- Analysis of the financial management case of China Sea Oil Group
"Going out" becomes an international company, and for many Chinese companies, it is a painful course that is difficult to get a good dream. However, since 2001, China 's Ocean Oil Corporation (hereinafter referred to as China Sea Oil) has been successfully listed in overseas. How to get investors in the capital market? How to eliminate international investors' doubts about China's business performance report? Today, it is increasingly internationalized today, and how to support group international strategies in research.
First, the road of international development of CNOOC
CNOOC is one of China's three major national oil companies in February 1982, it is a large-scale enterprise directly under the State Council. The registered capital is 50 billion yuan. The existing employee is in Beijing, which is located in Beijing. It is China's sea oil and gas. The largest producer, mainly engaged in the upstream business, mid-down business, professional technical services, logistics services, and financial services.
Whether it is the speed of internationalization, or the extent of internationalization, in China's enterprises, China-sea oil is a phoenix river:
- Within two or three years, China-sea oil (New York, Hong Kong), CNOTE (Hong Kong), Sea Oil Engineering (Shanghai A Shares) successfully listed in China and abroad, 70% of listed assets exceeded China 's total assets;
- 20% of CNOOC, 25% of oil and gas production come from overseas, and three years ago, these two specific grants were only 0.94% and 2.63%;
- Since 2002, China Sea has successfully completed three large multinational oil and gas mergers and acquisitions, overseas and BP, Shell and other world-level oil companies have become oil and gas developers in the resource country;
- CNOOC has signed more than 150 contracts, agreements, and direct reference to $ 9 billion in 18 countries and regions.
- The number of foreign employees has reached 1,000.
"To become an international energy company, you must learn to operate the international resources, for me," I used to be the essential importance of China 's internationalization. In the past few years, the oil people have cultivated the real power of their internationalization in such a gas.
Second, the problem facing overseas
In 1998, when China Ocean Oil Corporation established after landing in the domestic and foreign capital market, several very urgent and key issues were in front of Sun Guofeng, the main accountant of China Oil, China:
Ø Different financial systems, how to provide an attractive financial report and business development forecast for different capital market investors?
Ø Differently, how to adapt to foreign investors to accurately reflect the actual situation of foreign currency business?
Ø Unlike the rules of the merger, how does the data of the group consolidated report provide rapid adjustment to domestic and foreign investors?
Ø How to issue a notarized group audit report, how to reduce the difficulty of international accounting firm's audit China Group Enterprises, with a view to complete the audit of financial reports in a shorter time period?
Third, the innovation of the Group's financial management
In order to support the Group's international development strategy, Sun Guofu, China Oil CPC, developed a group financial management program with distinctive industry characteristics and innovative awareness, and summarizes the following characteristics:
Ø Main auxiliary coins accounting system, support business international accounting;
Ø Newly develop a unified group financial accounting system to focus on centralized management;
Ø Institutional reorganization, implement block management, reform reporting system in accordance with business nature;
Ø Fine accounting, support financial analysis and improve the overall competitiveness of the Group. Fourth, financial management innovation encounters difficulties
China Ocean Oil Corporation is distributed in several regions at home and abroad, with a multi-layered accounting, a total of more than one hundred and eight college accounting units. In 1998, when CNOOC officially implemented new financial management programs, the following problems were encountered:
Ø How to ensure that the new accounting system is implemented in member companies?
Ø How to ensure the timely and accurate report of the group merger?
Ø How to quickly issue a merger report to meet the requirements of different capital market rules?
Ø How to reduce the time and cost of internal and external audits?
Ø How to ensure that the Group's financial data is not lost and missed during the institutional restructuring process?
5. Joading hands with friends to accelerate development
Based on the confidence and trust of the use of friends, the future development prospects, China Ocean Oil Corporation has signed a cooperation development contract with UF. UF Group's financial management solution has effectively supports the international development strategy of China -...
Centralized management, synergistic
China Ocean Oil Corporation cross industry, cross-regional, units, multi-level accounting, superior units require timely, accurately querying financial management and related management data in subsequent units, providing more management information for management decisions. The marine oil finance information system adopts a distributed architecture, and there are satellite networks through a local area network through a local area network. Set multiple applications and database servers in all regions, all units complete business work locally; copy the customized data from satellite network to the central database every week to generate data warehouse data, and then minuse, analysis and other work. This can query the data of each subordinate unit in real time in the headquarters or each of the secondary units. The management decision information can be provided quickly and accurately through the data set, and the management level and financial control efforts of each unit are improved.
Flexible definition, fast merger
UF IUFO consolidation reports can assist companies to complete the establishment of unit information, define mergers, set reports, setting offset items and offsetting relationships, and relevant data can be issued to subsidiaries; subsidiaries receive reports and internal trading schedules, Enter individual report data and internal transaction data, report to the mother; the parent company is automatically or manually generated by the system based on the selected merge range, resulting in a merged work draft and merge report. Among the multi-level group companies, the system automatically converts the sub-group merged report into individual reports, participating in the merger of the previous company, and so on, producing different levels of consolidated reports, and completes the entire group's report merge.
Six, maturity is successful
The implementation of the financial management solution of UF Group has been over 18 months, and all the subsidiaries of the group have been covered by the Group in early 2000. Before the system is officially run, the financial accounts of each unit use different software or manual accounting, the accounting system is different, and financial data is often lagging behind. After implementing the system, each company can not only query data in their daily real-time, but also generate financial statements in time and submit the superiors at the end of the month. The unified accounting system and reporting system have greatly facilitated the entire company's statistics, summary group financial and management data, and improve the operational efficiency of the entire financial system.
