Treasury Management International
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全力解决营运资本问题
Alexandre Clar --- PPG工业公司全球财资管理部欧洲、中东及非洲区主管
2008年1月，PPG完成了该公司历史上最大的一项收购，从全球私募股权投资机构贝恩资本手中收购了总部位于荷兰的式玛卡龙集团(SigmaKalon)。这项收购和之前的并购不同，虽然PPG和式玛卡龙在欧洲的业务规模大体相同，但是二者的业务模式却大相径庭(图1)。为了充分发挥新公司的潜力，提高现金集中度以偿还公司债务，财资管理部必须通过有效的方式，对PPG和式玛卡龙的现金管理业务进行合并。本文主要讨论公司达到上述目标过程中需要考虑的问题，以及可能遇到的挑战。
业务机构
PPG公司的机构设置复杂，地理分布广泛，并且13个业务部门中大半采用“委托结构”的运营方式。本质上，“委托结构”是一种企业的运营模式：委托部门负责原材料的采购，然后发送到由其拥有的各个地方仓库，再由代理生产商(工厂)对原材料进行加工并收取加工费，最后由各地方销售公司按成本加费用的价格将产成品销售出去。为方便这种模式的运营，公司的委托部门设在瑞士。但是，PPG公司的内部银行—PPG 财务公司，却设在荷兰，荷兰的免税协定网络覆盖面最广，名义现金池体系也非常完善，而且在荷兰除了普通交叉担保外，还可以提供限于抵消权的担保。
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Treasury Management International showcases topical, pragmatic solutions and strategic insights on treasury, cash management, foreign exchange and other issues affecting treasury and financial professionals, together with treasury and finance news, education and opinion. With real-life treasury management experiences and case studies at its core, TMI provides valuable material for all practitioners - from experienced treasurers and CFOs to those new to the profession.
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