论文5959412.doc

摘 要 目前在理论界对可持续增长的研究日趋激烈，财务战略的研究也越来越受到理论界和实务界的重视。但是争做“五百强”的诱惑使不少企业战略的制定偏向于不断借贷扩大投资规模，资金周转困难，快速增长而后快速消亡。追根究底，是因为它们缺乏一个科学合理的财务战略来指导增长，因而不能从财务上控制增长规模，因而造成自身资源的紧张，致使公司资源紧张而破产。我国目前已有部分学者将两者结合起来，但采用的均为基于会计口径的可持续增长模型。 本文从企业价值可持续增长这一财务目标出发，将基于现金流口径的可持续增长率与财务战略管理结合起来，对处于不同生命周期的企业财务战略调整进行研究，构建框架。采用了资产负债率、股利增长率、股利支付率和普通股股数增长率作为衡量筹资和分配战略调整的指标，以资本投资增长率、流动投资比率和单位销售额投资比率作为衡量投资战略调整的指标，将调整框架的使用情况在我国上市公司进行检验。 从检验结果来看，企业的财务战略调整没有出现明确的证据证明其按照可持续增长率进行调整。在企业出现资金短缺时，减少投资的迹象比较明显。多数情况下采用的财务战略调整措施比较混乱，实施的各种财务战略的调整综合协调起来，没有能够体现出可持续增长率的指导作用，使企业的增长显现了盲目性。所以，目前我国企业以价值可持续创造为理财目标的口号仅仅停留在宣传阶段，并未落到实处，在企业的发展中存在头疼医头，脚疼医脚的现象，并未以可持续增长作为战略调整的出发点和目标。 针对目前存在的以上问题，本文认为可采取如下措施：（1）企业将可持续增长与现金流的管理结合起来，避免脱离现金流平衡的盲目增长；（2）企业内部加强对财务战略的制定、实施的监督和控制，建立并完善对动态财务战略的管理过程；（3）在年度财务报表的附注中增加对财务战略进行披露的要求。 关键词：可持续增长率，企业价值，财务战略，财务战略调整 Abstract More and more attention has been paid to theoretical and practical financial strategy research. The temptation of becoming the worlds top 500 has made a lot of companies pursue blindly scale expansion with the target of becoming bigger and stronger. So, strategies aim at expanding the scale of investment, neglecting the investment quality. And they also attain loan debt without a proper plan to maintain increasing demand for funds, leading to cash flow difficulties and fast-dying after quick growth. In fact, because they lack a scientific and rational financial strategy to guide growth， can not control the growth of the scale through finance， leading to the shortage of their own resources and the companies bankrupt accompanying. At present, the theoretical study of sustainable growth is becoming increasingly fierce, and financial strategy research has attracted more and more theoretical research community’s and practitioners’ attention. In this paper, with this financial objective of the sustainable growth of enterprise value, the sustainable growth rate is combined with the financial strategy to choose sustainable growth model and the indicators of financi