沃尔玛财务战略选择与实施的案例分析
发布时间：2018-07-29 19:14
【摘要】：随着企业经营环境的日益变化,企业战略管理也愈来愈受重视。自上世纪80年代以来,对财务研究从理论层面上升到战略层面。财务战略是企业战略的重要组成部分,加强财务战略管理有利于财务资源的合理配置,提高资金管理的效率,最大限度地提高企业的可持续盈利能力。沃尔玛财务战略的支持对其成功有重要影响。财务战略与企业战略的关系是相互促进、相互影响、相互联系的。财务战略是站在战略高度,通过资金融资、投资、分配、管理等一系列活动,实现企业价值的持续增长,具有长期性和全局性。本文认为,成功的财务战略不仅仅可以使企业价值增值,还可以增强企业应对经济波动和财务应变能力,从而提高企业价值增值的可持续性。前人对财务战略的分析主要是理论研究,而本文主要是分析财务战略在实践领域的应用。沃尔玛的成功引起了众多专家学者的关注,但财务战略并没有受到应有的重视。笔者认为,沃尔玛的财务战略对我国零售企业有一定的参考意义。目前,沃尔玛正处于由成长期向成熟期转型阶段,沃尔玛的自有资本也在不断增加,其资产规模也在不断地扩大,但增长率还是不太稳定。在沃尔玛由成长期向成熟期的过渡阶段,主要采用了稳健型财务战略;在筹资战略方面,沃尔玛保持原有的目标资本结构,不仅积极地利用资金成本较低的内部资金和外部债务,还使用了短期负债和商业信用;在投资战略上,使用组合投资战略,横向上持续扩大企业规模,纵向上与供应商进行合作,达到双赢。同时,从长远来看沃尔玛的销售增长应与可持续增长保持一致;而在股利分配上,沃尔玛采用了最适合企业的剩余股利分配政策,在股利分配方式上,有较强的盈利能力的支持,沃尔玛通过股票回购和现金股利相结合的方式进行股利分配;在营运资金管理战略上,采用了严格的OPM战略降低营运资本成本,提高企业流动性。借鉴沃尔玛的经验,对于我国的零售业,为保证企业财务战略更好地制定及实施,应注意以下几方面:财务战略目标的制定应具有长期性,并与企业战略目标保持一致;在财务战略的实施过程中,应保持一定的灵活性;从长远来看,企业的实际增长率应与企业的可持续增长率保持一致;企业应谨慎运用多元化投资战略,重点发展主营业务,以获取核心竞争力。
[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.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F715.5;F717.6
本文编号：2153715
[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.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F715.5;F717.6
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