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将现金作为企业资产来管理 (Managing Cash as a Corporate Asset)

Ernie Caballero - UPS欧亚财务与并购部副总裁



2002年之前,UPS的财务架构从本质上来说反映的是一家开展国际业务的美国公司的组织状况。我们意识到,要想让UPS在全球范围建立起世界级的财务基础架构,我们的观念和策略都需要作出重大转变。尽管建立新的集中化基础架构意味着重大的机构变革,其商业理由却非常充分,而且高管层也全力支持我们的计划。当时,我们有很多合作银行和银行账户,但是现金的可见性却不高,可支配性也较差。大家都清楚地认识到,现金是企业的宝贵资产,财务部通过全球和区域财资管理中心对现金管理进行集中控制,就能更好地保护这种资产,也能更好地利用这种资产来提升股东价值 。

Please note: this article is over 10 years old. If you feel this article is inaccurate or contains errors get in touch here . Many thanks, TMI

Managing Cash as a Corporate Asset

by Ernie Caballero, Vice President, Eurasia Treasury and M&A, UPS

Founded in 1907 as a messenger company in the United States, UPS is now the world’s largest package delivery company and a leading global provider of specialised transportation and logistics services. Every day, more than 425,000 UPS employees manage the flow of goods, funds, and information to nearly 8 million customers in more than 215 countries and territories worldwide, supported by a network of over 95,000 vehicles and 216 UPS jet aircraft and 296 aircraft charters across over 1,800 operating facilities. Headquartered in Atlanta, Georgia, UPS’ revenues in 2009 reached $45.3bn with $3.7bn in free cash flow. The company is rated Aa3 by Moody’s and AA- by Standard and Poor’s.

A global treasury organisation

Until 2002, UPS’ treasury organisation had essentially reflected a US company with international operations. We recognised we needed to undertake a major shift in vision and strategy, in order for UPS to build a world class treasury infrastructure around the globe. While establishing a new centralised infrastructure represented a significant organisational change, the business justification was compelling and senior management were highly supportive of our ambitions. At that time, we had a large number of banking partners and bank accounts, with limited visibility over cash and difficulties in accessing it. It was clearly recognised that cash was a valuable corporate asset, and by centralising control over cash management through global and regional treasury centres, treasury was in a far better position to protect this asset and to utilise it to enhance shareholder value.

Corporate treasury is now responsible for establishing a consistent strategy and policy across the group, while execution is conducted regionally in treasury centres in London, Singapore and Miami. By centralising cash management in this way, operating units no longer have to deal with liquidity, investment and borrowing issues, and only manage day-to-day account management, collections and supplier payments.