摘 要
现金是企业经营发展的基石和保障，国家发展经济也需要足够的资金推动。现金作为资金的最活跃、最重要组成部分，是企业生存的源泉，是企业发展壮大的基石，其对企业战略选择的影响尤为突出。在目前市场经济体制下，最能真实、全面、客观的反映企业财务状况的财务报表就是现金流量表。企业决策者要想客观的评价企业的财务状况并做出正确的战略决定离不开对现金流量表传达的信息进行精准、科学、合理的分析。分析现金流量表，还能提升企业管理水平、提高经营能力、推动企业更好更远的发展。
与其他行业相比较，房地产这一行业的特殊性体现在投资风险高、投资力度大、回收周期长等方面。充裕的现金流是房地产企业计划得以实施、项目顺利开发、企业健康持续经营、规模发展扩大的必要保障。房地产业是市场经济组成部分中影响力最大的行业之一，在经济发展过程中发挥着不可替代的拉动作用。房地产企业税收收入是我国财政收入的保障，它的发展趋势直接影响着我国经济发展的格局。从十一届三中全会拉开房地产业发展的序幕，国家对该行业的政策一直随着行业的发展和宏观环境的变化而不断调整。这两年国家不断重拳冲击，抑制房价的增长，表明了宏观调控的决心。最近，房产税传的沸沸扬扬，它的开征对房地产业无疑是雪上加霜。在这种背景下，每年亏损的房地产企业数不胜数，能够长期良性发展的房地产企业寥寥无几。这种现象的产生，不仅因为国家的政策调控，更与企业财务战略选择、融资渠道和现金管理水平密不可分。此时，研究房地产行业这一特殊的资金密集型行业基于现金流管理的财务战略显得尤为重要。
文章基于现金流管理对企业财务战略进行研究，运用了文献调查法和个案分析法。先阐述企业财务战略、现金流的概念和财务战略的内容，列出对企业财务战略分析的主要指标；再通过 B 公司的年度财务报表，对 B 公司近年来的投资战略、筹资战略和利润分配战略进行描述与分析，然后针对分析结果发现 B 公司财务战略的不足之处；最后针对分析结果提出意见，并为同行业其他企业提供建设性意见：一是发展多元化融资渠道优化资本结构；二是制定科学的投资战略；三是建立现金流管控体系。
关键词：现金流；财务战略；房地产企业
Abstract
Cash is the foundation and guarantee for enterprise's development andmanagement; and cash is also significant for promoting national economicdevelopment. As the most active and important part, cash is the source andcornerstone for enterprise's survival and growth, especially for the company's strategychoice. In current market economy system, the statement of cash flow is used toreflect real, comprehensive and objective financial situation. Enterprise decisionmakers usually depend on accurate, scientific and rational analysis of cash flow toobjectively evaluate the financial situation of enterprises and make the correctstrategic decision. Scientific analysis of the information in the cash flow statementcould also help to better improve the enterprise management level, the managementability, and promote the better and further development of enterprises.
Real estate, compared with other industries, has the characteristics of typicallarge investment, high risk and long recovery cycle. Plenty of money supply is thesafeguard for conducting projects, enterprise management and expanding scale of thereal estate industry. Real estate industry is one of the most important parts of China'seconomy and has played an important role in national economy and fiscal revenue.
Since it is mentioned in the Third Plenary Session （of the 11th Central Committee ofthe Chinese Communist Party）， the national policy guiding in this field has beencontinuously adjusted with the development of the real estate industry and the changeof macro environment. Over the past few years, Chinese government constantlyenacted policies to restrain increasing housing prices, which indicates the strongdetermination of our government to enact its power from the perspective ofmacro-economic control. Recently, the levy of property tax has promoted muchdiscussion, which put the real estate industry into a worse situation. Under thisbackground, there are countless deficit real estate enterprises, and only a few couldenjoy a long-term healthy development. This phenomenon is related to the adjustmentof national policy, but also highly connected with the choice of enterprise's financialstrategy, financing channels and cash management. At this point, it is particularlyimportant to study the financial strategy of the real estate industry, which is based onthe cash flow management of this capital intensive industry.
This paper, based on the research of cash flow management influence onenterprise financial strategy, adopts the method of literature review and case study toconduct the study. It firstly explains the concept of enterprise financial strategy, cashflow and financial strategy and lists the key indicators to analyze the enterprisefinancial strategy. Then through the recent annual financial statements of Company B,it investigates and depicts the investment strategy, financing strategy and profitallocation strategy of this company; and reveals few shortcomings of financialstrategy of this company. Finally, based on the overall analysis, this paper aims to givesome constructive advices for the Company B and other real estate enterprises. Firstly,enterprises should vary financing channels and establish reasonable capital structure;secondly, set up scientific investment strategies; thirdly, establish risk control andforecast system for cash flow.
Keywords: Cash flow;Financial strategy;Real estate enterprise
目 录
摘 要
ABSTRACT
第 1 章 绪论
1.1 研究背景与研究意义
1.1.1 研究背景
1.1.2 研究意义
1.2 研究方法及内容
1.2.1 研究方法
1.2.2 研究内容
1.3 国内外研究综述
1.3.1 国外研究综述
1.3.2 国内研究综述
1.3.3 文献述评
第 2 章 企业财务战略相关概念
2.1 财务战略的内涵
2.1.1 财务战略的概念
2.1.2 企业财务战略的特性
2.2 财务战略的内容
2.2.1 投资战略
2.2.2 筹资战略
2.2.3 利润分配战略
2.3 财务战略的类型
2.4 基于现金流管理的企业财务战略
2.4.1 现金流管理的含义
2.4.2 以利润指标为核心的财务战略选择的局限性
2.4.3 基于现金流管理的企业财务战略研究
2.5 以现金流为基础企业财务战略管理的理论依据
2.5.1 资本循环论
2.5.2 价值补偿论
2.5.3 现金流转论
第 3 章 B 公司财务战略概况
3.1 B 公司简介
3.1.1 B 公司概况
3.1.2 B 公司发展历程
3.1.3 B 公司外部环境分析
3.2 B 公司财务战略现状
3.2.1 目标定位
3.2.2 投资战略现状
3.2.3 筹资战略现状
3.2.4 利润分配战略现状
第 4 章 B 公司基于现金流管理的财务战略分析
4.1 B 公司财务战略目标分析
4.2 B 公司财务战略分析
4.2.1 筹资战略分析
4.2.2 投资战略分析
4.2.3 利润分配战略分析
第 5 章 结论
5.1 对 B 公司的建议
5.1.1 拓宽融资渠道
5.1.2 完善资本结构
5.1.3 稳定股利政策
5.1.4 适时调整投资战略
5.1.5 加强国际风险防范
5.2 对同行业其他公司的启示
5.2.1 开拓多元化融资渠道优化资本结构
5.2.2 制定科学的投资战略
5.2.3 建立现金流风险管控体系
参考文献
后记
