【作者】 徐鸣雷；

【导师】 栾庆伟；

【作者基本信息】 大连理工大学 ， 技术经济及管理， 2005， 博士

【摘要】 财务战略管理的研究正日渐成为财务管理领域的新热点。在全球竞争日趋激烈的今天,一个企业拥有的财务资源和可以使其增值的机会总是有限的。如果一个企业不能有效筹集、科学投放和合理分配财务资源,势必造成资源的浪费,不利于企业建立自己的竞争优势,最终被市场淘汰。那么,如何更加完善财务战略管理理论、方法与管理框架正是理论界与实务界所要解决的问题。 论文首先揭示并验证了企业价值与财务战略的相关性。本研究提出了“以追求长期盈利能力为目标方向”、“把建立竞争优势作为本质要求”与“突出分析战略环境因子为首要重点”为财务战略管理三大要素,并揭示了要素本身与企业价值之间的相关性。论证了企业价值增加作为财务战略管理目标的合理性,从而明确界定财务战略管理的科学内涵,完善了财务战略管理理论中的目标不明确的问题。通过以Tobin’s Q代表企业价值,将财务战略分解成融资、投资和股利分配战略三个方面,分别采用资产负债率、流动投资比率及股利增长率等三类8项指标分别度量了相应的三个方面,以在沪深两地上市的3个行业81家上市公司1999年—2003年5年的公开披露的财务数据,对企业价值和财务战略的相关性进行了实证检验。实证研究结果显示:资产增长率、流动投资比率、资本投资增长率、股利支付率、资产长期负债率、债务融资率与Tobin’s Q显著相关,进而从实证层面进一步增强了理论结论的客观性和科学性。有效地解决了财务战略活动效果难以进行量化研究的问题,弥补了目前从实证角度研究财务战略的不足。 接着,论文提出并验证了基于企业价值的财务战略制定模型。结合企业价值评估方法和企业生命周期理论,以企业价值最大化为目标,以EVA与CVA两个互补性变量为定量维度,以企业生命周期因素作为定性维度,建立了基于企业价值的财务战略制定模型,提出了价值内涵集中型、价值外延扩张型、价值多元均衡型及价值收缩转移型四种整体战略模式,并分别给出了4种模式相应的融资、投资和股利分配战略。通过选取四组(每组两家)处在不同发展阶段的上市公司,采用案例分析方法分别对上述模型提出的财务战略模式进行了实证检验,分析结论验证了模型中所提出的财务战略模式的有效性和适用性。上述模型能够解决战略设计中重板块轻整合,以及定量变量选择中的会计利润短期倾向的问题,并给出了目前财务战略制定中定性与定量整合及合理选择定量变量的方法。 最后,论文提出了基于企业价值的财务战略实施框架。以企业价值管理框架为基础,以企业价值最大化为目标,以核心价值驱动网络为桥梁,选择创值导向预算、评价和激励为循环运行环节,以“人本观”的领导支持、战略沟通、企业文化及治理结构作为支撑,构建了由目标层、桥梁层、运行层及支撑层组成的基于企业价值的财务战略实施框架。该实施框架的总体框架和具体层次围绕创造企业价值核心来展开:构建了价值驱动因素网络,解决了财务战略实施目标与运行过程脱节的问题;将预算、评价与激励整合在创造企业价值的基础上,纠正了传统预算控制中重利润的倾向;在运行层和支撑层中充分考虑了财务战略实施主体,克服了财务战略实施重客体轻主体的问题;通过所构建的目标层、桥梁层、运行层及支撑层而组成的系统整合的实施框架,改进了目前财务战略理论中缺乏有效整合的实施框架的不足。更多还原

【Abstract】 Financial Strategy Management (FSM) is increasingly becoming an important research field of Financial Management. As increasingly fierce competition in the worldwide, it is hard for a company to own all-around financial resource advantages. To be ineffective in financing, investing and distributing resources will lead to the wasting of resources and go against establishing the aim of building competitive advantages. Through developing financial strategy effectively and implementing them efficiently, a company can build up the competency and the competitive advantage, therefore managers and researchers are all facing an acute problem on how to further consummate the theory, tool and framework of Financial Strategy Management. The paper firstly analyzes systemically and thoroughly the relationship between firm value and financial strategy management. Though the normative research way, the paper defines the conception of Firm Value and Financial Strategy Management, and puts forward that the aim of FSM is pursuing long-term profit competency, the essence of FSM is building up competitive advantages, and the attention of FSM is analyzing strategic factors. On this basis, the paper analyzes that firm value is the most precise measure in evaluating the long-term profit ability; and firm value is the basis of the competitive advantage while it is the subject basis on evaluating the competitive advantage; the strategic factors can mainly effect the creating of firm value, in sum, the paper conducts the normative research on the relationship between Firm Value and the above-mentioned three key aspects. It supplies the strong theoretic basis for developing the research on Financial Strategy Management based on Firm Value.Secondly choosing the data of the 81 listed companies during five years as samples, choosing the Tobin’s Q delegating firm value, and choosing Total debt to total assets etc, Dividend growth etc, and Current investment etc as substitute of the investment strategy, financing strategy and distributing strategy, the paper conducts the demonstration research on the relationship between Firm Value and Financial Strategy Management thorough pertinence analyzing way. The results of the above research reveals the all indexes having strong pertinence with Tobin’s Q except for Total debt to total assets or Dividend growth, it verified the conclusion of theory research through the results of demonstration research, It supplies the trenchant support on developing the research on Financial Strategy Management based on Firm Value.Based on them, the paper proposes and validates the model of developing the Financial Strategy based on Firm Value. On the basis of theories of the valuation and firm life cycle, the aim of the model is the max. of firm value, choosing firm life cycle as the qualitative variable, and choosing EVA&CVA as the quantitative variables. The model effectively utilized the precondition of the valuations’ function expanding, and choosing the complementary EVA&CVA as the key quantitative variables, so that it can resolve the profit-oriented problem during developing financial strategy. Introjected the firm life cycle as the qualitative variable, while discussing the firm life cycle effects on EVA&CVA, so that it can conform firm environment and firm value changes as developing financial strategy; Binging forward the four modes: Value Intension Centralize, Value Extension Expand, Value Multi-Equilibrium and Value Constriction & Diversion, it become more conformity when developing financial strategy. And then the paper conducts the case studies based on eight listed companies’更多还原