西安标准工业股份有限公司财务战略研究
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摘要
实行财务管理战略化是现代企业有效开展资本经营、实现资源优化配置、确保价值最大化的有力工具。然而,长期以来,国有大、中型工业企业都比较重视生产技术的发展,对经营战略尤其是财务战略重视不够。为此,加强企业财务战略管理的理论研究及其实践工作有着十分重要的现实意义。
本文在认真查阅国内外财务战略管理理论的基础上,结合西安标准工业股份有限公司现状,从投资战略、筹资战略和股利分配战略三个方面展开系统地研究,并对该公司财务战略管理的目标定位、实施方案和具体措施提出了建设性意见。
在分析公司财务管理现状时,本文主要应用了比较分析法和比率分析法,对公司成立五年来的资本结构、资产结构、偿债能力、营运能力、盈利能力和现金流量状况进行了认真剖析。在分析公司战略环境时,本文主要采用SWOT分析法,对公司存在的优势、劣势、机会和威胁进行了全面阐述。在对策研究过程中,结合行业现状和公司实际情况,对公司财务战略管理的各个方面进行了深入探讨,并设计了“增加投资、提高负债、适度分配”的扩张型财务战略模式。在投资战略方面,本文建议实施外延发展型投资战略,目标是提高核心竞争力和实现产业升级,多种方式开发高端产品,把缝制设备行业的主营业务“做大、做强”。在筹资战略方面,本文建议在进行配股筹集资金用于高端产品开发,同时利用负债筹资,充分发挥财务杠杆效应,并适时通过回购部分国有法人股等方式,改善资本结构,增强股权筹资活力。在股利分配战略方面,本文建议选择低现金股利加额外股利政策。最后,本文对如何加强公司财务战略的实施和评价提出了自己的思路和建议。
To Practice the finance strategy management in the enterprise is the powerful weapon for the carrying out capital management effectively, realizing the optimum resource configuration and insuring the maximum value. However, the development of the technique is taken excessively into the account by the large and medium-sized of stated-owned company. Therefore, to strength the theory research and practice of the finance strategy management has the realistic meaning.Based on the domestic and international theory of the finance strategy management, the paper studies investment, financing and dividend-distributing strategy management with the resent situation of the Xi'an typical industries Company Limited .The constructive advice is put forward for target, plan, method.The comparison method and rate method is both used in this paper for the analyzing the financing situation of the company. There is capital construction, property construction, debt Payback ability, operation ability, profit ability and cash flow etc to be analyzed seriously. The SWOT method is mainly used for the analyzing company strategy environment for the explaining of the superiority inferiority opportunity and threaten of the company(S means strengths, W means weakness, 0 means opportunity, T means threats).All the side of financing strategy management is discussed deeply. The spreading model of "more investment, high debt, proper distribution" is designed. For the investment strategy, the outward and spreading type is the advise in this Paper. The aim is to enhance the core competition ability and upgrade level, to do big and do strong in the Sewing machine business. For the
financing strategy, the text suggests to use more debt, Practice the financing lever and repurchase part stated owned share in order to increase the active ability of share financing. For the dividend distributing strategy management, to choose the Policy of low cash share profit plus extra share profit is advised to use. Finally, how to actualize and evaluate the financing strategy is suggested by the paper.
本文在认真查阅国内外财务战略管理理论的基础上,结合西安标准工业股份有限公司现状,从投资战略、筹资战略和股利分配战略三个方面展开系统地研究,并对该公司财务战略管理的目标定位、实施方案和具体措施提出了建设性意见。
在分析公司财务管理现状时,本文主要应用了比较分析法和比率分析法,对公司成立五年来的资本结构、资产结构、偿债能力、营运能力、盈利能力和现金流量状况进行了认真剖析。在分析公司战略环境时,本文主要采用SWOT分析法,对公司存在的优势、劣势、机会和威胁进行了全面阐述。在对策研究过程中,结合行业现状和公司实际情况,对公司财务战略管理的各个方面进行了深入探讨,并设计了“增加投资、提高负债、适度分配”的扩张型财务战略模式。在投资战略方面,本文建议实施外延发展型投资战略,目标是提高核心竞争力和实现产业升级,多种方式开发高端产品,把缝制设备行业的主营业务“做大、做强”。在筹资战略方面,本文建议在进行配股筹集资金用于高端产品开发,同时利用负债筹资,充分发挥财务杠杆效应,并适时通过回购部分国有法人股等方式,改善资本结构,增强股权筹资活力。在股利分配战略方面,本文建议选择低现金股利加额外股利政策。最后,本文对如何加强公司财务战略的实施和评价提出了自己的思路和建议。
To Practice the finance strategy management in the enterprise is the powerful weapon for the carrying out capital management effectively, realizing the optimum resource configuration and insuring the maximum value. However, the development of the technique is taken excessively into the account by the large and medium-sized of stated-owned company. Therefore, to strength the theory research and practice of the finance strategy management has the realistic meaning.Based on the domestic and international theory of the finance strategy management, the paper studies investment, financing and dividend-distributing strategy management with the resent situation of the Xi'an typical industries Company Limited .The constructive advice is put forward for target, plan, method.The comparison method and rate method is both used in this paper for the analyzing the financing situation of the company. There is capital construction, property construction, debt Payback ability, operation ability, profit ability and cash flow etc to be analyzed seriously. The SWOT method is mainly used for the analyzing company strategy environment for the explaining of the superiority inferiority opportunity and threaten of the company(S means strengths, W means weakness, 0 means opportunity, T means threats).All the side of financing strategy management is discussed deeply. The spreading model of "more investment, high debt, proper distribution" is designed. For the investment strategy, the outward and spreading type is the advise in this Paper. The aim is to enhance the core competition ability and upgrade level, to do big and do strong in the Sewing machine business. For the
financing strategy, the text suggests to use more debt, Practice the financing lever and repurchase part stated owned share in order to increase the active ability of share financing. For the dividend distributing strategy management, to choose the Policy of low cash share profit plus extra share profit is advised to use. Finally, how to actualize and evaluate the financing strategy is suggested by the paper.
引文
【1】 贾旭东,现代企业财务战略研究,《兰州商学院学报》,2003,8
【2】 陈俭,黄国良,论财务管理理论的局限性和财务战略,《管理郑州经济管理干部学院学报》,2003,6
【3】 Leege Johnson, Corporate Strategy course, Hua Xia press, 1998, P44
【4】 Stiphen·A·Ross, Corporate Finance. Peking, China Machine press, 2000, P21-25
【5】 卢斯·班德,凯斯·沃德著,干胜道等译,《公司财务战略》,人民邮电出版社,2003,P27
【6】 刘志远,《企业财务战略》,东北财经大学出版社,1998,P20-26
【7】 陆正飞,《企业发展的财务战略》,东北财经大学出版社,1999,P2-8
【8】 魏明海,《财务战略—着重周期性因素影响的分析》,中国财政经济出版社,2001,P30-35
【9】 陈澎,罗健,企业财务战略地位探析,《企业经济》,2001,10
【10】 阎达五,陆正飞,论财务战略的相对独立性,《会计研究》,2000,9
【11】 Tomkepline, Value Evaluation, China Machine press, 1997, P22
【12】 Frade·R·Dawaid, Strategy Management, Peking press, 1998, P18
【13】 王军,雷宏,《现代企业财务战略》,立信会计出版社,1999,P10-13
【14】 邹秀华,陈六耀,浅论企业财务战略管理,《企业经济》,2003,11
【15】 赵淑芬,对实施财务战略管理的认识,《经济师》,2002,8
【16】 徐丰利,《股份有限公司会计报表和案例分析》,石油工业出版社,2000,P26-78
【17】 胡国柳,卢闯,黄鹤,《企业财务战略与财务控制》,清华大学大学出版社,2004,P240-248
【18】 李东洪,我国上市公司治理结构的问题及完美对策,《生产力研究》2004,7
【19】 李艳珍,浅议企业可持续发展的财务战略,《北方经贸》,2004,5
【20】 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》,2003,4
【21】 王玲,刑丽,程爱民,企业财务战略选择,《有色金属工业》,2004,8
【22】 王铮,张文,论股票回购的市场影响,《现代管理科学》,2004,3
【23】 刘丽华,股利分配方式的利益比较,《经济师》,2002,6
【2】 陈俭,黄国良,论财务管理理论的局限性和财务战略,《管理郑州经济管理干部学院学报》,2003,6
【3】 Leege Johnson, Corporate Strategy course, Hua Xia press, 1998, P44
【4】 Stiphen·A·Ross, Corporate Finance. Peking, China Machine press, 2000, P21-25
【5】 卢斯·班德,凯斯·沃德著,干胜道等译,《公司财务战略》,人民邮电出版社,2003,P27
【6】 刘志远,《企业财务战略》,东北财经大学出版社,1998,P20-26
【7】 陆正飞,《企业发展的财务战略》,东北财经大学出版社,1999,P2-8
【8】 魏明海,《财务战略—着重周期性因素影响的分析》,中国财政经济出版社,2001,P30-35
【9】 陈澎,罗健,企业财务战略地位探析,《企业经济》,2001,10
【10】 阎达五,陆正飞,论财务战略的相对独立性,《会计研究》,2000,9
【11】 Tomkepline, Value Evaluation, China Machine press, 1997, P22
【12】 Frade·R·Dawaid, Strategy Management, Peking press, 1998, P18
【13】 王军,雷宏,《现代企业财务战略》,立信会计出版社,1999,P10-13
【14】 邹秀华,陈六耀,浅论企业财务战略管理,《企业经济》,2003,11
【15】 赵淑芬,对实施财务战略管理的认识,《经济师》,2002,8
【16】 徐丰利,《股份有限公司会计报表和案例分析》,石油工业出版社,2000,P26-78
【17】 胡国柳,卢闯,黄鹤,《企业财务战略与财务控制》,清华大学大学出版社,2004,P240-248
【18】 李东洪,我国上市公司治理结构的问题及完美对策,《生产力研究》2004,7
【19】 李艳珍,浅议企业可持续发展的财务战略,《北方经贸》,2004,5
【20】 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》,2003,4
【21】 王玲,刑丽,程爱民,企业财务战略选择,《有色金属工业》,2004,8
【22】 王铮,张文,论股票回购的市场影响,《现代管理科学》,2004,3
【23】 刘丽华,股利分配方式的利益比较,《经济师》,2002,6