I 摘要 财务战略是企业战略的核心，对企业的经营发展起着至关重要的作用。如何随着企 业发展不断优化财务战略，是现代企业关注的焦点，也是本文的研究对象LYJN公司面 临的问题。LYJN公司创立于1992年，是节能保温材料行业的龙头企业，正面临国家大 力推进环境保护战略以及山东省政府推进新旧动能转换重大工程所带来的发展机遇，需 要进一步优化其财务战略以适应市场环境变化带来的企业战略调整，解决公司目前存在 的盈利能力不稳定、资金短缺等状况，进一步促进企业价值提升，实现长远发展。 本文结合财务战略相关理论，首先介绍分析了LYJN公司的内外部环境，总结了公 司发展面临的优势、劣势、机会、威胁和行业竞争状况，介绍了公司的财务状况和现行 财务战略；其次根据企业战略的调整情况，分析总结了现行财务战略的调整方向，包括 筹资方式、投资方向、运营管理以及分配政策；选用新兴的财务战略分析工具——财务 战略矩阵模型，通过EVA值、实际增长率与可持续增长率之差两个指标，从企业的价 值创造能力和资金盈缺状况两个维度来综合分析评价企业现行的财务战略，指出LYJN 公司目前正处于增值型资金短缺的状况，融资渠道单一、大额银行理财投资、管理费用 和应收账款管控不力、稳定增长的现金股利分配政策等更加剧了公司资金短缺状况；然 后针对财务战略矩阵分析结果提出了提高总资产周转率等6项解决方法，并提出LYJN 公司的财务战略选择以及筹资、投资、运营管理和股利分配的具体实施措施，同时提出 3项保障财务战略实施的措施；最后进行了全文总结，指出研究结论和不足，明确下一 步的研究方向。 关键词：财务战略；财务战略矩阵；增值型现金短缺 山东理工大学硕士学位论文 ` ABSTRACT II ABSTRACT Financial strategy is the core of corporate strategy and plays a vital role in the development of the enterprise. How to continuously optimize the financial strategy with the development of the company is the focus of modern enterprises, and it is also the problem faced by the research object LYJN company. LYJN company was founded in 1992 and is a leading company in the energy-saving insulation material industry. It is facing development opportunities brought by the state's vigorous promotion of environmental protection strategies and the promotion of new and old kinetic energy conversion projects by the Shandong provincial government. It is necessary to optimize its financial strategy to adapt to the adjustment of corporate strategy brought about by changes in the market environment, so as to solve the current unstable profitability of the company, the shortage of funds and other conditions in the company now, and further promote the enhancement of corporate value and achieve long-term development. This article combines the relevant theories of financial strategy, firstly introduces and analyzes the internal and external environment of LYJN company, summarizes the advantages, disadvantages, opportunities, threats and industry competition faced by the company's development, and introduces the company's financial status and current financial strategy. Secondly, according to the adjustment of the corporate strategy, the current financial strategy adjust direction is analyzed and summarized, which involves financing methods, investment directions, operation management and distribution policies; Emerging financial strategy analysis tools--financial strategy matrix model is adopted to comprehensively analyze and evaluate the company's current performance from two dimensions: the value of EVA, the difference between the actual growth rate and the sustainable growth rate. It is pointed out that LYJN company is in a shortage of value-added funds. The single financing channel, the large amount of bank wealth management investment, weak management and control of accounts receivable, and the stable growth of cash dividend distribution policies have further exacerbated the company's shortage of funds. Then, based on the analysis results of the financial strategy matrix, six solutions such as improving the total asset turnover rate were proposed, simultaneously puts forward the financial strategy choice of LYJN company, and the specific implementation measures for financing, investment, operation management and dividend distribution, at the same time, it proposes three measures to ensure the implementation of the financial strategy. Finally, it summarizes the full article, points out the research conclusions and deficiencies, and clarifies the direction of the next research. 山东理工大学硕士学位论文 ` ABSTRACT III Key words: Financial Strategy; Financial Strategy Matrix; Value-added Cash Shortage 山东理工大学硕士学位论文 目录 IV 目 录 摘要 ........................................................................................................................... I ABSTRACT ................................................................................................................... II 目 录 ........................................................................................................................ IV 第一章 绪论 ....................................................................................................................1 1.1 研究背景和意义 ........................................................................................................1 1.1.1 研究背景 ..........................................................................................................1 1.1.2 研究意义 ..........................................................................................................2 1.2 国内外研究水平和发展趋势 .....................................................................................2 1.2.1 财务战略研究 ..................................................................................................2 1.2.2 财务战略矩阵研究 ...........................................................................................4 1.2.3 文献述评 ..........................................................................................................6 1.3 研究内容与方法 ........................................................................................................6 1.3.1 研究内容 ..........................................................................................................6 1.3.2 研究方法 ..........................................................................................................8 1.4 研究创新 ...................................................................................................................8 第二章 财务战略理论基础与分析工具 ...........................................................................9 2.1 财务管理理论 ............................................................................................................9 2.2 财务战略概述 ...........................................................................................................9 2.2.1 财务战略的构成...............................................................................................9 2.2.2 财务战略与企业战略 ..................................................................................... 10 2.3 财务战略矩阵概述 .................................................................................................. 10 2.3.1 财务战略矩阵的内容 ..................................................................................... 10 2.3.2 财务战略的选择............................................................................................. 12 本章小结 ......................................................................................................................... 13 第三章 LYJN公司概况 ................................................................................................ 14 3.1 LYJN公司基本情况 ................................................................................................ 14 3.1.1 LYJN公司内外部环境 ................................................................................... 14 3.1.2 LYJN公司财务状况 ..................................................................................... 17 3.1.3 节能保温材料行业情况 ................................................................................. 19 3.2 LYJN公司现行财务战略 ...................................................