基于价值创造的企业财务战略优化研究以一心堂为例

基于价值创造的企业财务战略优化研究以一心堂为例摘要：财务战略是企业总体战略的重要组成部分，对企业的长远发展起着至关重要的作用，科学正确的财务战略有助于企业正确地筹集、使用和分配资金，最终提高资金使用效率。基于价值创造的视角研究企业财务战略，有利于发现现有财务战略存在的不足，通过对其优化有助于实现企业价值创造。一心堂作为传统医药行业中的龙头企业，近年来不断进行战略扩张与业态升级，研究其财务战略可为其他零售企业提供借鉴与参考。本文以价值创造理论为基础，利用经济增加值(VA)作为价值创造视角的分析工具，对一心堂的财务战略现状展开分析。从一心堂的整体战略目标出发，对其融资战略、投资战略以及股利分配战略存在的问题进行分析，发现一心堂目前的财务战略己不足以支撑其企业战略目标的实现。论文最后针对其存在问题提出相应的解决措施。关键词：一心堂：EVA:价值创造：财务战略Research On Enterprise Financial StrategyOptimization Based On Value Creation-Take One Heart Hall As An ExampleAbstract:Financial strategy is an important part of the overall strategy of the enterprise,plays a vital role in the long-term development of the enterprise,scientific and correct financialstrategy helps the enterprise to correctly raise,use and allocate funds,and ultimately improve theefficiency of the use of funds.Studying the financial strategy of enterprises based on theperspective of value creation is conducive to discovering the shortcomings of existing financialstrategies and helping to achieve enterprise value creation by optimizing them.As a leadingenterprise in the traditional medicine industry,Yixintang has continuously carried out strategicexpansion and business upgrading in recent years,and studying its financial strategy can providereference and reference for other retail enterprises.Based on the theory of value creation,thispaper uses economic value added (EVA)as an analytical tool from the perspective of valuecreation to analyze the current situation of Yixintang's financial strategy.Starting from the overallstrategic objectives of Yixintang,the problems in its financing strategy,investment strategy anddividend distribution strategy were analyzed,and it was found that Yixintang's current financialstrategy was no longer enough to support the realization of its corporate strategic objectives.Finally,the paper proposes corresponding solutions to its existing problems.Key words:one heart hall;EVA;value creation;financial strategy目录1绪论.111研究背景及意义…11.1.1研究背景。11.1.2研究意义..11.2国内外研究现状.21.2.1国外研究现状.21.2.2国内研究现状..31.2.3文献述评….41.3研究内容与方法.….51.3.1研究内容13.2研究方法…52相关概念界定及理论基础…62.1价值创造…62.1.1价值创造概念..62.1.2价值创造的衡量办法.62.1.3价值创造指标选择。.72.2财务战略..72.2.1财务战略定义72.2.2财务战略内容….72.2.3影响财务战略选择的因素…2.3基于价值创造的财务战略..923.1价值创造与财务战略的关系2.3.2价值创造下财务战略的目标….93一心堂股份有限公司财务战略与价值创造现状分析103.1一心堂股份有限公司基本情况….103.1.1一心堂股份有限公司简介….103.1.2一心堂股份有限公司环境分析…103.1.3一心堂有限公司财务现状.133.2一心堂股份有限公司财务战略现状分析.163.2.1融资战略现状分析…163.2.2投资战略现状分析.183.2.3股利分配战略现状分析.213.2.4总结223.3一心堂股份有限公司价值创造现状.233.3.1基于EVA的会计要素调整233.3.2一心堂公司2016-2020年VA指标的测算.243.4价值创造视角下一心堂股份有限公司财务战略存在的问题.283.4.1融资结构单一.283.4.2投资效率较低283.4.3股利支付水平低，影响投资者信心…293.4.4研发支出较低，影响技术创新.304一心堂公司财务战略优化方案.304.1优化资产结构，适当增加债务..304.2严格控制成本费用，明确投资方向.314.3采取低股利加额外股利的分配策略.314.4聚焦研发创新，突出核心竞争力…结论.33参考文献34