1 分类号，F203.9 学校代码，10697 密 级，公开 学 号，201531940 硕士专业学位论文 Dissertation for the Professional Degree of Master SX 股份公司企业财务战略管理研究 学科名称，工商管理 专业学位类别，工商管理硕士 作者，肖卓雯 指导老师:冯均科 西北大学学位评定委员会 二〇一九年1摘要 1 摘要 近年来，我国的企业经营环境发生了巨大的改变，对于现代企业而言，要想实现更 加繁荣的发展，最为重要的策略就是确保战略管理的有效实行。事实上，不管是营销与 生产领域，还是在人力资源与财务方面，包括其他的职能领域，这一种新的管理思想都 有着更深层次的渗透。在现实实践当中，借助于企业的财务战略管理，不仅能够进一步 达到整体战略管理的原则以及要求，在某一程度上，也能够针对企业的财务行为，进行 相应的规划，从而保证其与企业整体战略的协调性，使其能够与财务活动自身所保持的 基本规律相一致。SX 股份公司在业务转型的关键阶段，公司的财务管理活动更需要用战 略的眼光予以规划与运作，用财务战略指导财务活动开展，加强公司财务管理，这样才 能使公司更好地利用自身的资源发挥出更大的优势。 本文从财务战略的相关理论入手，结合企业生命周期理论，分析了 SX 股份公司目 前所处的内外部环境，就其财务战略方面，揭示其存在的缺陷，从而针对性的制定相应 的处理方案，主要分为以下几个部分，首先，在筹资战略上，因为企业本身正处于快速 发展的阶段，也就意味着所面对的经营风险也比较低，针对这一情况，可以尽最大效度 的加强对财务杠杆的利用，并进行资本结构的优化，等等；其次，在投资战略上，现阶 段内，企业正面临光伏玻璃销量低迷的情况，作为自身主营业务之一，企业应该意识到 多元化管理的重要性，尽可能的制定项目调研，以及相应的评估机制，包括其他的战略 实施；最后，在收益分配战略上，在企业当前发展的时期内，大量的资金投入是必不可 缺的，这也就是说，为了保证企业得到更好的发展，需要对企业的激励机制进行深层次 的完善，并借助于低正常股利，以及额外股利等，达到相应的目的。 本文将以 SX 股份公司作为研究对象，就其财务战略管理，进行相应的研究与分析， 从某一层面，从企业实际出发，制度关于筹资战略，以及投资战略，还有收益分配的相 应战略方案，并明确公司的财务战略实施的保障措施，从而使公司的业务发展战略顺利 实现，也可以为其它企业进行财务战略制定提供理论和方法借鉴；另一方面，也有利于 将自己在 MBA 课程学习中所学到的知识运用到实际工作之中，也是帮助自己对学习进 行总结和检验，提升自己的工作业务水平。西北大学硕士学位论文 2 关键词，财务战略管理， 生命周期， 股份公司Abstract 3 Abstract In recent years, China's business environment has undergone tremendous changes. For modern enterprises, the most important strategy for achieving more prosperous development is to ensure the effective implementation of strategic management. In fact, this new management idea has a deeper penetration, both in marketing and production, in human resources and finance, including other functional areas. In the actual practice, with the financial strategy management of the enterprise, not only can the principles and requirements of the overall strategic management be further, but to a certain extent, it can also be correspondingly planned for the financial behavior of the enterprise, thus ensuring its cooperation with the enterprise. The coordination of the overall strategy allows it to be consistent with the basic laws maintained by the financial activities themselves. At the critical stage of business transformation, SX's financial management activities need to be planned and operated with strategic vision, financial strategy to guide financial activities, and strengthen financial management of the company, so that the company can make better use of its own resources. Play a bigger advantage. Starting from the relevant theories of financial strategy, this paper analyzes the internal and external environment of SX Co., Ltd. based on the theory of enterprise life cycle, and reveals its shortcomings in terms of its financial strategy, so as to formulate corresponding treatment plans. It is mainly divided into the following parts. First of all, in the fundraising strategy, because the enterprise itself is in the stage of rapid development, it means that the operational risks faced are relatively low. For this situation, it can be used to the maximum extent. Strengthen the use of financial leverage, optimize the capital structure, etc. Secondly, in the investment strategy, at this stage, enterprises are facing the situation of low sales of photovoltaic glass. As one of their main businesses, enterprises should be aware of The importance of diversified management, the development of project research as much as possible, and the corresponding evaluation mechanism, including other strategic implementation; Finally, in the income distribution strategy, a large amount of capital investment is indispensable during the current development period of the enterprise. That is to say, in order to ensure that the company is better developed, it needs incentives for the enterprise. Deep level of improvement, and by means of a low normal dividend, as well as additional dividends, etc., to the appropriate destination. This article will take SX AG as the research object, carry out corresponding research and西北大学硕士学位论文 4 analysis on its financial strategy management, from a certain level, from the actual situation of the enterprise, the system about the fundraising strategy, as well as the investment strategy, and the corresponding strategic plan of income distribution. And clarify the company's financial strategy implementation safeguards, so that the company's business development strategy can be achieved smoothly, can also provide theoretical and methodological reference for other companies to carry out financial strategy; on the other hand, it is also beneficial to study in the MBA program The knowledge acquired in the application is applied to the actual work, and it is also to help them summarize and test the study and improve their work business level. Keywords: Financial strategic management, life cycle,joint-stock company目录 5 目 录 摘要........................................................................................................................................ 1 ABSTRACT................................................................................................................................... 3 目 录.......................................................................................................................................... 5 第一章 绪论............................................................................................................................ 1 1.1 研究背景及意义..............................................................................................................1 1.2 国内外研究现状..............................................................................................................2 1.2.1 国外研究现状...........................................................................................................2 1.2.2 国内研究现状...........................................................................................................4 1.3 研究的内容和方法..........................................................................................................5 1.3.1 研究内容...................................................................................................................5 1.3.2 研究方法...................................................................................................................6 1.4 研究思路与框架..............................................................................................................6 1.5 研究创新点......................................................................................................................7 第二章 理论综述.................................................................................................................... 9 2.1 企业战略管理..................................................................................................................9 2.2 财务战略概念..................................................................................................................9 2.2.1 财务战略的定义........................................