【作者】 常树春；

【导师】 黄清；

【作者基本信息】 东北林业大学 ， 林业经济管理， 2009， 博士

【摘要】 现代企业制度的建立,使传统企业财务管理的主体和目标都发生了变化。从主体来看,企业的财务管理主体由过去的政府充当企业财务管理的行政主体,转变为出资者(或所有者)和经营者(企业)；从目标来看,企业的财务管理目标由过去的产值最大化和利润最大化转变为股东财富最大化和企业价值最大化。这种主体和目标的改变,对企业财务管理所依据的理论与方法都提出了新的要求。传统的财务管理已不再适应新形势的需要,无法有效地管理企业的财务。因此,企业必须从长远、全局的角度出发,制定出能够正确处理各种重大而复杂财务问题的智谋远略,也就是要制定和实施企业财务战略。所谓企业财务战略,就是根据企业经营发展的总体要求,在分析企业内、外环境的基础上,为增强企业的竞争实力,对企业的资金进行全局性、长期性和创造性的谋划,以取得最大的经济效益。国外发达国家对企业财务战略的研究始于20世纪80年代,现已形成比较成熟的理论体系,但在我国它还是一个较新的领域,现有的学术研究大部分仅限于理论探讨。随着现代企业制度的逐步建立、对外开放力度的逐步加强以及我国加入世贸组织,国内企业将不可避免地跻身于世界竞争的潮流之中。按照国际先进水平、以战略管理的思想对企业实施财务战略管理,不仅是大势所趋,也是企业自身发展的必然要求。因此,如何制定和实施企业的财务战略,并对其实施结果进行有效的控制与评价已成为企业财务管理工作的当务之急。本文通过定性研究与定量分析相结合、规范分析与案例分析相结合等方法,对现代企业财务战略的制定与业绩评价进行了全面、系统的研究。详实地介绍了国内外有关企业战略及财务战略发展与研究的相关资料；并对企业财务战略的有关概念、内容等进行了界定。阐述了企业财务战略的相关基础理论及环境分析方法。在此基础上,深入、具体地论述了企业在其所处的不同生命周期阶段上所应采取的筹资战略、投资战略及收益分配战略,并将企业的纳税筹划提升到战略的层面加以研究。本文还构建了一套比较科学、完整的企业财务战略业绩评价体系,用以对企业所制定的财务战略的实施结果进行分析和评价,以便发现问题及时调整。本文在上述研究过程中是以吉林森林工业股份有限公司(文中简称吉林森工)为例来展开的,对其所处的环境、应采取的财务战略以及所取得的业绩进行了深入分析、科学选择和综合评价,以使所制定的战略及构建的业绩评价体系更加具体且具有可操作性。本文旨在通过对现代企业财务战略制定与业绩评价的全面和系统研究,为企业能够更好地实施财务战略管理,并最终实现企业的长期财务管理目标—“企业价值最大化”提供相关的借鉴和参考。更多还原

【Abstract】 The establishment of Modern enterprise system has changed the main body and objectives of traditional business financial management. From the point of view of management main body, the main body of financial management changes from previous government to the investors (or owners) and managers (business). From the point of view of goal, the financial management objective changes from maximizing output and profit to maximizing shareholder wealth enterprise value. The change of main body and objective put forward new demands and challenges to the financial management theory and method. Traditional financial management will no longer meet the demands of the new situation. It can not manage the financial affairs effectively. So the enterprises must lay down the resourceful strategy which can deal with a variety of large and complex financial affairs from the long-term, global perspective. That is to say, the enterprises should lay down the financial strategy.The so-called enterprise financial strategy, it considering the overall development of the business requirements, basing on the analysis of internal and external environment, make the overall, long-term and creative plan for the enterprise fund, in order to maximize the economic benefits.Some foreign countries research of financial strategy began in the 1980s. It has had relative mature theoretical system. But in our country, it is still a new field. Most of the existing academic research limits to theory research. Along with the establishment of modern enterprise system and the opening to the outside world step by step, as well as to China’s successful accession to the WTO, the domestic enterprises will inevitably face the world competition. To manage the financial affairs in accordance with the international advanced level with strategic thinking is not only the need to meet the general trend, but also the need of enterprise’s own development. Therefore, how to develop and apply and then control and evaluate financial strategy effectively is a top priority.In this paper, the development and evaluation of enterprise financial strategies in modern enterprise system environment is studied comprehensively and systematically, using the research methods such as combination of theory and practice, qualitative research and quantitative analysis, case studies and standardize analysis. Related data about the enterprise strategy and financial strategy in domestic country and abroad is introduced. The concept and content of financial strategies are defined. The theoretical basis and environmental analysis of financial strategy are discussed in detail. Basing the contents above, fund-raising, investment and income distribution strategies at different life cycle stages of enterprises are discussed in detail. Enterprise tax planning strategy is studied on the strategy level in this part. A relatively complete and scientific strategic performance evaluation system is built in order to analyze and evaluate the implementation effect of enterprise strategy. The contents of this paper are studied by taking Jilin Sengong Co. (called Jilin Sengong for short) as an example, which make the enterprise financial strategy formulation and evaluation more concrete and easier to manipulate.The purpose of this paper is to provide the references for the enterprises to imply the financial management strategy better and ultimately realize the long-term financial management objectives which are maximizing enterprise value, by studying the formulation and evaluation of enterprise financial strategy in the modern enterprise system.更多还原