会计学院知识库

摘  要

伴随互联网发展，零售业企业数量越来越多、可复制性也得以增强，零售行业竞争日趋激烈。线上电商的诞生分走部分市场份额，线下零售实体店经营随之陷入困境；而电子商务由于流量红利逐步消退也开始遭遇发展瓶颈。在两种类型的零售企业双双发展困难的背景下，2016年“新零售”概念应时而生。新零售业态下线上与线下得以充分融合，这不仅使实体店与电商彼此间优势互补，双线融合后也给消费者带来更全的商品品类、更优的服务体验。2001年成立的永辉超市，经过近二十年的发展成为一家有特色的老牌零售企业。新零售发展以来永辉超市更是率先探索新零售并实施相应的财务战略支撑自身转型，这一过程中的财务战略调整对我国新零售行业中的其他企业起到一定的借鉴意义。

本文以价值链视角切入分析新零售企业财务战略是否与变化后的价值链相匹配，是否适合企业现阶段的发展特征和未来发展要求，通过归纳总结新零售企业价值链的变化及其对财务战略产生的影响来探寻企业如何更好调整财务战略。选择了永辉超市作为案例公司，采用了文献研究和案例研究两种方法，对其近五年在新零售业态的财务战略调整展开研究。通过整理与价值链、财务战略相关国内外相关文献、整合相关概念，在分析新零售行业和永辉超市价值链现状后，从价值链变化对财务战略的影响出发找出财务战略所存在的问题，接着从内外价值链两个层面对永辉超市的财务战略提出调整的建议，并针对调整建议提出相应的保障措施，最后得出研究结论。研究结论是：永辉超市的财务战略大致符合新零售发展需要，但与新的行业价值链仍存在一定程度的不协调，需要适应行业价值链的变化，从内外价值链的角度及时调整财务战略。

Abstract

With the development of the Internet, the number of retail enterprises is increasing, the replicability is also enhanced, and the competition in the retail industry is becoming increasingly fierce. The birth of online e-commerce takes part of the market share, and the operation of offline retail stores is in trouble; And e-commerce also began to encounter development bottlenecks due to the gradual fading of traffic dividend. In the context of the development difficulties of both types of retail enterprises, the concept of "new retail" came into being in 2016. The new retail formats can be fully integrated online and offline, which not only makes the advantages of physical stores and e-commerce complement each other, but also brings consumers more comprehensive commodity categories and better service experience. Yonghui supermarket, established in 2001, has developed into a characteristic old brand retail enterprise after nearly 20 years. Since the development of new retail, Yonghui supermarket is the first to explore new retail and implement the corresponding financial strategy to support its own transformation. The adjustment of financial strategy in this process plays a certain reference significance for other enterprises in China's new retail industry.

From the perspective of value chain, this paper analyzes whether the new retail enterprise's financial strategy matches the changed value chain, whether it is suitable for the current development characteristics and future development requirements of the enterprise, and explores how to better adjust the financial strategy by summarizing the changes of the new retail enterprise’s value chain and its impact on the financial strategy. This paper selects Yonghui supermarket as a case company, using two methods of literature research and case study to study its financial strategy adjustment in the new retail format in recent five years. After analyzing the current situation of the new retail industry and Yonghui supermarket's value chain, this paper finds out the problems existing in the financial strategy from the impact of the changes in the value chain on the financial strategy, and then puts forward some suggestions on the adjustment of Yonghui supermarket’s financial strategy from the two levels of internal and external value chain Put forward the corresponding safeguard measures. Finally, the conclusion of this paper is drawn. The conclusion of this paper is: the financial strategy of Yonghui supermarket is generally in line with the needs of the new retail development, but there is still a certain degree of disharmony with the new industry value chain. It needs to adapt to the changes of the industry value chain and adjust the financial strategy from the perspective of internal and external value chain.