分类号： 密级： 编号：102010345 桂林理工大学 硕硕 士士 研研 究究 生生 学学 位位 论论 文文 基于基于财务视角财务视角的的 DEDE 集团战略发展的集团战略发展的 实证实证研究研究 专专 业：业： 企业管理企业管理 研究方向：研究方向： 战略管理与危机管理战略管理与危机管理 研研 究究 生：生： 孙孙 莹莹 指导教师：指导教师： 赵瑞峰赵瑞峰 教授教授 论文起止日期：2012 年 5 月至 2013 年 4 月 Research on the Development Planning of DE Group Based on the View of Finance Major：Business Management Direction of Study： Strategic Management and Crisis Management Graduate Student： Ying Sun Supervisor： Prof. Ruifeng Zhao College of Management Guilin University of Technology May,2012 to April,2013 I 摘摘 要要 随着市场竞争的日益激烈和世界经济的日趋全球化， 企业财务战略日益成为企业界和学术界关注的热点领域。财务战略是企业总体战略的重要内容，不仅为其企业的总体战略服务；又具有相对的独立性。财务战略的主要目的是通过财务战略的制定与实施，在控制企业总体风险的基础上使企业获得可持续性竞争优势， 进而实现股东价值的最大化。 从企业发展生命周期的角度分析，企业的发展一般需要经历初创、发展、成熟和转型四个阶段。企业财务战略随着企业所处的生命周期不同而呈现明显差异。企业发展生命周期的变化，也要求其财务战略安排做出相应的调整。虽然，近年来英美国家学术界对财务战略的研究有转向企业生命周期财务研究的趋势，但主要还是集中于企业初创期、成长期、成熟期和衰退期等企业生命周期的财务谋略方面。而我国财务学术界则基本停留在财务战略一般概念、目标、特征和内容构成等基础方面。 本文基于国内外研究现状和企业财务战略现状， 试图将企业生命周期与财务战略矩阵相结合，进而提出与这一模型相对应的企业财务战略管理理论。本文运用战略管理相关理论知识作为指导，以个案分析的方式，采用定性分析与定量分析相结合的方法，对DE 集团的战略环境及战略选择进行分析，并就财务战略实施方面加以研究与探讨。 DE 集团目前仍然采用的是传统的财务管理制度， 而且企业内部没有完整的财务战略体系。 随着企业的壮大和发展， DE 集团的财务管理制度日益暴露出与其它职能部门及企业总体规划之间不匹配的问题。 DE 集团的现状急需把战略管理的思想引入和应用到传统的财务管理中，进行指导 DE 集团的企业财务活动规划，以此制定出一套行适合 DE 集团发展的财务战略，并认真贯彻实施。本文从 DE 集团的经营现状和存在问题等实际情况出发，运用战略管理以及财务战略管理相关理论知识，在对 DE 公司面临的机遇、威胁及竞争优势、劣势进行正确分析和评估基础上，明确公司愿景及战略目标，确立战略发展方向。最后，本文对 DE 集团财务战略领域的筹资战略、投资战略、收益分配战略进行详细分析和结果解读。 关键词：关键词：财务战略，企业生命周期，财务战略矩阵 II Abstract The research on financial strategies was emphasized more and more seriously, because of the more and more intensive competence of the market economy and the globalization of the world economy. Financial strategy is a very important part of enterprises strategy. It serves for the enterprises strategy on one hand，and is relatively independent on the other hand. The main purpose of financial strategy is to control the general risks faced by the enterprise in business development so that the enterprise can achieve sustainable competitive advantage， which will result in maximization of shareholders value. The enterprises lifecycle of an enterprise mainly consists of four Phrases: starting， developing， maturity and transferring. The enterprise shall adopt different financial strategy at different enterprises lifecycle stage. So adjustment is needed when enterprise moves along the lifecycle. The research on financial strategies in western countries focuses on the financial strategies of the enterprises lifestyle during the periods of inauguration，development， maturity and recession of the enterprises although the tendency of turning to the research of production lifecycle. However in China we have been still researching the basic aspects of the financial strategies such as the general conceptions，objectives，characteristics and content structure. Based on two things: one is the research status at home and abroad, and the others is the status quo of the enterprise financial strategy, in this article we attempt to combine the enterprises lifecycle and financial strategic matrix, in further, in further, we put forward correspond to the model of enterprise financial strategy management theory. This paper uses strategic management related theory as a guide, in the form of case analysis, with adopting the method of combining qualitative analysis and quantitative analysis, strategic environment and strategic choice of DE group is analyzed, and the implementation of financial strategy study and discussion. DE group with traditional financial management system, but there is no perfect financial strategy system. With the expansion and development of enterprises, DE group increasingly exposed the financial management and other functional departments, and the contradiction between enterprise planning, an urgent need to integrate the strategic way of thinking to the traditional financial management, strategic planning of enterprise financial activities, to develop a set of effective financial strategy to fit the development of the enterprise and truly implemented. From DE groups operation situation and existing problems, such as the actual conditions, the use of strategic management and financial management related theory knowledge, in the DE companies face the opportunities, threats and competitive advantage and disadvantage of correct analysis and evaluation based on the clear vision and strategic objectives, establish strategic direction. Finally, this article on the financing of the strategic areas of the DE Groups financial strategy, investment strategy, income distribution strategies detailed analysis and interpretation of results. Key words: Financial strategy, Enterprises lifecycle, Financial strategic matrix i 目录 摘 要 . I Abstract .