摘 要
HS 传媒集团是一家经营中国移动电视的集团公司, 经过六年多的运作,目前已建成覆
盖中国 20 多个大型城市地区的移动电视网络，移动电视覆盖率达到 70%以上,成功从一个
区域性的广告公司发展成为一个全国性的媒体集团。HS 传媒集团的发展得到了风险投资商
的充分肯定，大量风险资金的引入，加快了 HS 传媒集团全国拓展与资源整合的步伐。而
关于资金的有效管理及暴露出的问题也日益突出。集团的资金管理采用分散式管理模式，
资金由各全资子公司自行管理，由于资金管理分散，集团难以实时控制集团整体资金状况，
不能及时发现风险、缺少对资金有效分配及利用，致使集团几度面临资金链断裂的风险，
因此集团决定进行资金集中管理模式的改革。
本文通过对 HS 传媒集团资金集中管理这个课题的研究，在借鉴国内外企业资金集中
管理研究的基础上,通过分析 HS 传媒集团资金分散管理存在的种种弊端，进而对于 HS 传
媒集团资金集中管理的实施进行了研究探讨。全文共分为六个部分,主要研究内容包括企
业资金集中管理的必要性、目标以及资金集中管理模式的特点；HS 传媒集团资金集中管理
的实施过程，集团的制度建设包括收支两条线及全面预算管理制度、资金集中管理的模式
选择包括结算中心及现金池模式、资金集中管理信息化工具的实施利用包括网上银行及
ERP 银企互联等；最后对于 HS 传媒集团资金集中管理的效果从账户管理效益、资金管理效
益、经营业绩效益、投融资管理效益方面取得的成绩进行了评估，从而证明资金集中管理
模式是适合于 HS 传媒集团资金管理的成功管理模式。本文对于 HS 传媒集团资金集中管理
存在的风险及风险的控制管理方法也进行了研究阐述。
在本文的最后的章节，对 HS 集团未来的资金管理进行了展望，包括设立财务公司与
结算中心相结合、设立区域财务中心等。在今后的工作中，如何使这些设计实施到位并且
健康运转，从中发现存在问题并予以解决，使集团资金集中管理模式更加科学、有效更好
的实现集团资金集中管理的效益将是我今后的研究之重。
关键词：HS 传媒集团 资金集中管理 资金集中管理模式 资金风险控制
ABSTRACT
HS Media Group is a corporation which focuses on providing the advertising-related
businesses depending on its China- Mobile TV network. After more than six years’ operation, it
has built up a Mobile TV network covering over 20 major cities throughout china at present.
With 70% of coverage of its mobile TV network in China’s market, it has grown into a national
media group on the basis of a regional advertising media successfully. In the process of its
development, HS group has been fully supported by venture capitalist, so a large amount of
capitals has been invested to HS Media which further accelerated its national expansion and
resource integration rapidly. However, at the same time, some problems related to managing
capitals effectively etc. became gradually apparent. At the beginning of its business operation,
the corporation adopted the decentralized mode of managing its capitals; therefore, its
wholly-owned subsidiaries could have rights to manage its capitals respectively allocated by the
corporation. However, due to its decentralized way of managing its capitals, the corporation
could not control the overall financial situation inside the corporation timely by finding the
existed risks so that it could not allocate and make full use of its capitals effectively. As the
above problems caused its capital chain almost broken for many times, it decided to adopt some
measures of reforming on its centralized capitals management mode.
This paper focuses on the centralized management of capitals of HS Media Group. Based
on referring to the centralized modes of managing its capitals implemented by domestic and
foreign enterprise, this article discusses the ways of implementing centralized management of
capitals of HS Media Group by analyzing the disadvantages of decentralized mode of managing
its capitals .The paper is divided into six parts. The main contents include the necessities, goals,
characteristics of centralized management model of capitals the corporation should adopt. In
addition, it discusses its process of implementing the centralized management of capitals, its
construction of rules and regulations including financial revenue and expenditure and
comprehensive budget management system, its options of centralized fund management modes
including clearing center and the cash pool mode, the implementation and utilization of
information technology tools to centralized management of capitals including online banking and
bank-enterprise ERP interconnection. Finally, it evaluates the effects of adopting its centralized
management of capitals in view of four aspects including account management benefits, capital
management efficiency, operation management efficiency, investment and financing
management effectiveness. And it proves the centralized model of managing capitals is a
successful and suitable way of managing its capitals for the corporation. Moreover, it also
illustrates the risks and the methods of controlling its risks behind its centralized management
methods, and introduces the principles of risk management, and as well as how to take means to
control risk.In the last chapter, it discusses its future capital management, including the combination of
financial company with settlement center, establishment of regional financial center, etc. In the
future, I believe the most important practices for me is how to put these design in right place,
promote its healthy functioning, find and solve its problems and to make its centralized capital
management more scientifically and effectively.
KEY WORDS ： HS Media Group centralized management of capitals fun centralized
management mode capital risk control,