公司戰(zhàn)略與風(fēng)險(xiǎn)管理作業(yè)

公司戰(zhàn)略與風(fēng)險(xiǎn)管理企業(yè)經(jīng)營(yíng)管理的目標(biāo)就是使企業(yè)價(jià)值最大化。財(cái)務(wù)戰(zhàn)略矩陣將企業(yè)的價(jià)值創(chuàng)造流結(jié)合在一起，在分析企業(yè)經(jīng)營(yíng)活動(dòng)是否為股東創(chuàng)造價(jià)值的同時(shí)考慮企業(yè)的現(xiàn)金流是持經(jīng)營(yíng)活動(dòng)。本文首先介紹了財(cái)務(wù)戰(zhàn)略矩陣的劃分以及原理，其次簡(jiǎn)單的闡述了不同略矩陣的戰(zhàn)略措施的選擇，最后以北京同仁堂股份有限公司為例，根據(jù)其財(cái)務(wù)報(bào)表【關(guān)鍵字】財(cái)務(wù)戰(zhàn)略矩陣市場(chǎng)增加值增長(zhǎng)率財(cái)務(wù)戰(zhàn)略在企業(yè)的戰(zhàn)略管理中日益重要，可以評(píng)價(jià)企業(yè)戰(zhàn)略的價(jià)值，測(cè)評(píng)企業(yè)的競(jìng)爭(zhēng)財(cái)務(wù)戰(zhàn)略矩陣是企業(yè)用來分析其價(jià)值增長(zhǎng)程度的工具。企業(yè)價(jià)加權(quán)平均資本成本（WACC）=債務(wù)資本成本╳債務(wù)資本比例╳（1可持續(xù)增長(zhǎng)率=銷售凈利率╳總資產(chǎn)周轉(zhuǎn)率╳期末資產(chǎn)害公司的價(jià)值。銷售增長(zhǎng)率－可持續(xù)增長(zhǎng)率＞0表示公司的現(xiàn)2、當(dāng)ROIC－WACC＞0且銷售增長(zhǎng)率－可持續(xù)增長(zhǎng)率＜0時(shí)，公3、當(dāng)ROIC－WACC＜0且銷售增長(zhǎng)率－可持續(xù)增長(zhǎng)率＜0時(shí)4、當(dāng)ROIC－WACC＜0且銷售增長(zhǎng)率－可持續(xù)增長(zhǎng)率＞0時(shí)，公司處于在企業(yè)的經(jīng)營(yíng)效率和財(cái)務(wù)政策保持不變，并且不增發(fā)和回購(gòu)：（提高經(jīng)營(yíng)效率、改變財(cái)務(wù)政策或增發(fā)股份來平衡現(xiàn)金流。（2）銷售增長(zhǎng)率。他們是影響財(cái)務(wù)戰(zhàn)略選擇的主要因素也是管理者為增加企處于第一象限的企業(yè)可以為股東創(chuàng)造價(jià)值，但自身經(jīng)銷售增長(zhǎng)率=（本年的主營(yíng)業(yè)務(wù)收入-上年的主營(yíng)業(yè)務(wù)收2008年2009年銷售增長(zhǎng)率營(yíng)業(yè)收入2,939,049,511.333,250,219,884.2710.59%可持續(xù)增長(zhǎng)率所有者權(quán)益3,677,987,123.293,912,954,147.276.39%此處的稅后經(jīng)營(yíng)凈利潤(rùn)和投資資本取自利潤(rùn)表和資產(chǎn)負(fù)債表2009年財(cái)務(wù)費(fèi)用-2,075,803.70資產(chǎn)減值損失52,995,319.80加：公允價(jià)值變動(dòng)收益(損失以“-”號(hào)填列）投資收益(損失以“-”號(hào)填列）6,921,249.33其中：對(duì)聯(lián)營(yíng)企業(yè)和合營(yíng)企業(yè)的投資收益6,921,249.33所得稅費(fèi)用72,084,704.00利潤(rùn)總額460,377,113.84平均所得稅稅率=所得稅費(fèi)用/利潤(rùn)總額15.66%凈利潤(rùn)388,292,409.84凈經(jīng)營(yíng)資產(chǎn)（取自調(diào)整后的資產(chǎn)負(fù)債表）2009年同仁堂的財(cái)務(wù)費(fèi)用主要是利息收入以及公司利息支稅后經(jīng)營(yíng)凈利潤(rùn)=388,292,409.84+（-2,075,803.70）*（1-15.66%）=386,541,677投資資本=2,485,998,692.81投資資本回報(bào)率=386,541,677/4,085,954,147.27=9.46%比。本文選取了上證指數(shù)的原始數(shù)據(jù)作為測(cè)算市場(chǎng)收益率的依據(jù)。實(shí)際獲取數(shù)據(jù)時(shí)4.83%2633.124.59%1.61%2517.532.54%15.491.97%2455.192.57%15.190.53%2393.561.53%15.11-1.50%2357.551.72%15.34-2.23%2317.67-1.24%15.69-3.27%2346.71-2.91%16.22-2.99%2417.12-3.10%16.72-6.49%2494.56-6.16%17.88-6.34%2658.44-6.71%19.09-6.70%2849.6-6.69%20.46-7.17%3054.05-8.43%22.04-5.53%3335.1-7.93%23.33-6.79%3622.33-7.75%25.03-6.99%3926.68-5.71%26.91-6.98%4164.33-4.32%28.93-5.33%4352.28-2.36%30.56-5.53%4457.41-1.92%32.35-2.30%4544.88-0.80%33.11-0.69%4581.360.05%33.340.97%4579.251.73%33.021.54%4501.462.41%32.523.86%4395.54.84%31.314.23%4192.75.90%30.043.87%3959.177.99%28.924.40%3666.218.70%27.76.66%3372.89.63%25.979.30%3076.4810.88%23.768.30%2774.678.09%21.9411.54%25678.52%19.677.14%2365.448.41%18.366.93%2181.869.41%4.76%1994.288.27%16.393.34%1841.875.27%15.864.48%1749.68.07%15.180.60%1618.966.80%15.09-2.65%1515.95.28%-1.96%1439.843.16%15.81-1.68%1395.83.25%16.08-3.02%1351.913.43%16.58-2.64%1307.14.20%17.03-3.57%1254.43.92%17.66-2.81%1207.042.95%18.17-3.61%1172.411.19%18.85-4.12%1158.650.00%19.66-2.29%1158.660.30%20.12-2.14%1155.2-0.17%20.56-2.93%1157.13-1.47%21.18-0.33%1174.39-1.73%21.25-0.09%1195.06-1.37%21.27-0.09%1211.65-1.16%21.29-0.09%1225.87-1.64%21.310.38%1246.33-2.52%21.230.95%1278.58-2.79%21.030.72%1315.21-2.52%20.881.56%1349.27-3.20%20.562.24%1393.86-2.86%20.110.95%1434.94-1.44%19.921.79%1455.84-1.80%0.57%1482.49-0.88%19.460.10%1495.62-0.06%19.440.26%1496.47-0.16%19.39-0.21%1498.84-0.27%19.43-0.72%1502.89-0.67%-0.81%1512.97-0.52%19.73-0.80%1520.94-0.56%19.89-0.60%1529.50.11%20.010.40%1527.850.87%19.930.61%1514.731.35%19.810.97%1494.591.17%19.620.20%1477.360.79%19.580.31%1465.780.45%19.520.93%1459.27-0.81%19.340.78%1471.22-0.91%19.190.73%1484.67-1.45%19.051.22%1506.54-1.14%18.821.18%1523.85-1.06%1.14%1540.210.05%18.390.71%1539.45-0.28%18.260.55%1543.81-0.53%18.16-0.87%1551.96-0.54%18.32-0.27%1560.350.26%-1.08%1556.27-0.87%-0.91%1569.97-1.74%-0.32%1597.71-0.99%-0.69%1613.69-1.06%18.93-0.37%1630.95-1.24%-0.21%1651.38-1.86%19.04-0.78%1682.69-2.66%19.19-2.74%1728.59-2.87%19.73-1.94%1779.64-2.31%20.12-1.08%1821.8-2.15%20.340.00%1861.87-1.50%20.34-0.73%1890.13-1.00%20.49-2.01%1909.23-2.53%20.91-1.51%1958.75-1.67%21.23-1.94%1991.94-1.42%21.65-0.96%2020.62-0.87%21.86-1.09%2038.38-0.80%22.1-2.04%2054.91-0.60%22.56-1.48%2067.370.81%22.9-0.74%2050.681.32%23.070.65%2023.881.44%22.92-0.35%1995.121.50%-1.71%1965.541.66%23.4-0.47%1933.451.71%23.511.12%1901.012.06%23.251.17%1862.722.90%22.981.28%1810.282.92%22.690.71%1758.931.42%22.530.63%1734.31.53%22.391.31%1708.092.62%22.12.27%1664.512.03%21.613.94%1631.43.60%20.792.92%1574.663.31%20.22.90%1524.163.49%19.634.30%1472.813.86%18.822.17%1418.111.78%18.422.39%1393.271.80%1368.68X224.83%4.59%0.21%0.22%3.97%4.85%0.19%0.16%0.24%1.61%2.54%0.06%0.04%1.91%1.63%0.03%0.04%0.03%1.97%2.57%0.07%0.05%1.95%1.99%0.04%0.04%0.04%0.53%1.53%0.02%0.01%0.90%0.55%0.00%0.01%0.00%-1.50%1.72%0.03%-0.03%1.10%-1.48%-0.02%0.01%0.02%-2.23%-1.24%0.02%0.03%-1.86%-2.21%0.04%0.03%0.05%-3.27%-2.91%0.08%0.10%-3.54%-3.25%0.11%0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