现代企业财务战略的制定与业绩评价研究
|
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。
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.
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。
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.
引文
[1]中共中央关于国有企业改革和发展若干重大问题的决定.中国共产党十五届四中全会.人民日报,1999年9月22日
[2]全面建设小康社会,开创中国特色社会主义事业新局面.中国共产党十六届代表大会.人民日报,2002年11月8日
[3]高举中国特色社会主义伟大旗帜为夺取全面建设小康社会新胜利而奋斗.中国共产党十七届代表大会.人民日报,2007年10月15日
[4]A.D.Chandler. Strategy and Structure,Cambridge Mass, MIT Press,1962
[5]H.I.Ansoefftal.From Strategic Planning to Strategic Management, John Wiley&Sons_Ltd,1965
[6]Frade.R.Simongz.Strategy Management.Prentice Hall,1981:18 Michael.E.Porter. What is Strategy? Havrard Business Review,1987:11～12
[7][美]迈克尔·波特著,陈小悦译.竞争战略,北京：华夏出版社,1997
[8]T.Copeland, T.Koller,nad J.Murrin, Valuation:Measuring and Managing The Value of Companies, Wiley,2000(third edition)
[9]W.H.Newmna, Strategy--A Multilevel Integrative Approach,Souht Western Publishing Co,1985
[10]Richard.G.HamaL Making Strategy Work John Wrley and sons,1996
[11]C.K.Brahalad nad Gary.Hamel, The Core ComPetence of the Corporation, Harvard Business Review,1997:4-5
[12]卢斯·班德、凯斯·沃德.公司财务战略.北京：人民邮电出版社,2003：3～10
[13]赵月园.跨国公司财务战略管理.北京：中国财政经济出版社,2002,2
[14]H.I.Ansoff et al.,From Strategic Planning to Strategic Management,John Wiley & Sons,Ltd.,1976:145
[15]周首华,陆正飞,汤谷良.现代财务理论前沿专题.大连：东北财经大学出版社,2000：269—298
[161胡国柳,卢闯,黄鹤.企业财务战略与财务控制.北京：清华大学出版社,2004：3
[17]罗福凯.战略财务管理.青岛：青岛海洋大学出版社,2000：5
[18]张剑峰,李荻.企业财务战略浅论.锦州师范学院学报.2002,(4)
[19]林丽群,陈宝峰.对企业财务战略的认识与思考.中国农业大学学报.2002,(4)
[20]郭冰,郭泽光.企业发展的财务战略.陕西财经大学学报.2003,(2)
[21]蔡一珍.企业财务战略选择的环境导向分析.广东经济管理学院学报.2003,(1)
[22]孙茂竹,王艳如.不同生命周期企业财务战略探讨.财会通讯.2008,(1)
[23]刘丽,王雅鹏.税收筹划在企业财务管理中的应用.商业研究.2003,(15)
[24]张元教,郑垂勇,李慧娟.基于公司治理视角的上市公司资本结构理论研究.市场周刊.财经论坛.2004,(4)
[25]刘阳.论产品生命周期各阶段企业的投资战略.企业经济.2007,(2)
[26]冯世敏,赵希男,冯淼.可持续发展的战略绩效评价体系设计.管理评论.2004,(6)
[27]朱嫣.基于企业生命周期的财务战略环境分析.财会通讯.2008,(6)
[28]钱德勒.看得见的手—美国企业的管理革命,北京：商务印书馆,重武译,1997
[29]张泽荣.现代企业的特征和国有企业改革.经济体制改革.2004,(1)
[30]吉全贵.现代财务战略与策略.北京,中国轻工业出版社,1997：22
[31]刘志远.企业财务战略.大连,东北财经大学出版社,1997：28
[32]陆正飞.企业发展的财务战略.大连：东北财经大学出版社,1999：8
[33]魏明海.财务战略：着重周期性因素的影响,北京,中国财政经济出版社,2001：1～9
[34]张延波.企业集团财务战略与财务政策,北京：经济管理出版社,2002：1～8
[35]吴应宇.论企业可持续竞争能力,南京：东南大学出版社,2004
[36]郭复初.现代财务理论研究,北京：经济科学出版社,2000
[37]常树春.现代企业制度下企业财务战略初探.商业研究.2006,(9)
[38]阎达五,陆正飞.论财务战略的相对独立性.会计研究.2000,(9)
[39]程淮中.企业财务战略若干问题的再认识.财会通讯.2007,(12)
[40]郭尊义.基于生命周期理论的企业优劣势及其战略选择分析.会计师.2008,(1)
[41]Thompson Striekland, Strategic Management, Fifth Edition, Mc-Hill Co.2002
[42]谢月丹.论财务管理的局限性和财务战略.山西经济管理干部学院学报.2008,(3)
[43]Jenson,M.C., and WMeckling. Agency Cost of Free Cash Flow, Corporate Finance and Takeovers. American Economic Review1976:323～339
[44]Modigliani F,M iller M H. The Cost of C. apital, Cor-poration Finance and the Theory of Investment. American Economic Review1958,48:261～297
[45]罗福凯.财务理论专题北京：经济管理出版社,2004：233～254
[46]Myers, S. C. The Capital Structure Puzzle Journal of Finance,1984, (39):575～592
[47]Myers S C. Capital Structure Journal of Economic Perspectives,2001,15 (2):81～102
[48]Ross.A. The Determination of Financial Structure:The Incentive Signaling Approach [J].Bell Journal of Economics,1977, (8):23～40
[49]Myers and Majluf. Corporate Finance and Investment Decisions When Firms Have Information That Investor Do not Have Journal of Financial Economics.1984:187～22
[50]陈容,于胜道.权衡理论与优序融资理论的比较研究.商业研究.2008,(5)37～38
[51]Quiggin,J. A Theory of Anticipated Utility Journal of Economic Behavior and Organization,1982, (3):323～343
[52]Modigliani F,M iller M H. The Cost of Capital,Cor-poration Finance and the Theory of Investment. American Economic Review.1958,48:261～297
[53]Modigliani F,Miller M H. Operation Income Taxes and the Cost of Capital:A Correction. The American Economic Review,1963, (63):433～443
[54]Harry M.Markowitz. Portfolio Selection:Efficient Diversification of Investments.1952
[55]夏健明,陈元志.战略投资理论的演进与发展.中国浦东干部学院学报.2008,(2)
[56]高鸿业.微观经济学-效用论.北京：中国经济出版社,79～169
[57]Kahneman,D, Tversky,A. Propect Theory:An Analysis of Decision making under Risk Econometrica,1979,47:263～291
[58]Markowitz. portfolio selection:Efficient Diversification of Investments. Journal of Financial Economics,1952,15～19
[59]E. Fama. The Empirical Relationship Between the Dividend and investment Decisions of Firm. American Ecnomc Review,1974, (7):304～318
[60]Harris M, Raviv A. Corporate control contests and capital structure Journal of Financial Economics,1988, (20)
[61]Harris and Raviv. Financial Contracting Theory [A].Jean-Jacques Laffont. Advancesin Economic Theory:Sixth World Congress. Cambridge University Press,1992, (Vol.2)
[62]张中秀,汪昊.纳税筹划宝典.北京：机械工业出版社,2004：15～30
[63]王朝辉.试论纳税筹划的理论基础.华商.2007,(2)
[64]程淮中.基于生命周期的企业财务战略问题研究.硕士论文,湖南农业大学,2005：10
[65]陈佳贵.关于企业生命周期与企业蜕变的探讨.中国工业经济.1995,(11)
[66]Clyde P.R. Paul R. Brown Stickney Financial Reporting And Statement Analysis—A Strategic Perspective.中信出版社,2004：5
[67]Robert S Kaplan,David P. Norton. Put the Balanced Scorecard into work. Harvard Business Review,1993,9～10
[68]毛洪涛.企业业绩评价指标体系构建模式研究.广西财经学院学报.2008,(2)
[69]Balanced Scorecard Collaborative Pty Ltd. Global BSC Trends,2003, Global Survey Results.
[70]财政部统计评价司.2002年企业绩效评价标准值.北京：经济科学出版社,2002：615
[71]赵玉明.企业战略变革的外部环境影响因素分析方法研究.硕士学位论文.2008,8
[72]黎群.企业战略教程.北京：中国铁道出版社,2005：56
[73]朱嫣.基于生命周期的财务战略环境分析.财会通讯.2008,(6)
[74]张忠寿,范丽红等.中小企业财务战略环境分析.财会通讯.2008,(9)
[75]林丽群,陈宝峰.对企业财务战略的认识与思考.中国农业大学学报.2002,(4)
[76]常树春,卜穆峰.企业筹资战略的制定与选择.黑龙江社会科学.2005,(2)
[77]常树春,卜穆峰.企业筹资战略制定的三个因素.新华文摘.2005,(13)
[78]张玉明.资本结构优化与高新技术企业融资策略.上海：三联出版社,2003：198
[79]赵凌云.基于可持续发展战略的企业筹资战略.时代经贸.2008,(9)
[80]王丹.现代企业制度下的财务筹资战略的制定与选择.现代商业.2008,(14)
[81]林建贵.企业财务投资战略研究.硕士论文.2007
[82]常树春.现代企业投资战略的制定与评价.经济理论研究.2005,(7)
[83]王枝.基于核心能力生命周期的财务战略问题研究.硕士论文.2006
[84]蔡岩松,常树春.企业成长与投资行为特征分析.生产力研究.2006,(11)
[85]耿毅.浅谈不同生命周期下的企业财务战略选择.会计之友.2008,(8)
[86]李露.大中型企业投资战略研究.现代管理科学.2007,(9)
[87]鲍圣婴.基于企业战略管理的股利分配政策分析.中国建材.2008,(7)
[88]戴理慧.我国上市公司的股利战略分析.经济理论研究.2008,(15)
[89]吴敏锦,刘刚.战略联盟的收益及其分配研究.经济师.2006,(2)
[90]刘建民等.企业纳税筹划理论与实务.成都：西南财经大学出版社.2002：7
[91]刘晓.纳税筹划与企业财务战略研究.理论界.2008,(2)
[92]张欣.战略性企业纳税筹划.合作经济与科技.2008,(1)
[93]李晓红,李晓岩.企业战略管理中进行纳税筹划的必要性和原则.技术论文.2008,(7)
[94]张中秀,汪昊.纳税筹划宝典.北京：机械工业出版社,2004：6
[95]苏春林.纳税筹划.北京：北京大学出版社,2005：8
[96]李传双.论企业投资决策中的纳税筹划.经济纵横.2007,(3)
[97]刘皎洁.企业投资的纳税筹划.决策探索.2007,(4)
[98]郭关科.市场经济体制下企业纳税筹划探讨.经济改革.1999,(4)
[99]蔡秀英.基于企业财务战略的税收筹划问题探析.财会研究.2008,(15)
[100]俞天虹.新税法下企业纳税筹划.冶金财会.2008,(7)
[101]温素彬.基于可持续发展的企业绩效评价研究.北京：经济科学出版社,2006：7
[102]Robert S Kaplan, David P Norton. The Balanced Scorecard.USA Harvard Business School Press,1996
[103]刘晋,冯钗.基于BSC和EVA的企业绩效评价体系研究.科技信息.2008,(11)
[104]李维维.战略导向的企业绩效评价指标体系研究.安徽大学硕士学位论文,2007：1～10
[105]安迪·尼利,克里斯·亚当斯,迈克·肯尼尔利.战略绩效管理—超越平衡计分卡北京：电子工业出版社,2001
[106]李开军.我国企业全面预算管理应用研究—现状、问题及对策.武汉大学硕士学位论文,2005：5～10
[107]易晓伟.战略业绩评价机制：理论构建与实践运行.首都经贸大学硕士论文,2005：2～20
[108]吴忠,郭蕾,孙树栋等.业务流程绩效的模糊综合评价.西北工业大学学报,2001,19(2)：186～189
[109]Vivianne Bouchereau and Hefin Rowlands. Quality function deployment:the unused tool. London, Enginering Management Journal.2000.45～52
[110]世界环境与发展委员会报告：我们共同的未来.2003,187,3～8,http://www.river-home.space.live.com/74k 2006,7～9
[111]钟陆文.论企业可持续发展的理论内涵.佛山科学技术学院学报(社会科学版).2003,1
[112][美]罗伯特.C.希金斯.财务管理分析(第六版),沈艺峰等译.北京：北京大学出版社,2003
[113]詹姆斯·C·范霍恩,小约翰·M·瓦霍维齐.现代企业财务管理.北京：经济科学出版社,1998：10
[114]史荣召.基于SGR的上市公司会计信息质量问题研究.天津工业大学博士论文,2008,15～20
[115]汤谷良,游尤.可持续增长模型的比较分析与案例验证.会计研究.2005,(8)
[116]德力格尔.可持续增长模型的修正及案例验证.商业研究.2006,(23)：61～65
[117]张志强,吴健中.企业竞争力及其评价.管理现代化.1999,(1)：24～25
[118]韩中和.企业竞争力——理论与案例分析.上海：复旦大学出版社,2000：3～5
[119]王明夫.企业竞争力——上市公司兴盛之道.北京：中国财政经济出版社,2001：56～59,80～87
[120]Poitevin M. Financial Signaling and the Deep-Pocket Argument.RAND Journal of Economics.1989,20:26～40
[121]Baker M,Wurgler J. Market-timing and capital structure Journal of Finance.2002,62: 1～32
[122]Jensen, M.C.,and W.Meckling. Theory of the Firm:Managerial Behavior, Agency Cost,and Capital Structure Journal of Financial Economics,1976,(3):305～360
[123]Harris, and Raviv. The Design of Security Journal of Financial Economics.1989
[124]S.David Young, Stephen F.O Byrne. EVA & Value based Management. America: McGraw-Hill Companies Inc.2001
[125]Robert S. Kaplan and David P. Norton. The Balanced Scorecard-Measures That Drive Performance. Harvard Business Review.1996, (4)
[126]Robert S. Kaplan. The Balanced Scorecard:Translating Strategy into Action. Harvard College.1996
[127]McDonald L. The EVA wav[J].Best a Review P/C, 1998, (5):63～64.
[128]J Robert S Kaplan. David P. Norton. Does Business Need A Balanced Scorecard.Harvard Business Review,1997,5～6
[2]全面建设小康社会,开创中国特色社会主义事业新局面.中国共产党十六届代表大会.人民日报,2002年11月8日
[3]高举中国特色社会主义伟大旗帜为夺取全面建设小康社会新胜利而奋斗.中国共产党十七届代表大会.人民日报,2007年10月15日
[4]A.D.Chandler. Strategy and Structure,Cambridge Mass, MIT Press,1962
[5]H.I.Ansoefftal.From Strategic Planning to Strategic Management, John Wiley&Sons_Ltd,1965
[6]Frade.R.Simongz.Strategy Management.Prentice Hall,1981:18 Michael.E.Porter. What is Strategy? Havrard Business Review,1987:11～12
[7][美]迈克尔·波特著,陈小悦译.竞争战略,北京：华夏出版社,1997
[8]T.Copeland, T.Koller,nad J.Murrin, Valuation:Measuring and Managing The Value of Companies, Wiley,2000(third edition)
[9]W.H.Newmna, Strategy--A Multilevel Integrative Approach,Souht Western Publishing Co,1985
[10]Richard.G.HamaL Making Strategy Work John Wrley and sons,1996
[11]C.K.Brahalad nad Gary.Hamel, The Core ComPetence of the Corporation, Harvard Business Review,1997:4-5
[12]卢斯·班德、凯斯·沃德.公司财务战略.北京：人民邮电出版社,2003：3～10
[13]赵月园.跨国公司财务战略管理.北京：中国财政经济出版社,2002,2
[14]H.I.Ansoff et al.,From Strategic Planning to Strategic Management,John Wiley & Sons,Ltd.,1976:145
[15]周首华,陆正飞,汤谷良.现代财务理论前沿专题.大连：东北财经大学出版社,2000：269—298
[161胡国柳,卢闯,黄鹤.企业财务战略与财务控制.北京：清华大学出版社,2004：3
[17]罗福凯.战略财务管理.青岛：青岛海洋大学出版社,2000：5
[18]张剑峰,李荻.企业财务战略浅论.锦州师范学院学报.2002,(4)
[19]林丽群,陈宝峰.对企业财务战略的认识与思考.中国农业大学学报.2002,(4)
[20]郭冰,郭泽光.企业发展的财务战略.陕西财经大学学报.2003,(2)
[21]蔡一珍.企业财务战略选择的环境导向分析.广东经济管理学院学报.2003,(1)
[22]孙茂竹,王艳如.不同生命周期企业财务战略探讨.财会通讯.2008,(1)
[23]刘丽,王雅鹏.税收筹划在企业财务管理中的应用.商业研究.2003,(15)
[24]张元教,郑垂勇,李慧娟.基于公司治理视角的上市公司资本结构理论研究.市场周刊.财经论坛.2004,(4)
[25]刘阳.论产品生命周期各阶段企业的投资战略.企业经济.2007,(2)
[26]冯世敏,赵希男,冯淼.可持续发展的战略绩效评价体系设计.管理评论.2004,(6)
[27]朱嫣.基于企业生命周期的财务战略环境分析.财会通讯.2008,(6)
[28]钱德勒.看得见的手—美国企业的管理革命,北京：商务印书馆,重武译,1997
[29]张泽荣.现代企业的特征和国有企业改革.经济体制改革.2004,(1)
[30]吉全贵.现代财务战略与策略.北京,中国轻工业出版社,1997：22
[31]刘志远.企业财务战略.大连,东北财经大学出版社,1997：28
[32]陆正飞.企业发展的财务战略.大连：东北财经大学出版社,1999：8
[33]魏明海.财务战略：着重周期性因素的影响,北京,中国财政经济出版社,2001：1～9
[34]张延波.企业集团财务战略与财务政策,北京：经济管理出版社,2002：1～8
[35]吴应宇.论企业可持续竞争能力,南京：东南大学出版社,2004
[36]郭复初.现代财务理论研究,北京：经济科学出版社,2000
[37]常树春.现代企业制度下企业财务战略初探.商业研究.2006,(9)
[38]阎达五,陆正飞.论财务战略的相对独立性.会计研究.2000,(9)
[39]程淮中.企业财务战略若干问题的再认识.财会通讯.2007,(12)
[40]郭尊义.基于生命周期理论的企业优劣势及其战略选择分析.会计师.2008,(1)
[41]Thompson Striekland, Strategic Management, Fifth Edition, Mc-Hill Co.2002
[42]谢月丹.论财务管理的局限性和财务战略.山西经济管理干部学院学报.2008,(3)
[43]Jenson,M.C., and WMeckling. Agency Cost of Free Cash Flow, Corporate Finance and Takeovers. American Economic Review1976:323～339
[44]Modigliani F,M iller M H. The Cost of C. apital, Cor-poration Finance and the Theory of Investment. American Economic Review1958,48:261～297
[45]罗福凯.财务理论专题北京：经济管理出版社,2004：233～254
[46]Myers, S. C. The Capital Structure Puzzle Journal of Finance,1984, (39):575～592
[47]Myers S C. Capital Structure Journal of Economic Perspectives,2001,15 (2):81～102
[48]Ross.A. The Determination of Financial Structure:The Incentive Signaling Approach [J].Bell Journal of Economics,1977, (8):23～40
[49]Myers and Majluf. Corporate Finance and Investment Decisions When Firms Have Information That Investor Do not Have Journal of Financial Economics.1984:187～22
[50]陈容,于胜道.权衡理论与优序融资理论的比较研究.商业研究.2008,(5)37～38
[51]Quiggin,J. A Theory of Anticipated Utility Journal of Economic Behavior and Organization,1982, (3):323～343
[52]Modigliani F,M iller M H. The Cost of Capital,Cor-poration Finance and the Theory of Investment. American Economic Review.1958,48:261～297
[53]Modigliani F,Miller M H. Operation Income Taxes and the Cost of Capital:A Correction. The American Economic Review,1963, (63):433～443
[54]Harry M.Markowitz. Portfolio Selection:Efficient Diversification of Investments.1952
[55]夏健明,陈元志.战略投资理论的演进与发展.中国浦东干部学院学报.2008,(2)
[56]高鸿业.微观经济学-效用论.北京：中国经济出版社,79～169
[57]Kahneman,D, Tversky,A. Propect Theory:An Analysis of Decision making under Risk Econometrica,1979,47:263～291
[58]Markowitz. portfolio selection:Efficient Diversification of Investments. Journal of Financial Economics,1952,15～19
[59]E. Fama. The Empirical Relationship Between the Dividend and investment Decisions of Firm. American Ecnomc Review,1974, (7):304～318
[60]Harris M, Raviv A. Corporate control contests and capital structure Journal of Financial Economics,1988, (20)
[61]Harris and Raviv. Financial Contracting Theory [A].Jean-Jacques Laffont. Advancesin Economic Theory:Sixth World Congress. Cambridge University Press,1992, (Vol.2)
[62]张中秀,汪昊.纳税筹划宝典.北京：机械工业出版社,2004：15～30
[63]王朝辉.试论纳税筹划的理论基础.华商.2007,(2)
[64]程淮中.基于生命周期的企业财务战略问题研究.硕士论文,湖南农业大学,2005：10
[65]陈佳贵.关于企业生命周期与企业蜕变的探讨.中国工业经济.1995,(11)
[66]Clyde P.R. Paul R. Brown Stickney Financial Reporting And Statement Analysis—A Strategic Perspective.中信出版社,2004：5
[67]Robert S Kaplan,David P. Norton. Put the Balanced Scorecard into work. Harvard Business Review,1993,9～10
[68]毛洪涛.企业业绩评价指标体系构建模式研究.广西财经学院学报.2008,(2)
[69]Balanced Scorecard Collaborative Pty Ltd. Global BSC Trends,2003, Global Survey Results.
[70]财政部统计评价司.2002年企业绩效评价标准值.北京：经济科学出版社,2002：615
[71]赵玉明.企业战略变革的外部环境影响因素分析方法研究.硕士学位论文.2008,8
[72]黎群.企业战略教程.北京：中国铁道出版社,2005：56
[73]朱嫣.基于生命周期的财务战略环境分析.财会通讯.2008,(6)
[74]张忠寿,范丽红等.中小企业财务战略环境分析.财会通讯.2008,(9)
[75]林丽群,陈宝峰.对企业财务战略的认识与思考.中国农业大学学报.2002,(4)
[76]常树春,卜穆峰.企业筹资战略的制定与选择.黑龙江社会科学.2005,(2)
[77]常树春,卜穆峰.企业筹资战略制定的三个因素.新华文摘.2005,(13)
[78]张玉明.资本结构优化与高新技术企业融资策略.上海：三联出版社,2003：198
[79]赵凌云.基于可持续发展战略的企业筹资战略.时代经贸.2008,(9)
[80]王丹.现代企业制度下的财务筹资战略的制定与选择.现代商业.2008,(14)
[81]林建贵.企业财务投资战略研究.硕士论文.2007
[82]常树春.现代企业投资战略的制定与评价.经济理论研究.2005,(7)
[83]王枝.基于核心能力生命周期的财务战略问题研究.硕士论文.2006
[84]蔡岩松,常树春.企业成长与投资行为特征分析.生产力研究.2006,(11)
[85]耿毅.浅谈不同生命周期下的企业财务战略选择.会计之友.2008,(8)
[86]李露.大中型企业投资战略研究.现代管理科学.2007,(9)
[87]鲍圣婴.基于企业战略管理的股利分配政策分析.中国建材.2008,(7)
[88]戴理慧.我国上市公司的股利战略分析.经济理论研究.2008,(15)
[89]吴敏锦,刘刚.战略联盟的收益及其分配研究.经济师.2006,(2)
[90]刘建民等.企业纳税筹划理论与实务.成都：西南财经大学出版社.2002：7
[91]刘晓.纳税筹划与企业财务战略研究.理论界.2008,(2)
[92]张欣.战略性企业纳税筹划.合作经济与科技.2008,(1)
[93]李晓红,李晓岩.企业战略管理中进行纳税筹划的必要性和原则.技术论文.2008,(7)
[94]张中秀,汪昊.纳税筹划宝典.北京：机械工业出版社,2004：6
[95]苏春林.纳税筹划.北京：北京大学出版社,2005：8
[96]李传双.论企业投资决策中的纳税筹划.经济纵横.2007,(3)
[97]刘皎洁.企业投资的纳税筹划.决策探索.2007,(4)
[98]郭关科.市场经济体制下企业纳税筹划探讨.经济改革.1999,(4)
[99]蔡秀英.基于企业财务战略的税收筹划问题探析.财会研究.2008,(15)
[100]俞天虹.新税法下企业纳税筹划.冶金财会.2008,(7)
[101]温素彬.基于可持续发展的企业绩效评价研究.北京：经济科学出版社,2006：7
[102]Robert S Kaplan, David P Norton. The Balanced Scorecard.USA Harvard Business School Press,1996
[103]刘晋,冯钗.基于BSC和EVA的企业绩效评价体系研究.科技信息.2008,(11)
[104]李维维.战略导向的企业绩效评价指标体系研究.安徽大学硕士学位论文,2007：1～10
[105]安迪·尼利,克里斯·亚当斯,迈克·肯尼尔利.战略绩效管理—超越平衡计分卡北京：电子工业出版社,2001
[106]李开军.我国企业全面预算管理应用研究—现状、问题及对策.武汉大学硕士学位论文,2005：5～10
[107]易晓伟.战略业绩评价机制：理论构建与实践运行.首都经贸大学硕士论文,2005：2～20
[108]吴忠,郭蕾,孙树栋等.业务流程绩效的模糊综合评价.西北工业大学学报,2001,19(2)：186～189
[109]Vivianne Bouchereau and Hefin Rowlands. Quality function deployment:the unused tool. London, Enginering Management Journal.2000.45～52
[110]世界环境与发展委员会报告：我们共同的未来.2003,187,3～8,http://www.river-home.space.live.com/74k 2006,7～9
[111]钟陆文.论企业可持续发展的理论内涵.佛山科学技术学院学报(社会科学版).2003,1
[112][美]罗伯特.C.希金斯.财务管理分析(第六版),沈艺峰等译.北京：北京大学出版社,2003
[113]詹姆斯·C·范霍恩,小约翰·M·瓦霍维齐.现代企业财务管理.北京：经济科学出版社,1998：10
[114]史荣召.基于SGR的上市公司会计信息质量问题研究.天津工业大学博士论文,2008,15～20
[115]汤谷良,游尤.可持续增长模型的比较分析与案例验证.会计研究.2005,(8)
[116]德力格尔.可持续增长模型的修正及案例验证.商业研究.2006,(23)：61～65
[117]张志强,吴健中.企业竞争力及其评价.管理现代化.1999,(1)：24～25
[118]韩中和.企业竞争力——理论与案例分析.上海：复旦大学出版社,2000：3～5
[119]王明夫.企业竞争力——上市公司兴盛之道.北京：中国财政经济出版社,2001：56～59,80～87
[120]Poitevin M. Financial Signaling and the Deep-Pocket Argument.RAND Journal of Economics.1989,20:26～40
[121]Baker M,Wurgler J. Market-timing and capital structure Journal of Finance.2002,62: 1～32
[122]Jensen, M.C.,and W.Meckling. Theory of the Firm:Managerial Behavior, Agency Cost,and Capital Structure Journal of Financial Economics,1976,(3):305～360
[123]Harris, and Raviv. The Design of Security Journal of Financial Economics.1989
[124]S.David Young, Stephen F.O Byrne. EVA & Value based Management. America: McGraw-Hill Companies Inc.2001
[125]Robert S. Kaplan and David P. Norton. The Balanced Scorecard-Measures That Drive Performance. Harvard Business Review.1996, (4)
[126]Robert S. Kaplan. The Balanced Scorecard:Translating Strategy into Action. Harvard College.1996
[127]McDonald L. The EVA wav[J].Best a Review P/C, 1998, (5):63～64.
[128]J Robert S Kaplan. David P. Norton. Does Business Need A Balanced Scorecard.Harvard Business Review,1997,5～6