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在财资管理新纪元寻找战略优势 (Seeking Strategic Advantage in a New Era of Treasury Management)

Erik Seifert——SEB全球现金管理主管

David Teare——SEB全球客户关系管理主管

最近的金融危机不仅在造成动荡的深度上,而且在形成冲击的速度上,都非同寻常。财务主管几乎没有时间支撑融资和流动资金管理结构,因此变得更加依赖主要银行伙伴。许多财务主管好不容易发现哪些银行可以依靠,而哪些不能。因而,企业财务主管对流动资金的管理方式和风险管理需求也从根本上改变了。

由于资本市场枯竭,银行重新审视其借贷战略,流动性优化变成董事会层面的重要考虑。过去采用分散化方式进行现金管理、融资和对冲的公司,现在寻求将这些业务集中化,从而提高对现金流的控制,降低融资成本,并更有效地管理信用、利率和外汇风险。每个财务主管都全面了解整个企业,以掌握各部门的现金头寸,以及考虑如何利用这些现金。这越来越多地变成对财务供应链,包括订单到现金和采购到支付流程,的监管角色。随着财务主管寻求优化并统一财务流程,营运资本管理已变成了战略责任而不是运营责任。现金流预测多年来列为财务主管“要做的事项”,现已变成了“必须做的事项”,以便做出财务决策。

危机动摇了企业财务主管与其银行伙伴之间的关系。没有银行可以由于其规模或历史资产而保证未来的稳定性,因此一些企业无法获得资本,或者只有付出过高的成本才能获得资本。银行间的不同也变得更加明显。在危机前,现金管理产品的复杂性和灵活性都不断发展,最终很大程度上变得商品化了。 因此,财务主管现正寻找能提供卓越咨询服务、产品提供能力和客户支持的银行伙伴,从而实现流动资金和营运资本目标,并以尽可能方便、高效且低成本的方式获得这些服务。

Published 
Please note: this article is over 11 years old. If you feel this article is inaccurate or contains errors get in touch here . Many thanks, TMI

Seeking Strategic Advantage in a New Era of Treasury Management

by Erik Seifert, Global Head of Cash Management, and David Teare, Global Head of Client Relationship Management, SEB

The recent crisis has been remarkable not only in the depth of financial turmoil, but also the speed with which it struck. Treasurers had little time to shore up financing and liquidity management structures, and therefore became more reliant on their key banking partners. Many discovered the hard way the banks they could rely on and those they could not. As a result, the way that corporate treasurers manage the liquidity and risk management needs of the business have changed fundamentally.

As the capital markets dried up, and banks reviewed their lending strategy, liquidity optimisation became a major board-level consideration. Firms that had previously maintained a decentralised approach to cash management, funding and hedging sought to centralise these activities to improve control over cash flow, reduce the cost of funding and manage credit, interest rate and FX risk more effectively.