财务战略选择对企业价值相关性的实证研究毕业论文.doc

毕业论文 （20_ _届） 财务战略选择对企业价值相关性的实证研究 摘 要 近年来，企业面临的环境瞬息万变，科学技术高速发展，新兴产业剧增，国际化趋势加快，全球竞争日趋激烈，战略管理理念及技术日益受到瞩目，将企业战略管理思想融入财务管理中形成财务战略管理理论，无疑成为传统财务管理顺应潮流的重大突破。对于企业来说，持续的价值创造对实现价值最大化目标才是最重要的。要实现这个目标，就要以价值创造为导向进行财务战略决策、实施和评价全过程的管理。本文正是基于这种思考，综合运用价值管理理论、战略管理理论、财务管理理论、绩效管理理论，基于价值创造拓宽企业财务战略管理的崭新视野，致力于提升企业价值创造能力，促进价值最大化目标的实现。本文以EVA为评价企业价值的指标，以资产负债率、债务融资率、资产长期负债率、股利支付率、股利增长率、资本投资增长率、流动投资比率和资产增长率这8个指标作为财务战略实施效果指标，然后对企业价值和财务战略进行分析，得出除资产增长率，股利增长率和流动投资比率外，其余各指标即资本投资增长率、股利支付率、资产长期负债率、债务融资率都与代表企业价值的经济增加值EVA呈现显著正相关关系。从而用实证方法证明了企业价值与财务战略的相关性；并从个案一汽公司的财务数据变化与公司价值关系得到一定的验证。总之重视和加强基于价值创造的企业财务战略管理的探索对促进企业可持续发展有重要的理论和现实意义。 关键词：Abstract In recent years, the enterprise faces environment, science and technology rapid development, and new industries soared accelerated, the trend of internationalization of global competition becomes increasingly fierce, strategic management ideas and technology is being attention, will the enterprise strategic management ideas into formation in the financial management in strategic management theory, financial undoubtedly become traditional financial management of tide significant breakthrough. For companies to create the value for to maximizing the value target is the most important. In order to achieve this goal, it must take the value creation as the guidance of financial strategic decision practice process, implementation and evaluation of management. This paper based on this thinking, the integrated use of value management theory, strategic management theory, financial management theory, performance management theory, based on value creation broaden the brand-new enterprise financial strategy management perspective, devote to enterprise value creation ability, promoting value maximization goal realization. Financial strategic decision determines the direction of financial strategy, is the enterprise financial strategy implementation and assessment foundation. This paper puts forward to EVA as evaluation index of enterprise value, with assets, debt financing r