水务企业现金流量浅析

在企业的经营管理中，现金流量管理与企业的各项业务与经营活动都紧密相关。有效的现金流量管理，能够有助于企业避免资金流断裂的风险，稳定企业的经营活动。此外，企业若想追求利益最大化和平衡资金收支，就必须加强现金流量管理，实现资金的合理配置。因此，现金流量管理对企业极为重要。

一直以来，对我国的企业而言，利润都是其始终追逐的目标，也是衡量企业价值能力的唯一核心指标。在企业的发展中，利润的受重视程度不言而喻。然而，利润只是一个综合性的财务指标，并不能真正给企业带来真实的现金流入，企业可能无法直接对利润进行运用。受此影响，现金流量逐渐被人们所重视，作为一项衡量企业收支平衡的核算结果，现金流量不仅关系着企业的“血液”（资金）命脉，还能如实对企业的经营状况予以反映。现金流量情况的良好，是企业具备较好盈利的前提与保障，能够带动企业的健康发展。

二、现金流量管理概述

从根本上说，现金流量管理是企业的一种内部管理体系，其隶属于财务管理，管理的重点是企业流入与流出的现金。现金流量管理的目的是为了获取收益，即现金净流量。目前，我国企业的现金流量主要包含三个方面，即经营活动的现金流量，筹资活动的现金流量，投资活动的现金流量。企业应通过对经营活动、筹资活动、投资活动现金流量的管理，合理安排企业的资金运用情况。

1.经营活动产生的现金流量

经营活动是指企业的正常营运活动。针对水务企业而言，经营活动是指向企事业单位以及广大居民用水户的供水行为，以及在正常运营中缴付各项税金、支付人员工资等的行为。水务企业在此过程中所产生的现金流量即为经营活动产生的现金流量。

2.筹资活动产生的现金流量

筹资活动是指企业出于扩大规模等原因，向银行等贷款以筹备资金。在此过程中，企业的债务规模和资本结构等都会发生变化，由此所引起的现金流运动即为筹资过程所产生的现金流量。针对水务企业而言，筹资活动所产生的现金流主要有，企业借款取得的现金流入、归还利息所产生的现金支出，以及分配股利等。

3.投资活动产生的现金流量

投资活动是指企业将现有资金用于项目投资，以及将资金用于构建长期资产等情况所发生的现金流入流出。水务企业的现金流入流出主要有：处置供水设备等资产所发生的现金流入、收回投资所得到的现金流入、购买固定资产和无形资产等发生的现金流出等。

三、现阶段我国水务企业现金流量管理的现状及有效性

我国的水务企业多为国有，囿于自身性质和行业的特点，很多水务企业都对现金流量管

理不甚重视，多流于表面。企业管理者等相关人员不仅做不到对现金流量进行深入理解，而且对现金流量的管理很不到位，未从制度上形成一套完善的管理机制。据笔者汇总，目前我国水务企业的现金流量管理主要存在下述问题：

1.水务企业不重视信息管理方式

企业现金流量的背后存在大量信息，并以这些信息为支撑。当前，我国水务企业中的大多数部门都各自独立，拥有不同的工作分工与合作。在企业的运营中，几乎各业务环节都会产生大量信息，也都会涉及现金的流入或流出。倘若企业对这些信息没有进行有效管理，使企业的信息与数据无法联系到一处，企业就无法把握真实的现金流入流出情况，从而企业的现金流量管理就会失效。

2.水务企业对现金流量管理的认知度不足

目前，我国大多数水务企业的管理者等相关人员对现金流量管理的认知度不足，间接导致企业对现金流量管理不力。实际上，企业实施现金流量管理，应立足于企业的生产经营计划，合理预测企业合理的现金流入与流出情况，继而对净现金流做出预测和综合性评价。与此同时，水务企业还应对资金进行合理安排，对每一笔资金的使用都进行科学调控。然而目前，我国大多数水务企业都对现金流量管理的认知度不足，导致现金流量管理过程中存在诸多问题。很多企业无法对现金流量进行合理预测，影响了现金流量管理的后续工作；还有些企业的管理者认为现金流量管理不过是财务部门的一项例行财务工作，自有财务人员予以把关和控制。然而企业财务人员受制于自身繁重的财务工作，对现金流量的预测和管理方式皆不够细化。同时，对现金流量的价值测评也未与企业的人员绩效考核相关，导致现金流量管理的执行效果不佳。

3.我国水务企业的内控机制相对薄弱

内部控制制度是目前我国企业流行的一种内部管理机制。内部控制制度关系到企业的各个方面，并能够影响企业的现金流量管理效果。然而目前，我国企业的内部控制尚存在薄弱之处，尤其表现在对资金的流通速度与流程的管理方面，直接影响了企业现金流量的管理效果。实际上，企业实施现金流量管理，其根本目的是为了提高资金的周转速度，增强企业的创造能力。但是我国的很多水务企业无论是对流动资产的保管，还是对流动资产的使用过程，都没有设定有针对性的管理措施。此外，也不重视资金流动预警机制的建立。很多企业片面强调资产管理而忽视对现金流的分析，甚至有些企业收到支票等单据，也不及时送存银行，直接影响了资金的到账时间和周转速度。

四、当前我国水务企业应如何加强现金流量管理

1.我国水务企业应做好资金筹集工作，及时偿还债务

筹资活动是水务企业现金流量管理的一个方面。企业进行资金筹集，不应单纯为了满足资金需求，还应为了更好的做好债务清偿工作。在对筹资活动现金流量的管理中，水务企业应积极参阅“现金债务总额比”、“资金到期债务比”等指标，同时，还应积极关注企业负债的变动情况。在把控好企业经营活动的现金流量的前提下，结合企业负债的到期时间与金额，

做好资金的调用安排。具体筹集资金时，企业应根据实际的资金缺口情况，结合企业的本期及未来期间的发展规划和目标，考虑好每种筹措方式的资金成本，借助资本市场积极开展资金筹措工作。 2.我国水务企业应做好应收账款管理

在我国，大多数企业基本都会涉及应收账款。而应收账款是影响企业现金流量管理的一个重要因素。因此，我国水务企业若要实现对现金流量的良好管理，还应做好应收帐管理工作。倘若应收账款在企业的经营活动产生的现金流量中占比较高，而且账龄普遍较长，那么企业将会面临着巨大的呆坏账风险，企业的资金流运转也将会受到显著影响。因此，我国水务企业要想做好现金流管理，必须加强应收账款管理，并将应收账款的回款等纳入企业的风险管理体系之中。同时，对应收账款的回款落实“人员责任制”，将回款情况与相关部门和人员的绩效直接挂钩，以促进企业的回款效率。

3.我国水务企业分析现金流时应注意分析手段的全面性

水务企业可使用的现金流分析手段有横向分析和纵向分析两种。其中，横向分析是企业是指水务企业与其他同类企业的对比，并在分析中既要考虑先进企业的数据，也应注重与效益较差企业的数据对比和分析。通过横向比较，水务企业借以认清身的市场地位与潜在的发展优势。与横向分析相对，纵向分析则是指水务企业针对企业自身所进行的对比分析。是企业将本期数据与上期或往期同期数据的对比，据以评判企业的经营状况。对差异及时寻找原因，有助于企业对现金流进行综合把握。总之，水务企业通过横向与纵向分析，并将两者有效结合，在避免单向分析手段不足的同时，还能帮助企业从广度和深度上更加清醒的认识到现金流的整体情况和所存在的问题。

4.我国水务企业应将现金流管理与企业的发展阶段相连

无论何种企业类型，现金流量的最终表现都是现金流量表，并以三大项目列示其中。“经营活动所产生的现金流量”在总现金流量的占比重始终较高。投资于筹资活动则占比相对较低。但是，倘若企业在不同的发展阶段，则这种情况可能被打破。比如，当企业处于发展初期时，投资活动较为频繁，由此所产生的现金流也较大。而若此时企业资金不足，则将会带动筹资活动的发生。在此情况下，筹资活动所产生的现金流势必也会增大。与此同时，企业发展初期，经营活动相对较少，由此所产生的现金流量也相对较少。则“经营活动所产生的现金流量”在总现金流量中占比就相对较低。因此，水务企业在现金流量管理中应将其与企业的发展阶段相连，处于不同的发展阶段时，应注意选择好管理重点。

A, problem is put forward

In enterprise management, cash flow management and enterprise in all kinds of business and business activities are closely related. Effective cash flow management, can help enterprises avoid the risk of fracture flow, stability of the enterprise the management activities. In addition, if enterprises want to seek to maximize interests and the balance payment, it is necessary to strengthen cash flow management, realize reasonable allocation of funds. Therefore, cash flow management is very important for business.

For a long time, for our country's enterprises, profits are always chasing the target, is also the only core indicators measure the abilities of the enterprise value. In the development of enterprises, profits of importance is self-evident. Profits, however, is only a comprehensive

financial indicators, didn't really bring real cash inflows, enterprises may not be able to apply directly with their profits. As a result, cash flow is paid great attention by people gradually, as a measure of balance of payments accounting as a result, the relationship between cash flow is not only the \"blood\" of the enterprise (money), can also according to the facts which reflected to enterprise's operating conditions. The cash flow situation is good, is the premise and guarantee of enterprises have better profit, to drive the healthy development of the enterprise.

Second, cash flow management

Basically, cash flow management is a kind of enterprise internal management system, and its affiliated to the financial management, management is the focus of the inflow and outflow of cash. The purpose of the cash flow management is to get profits, or cash flows. At present, our country enterprise's cash flow mainly includes three aspects, namely the cash flow from operating activities, financing activities of cash flow, cash flow of investment activities. Enterprises should be based on the operating activities, financing activities, investment activities cash flow management, reasonable arrangement of enterprise's capital operation.

1. Business activities generated cash flow

Operating activities refers to the normal operation of the enterprise activities. For water companies, business activities is pointing in the direction of the enterprises and institutions and the general residents water user behavior of water supply, and pay the taxes, pay in the normal operation of personnel salary, etc. Water companies in the process of cash flow is the business activities generated cash flow.

2. The financing activities generated cash flow

Financing activities is to show the enterprise for scale and other reasons, such as loan to the bank to make money. In the process, such as corporate debt and capital structure will change, which caused by the movement of cash flow is the cash flow generated by the financing process. For water companies, financing activities generated cash flow, the main business of borrowing cash flow, return the interest generated by cash payments, and the distribution of dividends, etc.

3. Investment activities generated cash flow

Investment activity is refers to the enterprise existing fund for project investment, and put money for building long-term assets such as cash flow situation what had happened. The water companies cash inflow and outflow mainly include: cash inflows arising out of the disposal of assets such as water supply equipment, recover the investment of cash inflows and purchase of fixed assets and intangible assets such as cash outflows.

Third, water companies in China at the present stage situation and effectiveness of cash flow management

Water companies in China are state-owned, conditioned by their nature and characteristics of the industry, many water companies have less attention to cash flow management, more superficial. Enterprise managers and related personnel do not only to a deep understanding of the cash flow, and the management of cash flow is not in place, not formed a set of perfect management mechanism from the system. According to the author, at present our country water enterprise cash flow management mainly exist the following problems:

1. The water companies do not take the information management mode

Companies are behind a large number of cash flow information, and supported by these information. At present, our country water companies in most departments are independent, have different work division of labor and cooperation. In the operation of the enterprise, almost

every business sectors will produce large amounts of information, also would involve cash inflow or outflow. If enterprises of these information are not effective management of the enterprise information and data could not be reached, enterprises will not be able to grasp the real cash inflow and outflow, the cash flow to enterprise management will fail.

2. The water companies lack of awareness of the cash flow management

At present, the most water managers of enterprises and other related personnel to the lack of awareness of cash flow management, indirectly lead to lack of cash flow management of enterprise. In fact, the enterprise cash flow management, should be based on the enterprise's production and operation plan, reasonable predict enterprise reasonable cash inflows and outflows, then on the prediction of net cash flows and the comprehensive evaluation. Water companies, meanwhile, also should make reasonable arrangements for the capital, to each the use of the funds for scientific control. For now, however, most of the water companies in China are lack of awareness on the management of cash flow, lead to cash flow management has many problems in the process. Many companies can forecast the cash flow in a reasonable manner, affect the follow-up work of the cash flow management; Also some enterprise managers think that cash flow management is just a routine financial work of the finance department, has its own financial personnel to check and control. Enterprise financial personnel, however, is subject to heavy financial work itself, the cash flow forecast and management methods are not enough detailed. At the same time, the value of the cash flow measurement is not associated with the staff performance appraisal of enterprises, lead to poor performance of the implementation of the cash flow management.

3. The water in our country enterprise internal control mechanism is relatively weak

Internal control system is at present our country enterprise popular a kind of internal management mechanism. Internal control system is related to all aspects of the enterprise, and can affect the effect of cash flow management of the enterprise. However, at present, our country enterprise internal control is weak, especially in the velocity of money and process management, directly affect the enterprise cash flow management effect. In fact, the enterprise cash flow management, its fundamental purpose is in order to improve the velocity of money, to enhance the creative ability of the enterprise. But a lot of water companies in China for current assets safekeeping, process or the use of liquid assets, there is no set targeted management measures. In addition, also do not take the money flows the establishment of early warning mechanism. Many enterprises one-sided emphasis on asset management and ignore the analysis of cash flow, and even some companies receive checks and other documents, also not timely deposit bank, directly affect the time and velocity of the funds to the account.

Four, the current water companies in China should be how to strengthen the management of cash flow

1. The water companies in China should do a good job in a fund-raising to repay the debt in a timely manner

Financing activities is an aspect of water enterprise cash flow management. Enterprises to raise the fund, should not simply in order to meet the demand of money, should also be in order to better to do a good job of debt repayment. In the financing activities of cash flow management, water companies should actively refer to the \"cash debt ratio\and other indicators, at the same time, should also actively focus on changes in corporate debt. In the control under the premise of enterprise cash flow from operating activities, combined with

the corporate debt maturity and amount, call to arrange money. Specific to raise funds, enterprise should according to the actual funding gap, the combination of enterprise development plan and target for the current and future periods, consider good funding costs of each financing way, with the help of the capital market financing work actively. 2. The water companies should do well in accounts receivable management in our country

In our country, most www.hurom.org www.1dykg.com www.huoli99.net enterprises will involve basic accounts receivable. And accounts receivable is the enterprise cash flow management is an important factor. Therefore, water companies in China to realize good management of cash flow, and the management of accounts receivable. If the accounts receivable in the enterprise of business activities generated cash flow is higher, and aging is generally longer, so enterprise will be faced with the huge non-performing loans risk, enterprise capital operation is also will be significantly affected. Therefore, Chinese water companies to prepare cash flow management, must strengthen the management of accounts receivable, and accounts receivable collection into companies such as risk management system. At the same time, the collection of accounts receivable to carry out the \"personnel responsibility systemhe collection of performance directly linked with the relevant departments and personnel, to improve the collection efficiency of enterprise.

3. The water companies in China should be paid attention to when the cash flow analysis method of comprehensive

Water companies can use cash flow analysis method has two kinds of horizontal analysis and vertical analysis. Among them,www.jjylzm.com www.zjljy.net the horizontal analysis is the enterprise refers to water companies compared with other similar companies, and to consider both advanced enterprise in the analysis of data, also should pay attention to the poor and benefit of enterprise data contrast and analysis. Through the horizontal comparison, water companies so as to realize the body of the market status and the development of potential advantages. As opposed to a horizontal analysis, vertical analysis, is refers to the water companies for enterprise itself by contrast analysis. Is the enterprise the current data and data contrast, or to the same period of the previous period which judge enterprise operating conditions. The difference in time to find the reason, help enterprise comprehensive grasp of cash flow. Anyhow, water companies through the horizontal and vertical analysis, and effective combination of both, to avoid a one-way analysis means less than at the same time, also can help companies more alert from the breadth and depth of understanding to the overall situation and the problems of cash flow.

4. The water companies in China should be connected the cash flow management to enterprise's development stage

No matter what kind of business type, the final expression is the cash flow statement of cash flow, and with the three projects listed. \"Business activities generated cash flow\" in the total cash flow is always higher proportion. Investment in the financing activities is accounted for a relatively low. However, if the enterprise in different stages of development, this may be broken. For example, when the enterprise is at the early stage of development, investment activities are more frequent, cash flow is caused by the larger. And if the enterprise capital insufficiency, will drive the financing activities. In this case, financing activities generated cash flow also increases. Early at the same time, enterprise development, the business is relatively small, cash flow is caused by the relatively small. The \"business activities generated cash flow\" proportion in the

total cash flow is relatively low. Water companies, therefore, should be in cash flow management and enterprise development stage is linked together, at different stages of development, we should pay attention to select good management focus.