iii 摘要 伴随着当今我国市场经济的高速发展，我国的一些企业，也包含着一些国有企 业，面对强有力的竞争市场，想快速取得发展并获得更多市场份额。在这种环境因素 下，企业往往选择和制定了一些新的企业战略，有些则过于激进，而在企业战略的引 导下，公司又制定了被动的财务战略来迎合企业战略，这样的财务战略是有悖于公司 自自身财务状况的，这就使财务战略产生更高风险。因此这样的财务战略根本无法支 持、促进企业战略，这种财务战略与企业战略的不协调问题致使企业最终资金链断 裂。在这种情况下，最后不但没有加速企业良好发展，反而促使了破产的不良结果。 并且这种因为在财务战略与企业战略不协调而导致财务困境的企业已不在少数。 在这种背景下，本文将对财务战略与企业战略相协调问题进行研究。一些企业为 了快速发展，需要有资金的周转，但在企业财务状况上并没有这种能力，企业不得 不加快原本不合理的融资方式，这就可能出现举债过高，资产结构不合理等状况， 最终难以按照约定的时间偿还巨额债务，最后资金周转不过来，不但没有加速发 展，反而促使了企业资金链断裂，出现最终破产的不良结果。因此为了强化企业战 略和财务战略间的配合，能够有效利用公司既有资源并让财务战略不再盲目迎合激 进的企业战略，实现财务战略与企业战略二者间的协调发展，使财务战略与企业战略 相互促进已经成为我们需要着重关心的问题。本论文选取了一家具有代表性的大型国 有企业R特钢为研究案例。R特钢本来是钢铁行业的龙头企业，但因为没有做到财务战 略与企业战略相协调，最终导致负债比例不断增高，资金链断裂，企业破产重组。R特 钢其在追求实现其扩张的企业战略过程中，实行了一些被动的财务战略，本文将对这 些财务战略进行分析，包括它的筹资战略，投资战略，资金运营战略，并依据财务报 表数据对财务战略下的财务状况进行分析，包括偿债能力，运营能力，现金流状况 等。指出R特钢财务战略与企业战略不协调之处，并寻找使两种战略协调的方法，同时 建立调节模型。 因此对财务战略与企业战略协调性的研究是必要的。必须做到不能让财务战略盲 目的迎合不合理的企业战略，因为财务战略是属于企业战略的一部分，但他也是企 业战略中非常重要的一方面，它既要配合企业战略，也能限制和制约企业战略。之 后在本文中对财务战略和企业战略不协调的原因进行探讨，随后找出协调的路劲与方 法。希望能给其他类似情况的公司作为参考和警示，避免类似财务战略与公司战略不 协调最终导致公司经营失败的发生，有着借鉴意义。 关键词：财务战略，企业战略，战略协调，资本结构，债务危机 目 录 北 京 交 通 大 学 硕 士 专 业 学 位 论 文 iv ABSTRACT With the rapid development of China's market economy, some Chinese enterprises, including some state-owned enterprises, are facing a strong competitive market and want to achieve rapid development and gain more market share. Under this kind of environment factors, enterprises tend to adopt some new enterprise strategy, some are too radical, and under the guidance of enterprise strategy, the company has made the financial strategy of passive to meet corporate strategy, this financial strategy is contrary to the company of their finances, this makes financial strategy to produce high risk, so the financial strategy could not support, promote enterprise strategy, the financial strategy and corporate strategy is not coordination problems led capital chain rupture. In this case, the final not only did not accelerate the good development of the enterprise, but also contributed to the bad results of bankruptcy. And there are plenty of firms that have run into financial trouble because of strategic incoherence. In this context, this paper will study the coordination between financial strategy and enterprise strategy. Some enterprises in order to fast development, the need to have the funds turnover, but does not have this kind of ability in the enterprise financial situation, enterprises have to speed up the financing way, which was not reasonable that debt may appear too high, assets structure is unreasonable, eventually hard to repay the debt at the prescribed time, the capital turnover not to come over, not accelerating, it prompted the enterprise capital chain rupture, eventually a bankruptcy of adverse outcomes. So in order to strengthen the cooperation between enterprise strategy and financial strategy, can effectively utilize existing resources and enterprise strategy is no longer blindly cater to radical enterprise strategy, enterprise strategy and financial strategy coordinated development between the two, the financial strategy and company development promote each other has become a problem we need to care about. This paper selected a representative large state-owned enterprise R special steel as the case study. R special steel was originally a leading enterprise in the steel industry, but because it failed to coordinate its financial strategy with its corporate strategy, the debt ratio kept increasing, the capital chain broke, and the company went bankrupt. R special steel in the pursue to achieve its expansion in the process of the enterprise strategy, introduced some passive financial strategy, this article will analyze the 目 录 北 京 交 通 大 学 硕 士 专 业 学 位 论 文 v financial strategy: including his financing strategy, investment strategy, capital operation strategy, and on the basis of financial statement data to analyze the financial position of the financial strategy, including debt paying ability, operation ability, the cash flow situation, etc. Point out the disharmony between R special steel enterprise's financial strategy and enterprise's strategy, and find the method to make the two strategies coordinate. Therefore, it is necessary to study the coordination between financial strategy and enterprise strategy. Must do not allow financial strategy blindly cater to the unreasonable enterprise strategy, because of financial strategy is part of the enterprise strategy, but he is also very important in the enterprise strategy on the one hand, it should not only cooperate with enterprise strategy, can also limit and restriction enterprise strategy later in this article the cause of the financial strategy and enterprise strategic coordination, avoid this kind of uncoordinated strategy is given. It is hoped that it can serve as a reference and a warning to other companies in similar situations, so as to avoid the occurrence of the failure of the company due to the inconsistency between similar financial strategies and corporate strategies. KEYWORDS ：Financial strategy, corporate strategy, financial leverage, capital structure, debt crisis risk control 目 录 北 京 交 通 大 学 硕 士 专 业 学 位 论 文 vi 目录 摘要 ...............................................................iii ABSTRACT ............................................................iv 1 引言 ..............................................................1 1.1 研究背景与研究问题 ............................................1 1.1.1 研究背景 ..................................................1 1.1.2 研究问题 ..................................................2 1.2 研究意义 ......................................................2 1.2.1 理论意义 ..................................................3 1.2.2 现实意义 ..................................................3 1.3 研究内容与方法 ................................................3 1.3.1 硏究内容 ..................................................3 1.3.2 研究方法 ..................................................5 1.4 创新与不足 ....................................................6 1.4.1 研究创新 ..................................................6 1.4.2 研究不足 ..................................................7 2 理论基础与文献综述 ................................................8 2.1 理论基础 ......................................................8 2.1.1 企业战略 ..................................................8 2.1.2 财务战略 ..................................................8 2.1.3 财务风险 ..................................................9 2.1.4 权衡理论 ..................................................9 2.1.5 企业战略管理的层次及过程 ..................................9 2.1.6 内部控制理论 .............................................10 2.1.8 企业战略与财务战略的关系 .................................11 2.2 文献综述 .....................................................12 2.2.1 国内文