本文正是从价值链理论对财务管理的影响出发，从基于价值链的财务战略理
论视角，在对 SPM 公司所处的贵金属行业、SPM 公司自身内、外部环境加以分析
的基础上，运用基于价值链的企业财务战略的理论及分析方法，挖掘出 SPM 公司
潜在的资源，对 SPM 公司的财务战略给予优化和改善。SPM 公司基于内部价值链
财务战略目标为：筹资战略上，扩宽融资渠道，优化资本结构。即在增发、配股、
银行借款、票据融资等传统融资手段上，创新筹资手段和技术，降低筹资成本，
提高筹资市场地位、信誉和筹资效率,控制筹资风险。投资战略上：投资关键环
节来提升贵金属主业的核心竞争力；收益分配战略上，采取 EVA 的股票期权分配
模式为核心财务战略。SPM 公司基于外部价值链财务战略包括：构建价值链的合
作伙伴选择上，在价值链横向合横向合作对象主要是其他贵金属加工企业、贸易
商及废料回收商，合作的基础是以优势互补为原则；纵向合作对象主要是资源型
企业及重要战略客户，是以有效降低原料成本，发挥渠道控制为原则。在联合定
价策略上遵循市场原则，共赢原则。在价值链生命周期投资战略上，加强财务风
险管控，应集中财力投资，分配上注重好激励及内源性资金来源，抵御财务风险。

在构建好财务战略目标后，从预算管理、信息化建设、财务风险防范及财务
指标评价等方面制定了详细的保障措施，以保证财务战略得以落地实施。

关键词：贵金属 价值链 财务战略 经济增加值

Abstract
In the past twenty years, with the development of theory of value chain, the
management of the theory has a significant impact on the financial management.
Theory of Value chain support new concepts, for study financial management; and
support an effective tools to analysis and to make decision for financial management.
Based on the impact of the value chain theory on the financial management and the
concern for financial strategy theory derived from the value chain, the essay apply this
analytical method to exploit the potential resource of Sino-platinum metals Co.,Ltd
(Referred as SPM later) and optimize and better the financial strategy of SPM. The
analysis covers both the precious metals industry, SPM lived in, and the inside and
outside circumstance of SPM. The financial strategy derived from the value chain of
SPM is the following. Financing strategy is to widen the financing channel and
optimize the capital structure, it means not only financing via the traditional method,
such as issuing additional stocks、allotting stocks、bank loan、bill financing, but also
financing by the innovative method and technology to reduce the cost of financing、
control the financing risk and enhance the status、reputation and efficiency in the
financing market. The key element of investing strategy is to elevate the core
competitiveness of precious metals industry. The stock option allocation model via the
Economic Value Added (EVA) plays a material role in the profit allocation strategy.
The financial strategy derived from the outside value chain includes the following.
Regarding to the choice of cooperative partner to illustrate the value chain,
complementary advantages is the principle. The horizontal cooperation objects are the
other precious metals processing enterprises 、 trading enterprises and recycling
enterprises while the vertical cooperation objects are the resource-based enterprises
and crucial strategic customers, which is in order to reduce the cost of raw materials
efficiently and regard the channel control as the principle. In terms of the joint pricing
strategy, follow the requirement of market principle and the win-win principle. As to
the value chain of life cycle investment strategy, it should enhance the financial risk
management、concentrate funds to invest、withstand the financial risk and focus on the
motivation and endogenous sources of fund when there is the allocation.
After the construction of the financial strategy, it is essential to draw up the safeguard
measures in detail in the budget management、information construction、financial risk
prevention and evaluation of financial indicators to make sure the implement of
financial strategy.
Key words ： “Sino-platinum metals”, “Value chain”, “Financial strategy”,
“Economic Value Added”