. A feasibility study report shall be prepared for a major fund-raising program to fully reflect the information of risk assessment.

The enterprise may, according to its actual needs, engage a duly qualified professional agency to conduct the feasibility study.

   第六条 企业应当对筹资方案进行科学论证，不得依据未经论证的方案开展筹资活动。重大筹资方案应当形成可行性研究报告，全面反映风险评估情况。

  企业可以根据实际需要，聘请具有相应资质的专业机构进行可行性研究。

 Article 7  An enterprise shall conduct rigorous examination and approval of its fund-raising programs, focusing on the feasibility of the fund-raising purposes and the corresponding solvency. The collective decision-making or joint signature system shall apply to major fund-raising programs in accordance with the prescribed authority and procedures.

If the fund-raising programs shall be subject to the approval by relevant departments, the enterprise shall complete the corresponding procedures to submit them for approval. Where material changes occur to a fund-raising program, the enterprise shall conduct feasibility study and perform the corresponding examination and approval formalities anew.

   第七条 企业应当对筹资方案进行严格审批，重点关注筹资用途的可行性和相应的偿债能力。重大筹资方案，应当按照规定的权限和程序实行集体决策或者联签制度。

  筹资方案需经有关部门批准的，应当履行相应的报批程序。筹资方案发生重大变更的，应当重新进行可行性研究并履行相应审批程序。

 Article 8  An enterprise shall raise funds based on the approved fund-raising program and in strict accordance with the prescribed authority and procedures. In the case of bank loans or bond issuance, the enterprise shall focus on interest rate risks, financing costs, repayment ability and liquidity risks. In the case of stock issuance, the enterprise shall focus on issuance risks, market risks, policy risks and the risks of corporate control.

Where the enterprise is to raise funds through bank borrowing, it shall negotiate with the relevant financial institution to specify the following matters, including, inter alia, the amount, interest rate, term, security and repayment arrangements of the loan, relevant rights and obligations, and the liability for breach of contract. The two sides shall sign a loan contract after reaching consensus upon negotiation, and shall carry out lending business in accordance therewith.

Where the enterprise is to raise funds through the issuance of bonds, it shall make a reasonable choice of the bond type, and make systematic arrangements of principal repayment and interest payment, so as to ensure that the due principal and interest are repaid/paid in full as scheduled.

Where the enterprise is to raise funds through issuance of shares, it shall, in accordance with theSecurities Law of the People's Republic of China, other relevant laws and regulations, and the provisions of the securities regulatory authorities, optimize its organizational structure, conduct business integration, and select duly qualified intermediaries to assist itself in relevant work, so as to ensure compliance with the conditions and requirements of stock issuance.

   第八条 企业应当根据批准的筹资方案，严格按照规定权限和程序筹集资金。银行借款或发行债券，应当重点关注利率风险、筹资成本、偿还能力以及流动性风险等；发行股票应当重点关注发行风险、市场风险、政策风险以及公司控制权风险等。

  企业通过银行借款方式筹资的，应当与有关金融机构进行洽谈，明确借款规模、利率、期限、担保、还款安排、相关的权利义务和违约责任等内容。双方达成一致意见后签署借款合同，据此办理相关借款业务。

  企业通过发行债券方式筹资的，应当合理选择债券种类，对还本付息方案作出系统安排，确保按期、足额偿还到期本金和利息。

  企业通过发行股票方式筹资的，应当依照《中华人民共和国证券法》等有关法律法规和证券监管部门的规定，优化企业组织架构，进行业务整合，并选择具备相应资质的中介机构协助企业做好相关工作，确保符合股票发行条件和要求。

 Article 9  An enterprise shall use the funds raised strictly according to the purposes specified in the fund-raising programs. Where the funds are for investment, the enterprise shall guard against and control the risks of fund utilization in accordance with Chapter 3 of these Guidelines and theGuidelines for the Application of Internal Control in Enterprises No. 11 - Engineering Projects.

Where the purposes of the funds raised genuinely need to be changed in tandem with changes of market conditions, the enterprise shall perform the corresponding examination and approval procedures, and is prohibited from making changes without authorization.

   第九条 企业应当严格按照筹资方案确定的用途使用资金。筹资用于投资的，应当分别按照本指引第三章和《企业内部控制应用指引第11号——工程项目》规定，防范和控制资金使用的风险。

  由于市场环境变化等确需改变资金用途的，应当履行相应的审批程序。严禁擅自改变资金用途。

 Article 10  An enterprise shall strengthen the management of debt repayment and dividend payment, and make appropriate arrangements in terms of the repayment/payment of principal and interest and the payment of dividends.

The enterprise shall accurately calculate the interest payable in accordance with the principal, interest rate, term, exchange rate and currency agreed upon in the fund-raising program or contract, and pay the interest as scheduled after verification with the creditor concerned.

The enterprise shall select a reasonable dividend distribution policy, take into account both the short-term and long-term interests of investors, and avoid excessive or inadequate distribution. The dividend distribution scheme shall be subject to approval at the shareholders' meeting (or general meeting of shareholders), and the enterprise shall fulfill the disclosure obligations as required.

   第十条 企业应当加强债务偿还和股利支付环节的管理，对偿还本息和支付股利等作出适当安排。

  企业应当按照筹资方案或合同约定的本金、利率、期限、汇率及币种，准确计算应付利息，与债权人核对无误后按期支付。

  企业应当选择合理的股利分配政策，兼顾投资者近期和长远利益，避免分配过度或不足。股利分配方案应当经过股东（大）会批准，并按规定履行披露义务。

 Article 11  An enterprise shall strengthen the control of the accounting system related to fund-raising activities, set up fund-raising records, documentation and account books, conduct proper accounting and supervision of fund-raising, repayment/payment of principal and interest, payment of dividends and other related business pursuant to the uniform accounting standards of the State, well keep fund-raising contracts or agreements, proof for payment receipts, vouchers for crediting funds into accounts, and other data, and make account reconciliation on a regular basis with the contributors of the funds, so as to ensure that the fund-raising activities are in compliance with the requirements of the fund-raising programs.

   第十一条 企业应当加强筹资业务的会计系统控制，建立筹资业务的记录、凭证和账簿，按照国家统一会计准则制度，正确核算和监督资金筹集、本息偿还、股利支付等相关业务，妥善保管筹资合同或协议、收款凭证、入库凭证等资料，定期与资金提供方进行账务核对，确保筹资活动符合筹资方案的要求。

Chapter 3: Investment

第三章 投 资

 Article 12  An enterprise shall, based on its investment objectives and planning, make reasonable arrangements of the fund disbursement structure, select investment projects in a scientific manner, and draft investment programs focusing on the returns and risks of investment projects. The enterprise shall give priority to investment projects highlighting its core business, and shall exercise caution in high-risk investments such as stocks or financial derivatives.

In overseas investment, the enterprise shall also take into consideration the political, economic, legal, market and other factors.

Where the enterprise is to make investment in the form of mergers and acquisitions ("M&A"), it shall strictly control the M&A risks, focus on the hidden debts, commitments, sustainable development capability and employee status of the M&A target, as well as its affiliation with the governance level and the management of the enterprise, reasonably determine the M&A consideration, and ensure the realization of the M&A goals.

   第十二条 企业应当根据投资目标和规划，合理安排资金投放结构，科学确定投资项目，拟订投资方案，重点关注投资项目的收益和风险。企业选择投资项目应当突出主业，谨慎从事股票投资或衍生金融产品等高风险投资。

  境外投资还应考虑政治、经济、法律、市场等因素的影响。

  企业采用并购方式进行投资的，应当严格控制并购风险，重点关注并购对象的隐性债务、承诺事项、可持续发展能力、员工状况及其与本企业治理层及管理层的关联关系，合理确定支付对价，确保实现并购目标。

 Article 13  An enterprise shall strengthen the feasibility study of the investment programs, and make an objective evaluation focusing on the investment objectives, scale, methods, sources of funding, risks and returns, etc.

   第十三条 企业应当加强对投资方案的可行性研究，重点对投资目标、规模、方式、资金来源、风险与收益等作出客观评价。

 Article 14  An enterprise shall make decisions on, and examine and approve, investment projects in accordance with the prescribed authority and procedures. The focuses of the examination shall be: whether the investment programs are feasible, whether the investment projects are in line with State industry policies and relevant laws and regulations, whether they are compatible with the strategic investment objectives and plans of the enterprise, whether the enterprise has the required funding, can recover the funds invested as scheduled, and gain the expected returns, and whether the investment and M&A risks are controllable, etc. The collective decision-making or joint signature system shall apply to major investment projects in accordance with the prescribed authority and procedures.

If the investment programs shall be subject to the approval by relevant departments, the enterprise shall complete the corresponding procedures to submit them for approval.

Where material changes occur to an investment program, the enterprise shall conduct feasibility study and perform the corresponding examination and approval formalities anew.

   第十四条 企业应当按照规定的权限和程序对投资项目进行决策审批，重点审查投资方案是否可行、投资项目是否符合国家产业政策及相关法律法规的规定，是否符合企业投资战略目标和规划、是否具有相应的资金能力、投入资金能否按时收回、预期收益能否实现，以及投资和并购风险是否可控等。重大投资项目，应当按照规定的权限和程序实行集体决策或者联签制度。

  投资方案需经有关管理部门批准的，应当履行相应的报批程序。

  投资方案发生重大变更的，应当重新进行可行性研究并履行相应审批程序。

 Article 15  An enterprise shall, according to the approved investment program, sign an investment contract or agreement with the investee to specify the time, amount and way of contribution, the rights and obligations of both parties, the liability for breach of contract, etc. Both parties shall perform the investment contract or agreement after the same has been examined and approved in accordance with the prescribed authority and procedures.

The enterprise shall designate a special department or person to track the investment project, collect the investee's audited financial reports and other relevant information in a timely manner, organize regular analysis of investment benefits, and pay close attention to the investee's financial position, operating results, cash flow and performance of the investment contract. Once any abnormality is uncovered, the designated department or person shall promptly report the case and properly handle the situation.

   第十五条 企业应当根据批准的投资方案，与被投资方签订投资合同或协议，明确出资时间、金额、方式、双方权利义务和违约责任等内容，按规定的权限和程序审批后履行投资合同或协议。

  企业应当指定专门机构或人员对投资项目进行跟踪管理，及时收集被投资方经审计的财务报告等相关资料，定期组织投资效益分析，关注被投资方的财务状况、经营成果、现金流量以及投资合同履行情况，发现异常情况，应当及时报告并妥善处理。

 Article 16  An enterprise shall strengthen the control of the accounting system related to investment projects, reasonably determine investment accounting policies based on the degree of their influence on the investees, set up investment management accounting books to record in detail the investees, and the amount, shareholding, term, return, etc., related to the investments, and properly keep investment contracts or agreements, capital contribution certificates and other materials.

The financial and accounting department of the enterprise shall, in response to such circumstances as the deteriorating financial position of the investee or sharp fall of the market value of the investee during the current period, accrue a reasonable provision for impairment and recognize the impairment loss in accordance with the uniform accounting standards of the State.

   第十六条 企业应当加强对投资项目的会计系统控制，根据对被投资方的影响程度，合理确定投资会计政策，建立投资管理台账，详细记录投资对象、金额、持股比例、期限、收益等事项，妥善保管投资合同或协议、出资证明等资料。

  企业财会部门对于被投资方出现财务状况恶化、市价当期大幅下跌等情形的，应当根据国家统一的会计准则制度规定，合理计提减值准备、确认减值损失。

 Article 17  An enterprise shall strengthen the control of investment recovery and disposal, and make specific provisions on the decision-making and examination and approval procedures applicable to investment recovery, transfer, writing-off upon verification, etc.

The enterprise shall attach due importance to the recovery of the investment principal due. In the case of transfer of an investment project, the relevant department or person shall determine the transfer price in a reasonable manner, report the same to the authorized department for approval, and where necessary, may entrust a duly qualified specialized agency to make assessment. To write off an investment upon verification, the enterprise shall obtain the legal instruments and related supporting documents proving that the investment cannot be recovered.

The enterprise shall establish an accountability system for investments that cannot be recovered upon maturity.

   第十七条 企业应当加强投资收回和处置环节的控制，对投资收回、转让、核销等决策和审批程序作出明确规定。

  企业应当重视投资到期本金的回收。转让投资应当由相关机构或人员合理确定转让价格，报授权批准部门批准，必要时可委托具有相应资质的专门机构进行评估。核销投资应当取得不能收回投资的法律文书和相关证明文件。

  企业对于到期无法收回的投资，应当建立责任追究制度。

Chapter 4: Operations

第四章 营 运

 Article 18  An enterprise shall strengthen the management over the entire process of fund operations, make overall planning and coordination of the fund needs of various internal departments in the course of production and operation, effectively allocate funds to procurement, production, sales and other links in a balanced manner, and enhance the efficiency of fund operation in an all-round way.

   第十八条 企业应当加强资金营运全过程的管理，统筹协调内部各机构在生产经营过程中的资金需求，切实做好资金在采购、生产、销售等各环节的综合平衡，全面提升资金营运效率。

 Article 19  An enterprise shall give full play to the role of comprehensive budget management in the overall balancing of funds, organize and coordinate fund allocation in strict accordance with budget requirements, and ensure timely collection and payment of funds, so as to achieve reasonable fund utilization and a virtuous operation cycle.

The enterprise shall strictly prohibit funds from circulating beyond channels under government/bank supervision to effectively guard against the risks in fund operation.

   第十九条 企业应当充分发挥全面预算管理在资金综合平衡中的作用，严格按照预算要求组织协调资金调度，确保资金及时收付，实现资金的合理占用和营运良性循环。

  企业应当严禁资金的体外循环，切实防范资金营运中的风险。

 Article 20  An enterprise shall hold or organize, on a regularly basis, fund allocation meetings or fund safety inspection, make a comprehensive analysis of the execution of the fund budget, and take prompt measures to properly handle any abnormal situation uncovered to avoid redundancy of funds or breaking of the capital chain.

Where the enterprise experiences temporary shortage of funds during the operations, it may obtain capital by way of short-term financing. Where the enterprise has idle funds for a short term, it may purchase treasury bonds and adopt other methods to improve capital efficiency, provided that safety and liquidity are ensured.

   第二十条 企业应当定期组织召开资金调度会或资金安全检查，对资金预算执行情况进行综合分析，发现异常情况，及时采取措施妥善处理，避免资金冗余或资金链断裂。

  企业在营运过程中出现临时性资金短缺的，可以通过短期融资等方式获取资金。资金出现短期闲置的，在保证安全性和流动性的前提下，可以通过购买国债等多种方式，提高资金效益。

 Article 21  An enterprise shall strengthen the control of the accounting system related to working capital, and make stringent provisions on the conditions, procedures and examination and approval authority for the receipt and expenditure of funds.

The enterprise shall promptly enter into accounts the funds gained in production and management, and other business activities, and shall refrain from setting up accounts off the books or "little coffers". It is not allowed to leave the receivables uncredited into accounts.

When making fund payments, the enterprise shall make clear the purpose of the funds paid, the amount, the budget, the maximum amount, the payment method, etc., and shall attach relevant original documents or proof to the payments. The enterprise shall arrange the payments only after having performed rigorous authorization and examination and approval procedures.

As regards fund collection and payment, the enterprise shall comply with the relevant administrative provisions on cash and bank deposits, and shall not assign only one person to take charge of the entire process related to monetary funds. It is strictly prohibited to have the same person keep both the relevant seals for fund payment and the papers.

   第二十一条 企业应当加强对营运资金的会计系统控制，严格规范资金的收支条件、程序和审批权限。

  企业在生产经营及其他业务活动中取得的资金收入应当及时入账，不得账外设账，严禁收款不入账、设立“小金库”。

  企业办理资金支付业务，应当明确支出款项的用途、金额、预算、限额、支付方式等内容，并附原始单据或相关证明，履行严格的授权审批程序后，方可安排资金支出。

  企业办理资金收付业务，应当遵守现金和银行存款管理的有关规定，不得由一人办理货币资金全过程业务，严禁将办理资金支付业务的相关印章和票据集中一人保管。