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论文编号：	3235
作者编号：	2120092348
上传时间：	2011/6/5 18:34:26
中文题目：	基于生命周期战略视角的融资策略研究
英文题目：	Research on Financing Strategy Based on Strategic Perspective of Life Cycle
指导老师：	陈国欣
中文关键字：	战略融资管理;融资策略;生命周期
英文关键字：	Strategic Financing Management;Financing Strategy;Life Cycle
中文摘要：	战略融资管理指将企业整体战略与融资管理有机地结合在一起，以企业战略为先导制定企业融资策略并开展陆续工作，为企业总体战略目标的实现给予有力且系统化的保证。现金流是企业的血液，因而融资管理水平的高低可以决定企业战略是否得以顺利实施，继而决定了一个企业的成败。本文相信，实施战略融资管理会使企业管理水平实现质的飞跃，从而促进企业战略目标顺利实现，保证企业可持续、稳定、和谐地发展。 融资决策决定企业的资本结构和资本成本，是企业价值创造的关键因素，而融资策略的顺利实施是公司战略得以实现以及企业不断发展的有力保障。一般来说，企业制定其融资策略需要综合各方面因素加以考虑，而每一个企业的成长轨迹具有一定的周期性，故本文将重点阐释融资策略与企业生命周期之间的关系。并在参照传统的企业生命周期理论基本原则的基础上，综合考虑一般宏观经济环境、企业所处行业特点、企业组织形式、资金获取方式与选择时机等多方面因素。 本文首先界定企业的不同生命周期阶段，并在此基础上选择合适的短期融资目标并与公司的整体战略相结合，从而提出适合企业不同发展阶段的融资战略，以求降低企业财务风险，增强企业的财务稳定性。通过理论联系实际，在为企业创造价值的同时不断深化其理论内涵。 本文主要采用规范性研究方法，结合一定的案例分析，将基于生命周期理论的战略融资管理与现实实践充分结合，着重战略融资管理的实际应用价值研究。
英文摘要：	Strategic financing management refers to the organic combination of company’s overall strategy and financing management, to develop financing strategy and carry out the work in succession based on company’s overall strategy, which provides a strong and systematic guarantee for the accomplishment of company's overall strategic objectives. Cash flow looks like blood as a business, the level of financing management can decide the smooth implementation of corporate strategy and then determine the success or failure of an enterprise. This paper believes that the implementation of strategic financing management will make the level of company management achieve a qualitative leap, so as to promote the smooth realization of company strategic objectives and ensure company sustainability, stability and harmonious development. In general, to develop the financing strategy needs integrating all factors into consideration, the growth trajectory of every enterprise has a certain periodicity, this paper focuses on interpretation of the relationship between financing strategy and the corporate life cycle. The successful implementation of the financing strategy is a strong guarantee for the accomplishment of company's strategy and sustainable development, so the development of relevant strategies needs to fully coordinate the relationship between the two. Financing decision decides the capital structure and cost of capital, it is a key factor in value creation. In the light of the traditional theory of the basic principles of corporate life cycle, the financing decision-making needs to consider the general macroeconomic environment, industry characteristics, organizational forms, methods and selection of funds, the timing, etc. This paper defines different stages of company’s life cycle, and on this basis, companies select the appropriate short-term financing objectives which suit company's overall strategy , then to put forward different stages of development for enterprise financing strategies in order to reduce financial risk, enhance financial stability. By combining theory with practice, it creates value while continuing to deepen their theoretical connotation. In this paper, through the use of standard research methods, combined with some case studies, it fully coordinates real practice with strategic financing management based on life-cycle theory, and focus on the actual value of strategic financing management.
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