第四次工业革命时代来临，“互联网+”被纳入中国国家战略体系，大数据、云计算、 量子计算、5G等新技术正在快速改变人类生产与生活方式。在此背景下，企业经营时 刻面临着规则被改写、行业被颠覆、跨界融合与竞争以及新旧商业模式的更迭，企业 战略转型越来越频繁地成为摆在企业领导人面前的难题。 支付业务自2010年纳入中国人民银行管辖，正式成为一个行业，至今的10年时 间里，我国第三方支付行业获得了蓬勃的发展。2016年，国家发改委及中国人民银行 密集出台了一系列政策、文件对支付行业进行调整和规范，提高监管强度，并调整了 行业利润分配原则。这些政策的制定与实施给各支付公司造成了极大的影响。加之， 资本与技术的叠加效应，使得行业竞争日益剧烈，支付巨头的地位不断加强，跨界竞 争层出不穷，大量中小规模支付公司的市场份额和利润空间受到严重挤压，经营困难。 A公司成立于2009年，作为鲁商集团旗下全资子公司，该公司先后于2011年和 2014年取得人民银行“多用途预付卡发行与受理”、“银行卡收单”、“互联网支付”等三 大主要支付牌照。其主要业务包括：在山东省范围内开展多用途预付卡的发行与受理 业务、全国范围内线下银行卡收单和线上互联网支付业务。近年来，A公司敏锐地意 识到支付行业将迎来重大变革，支付行业的红利期即将结束，自2017年开始着手实施 公司整体的战略转型，并于2019年初步显现转型效果，至今转型工作仍在持续推进中。 为此，本文系统梳理了战略管理与转型理论以及相关的模型、方法、工具。以A公司 为研究对象，结合A公司所处的时代背景、行业背景和发展历程，围绕战略转型的 “3W1H”开展研究工作。本文运用PEST工具分析了A公司面临的宏观环境，运用波特 五力模型分析了A公司所处行业竞争环境，解释了A公司战略转型的“Why”—原因与 必要性；运用“超竞争因素—战略转折点”模型分析了A公司的转型时机，解释了A公 司转型的“When”—转型的最佳时机；运用SWOT工具分析了A公司的竞争态势，解 释了A公司转型的“Where”—转型的方向与路径；通过对A公司战略转型实践及转型 业绩进行检视，解释了A公司战略转型的“How”—如何进行战略转型；并结合转型过 程中遇到的实际问题提出了改进建议，完善了A公司的转型方案。 本文通过复盘A公司战略转型，发掘出了其成功转型背后的理论支撑及普遍意义， 梳理总结了A公司转型的成功经验以及转型中存在的不足，这将对其他同类型公司的 战略转型具有较强的借鉴意义。 关键词：支付公司；金融化；战略转型 Abstract InTheFourthIndustrialRevolution,"Internetplus"hasbeenincorporatedintoChina's NationalStrategySystem.Bigdata,Cloudcomputing,Quantumcomputing,5Gandother newtechnologiesarerapidlychangingthewayofhumanproductionandlife.Inthiscontext, enterprisesarefacedwiththerewritingofrules,thesubversionofindustries,cross-border integrationandcompetition,aswellasthechangeofnewandoldbusinessmodels.The strategictransformationofenterpriseshasbecomemoreandmorefrequentlyaproblemfor enterpriseleaders. Since2010,thepaymentbusinesshasbeenunderthejurisdictionofthePeople'sBank ofChina,andthefirst"paymentlicense"hasbeenissuedbythePeople'sBankofChinafor 10years,China'sthird-partypaymentindustryhaswitnessedvigorousdevelopment.Since 2016,thenationaldevelopmentandReformCommissionandthepeople'sBankofChina haveintensivelyissuedaseriesofpoliciesanddocumentstoadjustandstandardizethe paymentindustry,improvetheintensityofsupervisionandadjusttheprincipleofprofit distributionintheindustry,whichhasagreatimpactonpaymentcompanies.Atthesame time,withthedevelopmentofthepaymentindustry,duetothesuperpositioneffectofcapital andtechnology,theindustrycompetitionisincreasinglyfierce,thestatusofpaymentgiants isconstantlystrengthened,cross-bordercompetitionisemerginginendlessly,alargenumber ofpaymentcompanies'marketshareandprofitspacearesqueezed,facingbusiness difficulties. CompanyA,foundedin2009,isawholly-ownedsubsidiaryofLusahanggroup. CompanyAhassuccessivelyobtainedthreemajorpaymentlicensesfromthePeople'sBank ofChinain2011and2014,including"issuanceandacceptanceofmulti-purposeprepaid cards","bankcardreceipt"and"Internetpayment".Itsmainbusinessesinclude:issuingand acceptingofmulti-purposeprepaidcardswithinShandongProvince,nationwideofflinebank cardreceiptandonlineInternetpayment.Inthepastfewyears,companyahasbeenkeenly awarethatthepaymentindustrywillusherinmajorchanges,andthedividendperiodofthe paymentindustryiscomingtoanend,andhasbeguntoimplementstrategictransformation. Thispapersystematicallycombsthestrategicmanagementtheory,strategictransformation theoryandrelatedanalysismodels,methodsandtools.Takingcompanyaastheresearch object,combinedwiththeerabackground,industrybackgroundanddevelopmentprocessof companya,theresearchworkiscarriedoutaroundthe"3w1h"ofstrategictransformation. UsingPESTtooltoanalyzethemacroenvironmentofacompany,usingPorter'sfiveforces modeltoanalyzethecompetitiveenvironmentofacompany'sindustry,explainingthe"why" -reasonandnecessityofacompany'sstrategictransformation,usingthe"supercompetitive factors-StrategicTurningpoint"modeltoanalyzetheTransformationOpportunityofa company,andexplainingthe"when"-transformationofacompany'stransformationThis paperanalyzesthecompetitiveadvantages,disadvantages,opportunitiesandthreatsofa companybyusingSWOTtools,explainsthe"where"-thedirectionandpathof transformationofacompany,andexplainsthe"how"ofacompany'sstrategic transformationbyempiricalresearchonacompany'simplementationofstrategic transformation,includinginfrastructureconstruction,safeguardmeasuresandbusiness performance—Howtocarryoutstrategictransformation;andcombinedwiththespecific problemsencounteredintheprocessoftransformation,putforwardimprovement suggestions,improvethetransformationplanofCompanyA. Thesuccessfulexperienceofacompany'stransformation,aswellastheshortcomings inthetransformation,hasastrongreferencesignificanceforothersimilarcompanies' strategictransformation,whichcanbeusedforreference. Keywords:paymentcompany;financialization;strategictransformation 目录 第1章引言...........................................................................................................................1 1.1选题的背景及意义..........................................................................................................1 1.2论文研究的内容与框架..................................................................................................1 1.3研究方法..........................................................................................................................2 1.4国内外研究进展..............................................................................................................3 第2章相关概念与理论基础.................................................................................................5 2.1相关概念的界定..............................................................................................................5 2.2相关理论基础..................................................................................................................6 2.3战略管理研究分析工具与模型......................................................................................9 第3章A公司战略转型的背景及内外部环境分析...........................................................11 3.1A公司战略转型所处的时代背景................................................................................11 3.2中国支付行业发展背景................................................................................................12 3.3A公司的发展历程........................................................................................................13 3.4A公司战略转型的诱因................................................................................................13 3.5PEST分析.....................................................................................................................15 3.6波特五力模型分析........................................................................................................21 3.7“超竞争因素—战略转折点”模型分析......................................................................25 3.8SWOT分析....................................................................................................................31 3.9本章小结...................................................................