The Study and Integration of the Financial Resources after the Joint Restructuri

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（finance department of Jilin petrochemistry company, Jilin, 132021）

Abstract. The unceasingly deepening development along with the domestic tobacco industrial enterprise's reform, the cigarette industrial enterprise joint restructuring becomes more frequently. The tobacco enterprise's restructuring turns to be even profounder level, the higher administrative standards and to establish and perfect the process of modern company system goal goes forward unceasingly; meanwhile it also responds the intrinsic request of the National Tobacco Monopoly bureau about making the fine outstanding cigarette brand, making it positively bigger and greatly stronger and the resistance the overseas tobacco enterprise competition. As the most important resources, the financial resources closely relate to production and operation of enterprises and it is also one of key factors of promoting the enterprise core competency. Whether the cigarette industrial enterprise joint restructuring can achieve the synergy consequence is depending on not only the integration process of the material resources, but also the integration process of the financial resources.

Key words: Joint restructuring; Financial resources; Integration

According to National Tobacco Monopoly bureau enterprises’ implementation of “the deepened reform, the impetus restructuring”, the trend union took it as their primary mission in the recent few years. Take the market as the first priority, they establish the modern company system as their reform goal to carry the restructuring of the cigarette industrial enterprise unites forward. At present, under the vigorous impetus of the National Tobacco Monopoly bureau, the restructuring of the cigarette industrial enterprise unites has completed predominance in the province. The across province joint restructuring which takes the power-and-power union between enterprises as the characteristic is stepping up. The restructuring integration is the key of Joint reconstruction, including strategic integration, Business activities integration management integration; human resources integration, enterprise culture integration, financial integration and so on. Looking over the domestic and foreign tobacco industrial enterprise merger and acquisition restructuring, if the enterprise failed in merger, acquisition and restructuring, its finance integration must fail. Because of this, the following article will take overall outlook and the resource basic theory as the instruction to conduct a research of the integration of the financial resources after the restructuring of the cigarette industrial enterprise unites. I do hope it will provide the theory model to the integration of the financial resources after the restructuring of the cigarette industrial enterprise unites so that enhance the practice efficiency after the restructuring of the cigarette industrial enterprise joint.

The Background Of The Cigarette Industrial Enterprise

Joint Restructuring

From August 20 1998, the Red Tower group annex Changchun Cigarette Factory with its debt, which is the beginning of joint restructuring across province .by the end of 2009. There are many companies’ accomplished joint restructuring, such as Hubei ZhongYan industrial limited liability company and the Heilongjiang tobacco industry limited liability Company, Guangdong ZhongYan industrial limited liability company and Guangxi ZhongYan industrial limited liability company, Zhejiang ZhongYan industrial limited liability company and Gansu tobacco industry limited liability Company. During the 11 years, Chinese Cigarette Industrial enterprise has carried on wide joint restructuring and management system reform. At present, there are 16 provincial level ZhongYan industrial corporation (57 cigarette industrial enterprise) have already completed the management system reform, including some provincial level ZhongYan industrial corporation such as Jiangxi, Shaanxi, Jiangsu. The board of directors has established one after another and starts to operate. This joint restructuring has been the biggest dynamics, the widest area reform since the National Tobacco Monopoly bureau, and conform to the development trend of international tobacco enterprise, expands an own actual strength. Looking over the international tobacco giant, either Philip, The Morris tobacco company, British and American Tobacco Company, Japanese Tobacco Company or the empire tobacco company, they all achieved so large scale and achievements by a series of expansions, merger and acquisition. Therefore, if the Chinese cigarette industry wants to enhance own core competitive power, and achieve the strength which contends with the international tobacco giant, we must carry on the joint restructuring to the domestic cigarette industrial enterprise, so that it enables the resources to be optimized allocation, the outstanding mainstay cigarette brand can obtain the further development, and the outstanding cigarette industrial enterprise also can obtain more resources through joint reorganization to strengthen own actual strength.

Factors of the integration of the financial resources

Financial resources refer to the capital which the enterprise has as well as the unique, is not easy to be copied, financial professional assets which enterprise form raising and using capital process. Professor Peng Yi (2002) pointed out the financial resources are the most important resources of enterprise “the financial resources are indispensable resources in the process of enterprise strategy formulation, strategic implementation and strategy evaluation. So the enterprise strategy policy-maker should know how to make full use of the resources and to analyze enterprise operating conditions by financial index. Li Xinhe Professor (2003) in Nanjing University pointed out “the economic is a science about the resource allocation, so is finance .The little difference is the resources concept that the finance studies mainly is limited in `financial resources'”. Professor Zhu Mingxiu in Nanjing Audit Institute (2009) thought “financial resources which are possessed or controlled by the enterprises are the key function in value creation. Therefore, I thought when we analyze the integration factor of the financial resources, it should be divided into two kinds: Traditional material resources and continuation non-material resources.

The traditional material resources mainly refer to the visible resources such as all kinds of monetary fund, each fixed asset as well as the goods in stock. The continuation non-material resources mainly refer to the financial behavior resources including finance information resource, financial analysis, evaluation as well as assessment, the finance human resources and the financial culture resources. At present, the majority of domestic enterprises including the cigarette industrial enterprise often pay more attention to the traditional finance resources like each monetary fund and the fixed asset integration in the merger or joint restructuring between enterprises. Moreover its way is also extremely simple; it only changed its ownership or the depositing position, but neglected the most important non material financial resources integration. Some merger enterprises even have not the recognition to the non-material financial resources integration of the acquired enterprises, making the enterprise unable to obtain the coordination benefit after mergers and acquisitions.

Measures of the cigarette industrial enterprise integration finance resources

Unify the restructuring of all accountants’ accounting methods to guarantee the timeliness and the consistency of accounting information

As the tobacco industry established modern enterprise system gradually with property right as a link , cross-regional 's collectivization and asset integration manages become the main melody of the tobacco industrial enterprise group, this transformation caused that depending on artificial processing, transmitting the accounting information and the financial statements unable to satisfy the demand of enterprise development. Therefore, all restructuring enterprises must strengthen the enterprise information integration, especially unifying the financial calculation system and the calculation method to guarantee the cost expense calculation of restructuring enterprises is consistent; At the same time, strengthening the restructuring enterprises fund, the cost and all expenses control through the comprehensive budget management.

Unify the restructuring of all enterprises finance calculation system, straighten out finance organizational structure

We should establish two levels of financial calculation system one is the company level, the other level is each cigarettes processing and manufacturing base.it only establishes a financial management department in the company level after the joint restructuring of enterprises. It is mainly responsible for drawing up the financial management system of the entire group company, the investment management system, the accounting method, meanwhile it leads and supervises financial management department of each cigarettes processing and manufacturing base. The posts in company financial management departments at the corresponding level must have certain corresponding relations with financial management department of each cigarettes processing and manufacturing base. Making the base financial control department with various cigarettes processing the operating post to is advantageous for in the concrete work suitable management. So that it can have a contra-aperture management in the specific work. We should establish secondary financial management department in the each cigarettes processing and manufacturing base to deal with some daily economical work. Such as applying for reimbursement, assets management, the cost accounting as well as the budget control in each cigarettes processing and manufacturing base.

Unify the restructuring of foundation information of all enterprises to guarantee each business is disposed well.

In view of the fact that each enterprise‘s financial system or the financial management module in the ERP system are almost different before restructuring and integration. Therefore, there are some big differences in customer code, supplier code as well as subject code. Even business module in the ERP system and the same material or supplier code in the financial management module are inconsistent. Therefore, after joint restructuring, the enterprise must maintain these foundation data, specify each business flow to guarantee each foundation data to be unified after the restructuring and integration and each business flow is reasonable and standard.

Emphasize finance human resources integration, construct harmonious finance cultural

After joint restructuring of enterprises, the tremendous change of the management system as well as the management way must cause big change of the work content as well as the operating location of each financial staff in the original enterprises. So we should give them a good guidance and explanation, dispel their concerns to make them adapt new work better and quicker. At the same time, we must pay more attention to the construction of harmonious finance culture; strengthen the communication and the coordination of the two levels of financial management department. Enhance exchange and the relation between finance personnel by the regular corporation finance conference, Exchange of needed goods; learn from others' strong points to offset one's weakness. Meanwhile company interior launch post skills competition in financial management department at all levels to mutual evaluate some accounting information such as the accounting document, and account book normatively and make the financial personnel adapt the new work and new environment timely with the harmonious financial culture Through carrying out a series of measures to form powerful cohesive force and the battle efficiency of the enterprise.

Risk and preventive measures of cigarette industrial enterprise finance resources integration

The internal analysis of cigarette industrial enterprise finance resources integration

1, the financial management system consummation is not timely and the posts are unreasonable and sane in financial department .After the cigarette industrial enterprise joint restructuring, it must straighten out the relations between the company at the same level and the financial management department in each cigarettes processing base, make responsibilities and obligations of each enterprise clear , unify the enterprise's financial management system timely and make full use of the information system.

2, Supervising and managing is not strong enough of group corporation finance. After the cigarette industrial enterprise joints restructuring, it generally establishes first level financial management department in the group company and establishes the second level financial management department in each cigarettes processing base. The group corporation financial management department must supervise and control to the subordinate financial management department. At present comprehensive budget management and other ways which are carried out universally are only limited in the beginning of the month budget, the analysis contrast to the same month budget implementation at the end of the month ,but haven’t the fine refinement control and the management to the economic situation of each cigarettes processing base .

3, The policies and guidelines of the enterprise’s management and operation do not adjust entirely. At present, each cigarettes industrial enterprise is attempting the new cross provinces joint restructuring. Enterprises expand rapidly by the resources after the integration, but they do not use these resources in the cigarette brand with larger potential development and do not enlarge the integration potency dimension to the cigarette brand, therefore they do not complete the reasonable choices work to the existing cigarette brand, and may cause some difficulties to the enterprise‘s operation, even cause certain risk in a way.

The external analysis of cigarette industrial enterprise finance resources integration

1. The risk of laws and regulations in policy. It is well known that the tobacco industry’s policy is key, its interior has strong plans, the profession development is closely linked to the national policy, the laws and regulations.

2. The risk of economic environment. The risk of the enterprise is smaller when the main sales areas of the cigarette occupy coastal area where the economy developed, and when the whole national economic situation is good in the same year. But the risk of the enterprise is bigger when the main sales areas of the cigarette occupy the mid-west areas where the economy is less developed or when the whole national economic situation is not good in the same year.

Prevention measures and countermeasures

We can discover easily some risks can be prevented by analyzing of enterprise finance resources integration. For example, the enterprise may prevent and control the risk of finance resources integration to the risk of inside enterprise by the following measures.

1. Establish the finance risk control mechanism and carry out the comprehensive budget management. Because the fund of tobacco system is large, every cigarette fund should be charged and well managed .At the same time, it must strengthen the comprehensive budget management to guarantee each budget to be used properly. Moreover, it should make the budgeting and approval flow normal strictly.

2. Improve the qualities of the enterprise finance personnel. First strengthen the financial personnel's occupational ethics quality, and organize the financial personnel's occupational ethics education positively. Next, strengthen the financial personnel's follow-up education and the inspection and understand the policy laws and regulations of the nation and tobacco industry, thus it makes own quality improved. Third, establish the regular post exchanged system.

3. Enhance the enterprise internal audit work and establish risk warning system. The enterprise internal audit work is to supervise and supple the financial work. We must perfect the enterprise interior audit restructuring, strengthen to the multi-skill auditor's raise, specify audit procedure as well as promote audit method. Through constructing target system of enterprise warning system, choosing the warning target reasonably, renewing each target warning value and carrying on the detailed analysis to the surpassed warning value.

The cigarette industrial enterprise is a special profession protected by the law of monopoly in our country the country, but along with the official sign of "Tobacco Control Frame Joint pledge" as well as the unceasing aggravation of the completion among international tobacco enterprises. Only China tobacco industrial enterprise must enhance own core competitive power can it contend with them. Therefore, expanding its strength by joint restructuring between enterprises will become main way in the next section of time. As one of enterprise interior important resources, the financial resources become the first resource which is focused after the integration of enterprise and it is also the key factor of failure or success of the integration of enterprise .The cigarette industrial enterprise needs to pay attention to the integration of the financial resources after joint restructuring to guarantee the integration of the financial resources to obtain the coordination effect.

References

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