：2017年工业和信息部、国家发改委及科技部等三部委联合发 布《汽车工业中长期发展规划》，发展规划对汽车零部件行业给予了 高度关注，根据我国汽车零部件主要提供者为汽车工业之外企业的现 状，明确提出:推进全产业链协同高效发展，构建新型“整车－零部 件”合作关系。发展规划的颁布对TY公司也是一次发展机遇，作为 全产业链中的关键一环，TY公司的生产技术具有竞争优势，缺少的 是资金支持。为此，TY公司需要引入战略投资者，以财务战略改进 为契机，强化筹资、投资及运营资金管理效果，提升公司的盈利水平， 为股东价值创造提供保障，以达到吸引投资者投资的目标。 本论文以TY公司为研究对象，以股东价值理论及财务战略矩阵 理论为指导，根据TY公司产品经营范围及生产技术能力进行分析， 从TY公司生产经营的基本情况出发，结合公司产品发展趋势、市场 需求变化及高质量发展理论角度探讨TY公司财务战略环境。运用杜 邦财务分析体系，利用TY公司2013年－2017年的财务报表数据， 分析TY公司近5年来的盈利能力、运营能力及偿债能力现状，为 TY公司财务战略问题分析提供方向。以股东价值（SVA）理论为指 导，计算TY公司股东价值，计算结果表明：TY公司股东增加值（SVA） 大多数来源于投资增加额的减少，其实质并没有实现股东增值。为分 析公司股东价值减少的原因，论文借助于财务战略矩阵理论，对TY 公司财务战略矩阵进行评价，结果进一步表明：TY公司2013年财务 II 战略矩阵处于第二象限，属于价值增加现金剩余；2014-2015年处于 第三象限，属于价值减损现金剩余；2016年、2017年处于第四象限， 属于价值减损现金短缺。 根据股东价值计算结果与财务战略矩阵评价结果，全面分析TY 公司筹资战略、投资战略、营运战略及收益分配战略存在的问题及原 因。结合公司目前实际的财务现状，提出财务战略改进策略。（1）筹 资战略改进策略：优化资金结构及降低资金成本。（2）投资战略改进 策略：打造优势品牌、注重对外投资、盘活存量固定资产及推进研产 融合。（3）营运资金战略改进策略：改善营运资金融资结构、调整流 动资产比重、降低制造费用及提高流动资产周转速度。（4）收益分配 战略改进策略：实施低正常股利加额外股利政策。 关键词：股东价值；财务战略矩阵；财务战略 III RESEARCHONTHEFINANCIALSTRATEGYOFTY COMPANYFROMTHEPERSPECTIVEOF SHAREHOLDERVALUE ZhuZanbin(MBA) DirectedbyZengJianxin Abstract:In2017,theMinistryofindustryandinformation,thenational developmentandReformCommission,theMinistryofscienceand technologyandotherthreeministriesjointlyissuedthemediumandlong termdevelopmentplanfortheautomobileindustry,whichpaidgreat attentiontotheautomobilepartsindustry.Accordingtothecurrent situationthatthemainsuppliersofautomobilepartsinChinaare enterprisesotherthantheautomobileindustry,thedevelopmentplan clearlyproposedthat:promotethecoordinatedandefficientdevelopment ofthewholeindustrychain,andbuildanewtypeof"vehicleparts department"partnership.Thepromulgationofthedevelopmentplanis alsoadevelopmentopportunityforTYcompany.Asakeylinkinthe wholeindustrialchain,TYcompany'sproductiontechnologyhasa competitiveadvantageandlacksfinancialsupport.Therefore,TY companyneedstointroducestrategicinvestors,taketheopportunityof financialstrategyimprovement,strengthentheeffectoffinancing, investmentandoperationcapitalmanagement,improvethecompany's profitlevel,provideguaranteeforshareholders'valuecreation,and achievethegoalofattractinginvestors'investment. ThispapertakesTYcompanyastheresearchobject,underthe guidanceofshareholdervaluetheoryandfinancialstrategymatrixtheory, accordingtotheproductbusinessscopeandproductiontechnology capacityofTYcompany,startingfromthebasicsituationofproduction IV andoperationofTYcompany,combiningwiththedevelopmenttrendof products,marketdemandchangeandhigh-qualitydevelopmenttheory, discussesthefinancialstrategyenvironmentofTYcompany.Usingthe DuPontfinancialanalysissystemandthefinancialstatementdataofTY companyfrom2013to2017,thispaperanalyzestheprofitability, operationabilityanddebtpayingabilityofTYcompanyinrecentfive years,andprovidesthedirectionfortheanalysisofthefinancialstrategic problemsofTYcompany.Undertheguidanceofthetheoryof shareholdervalue(SVA),thispapercalculatestheshareholdervalueof TYcompany.Theresultsshowthatmostoftheshareholdervalueadded (SVA)ofTYcompanycomesfromthedecreaseoftheincreasein investment,butinfact,itdoesnotrealizetheincreaseinshareholder value.Inordertoanalyzethereasonsforthedecreaseofshareholders' value,thepaperevaluatesthefinancialstrategymatrixofTYcompany withthehelpofthefinancialstrategymatrixtheory.Theresultsfurther showthatthefinancialstrategymatrixofTYcompanyin2013isinthe secondquadrant,whichbelongstothevalueaddedcashsurplus;in 2014-2015,itbelongstothethirdquadrant,whichbelongstothevalue impairmentcashsurplus;in2016and2017,itisinthefourthquadrant Limit,belongstothecashshortageofvalueimpairment. Accordingtothecalculationresultsofshareholdervalueandthe evaluationresultsoffinancialstrategymatrix,thispapercomprehensively analyzestheproblemsandcausesoffinancingstrategy,investment strategy,operationstrategyandincomedistributionstrategyofTY companybinedwiththeactualfinancialsituationofthecompany, thepaperputsforwardtheimprovementstrategyoffinancialstrategy.(1) Financingstrategyimprovementstrategy:optimizecapitalstructureand reducecapitalcost.(2)Investmentstrategyimprovementstrategy:tobuild V asuperiorbrand,focusonforeigninvestment,activatethestockoffixed assetsandpromotetheintegrationofresearchandproduction.(3) Workingcapitalstrategyimprovementstrategy:improveworkingcapital financingstructure,adjusttheproportionofcurrentassets,reduce manufacturingcostsandimprovetheturnoverspeedofcurrentassets.(4) Improvementstrategyofincomedistributionstrategy:implementlow normaldividendplusadditionaldividendpolicy. Keywords:shareholdervaluefinancialstrategymatrixfinancial strategy VII 目录 摘要..............................................................................................................I Abstract..................................................................................................III 第1章绪论..............................................................................................1 1.1选题背景.....................................................................................1 1.2研究意义.....................................................................................2 1.2.1为引进战略投资者提供参考.........................................2 1.2.2为财务战略调整提供科学依据.....................................2 1.2.3为公司管理层财务决策提供指导.................................2 1.3国内外研究综述........................................................................3 1.3.1股东价值研究现状.........................................................3 1.3.2财务战略研究现状.........................................................4 1.3.3财务战略矩阵研究现状.................................................5 1.3.4研究述评..........................................................................6 1.4研究思路与方法........................................................................6 1.4.1研究思路..........................................................................6 1.4.2研究方法..........................................................................7 1.5研究内容.....................................................................................8 第2章理论基础.....................................................................................9 2.1股东价值计算原理....................................................................9 2.1.1股东价值计算方法介绍.................................................9 VIII 2.1.2股东价值增值（SVA）的计算原理.............................10 2.2财务战略..................................................................................11 2.2.1筹资战略.......................................................................11 2.2.2投资战略.......................................................................11 2.2.3营运战略.......................................................................12 2.2.4收益分配战略...............................................................12 2.3财务战略矩阵..........................................................................12 2.3.1财务战略矩阵的基本原理...........................................12 2.3.2财务战略矩阵的优势........................................