First, the meaning of corporate finance and strategic management features
Corporate financial strategy is an enterprise based on changes in the environment and financial trends in order to achieve financial goals, affect the overall situation of the major financial problems, with the direction set by the strategy. Financial Strategy Management is a financial strategy formulation and implementation of the organization in the management of key corporate financial management.
For businesses, its financial activities, including three basic aspects, namely, financing activities, investment activities and dividend distribution activities, three full financial enterprises constitute the main line of strategic management in the functions, management of corporate financial strategy is to adapt to external economic environment, conditions change, good internal and external economic relations of enterprises timely and reasonable regulation, the financial resources of the enterprise the ability to transfer risk and market competitiveness, with particular attention to corporate financial management of the two priorities - to maintain good solvency and maximize the profitability of coordination and unity, so that from their interdependence, mutual promotion, the promotion of corporate financial strategic goal - to maximize enterprise value smoothly.
Corporate financial strategy as a business strategy is an important component of its features are: (1) business goals and financial objectives of the establishment is the logical starting point, a clear business goals, which means a clear overall direction of enterprises, financial clarity of the objectives, was to provide specific financial strategic management code of conduct (2) environmental analysis is the strategic focus and financial difficulties, the strategic management of corporate financial analysis to the real environment at the same time, to predict the future environment, the overall placed in a dynamic analysis of the enterprise (3) The financial strategy is not simply the financial management of the formation of strategic options, including financial strategy, program implementation and evaluation.
Second, corporate finance concepts and principles of strategic management
In a market economy under the conditions of corporate financial strategy and management activities, an open, dynamic and integrated features, and the macroeconomic environment, in particular, and the rapidly changing financial markets are closely linked. How scientific investment, financing and dividend allocation decisions, and implementation of the decision making process, give full play to the role of financial management of the logistics, correctly handle the internal conditions and external environment and the dynamic balance between business goals, the task is extremely difficult. This is the company's financial experts better requirements, in particular:
1 the concept of strategic management of corporate finance for the full financial strategic management functions to maximize the financial benefits, corporate financial strategy management requires the following concepts:
First, the concept of competition, corporate financial experts in the financial decision-making and daily logistics, and continue to enhance good at seizing opportunities, meet challenges calmly, in the market competition, through the benefits or reduce evils, weaknesses, strategic management to achieve financial goals.
Secondly, the concept of risk due to the role of market mechanism, so that the interests of any one of the main market uncertainty, the objective existence of opportunities and economic losses may not only inevitable to take some risks. Financial expert must establish the correct concept of risk, good environmental changes brought about scientific uncertainty prediction, there is predictability to take all precautionary measures so that may be subject to the risk of losses to a minimum. Again, the concept of time value of money.
The importance of time value of money is that it can treat it as an important economic lever to use, require the occupier to provide funds of one dollar a dollar effect, can not be in vain to take money without providing any results. Funds users to form an ever-present economic pressures, prompting them to plan carefully in the production and management, efforts to improve the effectiveness of the use of funds.
Finally, information, ideas, financial experts must firmly establish the concept of information, from a comprehensive, accurate, rapid collection, analysis of information to start, the financial decision-making and funding logistics, in order to promote corporate financial goals.
(2) the principles of strategic management of corporate finance in the corporate financial strategy specific management, its principles are:
First, the principle of adaptation to the environment in a market economy, the financial means to fully involved in the operation of socio-economic and financial activities led by the exchange of commodities and lead elements of the restructuring of production, developed financial markets in the modern market system in a dominating position. This determine the financial market for corporate financial behavior of socialization has a significant impact on corporate financial activities from internal to external expansion of the financial market system. To this end, management should be good corporate financial strategy to adapt to the external economic environment, changes in conditions on the financial resources to effectively configure, optimize, in order to achieve internal conditions and external environment and the dynamic balance between business goals and promote the strategic management of corporate financial goals. Second, the overall optimization principles.
Corporate financial strategy is a comprehensive management, production and operation of financial activities and overall performance. And therefore the overall development of corporate finance business from the strategic level to understand and deal with the problem, changing the face of financial markets, starting from the global optimization for scientific investment, financing and dividend decisions: give full play to the role of finance and logistics to achieve in a dynamic business-oriented production, regulation and control, so as far as possible meet the requirements of the overall optimization .
Third, the principle of reward and risk to adapt the market economy, reward and risk go hand in hand, the greater the reward, the greater the risk reward is an increase in the cost of increased risk and they are certain of each other between the relationship between growth and decline. Thus corporate financial strategy to implement the optimization principle, we must correctly handle the correspondence between return and risk relationship between these two choices, to achieve a reasonable balance.
Third, China's current strategic management of corporate financial problems
Corporate financial strategy formulation, strategic analysis is the corporate finance, strategic objectives, strategic measures to be integrated through all aspects of coordination and balance, to form a systematic, long-term operational implementation. On the whole, the current corporate financial strategy management of the overall situation is not optimistic, there are more problematic.
1 thinking and understanding on the importance of the financial strategy the current lack of knowledge, ideas and concepts in the understanding of China's enterprises in the financial management concept is also lagging behind, stuck in the traditional level. Our business widespread lack of financial strategic management thinking, Strategic management is weak, poor financial management skills and other strategic issues.
(2) re-development of financial strategy, highlighting the phenomenon of light to implement a standardized, comprehensive financial strategy management process is divided into three phases, namely, strategy formulation, strategy implementation and strategic control, these three interrelated and mutually constraining, are indispensable. From the experience of some domestic companies, they stage in the development of financial strategy put great enthusiasm and resources, well-known consulting firm to research planning, into the implementation phase as a result of the complexity and increase the enthusiasm for further investment reduced, especially the larger difficulties encountered in its implementation will be greatly reduced enthusiasm.
3. The lack of financial incentives for the effective implementation of corporate financial strategy is inseparable from a sound financial incentives. At present, some enterprises have been developed or implemented financial strategy management, but no one set of corresponding sets of financial incentives. Today, in most enterprises, between owners and managers is a principal-agent relationship, that is the principal shareholder as capital owners, managers and operators as the agent.
In addition, the financial evaluation system is not complete is the current management of our corporate financial strategy is a prominent issue facing The existing management of corporate financial strategy, the traditional financial evaluation index system is still to be large-scale use, which affect the implementation of financial effectiveness of strategic management.
Fourth, to strengthen strategic management of corporate financial measures of corporate financial strategy for the management of China's current problems, change ideas, to learn the advanced management concept of financial strategy, the implementation of the strategic management of corporate financial management is particularly necessary in the business.
1. Strengthen the concept of competition and strategic sense from a financial point of view and cultural awareness, awareness of the strategic management requirements of businesses up and down the purpose of seeking competitive advantage must be followed around the core of strategic management, deal with long-term interests and short-term interests, the overall interests and local interests, business interests and social interests of the relationship between strategic management to serve the needs of enterprise groups in the country must be within the strategic management of the financial importance of publicity, so that enterprises with good economic management by strengthening the financial strategy for better economic efficiency, so economic efficiency and did not develop and implement financial strategies of the company to profitability through the implementation of financial strategy, management, out of the woods.
2. Full use of financial incentives present, our corporate financial strategy, management, should be vigorously implemented enterprise financial incentives on the one hand, the implementation of stock option system, which can avoid a large extent, the lack of traditional forms of salary distribution, prompting operators are more concerned about the development of enterprises would be the manager's interests with the interests of investors tied together, so that business managers concerned about the long-term value creation on the other hand, we should vigorously implement structural wage system, including the implementation of the basic wage, salary, wages, skills , because of its flexible regulation will help rationalize the composition of various types of wage relations, wages, mobilize the enthusiasm of employees.
3. Full implementation of the comprehensive corporate performance indicators to evaluate the system in today's knowledge economy, companies want to finance a complete and comprehensive evaluation, not only the need to further expand the traditional financial analysis indicators, but also need to focus on the evaluation of corporate non-financial indicators, such as the balanced scorecard Scorecard is a comprehensive indicator of corporate performance evaluation system.