基于竞争力的财务战略管理研究

【作者】 王满；

【导师】 谷祺；

【作者基本信息】 东北财经大学 ， 会计学， 2006， 博士

【摘要】 优胜劣汰是市场竞争的基本法则，企业要求得生存和发展，不仅要有科学精细的日常管理，更需要高瞻远瞩的战略眼光和战略思想。加强战略管理已经成为当前管理界的趋势和潮流，与之相适应的财务战略管理也日益受到了财务学理论界和实务界前所未有的注意。但是，与相对成熟、繁荣的战略管理学科相比，财务战略管理的研究历史不长，成果也不多，而且，在财务战略管理的相关著作中，大部分作品只是从财务的某一个方面探讨企业的财务战略问题，对财务战略管理问题的研究主要集中在筹资、投资、分配、并购等财务管理领域，“重财务、轻战略”是当前财务界对财务战略管理研究中的普遍现象。笔者认为，在将战略理念导入财务管理的尝试和创新中，战略思想是贯穿于财务管理的主线，财务战略管理不仅仅是对筹资、投资、分配等财务管理内容的战略性思考，更应该是以战略的视角对财务管理研究内容的重新审视和界定，从战略的本质挖掘财务战略管理的内涵，跳出固有财务管理思维模式，顺应战略管理的发展动态，搭建符合战略管理规律的财务战略管理框架。由于竞争战略观已经得到战略管理界普通认可和接受，以提升企业竞争力为导向的战略管理已经成为一种大趋势，因此，在财务战略管理体系的创建中，基于企业竞争力的视角对财务战略管理研究必将是顺利时代潮流的现实选择。在本篇论文研究中，笔者遵循提出问题、分析问题、解决问题的研究思路，按照理论到实践的顺序展开分层次、递进的研究。在财务战略管理的理论研究中，本文所要解决的问题是财务战略管理在企业战略管理中处于何种地位?支撑财务战略管理的主要理论基本有哪些?为什么核心能力是决定企业竞争力的主要参数?如何确定企业的竞争位置?如何实现竞争力综合评价与财务战略管理一体化?为什么要将战略成本管理作为开展财务战略管理的基础，如何利用战略成本管理创造企业竞争优势?在财务战略管理的实务研究中，所要解决的问题是如何在企业财务战略管理决策与选择中科学地确定企业的竞争战略?如何应对激烈的市场环境调整企业的经营行为?如何在企业生命周期的不同阶段创造持续竞争优势?如何建立与组织机构相适应的财务战略?如何进行财务战略前导性与组织结构满足滞后性的协调?如何建立有效的财务战略资源分配模式和完善的财务战略控制体系?如何利用控制杠杆在财务战略管理实施中实行有效的控制?如何通过预算控制实现资源的有效组织?如何对财务战略管理的结果进行计量与评价?怎样评价企业的企业竞争力?如何利用价值管理体系(VBM)进行企业战略价值的计量与评价?如何利用平衡计分卡(SBC)对企业财务战略管理业绩进行综合性的评价。由于财务战略管理是一项理论与实践结合较为紧密的应用型研究，在本篇论文中，笔者根据财务战略管理的特点，采用系统研究方法、规范研究和实证研究相结合的方法、模型计量与模糊判断相结合的方法、历史与逻辑相结合的方法，以提升企业竞争力为核心，以战略成本管理作为财务战略管理与企业竞争优势创造的链接点，对与之相适应的财务战略决策的选择、控制和评价进行了系统地阐述和分析，对基于企业竞争力视角的财务战略管理进行了跨学科的研究和探讨，不仅体现了财务战略管理中的“战略”共性，而且勾画出了财务战略管理中的“财务”个性。基于以上的研究逻辑，本篇论文共分为八章，各章的基本内容如下：第一章是导论。进行任何一项科学的研究都是建立在前人研究成果的基础上。笔者认为，前人的研究成果不仅为后来研究者提供了重要的资源宝库和思想源泉，更为重要的是，通过对前人研究成果的分析，找出其不完善之处，为进一步的科学指明了方向。本文通过对国内外财务战略管理研究现状的分析，指出了Allen David (1991)之前的有关财务战略管理研究，只是“时隐时现”地出现在战略管理文献中，是战略管理学者从战略学科的角度提出的有关财务方面的需求与功能。Allen David (1991)是以会计学者身份，将财务战略管理作为一门独立学科进行研究的先驱，尽管其研究的重点集中在会计与财务在战略中功能的区别，以及如何实现由会计向财务战略管理的转变上，但他已经跳出会计与财务的圈子，强调了财务与市场的联系，财务与企业战略的关系等内容。在随后的财务战略管理研究中，财务战略管理研究的视野不断拓宽，但是，大部分研究都是从环境、财务管理职能、企业价值系统、价值创造的角度对财务战略管理的相关问题进行了系统的论述。在本篇论文中，笔者以企业竞争力为核心，以独特的视角展开的财务战略管理研究，不仅体现了财务战略管理的研究方向，也为这一领域的研究打开了一个全新的窗口。第二章是财务战略管理的基本问题。为搭建科学、合理的财务战略管理框架，首先要对财务战略管理进行定位，明确它在财务战略管理体系所处的位置，与企业战略和其他职能性战略的关系，探寻财务战略管理的理论依据。对这些财务战略管理的基本问题的研究不仅是财务战略管理得以存在和发展的前提与基础，而且，通过这些基础问题的研究，有助于抓住财务战略管理的实质和内涵，梳理财务战略管理研究思路，为建设基于竞争力视角的财务战略管理体系提供内在的逻辑性联系。本文通过对战略、战略管理、财务战略管理的涵义及特征分析，指出由于财务战略本身的特殊性，使其在企业战略管理体系中具有非常重要的特殊地位，财务战略渗透在企业的全部战略之中，它不是一个简单的职能战略，而是企业实施战略管理的基石，是企业战略管理系统中的一个综合性子战略。在支撑财务战略管理的理论中，核心能力理论提供了创造企业竞争优势的特殊源泉；竞争优势理论开辟了战略研究的新视角，为财务战略的制定提供了一些非常实用的分析技巧和工具；战略管理理论和财务管理理论提供了财务战略管理的研究框架和研究范围。第三章是竞争力与财务战略管理的关系研究。竞争与战略总是相辅相成的。财务战略管理本身就是财务管理与竞争理念有机结合的产物。在财务战略管理的实践中，企业财务战略的选择总是围绕提高企业核心竞争力和创造持续竞争优势展开的。任何企业都拥有一定的经济资源和财务资源，但是，如何支配和驾驭这些资源，如何将这些资源将转换形成企业核心能力，如何将这些核心能力变为企业的竞争优势，是每个企业真正关心和考虑的问题，它不仅需要不断提高企业经济资源的使用效率与效果，更需要科学的财务战略来创造、培育、维持、创新和发展。本文将财务战略管理与企业竞争力紧密地联系在一起，提出了提升竞争力是企业财务战略管理的核心。在对以竞争力为核心的财务战略管理的研究中，首先，从核心能力的识别、培育和变革的过程出发，明确了核心能力、核心竞争力与持续竞争优势的内在联系；然后，对影响企业竞争力的宏观因素，进行了PEST(政治、经济、社会、技术)分析，对行业因素采用了波特的“五力”分析，对企业内部因素进行了BCG(波士顿矩阵)分析，从而为企业的竞争能力进行了科学定位，为制定财务战略管理提供了科学的决策依据；最后，通过SWOT(强势、弱势和机会、威胁)分析和VRIO(价值、稀缺性、可模仿性、组织结构)分析。实现了对企业竞争力的综合评价与财务战略管理决策的一体化。第四章是战略成本与财务战略管理关系的研究。成本是影响企业竞争力的重要因素，向战略成本管理要效益，向战略成本管理要竞争优势，已成为企业在激烈的市场竞争中取胜的法定。面临日益激烈的市场竞争和急剧变化的经营环境，传统的成本管理已经难以满足现代企业商战的需要，战略成本管理逐渐被提高到日益重要的地位。本文提出了战略成本管理已经成为财务战略管理中不回避的一个话题，战略成本管理不仅竞争力与财务战略管理的链接点，也是企业财务战略管理的一个着力点，是企业战略财务管理的一个重要组成部分。在以战略成本管理作为企业竞争力和财务战略管理内在关系的研究中，笔者首先通过对战略成本、企业竞争力、财务战略管理之间的经济学分析，提出了战略成本管理是财务战略管理的一个重要参数；然后，运用战略成本管理分析工具，建立起成本与竞争优势与财务战略管理之间的联系，即战略成本动因是财务战略管理中的成本驱动因素、价值链管理是企业获取竞争优势的重要源泉、产品生命周期成本管理是持续改进竞争成本的有利武器、作业成本管理是企业竞争力与财务战略管理融合的桥梁与纽带。这些先进战略分析工具的引进，不仅极大地丰富了财务管理的手段，更增强了财务战略管理的科学性。第五章是财务战略选择。企业财务战略选择是财务战略管理实践的第一步，它决定着企业财务资源配置的取向和模式，影响着企业财务活动的行为与效率，对企业的竞争能力的形成和发展有着深远的影响。本文分别从不同视角对企业财务战略管理的决策与选择进行了系统的研究和探讨，从企业竞争能力的角度看，企业可选择成本领先战略、差异化战略、集中战略。成本领先战略是企业财务战略管理的基本目标之一，也是获得持续竞争优势最有效的一种战略，当成本领先的企业其价格低于或等于其竞争厂商时，它的成本地位就会转化为高收益，并为企业带来竞争优势。但是，当企业进行价格竞争，不能达到扩大销售的目的时，实施差异化战略通过突出本企业产品与其他企业的产品的优越性，增强顾客的品牌忠诚性、降低对价格的敏感性。而实施目标集中战略是将企业的战略重点放在—个特定的目标市场上，避免由于规模和资源有限在其产品市场上展开全面竞争所面临的尴尬。从企业在竞争市场采取经营行为的角度看，企业可运用“战略钟”进行财务战略决策的选择，即根据市场竞争情况，选择低附加值战略、低价战略、混合战略、高附加值战略集中差异化战略等，从企业生命周期的不同发展阶段看，在初创期财务战略的重点是努力吸引风险投资者；成长期财务战略的重点是提高资金的运作效率；成熟期的财务战略的重点是如何维持当前的利润水平；衰退期财务战略的重点是寻找新的利润增长点。从企业资金需求的角度看，企业可采用快速扩张型财务战略、稳健发展型财务战略和防御收缩型财务战略。无论采用何种战略，都要全面考虑对企业生存和发展有着全局影响的关键要素，并考虑企业发展方向和企业增长方式等，及时对企业财务战略进行调整，以动态地保持企业的持续竞争优势。第六章是财务战略控制。选择的财务战略管理决策只有通过实施才能转化为财务战略管理的行动。在实施过程中，企业内外部环境都有可能发生变化，需要通过财务战略控制，及时发现问题，并采取适当的措施进行调整，保证企业财务战略目标的实现。否则，一旦企业行动偏离了既定的目标，所进行的财务战略决策与选择也就失去意义。本文在对财务战略管理实施与控制的研究中，从财务战略实施的前期准备入手，对财务战略决策与实施效果的不同组合进行了分析，明确了建立与财务战略管理相适应的组织结构必要性，进而提出了对财务战略管理的前导性和组织结构滞后性的协调措施；通过业务流程再造，使企业在不同的阶段，不断根据外部环境的变化，对企业的组织进行相应的变革与调整，以保证企业财务战略管理目标的实现。在战略推进的过程中，企业总是希望将各种资源都分配到最能支持企业财务战略获得成功的部门或经营单位。因此，建立有效的资源分配模式对于保证财务战略的贯彻实施也是至关重要的。在财务战略实施中，可以利用控制杠杆的效应，建立以诊断杠杆为核心，以信念杠杆和边界杠杆为补充的财务战略管理交互控制体系。同时，发挥预算控制在财务战略实施中的作用，开展不同预算行为下的预算紧控制和预算松控制，基于企业不同发展时期的预算控制模式。第七章是财务战略业绩评价。财务战略业绩的计量与评价是财务战略管理中重要的一个环节，它既是财务战略管理实践的最后一项工作，也是下一个财务战略管理工作的开始，它通过信息反馈为财务战略管理决策提供着信息上的支持。通过对财务战略业绩的计量，将财务战略的实际执行情况与战略目标进行比较和差异分析，从而及时地采取有效措施，加强财务战略实施中的控制，保证财务战略管理目标的实现。由于企业财务战略管理的业绩将直接表现为企业竞争力提高，本文通过对企业竞争力评价指标体系的设计与构建，实现了从量上对企业竞争力进行计量与评价，并运用因子分析模型对上市公司的32家样本企业的竞争力进行了实证分析。在竞争日益激烈的市场环境下，企业要保持竞争力还需要对其整体战略业绩的实现加以计量，本文将现金流量模式作为构建价值管理体系的基础，通过对战略价值计量指标选择标准的分析，提出以自由现金流量为核心的企业战略价值的计量和评价方法，从而帮助管理者了解企业价值的创造过程，将注意力集中在识别企业的价值活动、优化价值创造过程上来，以经济、有效的方式创造价值、获得比竞争对手更强的竞争优势。为使管理者及企业各方利益关系人能够了解企业制定的财务战略是否能创造价值，需要一种综合性战略业绩计量和分析工具，为财务战略业绩的综合评价搭建—个平台。平衡计分卡最显著的特点是将企业的远景、使命和发展战略与企业的业绩评价系统联系起来，它以战略为核心，将整体观念运用于企业业绩评价，将多样化、相互联系的目标构成一个有机整体评价企业的战略业绩。平衡计分卡以企业在竞争中必须具有战略性思想为基础，并将这些战略远景和目标转化具体的指标和行动，然后，从顾客角度、从内部过程角度、从学习和成长角度和财务角度四个层面传达在企业内部的各单位、各环节。平衡计分卡试图以战略引导企业战略业绩评价，并提高企业的竞争力，这是其他各种业绩评价方法所不具备的优点，这也正是平衡计分卡的真谛所在。第八章是财务战略管理展望。随着现代企业经营环境的重大变化和战略管理的广泛推行，财务管理在企业管理中的地位也提升到了战略高度，战略思想在财务管理实务中得到日益具体和高效的贯彻实施。展望财务战略管理的未来，笔者提出实施财务战略管理是为创造和保持企业持续竞争优势的需要；是日益激烈的市场竞争的需要；是经济全球化的需要；是提高企业经营效率的需要。为促进我国财务管理战略的发展和完善，笔者提出了以下几点建议：在财务战略的研究和实践中应处理好财务战略个性与战略共性的关系；财务战略与其它职能战略的关系；财务战略与财务环境的关系；财务战略与财务资源配置关系；公司治理结构与财务战略的关系。财务战略管理是一门跨学科、综合性的新领域，无论是财务战略管理理论还是财务战略管理实践都在探索中。从战略的角度专门对财务管理进行研究的成果较少，在本人能够检索到的文献中，尚未有从竞争力的角度对财务战略管理进行专门研究的论著。在本篇论文中，笔者努力从竞争力的视角对这一问题进行研究，试图建立起以企业竞争力为核心的财务战略管理的框架体系。但是，由于本人水平有限，在研究框架的内容的构建中，难免出现缺点和错误，恳求各位专家的批评指正，希望这项既有创造性，有实际价值的研究工作能在专家、学者的指导下得以深入和完善。更多还原

【Abstract】 The basic rule of the market competition is that the better is left and the worse is discarded. If business enterprise want to survive and develop, scientific daily management is not enough, and strategic and vision and thoughts of great foresight for the future are more important Emphasizing on the strategic management has already become the trend of current management field, and with this trend strategic financial management also has got an unprecedented attention from theoretical and practical fields of finance. But compared with the more mature and prosperous strategic management, the history of strategic financial management is not long, research achievements are also limited. In the related works of strategic financial management, most part of the works just study business enterprise’s strategic problem from a certain aspect of finance, and the research mainly concentrated on funds-raising, investing, profit-distributing and M & A etc. "Emphasizing on finance, but ignoring strategy" is a widespread phenomenon of strategic financial management in financial field.The writer regards that the strategic thought is the main Line of financial management with the strategic principle brought into the attempt and innovation of financial management. Strategic financial management is not only strategic thoughts towards funds-raising,investing and profit-distributing of financial management, but also re-scan and refine the researching contents of financial management in strategic view, obtain the content of strategic financial management from the essence of strategy, abandon the fixed thinking mode of strategic financial management, adjust to the development of strategic management, and build a strategic financial management frame matching the strategic management regulation. Competing strategic view has widely approved and accepted by the field of strategic management and promoting the business enterprise’s competing ability as a direction of stiategic management has already become a kind of enormous trend. Therefore, during the course of establishing strategic financial management system, research of strategic management according to the view of the business enterprise competing ability must be the realistic choice to adjust to the current.In this dissertation, the writer follows the thinking mode of putting forward a problem ,analyzing it and solving it, and carry on the study step to step from theory to practice. In the theory research of strategic financial management, the problem that the dissertation tries to resolve is that which position the strategic management of business enterprise is placed? What are main theories to support strategic financial management? Why the core ability is the main parameter that decides the business enterprise’s competition ability? How to make sure the competition position of the business enterprise? How to make comprehensive valuation of competition ability and strategic financial management an integral system? Why does regard strategic cost management as the factor of strategic financial management, and how to make use of strategic cost management to create business enterprise competitive advantage?In the practical research of strategic financial management, the problem to be resolved is how to choose business enterprise’s competing strategy in the business enterprise’s strategic financial management? How to adjust business enterprise’s behavior to deal with the vigorous market environment? How to create continuous competing advantage at the different stage of the business enterprise life cycle? How to build up financial strategy consistent with the organization? How to coordinate the guidance of financial strategy and the fall-behind of organization? How to build up the valid financial strategic resources distributing mode and perfect financial strategy controlling system? How to make use of controlling lever to carry on valid control on implement of the strategic financial management? How to achieve valid organization of resources through budget control? How to calculate and valuation the result of strategic financial management? How to valuation the business enterprise’s competing ability? How to make use of VBM to calculate and valuation the worth of the business enterprise strategy’s value? How to make use of SBC to carry on a synthetic evaluation on the business enterprise financial strategy?Strategic financial management is application study of theories and practice. In this dissertation, the writer adopts systemic research method ,norm study combined with the substantial evidence research method, model-calculating combined with misty judgment method, history combined with logic method, take promoting the business enterprise’s competing ability as core, and regard strategic cost management as connecting point of strategic financial management and business enterprise’s competing advantage. And then elaborate and analyze the choice,control and valuation of strategic financial management systemically according to the above, study and discuss strategic financial management in the view of business enterprise’s competing ability across academics. All above not only show the "strategic" common character of strategic financial management, but also the "financial" special character.According to the above, this dissertation is divided into eight chapter, each of the contents is as follows:Chapter 1 is an introduction. All of the researches are based on other people’s result. The writer regard that other people’s study result can provide important resources and thoughts to us, and more important, according to analysis on other people’s study result, we can find out the imperfect part and point out a direction for the further science. According to the analysis on the present research condition of domestic and international strategic financial management, the dissertation points out relevant researches of strategic financial management before Allen David (1991), are just not obviously in article about strategic management, and need and function related with finance put forward by scholar in strategic management in the view of strategic academics. Allen David (1991) as a accountancy’s scholar, carried on the pioneer of the research of strategic financial management as an independence academics, though the point of its research concentrates on the differentiation of the function of the accountancy and the finance in the strategy, and how to carry out the change from accountancy to strategic financial management, but he had already jump from restriction accountancy and finance, and emphasize on the contact of finance and market, relationship of finance and business enterprise’s strategy ect In the subsequent research of strategic financial management, the vision opens widely continuously, but most part of the researches concentrate on environment,function of financial management,business enterprise’s valuation system and creation of value to argue the related problems of strategic financial management systemically. In this dissertation, the writer takes the business enterprise’s competing ability as a core, carry on the research of strategic financial management in a special view, and not only shows up the direction of strategic financial management, also opens a new window for the research of this realm.Chapter 2 is the orientation of strategic financial management To build up scientific and reasonable frame of strategic financial management, we firstly need to orientate strategic financial management, find the position in strategic financial management system and the relationship between business enterprise’s strategy and other functional strategies, then explore the theories base of strategic financial management The research of the basic problem of strategic financial management is not only the premise and foundation with which strategic financial management can exist and develop, and the research of basic problem contributes to hold the essence and content of strategic financial management, clear the thought of strategic financial management and provide internal logic relationship to build up strategic financial management system based on competing ability. According to the analysis of content and characteristics of strategy,strategic management and strategic financial management, this dissertation points out, due to the special character of financial strategy itself, financial strategy has a very special important position in he business enterprise’s strategic management system, and permeates in all strategies of the business enterprise. Financial strategy isn’t a simple functional strategy, but the foundation of business enterprise’s strategic management, is a comprehensive hypostasis strategy of business enterprise’s strategic management system. Among the theories of strategic financial management, core-ability theory provide the special source for the creation of business enterprise’s competitive advantage; the competitive advantage theories develop the new vision of strategic research, and provide some very practical analytical techniques and tools for the establishment of financial strategy; strategic management theories and financial management theories provide the frame and range of research for strategic financial management.Chapter 3 is the research of relationship between competing ability and strategic financial management. Competition and strategy always influence each other. The strategic financial management itself is combination of financial management and competitive principle. In the practice of strategic financial management, the choice of business enterprise’s strategy usually focuses on promoting business enterprise’s core-competition and creating continuous competitive advantage. Any business enterprise owns certain economic resources and financial resources, but how to govern and control these resources, how to convert these resources into core ability of business enterprise, and how to change into these core-abilities to the competitive advantage of business enterprise, all the questions above are each business enterprise’s real concern and consideration. It needs not only promotion of the usage efficiency and result of economic enterprise’s resources business, more importantly needs scientific financial strategy to create, breed, maintain, innovate and develop. This dissertation contacts strategic financial management together with business enterprise’s competitive ability puts forward that promoting competitive ability is the core of business enterprise’s scientific financial strategy. In this research, firstly, set out with the process of identification of core-ability,breeding and change, and understand the internal relationship between core ability ,core competitive ability and continuous competitive advantage; then, carry on the PEST( politics, economy, society, technique) analysis towards the macroscopic factors that influences the business enterprise’s competitive ability, adopt Poter’s "five strength" analysis towards vocational factors, and carry on BCG analysis towards business enterprise’s internal factors to definite the scientific position of business enterprise’s competitive ability and provide scientific decision base for drawing up scientific financial management; at last, according to the SWOT analysis and the VRIO analysis, the integral whole of business enterprise’s competitive ability and strategic financial management decision can be achieved. Chapter 4 is the research about relationship of strategic cost and strategic financial management. The competition of the business enterprise Is competition of cost in the end. Obtaining from benefit and competitive advantage strategic cost management has become an important tool that the business enterprise wins in the market with vigorous competition. Faced to an increasingly vigorous market competition and nasty changing management environment; the traditional cost management is hard to satisfy the demand of modern business enterprise competition, strategic cost management is raised to an increasingly important position gradually. This dissertation puts forward that strategic cost management has already become a evitable topic in strategic financial management, strategic cost management is not only the connecting point of competitive ability and strategic financial management, also the point and an important constitutional part of business enterprise’s strategic financial management. In the research that strategic cost management is regarded as the internal relationship of business enterprise competitive ability and strategic financial management, according to the economic analysis on strategic cost,business enterprise competitive ability, strategic financial management, the writer puts forward that strategic cost management is an important parameter of strategic financial management firstly; then, make use of the strategic cost management analysis tool to build up the connection between cost and competitive advantage and strategic financial management, namely strategic cost motive is driving factor of strategic cost management,the value chain is the important source that business enterprise obtain competitive advantage,the product life cycle cost management is the powerful weapon to improve competitive cost continuouslyjob processing control is bridge to business enterprise’s competition and strategic financial management. Theses advanced analyzing tools enrich the means of financial management and strengthen the scientific meaning of strategic financial management.Chapter 5 is the choice of financial strategy. The choice of financial strategy is the first step of the implement of strategic financial management. It decides the trend and mode of distributing of business enterprise financial resources, influence the behavior and efficiency of the business enterprise financial activity, and have profound influence to the formation and development of competitive ability of business enterprise. This dissertation carries on research and study about business enterprise’s decision and choice of strategic financial management in distinguished views. In the view of business enterprise’s competitive ability, business enterprise could carry on decision and the choice of cost-leading strategy, differentiated strategy and concentrating strategy. Cost-leading strategy is one of basic targets of business enterprise’s strategic financial management, and also one of the most valid strategies acquiring continuously competitive advantage. When the price of the cost-leading business enterprise is lower or equal to other ones, the cost advantage will convert into more profit, and bring competitive advantage to the business enterprise. When the price of the cost-leading business enterprise is lower or equal to other ones, the cost advantage will convert into more profit, and bring competitive advantage to the business enterprise. But when price-competition couldn’t enlarge sales, differentiated strategy could used to outstand the superiority of the product, strengthen the brand loyalty of the customer and lower the price sensitivity. And target-concentrating strategy is to put the strategic point of business enterprise in a particular target market, then to avoid the embarrassment of overall competition in product market due to limited scale and resources. In the view of business enterprise’s operating behavior in competitive market, business enterprise can adopt the decision method of "strategic clock", namely according to the marketing competitive circumstance, make decision and choice of different operating behaviors between low and additional value strategy,low price strategy,differentiated strategy,mixed strategy and concentrating strategy, and then colligate these common competitive strategies to reflect the concrete path of business enterprise’s strategic financial choice completely. In the view of different development stage of business enterprise’s life cycle, we can adopt financial strategy focusing on investing in growing period, financial strategy focusing on dividend-distributing in mature period and financial strategy focusing on investing cash flow in decaying period. In the view of business enterprise’s fund demand, business enterprise can adopt extending financial strategy,steady developing financial strategy and defending financial strategy. Adopting any strategy, we must consider the key factors of the overall situation which influence business enterprise’s existence and development completely, consider the developing direction and increasing way of business enterprise, and adjust business enterprise’s strategic financial management in time to keep continuous competitive advantage of business enterprise dynamically.Chapter 6 is the control of financial strategy. The decision and choice of strategic financial management could convert into action only through implement During this course, the internal and external environments probably vary, we need to discover problems through financial control in time and adjust with proper measures to assure the realization of business enterprise’s financial strategic targets. Otherwise, once business enterprise’s activity deviate a decided target, the decision and choice of financial strategy will lose its meaning. During the research of strategic financial management, this dissertation analyze different combination of financial strategy’s implementing effects through the preparation of financial strategy’s implement, and make clear of the necessity of building up organization structure according to strategic financial management, then put forward measures to adjust the guidance of financial strategy and the fall-behind of organization; through re-creation of business process, make relevant reformation and adjustments on business enterprise organization according to varieties of external environment in different stage of business enterprise to assure the realization of business enterprise’s target In the process of strategy-implement, business enterprise always hope that all the resources could distributed to the section or the management unit which can support the achievement of business enterprise’s financial strategy mostly. Therefore building up valid resources allotment mode is important to assure the implement of financial strategy. While implement financial strategy, we can use the effect of controlling lever to build up a mutual controlling system of strategic financial management with diagnosing lever as a core and boundary lever as supplement In the meantime, exert the function of budget control in the implement of strategic financial management, make tight and loose budget control based on different budget behaviors, and build up and perfect budget control mode according to business enterprise’s different developing periods.Chapter 7 is the evaluation on performance of financial strategy. Calculation and evaluation are important step in strategic financial management. It is the last work of strategic financial management practice, also the beginning of the next strategic financial management work, and it provide information support for decision of strategic fmancial management through information feedback. Through the calculation of financial management, compare and analyze the differences between actual implement of financial strategy and strategic target, then adopt valid measures in time and strengthen control in implement of financial control to assure the realization of strategic financial management target. Because the performance of business enterprise’s strategic financial management is directly reflected as the promotion of business enterprise’s competitive ability, the dissertation calculate and evaluate business enterprise’s competitive ability in quantity through designing and setting up index-evaluating system of business enterprise’s competitive ability, and make use of factorization model to carry on substantial evidence analysis on 32 sample business enterprises of the listed companies. In the increasingly vigorous market environment, business enterprise which wants to keep a competitive ability still need calculate its whole strategic performance. This dissertation regards cash flow mode as the base to set up valuate management system, and puts forward take free cash flow as the core in the calculating and evaluating method of business enterprise strategic valuate through analysis on choosing standard of strategic valuate calculation, then help manager understand the creating process of business enterprise’s value, concentrate the attention on the creation of identifying business enterprise’s value-activity and optimize the process of value-creation, and create value and acquire stronger competitive advantage than the rival with economic and valid way. As managers and benefit-relaters of business enterprise need to understand whether the financial strategy could create value or not, a tool is acquired to calculate and analyze comprehensive strategic performance and build up a terrace for comprehensive evaluation of financial strategic performance .The obvious characteristics of balance-calculation card is that it connect the prospect, assignment and developing strategy with the evaluating system of business enterprise’s performance. It takes strategy as the core, exert the whole idea on evaluation of business enterprise’s performance, and express how diverse and mutually connecting targets constitute a organic whole one to evaluate business enterprise’s performance. Balance-calculation card is based on strategic thoughts in competition of business enterprise, and convert these strategic prospects and targets into concrete index and activity, then inform each unit and step of business enterprise through customers, internal process, learning and growing and finance. Balance-calculation card tries to use strategy to guide performance-valuating of business enterprise, and promotes competitive ability of business enterprise. This is the advantage that other performance evaluating method does not have, and this is the true meaning of balance-calculation card.Chapter 8 is the further prospect of strategic financial management With the variety of modern business enterprise management and extensive exertion of strategic management, financial management has promoted to a strategic height in business enterprise management, and strategic thoughts have been exerted more concrete and valid in practice of financial management. As prospect the future of strategic financial management, the writer puts forward strategic financial management is the demand to create and keep continuous competitive advantage of business enterprise; the demand of vigorous market competition; the demand of economic globalization; and the demand to promote efficiency of business enterprise management To promote the development and perfection of strategic financial management, the writer puts forward some suggestions as follow: handle the relationship in research and study of financial strategy between single character of financial strategy and common character of strategy; relationship between financial strategy and other functional strategy; relationship between financial strategy and financial circumstance; relationship between financial strategy and distribution of financial resources; relationship between financial strategy and business enterprise management Strategic financial management is a new realm which is across academics and comprehensive, whether theory or practice is still keeping on investigating. Researching results about financial management only in strategic view are scarce, so in the course of searching materials I haven’t obtain specialized research materials in the view of competitive ability. In this dissertation, the writer tries to research the problem in the vision of competitive ability, and attempt to build up a frame of strategic financial management with the core of business enterprise’s competitive ability. But, due to my limited experience, there may be some defects and mistakes in the course of setting up the content of researching frame. I expect every expert’s criticism and correction, and I hope this research full of creation and practical use could be more thorough and perfect with the guidance from experts and scholars.更多还原