财务战略管理的中心:企业核心能力的识别

最近二十年来,随着科技和经济的迅速发展,企业面临的环境日益复杂和多变,这使得战略管理成为企业生存和发展的根本性问题,战略管理思想也逐步渗透到财务、营销、生产及人力资源等各个职能领域。一、财务战略管理的内涵与性质财务战略管理是指在企业战略统筹下,以价值分析为基础,以促使资金长期、均衡、有效地流转和配置为标准,以维持企业长期盈利能力为目标的战略性思维和决策活动。(魏明海,1999)这表明财务战略管理的根本目的是维持企业长期盈利能力。财务战略管理与一般财务活动的区别在于它具有以下性质:(1)根本性。财务战略的制定应当建…     

论财务战略的相对独立性——兼论财务战略及财务战略管理的基本特征

本文试图从企业战略管理学与财务管理学这两个角度 ,阐明财务战略和财务战略管理具有相对独立的存在意义。本文的基本观点是 :作为现代企业职能管理的一个特殊构成部分 ,财务管理在企业管理体系中占据重要地位 ;企业财务活动并非总是企业的“局部”活动 ,而是有着许多对企业整体发展具有重要战略意义的内容。因此 ,财务战略与财务战略管理具有相对独立的存在意义。企业总体财务战略可以分为快速扩张型财务战略、稳健发展型财务战略及防御收缩型财务战略等三类。财务战略管理的逻辑起点是企业目标和财务目标的确立 ;财务战略管理的重心是环境分析 ;财务战略管理的环节包括财务战略方案的形成、实施和评价。     

浅谈企业财务战略体系的构建

财务战略是企业战略中的核心子战略,财务战略管理是实现企业战略目标和加强企业竞争优势的有效工具.企业应建立统一的财务管控平台支撑公司战略,从会计核算向价值管理转型,打造集中化、标准化、规范化、高效化的财务管控平台,为公司经营和决策提供有力支撑.本文将从战略的核心、财务战略与企业战略的关系、财务战略体系的特点、必要性以及构建等方面阐述企业应如何构建财务战略执行体系.     

大型跨地区建筑企业的财务战略管理

大型建筑企业经营环境的不断变化和战略管理理论与实践的蓬勃发展,为我们研究大型建筑企业的财务战略管理开启了一个视角。本文以大型建筑企业战略性的财务活动为研究对象,分析了当前我国大型建筑企业财务核算的特点和企业财务分析的特殊性,并借鉴国内外大型建筑企业的财务战略管理经验,探讨在财务环境变化的条件下如何制定、实施和评价相应的财务战略,以更好地支持企业总体战略。     

企业核心能力进化的财务战略

企业核心能力的选择不仅需要考虑核心能力与环境的匹配,更要考虑核心能力所处的生命周期。企业核心能力的合适选择是企业建立竞争优势的必要条件,是财务战略设计的关键所在。本文以生命周期理论为指导,分析了企业在不同阶段的财务战略。从企业核心能力的角度研究了企业财务战略问题,希望能给相关领域的研究带来指导和帮助。     

财务战略管理初探

战略管理是用来解决企业资金来源与资金运用的工具,对企业具有决定意义。战略管理思想起源于美国,随着战略管理理论的蓬勃发展,战略管理的方法和要素被引入财务管理领域,推动财务管理向着财务战略管理的高度发展。本文在对财务战略管理的几个基本问题:概念、内容、类型等进行分析和阐述的基础上.针对现代企业实施财务战略管理提出了应该注意的几个问题。     

刍议企业管理中对财务战略的有效应用

不谋财务战略者,不足以谋企业战略。财务战略是企业战略的一个子系统,是对企业财务活动制订并实施的中长期目标和战略规划。而财务战略目标则是公司战略目标中的核心目标。说到底,财务战略目标是通过资本的配置与使用为企业创造价值并实现价值。本文围绕财务战略在企业管理中的应用展开论述,文章首先分析财务战略在企业管理中的作用,其次研究企业管理中对财务战略的有效利用,最后研讨企业管理中财务战略的发展前景。     

浅谈企业财务战略

在现代企业战略管理中，财务战略及其管理能力和水平是企业各方面能力的综合体现。传统财务管理已经不适应日新月异的发展需要，只有加强财务战略管理，才能推动财务管理层次的全面提升，增强企业的核心竞争力。     

浅论企业核心竞争能力进化的财务战略选择

企业核心能力的选择不仅需要考虑核心能力与环境的匹配,更要考虑核心能力所处的生命周期。企业核心能力的合适选择是企业建立竞争优势的必要条件,是财务战略设计的关键所在。本文以生命周期理论为指导,分析了企业不同阶段的财务战略。从企业核心能力的角度研究了企业财务战略问题,希望能给相关领域的研究带来指导和帮助。     

浅谈企业财务战略

在现代企业战略管理中,财务战略及其管理能力和水平是企业各方面能力的综合体现.传统财务管理已经不适应日新月异的发展需要,只有加强财务战略管理,才能推动财务管理层次的全面提升,增强企业的核心竞争力.     

Directing strategically financial management education and training

Competence, capability and capacity in financial management are crucial for the success of all commercial organizations. Financial literacy is required of most if not all of the significant decision makers within organizations, no matter what their official status might be, if those organizations are to function effectively. Traditionally, developing this literacy has been seen as just another training issue on the agenda for the company's training department. This paper will argue that financial literacy is so important to organizations that financial management education and training should be seen more as part of the financial management control system of the organization than as a self development issue.

Directors of finance need to become involved in the financial education and training process, particularly at a strategic level, so as to ensure that the company's competence, capability and capacity in financial management are appropriate to the pace and direction of company development.     

财务战略管理学科体系的构建

在将战略理念导入财务管理的尝试和创新中,战略思想应该是贯穿于财务战略管理的主线。财务战略管理不仅是对筹资、投资、分配等传统财务管理内容的战略性思考,而且要以战略的视角对传统财务管理研究内容的重新审视和界定。本文从财务战略管理学科的定位出发,描绘出财务战略管理学科体系的框架,通过分析财务战略管理与战略管理会计、战略成本管理学科之间的联系,提出了将财务管理与管理会计、成本管理三个学科在战略层面上进行整合的设想。     

A FINANCIAL MANAGEMENT THEORY OF THE NONPROFIT ORGANIZATION

Certain unique operational and financial characteristics of nonprofit organizations prevent the transfer and successful application of orthodox economic and financial management theories to financial management decisions in the nonprofit context. These characteristics include a dual management structure composed of professional and financial managers, multiple objectives, legal restrictions on the disposition of earnings and assets, and the constant threat of illiquidity as the result of the uncoupling of organizational goals and cash flows. The financial management theory presented here separates the financial management goals from the professional goals and allows the finance practitioner to concentrate on keeping the nonprofit organization operating as a going concern. The theory is designed as a “partial” theory of the firm and is completely consonant with accepted economic orthodoxy. Hence, by employing financial decision rules based on the new theory, a nonprofit organization can survive financially through time while its professional manager pursues utility-denominated goals delineated by the organization's tax-exempt status.     

Financial Management Strategy in a Community Welfare Organisation: A Boardroom Perspective

This paper presents the results of a four year participant observation study of boardroom deliberations and resulting financial management strategies in a large not–for–profit religious based community welfare organisation. Employing a complete membership research approach and informed by grounded theory analysis, the study develops a micro–theoretical framework portraying boardroom financial management and accountability strategising. The study finds that the strategic focus on mission financing was conditioned by the contested formulation of strategic objectives, core organisational service philosophies, and executive–board member interaction. A significant observed outcome of the strategic mission financing focus was the management of accountability and disclosure, to which two key strategies were contributory. These were the exercising of financial control and the exercising of relationships management. The findings offer hitherto unavailable insights into strategic financial management and accountability processes and their context at the boardroom level in the religious not–for–profit community welfare sector.     

The Theory and Practice of Corporate Risk Management*

The financial crisis of 2008 and the resulting recession caught many companies unprepared and, in so doing, provided a stark reminder of the importance of effective risk management. While academic theory has long touted the benefits of risk management, companies have varied greatly in the ways and extent to which they put theory into practice. Drawing on a global survey of over 300 CFOs of non‐financial companies, the authors report that while most CFOs felt that their risk management programs have significant benefits, the risk management function in general needs more attention. A large percentage of the finance executives surveyed acknowledged that the most important corporate risks extend far beyond the CFO's direct reports, and that risk‐based thinking is not incorporated into everyday business activities or corporate strategies. A large majority of executives also said they were seeking a more widespread understanding of risk throughout their organizations—and many confessed their firms' inability, or lack of interest, in evaluating their own risk management functions. At the same time, the efforts of most companies to develop enterprise‐wide risk management (ERM) programs were said to fall well short of the comprehensive and highly coordinated programs envisioned by the proponents of such programs. Three areas of opportunity were clearly identified as having potential to improve corporate risk management in ways that increase firm value over an entire business cycle:

• ? Incorporate risk management thinking into the strategic planning process. Line executives, and not just technicians, need to be sensitive to risks, thereby building flexibility into the firm's business plan and its execution.
• ? Clearly define the objectives of the risk management function, in part by developing appropriate benchmarks. The risk management process should be subject to the same rigorous evaluation process that is used when measuring risks throughout the business.
• ? Instill a risk management culture throughout the organization. While an effective risk management function is necessary, only when employees at all levels of the company embrace risk management as part of their daily operations will the firm get maximum value from risk management.

     

Effect of cash flow risk on corporate failures,and the moderating role of earnings management and abnormal compensation

In this study, we find that United States firms' average cash flow risk (CFR) shows a significantly increasing trend over the past four decades or so. This does not portend well considering the significance of cash flows in maintaining a firm's financial health and going concern status. The CFR also increases dramatically for firms approaching financial distress or bankruptcy, suggesting its important role in predicting a firm's failure. Empirically, we find that CFR has a strong positive effect on a firm's financial distress likelihood. We also find that the association between CFR and financial distress is negatively moderated in firms with high earnings management and abnormal compensation. The results suggest that managers in firms with high CFR are more likely to use heuristics in form of earnings management. Thus, supporting the upper echelons theory related to managers under performance pressure. Meanwhile, consistent with the notion in the agency theory that financial incentives serve as effective monitoring mechanisms, compensation packages can incentivize better risk management practices and decrease the likelihood of a firm's failure. Our findings are also robust to alternative definitions of a firm's failure: financial constraints, presumed debt covenant violation and legal bankruptcy filings.     

互联网金融在金融各业态的发展研究

互联网金融是信息化时代背景下金融业发展的必然产物。本文在总结互联网金融概念的基础上,探究了金融各业态在互联网金融模式下的发展机遇和挑战。本文认为,互联网金融是传统金融行业走向高效、便捷、普惠道路的抓手。传统金融行业要充分融合互联网金融的发展模式,突破现有发展模式的瓶颈,从而实现长远可持续发展。与此同时,互联网金融作为大数据时代的新生事物,必然存在着操作风险、系统风险和法律风险,本文从监管体系、安全体系和法律体系方面思考如何解决互联网金融可能出现的各类风险。     

Determinants and outcomes of IT governance in manufacturing SMEs: A strategic IT management perspective

The need to strategically manage IT resources such that they enhance the business value of firms makes IT governance (ITG), in conjunction with IT alignment, an ongoing issue for IS researchers and practitioners. In addressing this issue, the present study aims to validate a research model that relates, within a strategic IT management framework, the firm's ITG and IT alignment capabilities to its IT performance. To do so, a survey of 223 manufacturing SMEs (small and medium-sized enterprises) was realized. Results confirm the hypothesized relationships between the firm's environmental uncertainty, strategic IT orientation, ITG and IT alignment capabilities. They constitute a solid validation of the impact of the strategic management of IT resources and governance of IT on IT performance in the specific context of manufacturing SMEs.     

银行设站培养博士后：为名还是为利？

设立博士后工作站或创新实践基地成为越来越多银行的战略选择,动机从“逐 名”向“逐利”演化,银行借此整合各方资源、利用博士后站的宣告效应、发挥博士后人才的 鲶鱼效应和研究创新能力、以及博士后流动制度的期权优势等,最终提升管理能力、研究能力 和创新能力,从而降本增效。利用2007至2015年的银行财务数据实证分析,也发现银行设立博 士后工作站或创新实践基地招收博士后显著提高了其净资产收益率、总资产收益率和净利率, 显著降低了管理成本。因此,有条件和需求的大中型银行应积极行动起来设站招收博士后,这 很大可能是名利双收的决策。