因此,如何选择制定合理有效的财务战略并运用到实践中,帮助企业突破发展瓶
颈,巳成为我们关注的重要问题。
中国小家电产业已经经过近二十年的高速发展,现已取得长足的进步,产业
体系以及产业集群基本形成,国际竞争力也逐步显现,从本世纪初以来主要的
25种小家电产品全球市场份额跃居世界第一位。小家电产业在全球市场和我国
产业体系里,在提供就业机会等方面已居于重要地位。
九阳股份有限公司就是在这一过程中成长起来的小家电企业之一。九阳从
1994年创立豆浆机市场,15年来引领豆浆机行业的技术潮流,大力推广豆浆文
化,建立九阳独特的渠道网络和推广模式,成功的塑造了九阳这一品牌,凭借超
过80%以上市场的占有率长期占据领导地位。所以九阳公司的财务战略值得我们
分析和借鉴。本文将从战略的相关理论、财务战略的相关理论入手,介绍企业生
命周期的相关理论,以九阳股份有限公司作为研究对象,分析了九阳从创立以来
直至目前为止的财务战略情况,同时在论述财务战略生成的起点一公司内外部环
境的基础上,分析该公司在基于企业生命周期理论下做出目前时期的财务战略选
择,同时还研究了九阳公司财务战略实施的组织、人才等后勤保障,并对其未来
财务战略提出建议,以期望为我国其他相关企业发展提供点儿意见。
本文采用了文献分析、案例描述、数据演绎和归纳分析等四种方法。通过引
入九阳公司作为案例研究对象,并且通过九阳公司的具体数据进行财务战略分
析,最终进行了归纳和总结,在分析九阳目前所处企业生命周期阶段,提出了九
阳的财务战略。
(1)筹资战略应符合最佳资本结构,九阳可采取相对较高的负债率;提高权
益资本的收益率;加强存货管理,提高资金使用效率;积极寻求风险投资。
(2)集中优势资源发展主要行业;从纵向和横向来适当拓展投资领域.可适
度采取的多元化投资战略和产业链延伸财务战略。
(3)收益分配战略应与企业发展相协调.九阳应适当采取高股利支付比率的
现金股利政策;维护好股东利益,注重利润,要适当留存利润,以期公司更好地
发展;加强企业资金预算管理,严格控制不必要支出。
本文对于财务战略与公司总体战略发展的协调、财务战略的实施等方面的探
索可以丰富该领域的研究;同时本文引入企业生命周期这一理论,也是对于财务
战略制定和实施的一大突破;本文对九阳公司的案例分析也丰富了我国民营企业
财务战略的案例。
关键词:九阳公司;企业战略;财务战略;企业生命周期理论
ABSTRACT
A reasonable and effective financial strategy, can not only be combined with the
corporate strategy to improve the environmental adaptability of the enterprise
financial system;but also enhance the coordination between the corporate financial
systems and other enterprise subsystems;in addition, it can helps to create and
maintain the financial advantage, and improve the overall competitiveness of the
enterprises. Therefore, how to choose a rational and effective financial strategies and
put it into successful practice to help companies break through the bottleneck of the
development has become the focus of theoretical and practical.
After two decades of rapid development^China&39;s small household electrical
appliance industry has made great progress and industrial system as well as the
industrial clusters has formed the scale basically.During the international
competitiveness is gradually emerging, the main 25 kinds of small household
electrical appliance in the global market share ranked first in the world since the
beginning of 21st century.Small home appliance industry in the global market and
China&39;s industrial system, occupies an important position in the provision of
employment opportunities.
Joyoung Co., Ltd. is one of the household electrical appliance enterprises in this
process of growing up. Joyoung Soymilk machine market was founded in 1994,who
leads the technology trends in Soymilk industry 15 years and promote milk culture
vigorously to establish the Joyoung unique channel network and promotion patterns,
and shaped Joyoung brand.Joyoung Co.,Ltd. with more than 80% above the market
share occupies long-term leadership position. Therefore the Joyoung company&39;s
financial strategy worthy of our analysis and use for reference. This thesis starting
from the strategy theory and the theory of financial strategy, uses Joyoung Co., Ltd. as
the object of study,to analysize the financial strategies to generate the starting point -
the company internal and external environment analvsis,and on this basis the
company based corporate life financial strategic choice made in the cycle theory, and
also study the Joyoung financial strategy implementation organization, personnel and
other logistical supportand to make recommendations on its future financial strategy,
expect to provide some advice for our enterprise development.
This thesis uses a literature analysis, case description of four methods of
deductive and inductive analysis. By introducing Joyoung as a case study, and
eventually conducted and summarized financial strategic analysis by Joyoung
company specific data. In the analysis of the nine positive current business life cycle
stages, this thesis proposes the Joyoung financial strategy.
(1)Becausethe funding strategy should be consistent with the best capital
structure, Joyoung should adopt relatively high debt ratio, improve the rate of return
on equity capital, enhance inventory management and improve capital efficiency.
(2)Fromthe longitudinal and transverse appropriate, Joyoung should expand the
area of investment to attain diversified investment strategy and financial industry
chain extension strategy.
(3)Theincome distribution strategy should be coordinated with the enterprise
development. Joyoung should be appropriate to take the high dividend payout ratio of
cash dividend policy, safeguard shareholder interests focus on profits, retained profits
should be appropriate to develop better view to the company.
The thesis argues that the best capital structure, funding strategy should be
consistent for Joyoung select corporate investment strategy based on the different life
cycle, while corporate income allocation strategy and enterprise development should
be compatible.
Exploration of the financial strategy of the company&39;s overall strategic
development, coordination and implementation of financial strategy can enrich
research in the field. At the same time, the introduction of the corporate life cycle
theory, is a major surmount for financial strategy formulation and implementation.
This thesis&39; introduction of Jovoung case analysis is also rich financial strategy of
Chinese private enterprises.
Keywords: Joyoung Company; Corporate Strategy; Financial Strategy; Corporate
Life Cycle Theory
第1章绪论
1.1研究背景
这些年来,我国经历了小家电产业的发展的重要历史阶段,家电产业的规模
和技术都已取得飞速的发展,已经成为我国的支柱产业之一,在全球市场上也占
据着重要的份额,催生了一大批具有世界影响力的家电厂商和品牌,对家电产业
的研究也经久不衰。在这同一时期的小家电产业和整个家电产业一起,共同成长,
虽然其整体规模和重要性远不及大家电产业,但还是取得举世瞩目的进步,在国
内形成了比较齐全的生产体系和重要地产业集群,从规模到技术都取得质的飞
跃,在全球市场中也占有重要地位,从21世纪初期来我国25种主要的小家电产
品的生产规模与市场份额都跃居世界第一位。
其屮小家屯行业的-个贯要的组成部分就是豆衆机产业,经过了十多年的培
育和发展,巳成为我国自主;发的一个新兴的产业界军突起,引起是人的极大关
注,及时在全球金融危机的环境下,依然是高歌猛进,一枝独秀。作为豆衆机产
业屮最重要的塑造者九阳股份有限公司,在全球股市哀鸿遍野的情况下,其市值
曾经一度超过了规模十倍于九阳的美的、海尔等一些重量级的家电业巨头。九阳
股份有限公司和豆装机产业的成长经历引起了业界深深的思考和积极的探索。
企业在高速发展过程当中,内外的环境会发生剧烈变化,快速扩张带来了管
理的复杂性、难度骤然加大,令很多企业都措手不及。部分企业盲目的采用财务
战略,忽视财务战略选择的科学性和合理性,盲H投资,过度举债,使得资本结
构严重失衡,这样就加大了企业的财务风险和经营风险。
企业建立有效的财务战略,不
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