企业生命周期中的财务战略研究.docVIP

摘 要 财务战略是企业总体战略的重要内容，其既为企业总体战略服务；又具有相对的独立性。财务战略的主要目的是通过财务战略的制定与实施，在控制企业总体风险的基础上使企业获得可持续性竞争优势，进而实现股东价值的最大化。 企业财务战略的安排不仅要考虑其自身的力量，也要顾及外部环境特征。对企业财务战略具有影响作用的环境因素既包括宏观的经济体制、经济发展水平和经济周期等因素，又包括微观的企业组织、生产特征、技术条件及人力资源状况等。 企业财务战略主要由筹资战略、投资战略和利润分配战略构成。筹资战略主要是在控制企业财务风险的情况下努力降低资金成本，保持合理的资本结构；投资战略主要是在权衡收益和风险的基础上，根据企业的风险承受能力，选择收益最大的投资方向、投资结构及投资时机等；利润分配战略主要是根据金融市场的状况和企业的财务状况确定企业的分配政策，处理企业短期利益和长期利益的关系。 企业发展的生命周期一般经历初创、发展、成熟和转型四个阶段，企业处于生命周期的不同阶段，其财务战略具有明显的差异。随着企业发展生命周期的变化，其财务战略的安排须做出相应的调整。 传统的财务理论一直偏重于按企业的分类进行财务战略的静态分析；而对一个企业在不同的发展阶段财务战略的动态研究关注不够。本文在对企业财务三大核心战略深刻认识的基础上，根据企业发展生命周期原理，具体分析处于不同生命周期的企业采用的财务战略及实施策略。 最后，结合我国企业的现状提出我国企业财务战略的基本思路。 关键词： 财务战略 企业生命周期 财务战略实施 ABSTRACT Financial strategy is a very important part of enterprise’s strategy. It serves for the enterprise’s strategy on one hand, and is relatively independent on the other hand. The main purpose of financial strategy is to control the general risks faced by the enterprise in business development so that the enterprise can achieve sustainable competitive advantage, which will result in maximization of shareholder’s value. The construction of financial strategy shall not only be based on the characteristics of the enterprise, but also shall comprise the influence of outside factors. Those outside factors include macro-economic factors (economy system, economic level and economy system，etc. ) and micro-economic factors as well (enterprise’s structure, technology and human resource ). The financial strategy mainly consists of 3 parts: financing strategy, investment strategy and profit allocation strategy. The financing strategy is to minimize the WACC with controlled financial risk; the goal is to achieve a rational capital structure. The investment strategy is to balance between return and risk and choose the investment that has the highest return under given risk. The profit allocation strategy is to determine the dividend policy according to the capital market situation and enterprise’s needs, this policy shall