【摘要】：隨著企業(yè)經(jīng)營環(huán)境的日益變化,企業(yè)戰(zhàn)略管理也愈來愈受重視。自上世紀(jì)80年代以來,對財務(wù)研究從理論層面上升到戰(zhàn)略層面。財務(wù)戰(zhàn)略是企業(yè)戰(zhàn)略的重要組成部分,加強(qiáng)財務(wù)戰(zhàn)略管理有利于財務(wù)資源的合理配置,提高資金管理的效率,最大限度地提高企業(yè)的可持續(xù)盈利能力。沃爾瑪財務(wù)戰(zhàn)略的支持對其成功有重要影響。財務(wù)戰(zhàn)略與企業(yè)戰(zhàn)略的關(guān)系是相互促進(jìn)、相互影響、相互聯(lián)系的。財務(wù)戰(zhàn)略是站在戰(zhàn)略高度,通過資金融資、投資、分配、管理等一系列活動,實(shí)現(xiàn)企業(yè)價值的持續(xù)增長,具有長期性和全局性。本文認(rèn)為,成功的財務(wù)戰(zhàn)略不僅僅可以使企業(yè)價值增值,還可以增強(qiáng)企業(yè)應(yīng)對經(jīng)濟(jì)波動和財務(wù)應(yīng)變能力,從而提高企業(yè)價值增值的可持續(xù)性。前人對財務(wù)戰(zhàn)略的分析主要是理論研究,而本文主要是分析財務(wù)戰(zhàn)略在實(shí)踐領(lǐng)域的應(yīng)用。沃爾瑪?shù)某晒σ鹆吮姸鄬＜覍W(xué)者的關(guān)注,但財務(wù)戰(zhàn)略并沒有受到應(yīng)有的重視。筆者認(rèn)為,沃爾瑪?shù)呢攧?wù)戰(zhàn)略對我國零售企業(yè)有一定的參考意義。目前,沃爾瑪正處于由成長期向成熟期轉(zhuǎn)型階段,沃爾瑪?shù)淖杂匈Y本也在不斷增加,其資產(chǎn)規(guī)模也在不斷地擴(kuò)大,但增長率還是不太穩(wěn)定。在沃爾瑪由成長期向成熟期的過渡階段,主要采用了穩(wěn)健型財務(wù)戰(zhàn)略;在籌資戰(zhàn)略方面,沃爾瑪保持原有的目標(biāo)資本結(jié)構(gòu),不僅積極地利用資金成本較低的內(nèi)部資金和外部債務(wù),還使用了短期負(fù)債和商業(yè)信用;在投資戰(zhàn)略上,使用組合投資戰(zhàn)略,橫向上持續(xù)擴(kuò)大企業(yè)規(guī)模,縱向上與供應(yīng)商進(jìn)行合作,達(dá)到雙贏。同時,從長遠(yuǎn)來看沃爾瑪?shù)匿N售增長應(yīng)與可持續(xù)增長保持一致;而在股利分配上,沃爾瑪采用了最適合企業(yè)的剩余股利分配政策,在股利分配方式上,有較強(qiáng)的盈利能力的支持,沃爾瑪通過股票回購和現(xiàn)金股利相結(jié)合的方式進(jìn)行股利分配;在營運(yùn)資金管理戰(zhàn)略上,采用了嚴(yán)格的OPM戰(zhàn)略降低營運(yùn)資本成本,提高企業(yè)流動性。借鑒沃爾瑪?shù)慕?jīng)驗,對于我國的零售業(yè),為保證企業(yè)財務(wù)戰(zhàn)略更好地制定及實(shí)施,應(yīng)注意以下幾方面:財務(wù)戰(zhàn)略目標(biāo)的制定應(yīng)具有長期性,并與企業(yè)戰(zhàn)略目標(biāo)保持一致;在財務(wù)戰(zhàn)略的實(shí)施過程中,應(yīng)保持一定的靈活性;從長遠(yuǎn)來看,企業(yè)的實(shí)際增長率應(yīng)與企業(yè)的可持續(xù)增長率保持一致;企業(yè)應(yīng)謹(jǐn)慎運(yùn)用多元化投資戰(zhàn)略,重點(diǎn)發(fā)展主營業(yè)務(wù),以獲取核心競爭力。
[Abstract]:With the change of business environment, strategic management of enterprises is paid more and more attention. Since the 1980's, the financial research has risen from the theoretical level to the strategic level. Financial strategy is an important part of enterprise strategy. Strengthening financial strategy management is conducive to the rational allocation of financial resources, improving the efficiency of fund management, and improving the sustainable profitability of enterprises to the maximum extent. The support of Wal-Mart 's financial strategy has an important impact on its success. The relationship between financial strategy and enterprise strategy is mutual promotion, mutual influence and mutual connection. Financial strategy is a series of activities, such as fund financing, investment, distribution, management and so on, to realize the sustained growth of enterprise value, which has a long-term and overall nature. This paper argues that successful financial strategy can not only increase the value of enterprises, but also enhance the ability of enterprises to cope with economic fluctuations and financial emergencies, thus enhancing the sustainability of value added. The previous analysis of financial strategy is mainly theoretical research, and this paper is mainly to analyze the application of financial strategy in the practical field. Wal-Mart 's success has attracted the attention of many experts and scholars, but the financial strategy has not received due attention. The author believes that Wal-Mart 's financial strategy has certain reference significance to our retail enterprises. Walmart is now in the transition from growth to maturity, its own capital is growing and its assets are expanding, but the growth rate is still not stable. In the transition period from growth to maturity, Walmart has mainly adopted a sound financial strategy. In terms of fund-raising strategy, Wal-Mart has maintained its original target capital structure. Not only do they actively use the relatively low cost of capital, internal and external debt, but also short-term liabilities and business credit; in investment strategies, portfolio investment strategies are used to expand the size of enterprises horizontally and on a sustained basis. Vertical cooperation with suppliers to achieve a win-win. At the same time, in the long run, Wal-Mart 's sales growth should be consistent with sustainable growth. Walmart distributes dividends through the combination of stock repurchase and cash dividend, and adopts strict OPM strategy to reduce working capital cost and improve enterprise liquidity. For the retailing industry of our country, we should pay attention to the following aspects in order to make and implement the financial strategy better: the formulation of the financial strategic goal should be long-term and consistent with the enterprise's strategic goal; In the process of implementing the financial strategy, we should maintain some flexibility; in the long run, the real growth rate of the enterprise should be consistent with the sustainable growth rate of the enterprise; the enterprise should carefully use the diversified investment strategy, and focus on the development of the main business. In order to obtain core competitiveness.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F715.5;F717.6

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