I 摘要 随着市场竞争的日益激烈，企业想要实现更好的发展，就需要提升其核心竞争力。 战略通常被认为是一个公司获得并保持相对于行业内其他公司的竞争优势的手段。[1] 财务战略管理能够促进企业核心竞争力的提升，一个公司的财务战略主要包括投资战 略、筹资及利润分配战略与营运资本战略。企业财务管理目标可以为财务管理目标的 优化奠定基础和保证。企业财务管理目标的观点包括以下两点：首先是企业利润的最 大化。这是经济学的主要观点，也是公司经济活动的主要体现。这是公司财务管理的 动力。第二是企业价值最大化，是指针对企业发展和运营中的实际发展情况选择合理 的财务政策，以及分析时间价值和风险问题以促进企业利润最大化的需要。 本文研究的核心问题是：SY科技集团目前实行什么类型的财务战略？此战略能 否为企业的可持续发展提供足够的财务保障？由此关键问题分解成下面几个问题：一 是SY科技集团近五年的经营情况如何，是哪种发展模式；二是SY科技集团目前的 财务状况怎么样；三是SY科技集团目前实行的财务战略由哪些不足，需要怎样优化。 基于以上研究问题，本文的研究思路如下：首先，界定财务战略的概念，对财务 战略分析所运用的基础理论进行梳理，做好必要的理论储备。其次，对SY科技集团 的概况、发展历程、财务状况进行了阐述，在此基础上，利用SWOT-CLPV理论进行 建模、系统分析，对企业各项财务战略指标都详细的分析和评价，最后，从融资战略、 投资战略、股利分配战略和财务战略体系风险四个重点提出优化方案，并对未来的研 究提出展望。 本文的研究结论是：第一、SY科技集团的发展模式仍是以要素驱动、投资规模 驱动发展为主。第二、SY科技集团的财务战略特征符合“低负债、高收益、中分配” 的原则，属于稳健型财务战略。本文提出的财务战略优化方案能切实解决企业在重大 机遇面前融资、投资等方面的问题，为企业的可持续发展提供财务保障。 本文的创新点：第一、提出了新的融资渠道，即分拆优质资产“SY电子”在科 创板上市，提升融资筹资能力。第二、经分析判断，确定SY科技集团的财务战略特 征符合“低负债、高收益、中分配”的原则，属于稳健型财务战略。 关键词 SY科技集团；财务战略；SWOT分析 广东工业大学硕士学位论文 II Abstract With the increasingly fierce market competition, companies want to achieve better development, they need to enhance their core competitiveness. Strategy is usually considered as a means for a company to gain and maintain a competitive advantage over other companies in the industry. [1] Financial strategic management can promote the improvement of the core competitiveness of an enterprise. A company's financial strategy mainly includes investment strategy, financing and profit distribution strategy and working capital strategy. Corporate financial management objectives can lay the foundation and guarantee for the optimization of financial management objectives. The point of view of corporate financial management objectives includes the following two points: The first is the maximization of corporate profits. This is the main point of view of economics and the main embodiment of the company's economic activities. This is the driving force of the company's financial management. The second is the maximization of enterprise value, which refers to the need to choose reasonable financial policies for the actual development of the enterprise's development and operation, as well as the analysis of time value and risk issues to promote the maximization of enterprise profits. The core question studied in this article is: What type of financial strategy does SY Technology Group currently implement? Can this strategy provide sufficient financial guarantee for the sustainable development of the enterprise? The key issues are decomposed into the following questions: first, how the SY Technology Group has operated in the past five years and what kind of development model; second, how the SY Technology Group's financial situation is; What are the shortcomings of the current financial strategy and how to optimize it. Based on the above research questions, the research ideas of this article are as follows: First, define the concept of financial strategy, sort out the basic theories used in financial strategy analysis, and make the necessary theoretical reserves. Secondly, the overview, development history, and financial status of SY Technology Group are described. On this basis, SWOT-CLPV theory is used for modeling and system analysis, and all financial strategic indicators of the enterprise are analyzed and evaluated in detail. Finally, it proposes optimization plans from four key points: financing strategy, investment strategy, dividend distribution strategy and financial strategy system risk, and puts forward prospects for future research. Abstract III The research conclusion of this article is: First, the development model of SY Technology Group is still mainly driven by factors and investment scale. Second, SY Technology Group's financial strategy features are in line with the principle of "low debt, high yield, and medium distribution", and it is a stable financial strategy. The financial strategy optimization plan proposed in this paper can effectively solve the problems of financing and investment in the face of major opportunities for enterprises, and provide financial guarantee for the sustainable development of enterprises. The innovations: First, a new financing channel is proposed, that is, the spin-off of high-quality assets "Sheng Yi Electronics" is listed on the Science and Technology Board to enhance financing capabilities. Second, through analysis and judgment, it is determined that the financial strategy characteristics of SY Technology Group conform to the principle of "low debt, high yield, and medium distribution", which is a stable financial strategy. Key words SY Science and Technology Group; Financial Strategy; SWOT Analysis 广东工业大学硕士学位论文 IV 目录 摘要 .... I Abstract ............................ II 目录 .. IV Directory .......................... VI 第一章 绪论 .................... 1 1.1研究背景及意义 1 1.1.1研究背景 . 1 1.1.2研究意义 . 3 1.2国内外研究现状 4 1.2.1国外文献综述 ........................ 4 1.2.2国内文献综述 ........................ 5 1.2.3文献述评 . 7 1.3研究内容及方法 8 1.3.1研究内容 . 8 1.3.2研究方法 . 8 1.4研究创新 ............ 9 第二章 概念界定与基础理论 ..................... 10 2.1财务战略的定义 ............................. 10 2.2基础理论 .......... 10 2.2.1可持续发展理论（Sustainable Development Theory） ................... 10 2.2.2竞争优势(Competitive Advantage)理论 ............. 12 2.2.3创新 (innovate)理论............ 13 2.2.4核心竞争力（Core competencies）理论 ........... 14 2.2.5 SWOT-CLPV理论（SWOT--CLPV Theory） ........ 15 第三章 SY科技集团SWOT分析.............. 16 3.1SY科技集团概况 ............................ 16 3.2SY科技集团发展历程 .................... 19 3.3SY科技集团财务状况 .................... 20 3.4SY科技集团SWOT分析 .............. 22 3.4.1SY科技集团杠杆效应（优势+机会）分析 ...... 24 3.4.2SY科技集团抑制性（劣势+机会）分析 .......... 25 3.4.3SY科技集团脆弱性（优势+威胁）分析 .......... 25 3.4.4SY科技集团问题性（劣势+威胁）分析 .......... 26 第四章 SY科技集团财务战略分析与评价 ............................ 30 4.1SY科技集团融资战略分析 ............ 30 4.1.1融资规模分析 ...................... 30 4.1.2融资结构分析 ...................... 31 4.1.3融资渠道分析 ...................... 32 4.2SY科技集团投资战略分析 ............ 33 4.2.1 投资规模分析 ..................... 33 4.2.2 投资结构分析 ..................... 34 4.2.3 投资效益分析 ..................... 36 目录 V 4.3 SY科技集团股利分配战略分析 ... 37 4.4 基于SWOT分析的财务战略评价 .............................. 38 4.4.1融资战略评价 ...................... 39 4.4.2投资战略评价 ...................... 40 4.4.3股利分配战略评价 .............. 41 第五章 SY科技集团财务战略优化 ........... 42 5.1融资战略优化 .. 42 5.1.1充分利用银行贷款 .............. 42 5.1.2商业信用融资 ...................... 42 5.1.3分拆优质资产“SY电子”在科创板上市，提升融资筹资能力 ... 42 5.2投资战略优化 .. 43 5.2.1坚定实施专业化投资战略 .. 43 5.2.2加强投资项目的前期可行性研究，保证投资效益最大化 ............ 43 5.2.3调整投资结构，丰富投资形式 ......................... 44 5.2.4传统制造业从要素驱动、投资规模驱动发展为主向以创新驱动发展为