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  随着互联网经济和新技术的不断发展，产业升级转型成为企业持续经营的首要任务，价值创造背后的商业模式逐渐成为实业界讨论的重点对象。财务战略作为公司的职能战略，与商业模式有着共同的价值目标。随着多企业合作的形式逐渐取代单企业独立发展的模式，价值从价值链转向价值网，从价值网视角探索商业模式下的财务战略成为热点。因此，本文主要从价值网理论的特点出发，搭建价值网商业模式下财务战略的分析角度，试图通过探索价值网商业模式下的财务战略实施过程，回答全价值网财务战略如何促进商业模式的有效实施，最终实现企业价值最大化。

  本文以小米科技有限公司（简称小米）为研究对象，首先，通过相关文献梳理和价值网理论介绍后，结合价值网的特点对小米的商业模式进行梳理，按照价值创造路径归纳出：外部价值网模式是以顾客需求为价值出发点，在价值网成员的协同经营下共同实现全价值网增值的模式；内部价值网模式是以“轻盈化”的经营流程和组织结构为价值支撑，用硬件产品引流的模式。内外部价值网相辅相成，共同作用于小米价值创造的过程。其次结合内外部环境对小米价值网模式下表现的财务战略进行分析，发现其外部财务战略主要是选择志同道合的价值网成员，对其进行多元化的投资、利用价值网优势筹资，最终实现顾客价值导向的全价值网增值战略；内部价值网财务战略分为聚焦核心环节的规模投资战略和资本成本最低的筹资战略。最后依据财务数据和非财务数据评判小米价值网模式下的财务战略实施效果，得出小米的价值网模式决定了其财务战略，而财务战略的选择推动了价值网模式的实施的结论。

  通过本文对小米价值网模式下的财务战略分析，得到价值网模式下企业应该充分考虑自身核心能力，协同外部资源，在有效的信息沟通和信任机制下共同实现顾客价值和企业价值的经验启示，以期为其他仿照小米模式的企业提供借鉴。

  With the sustained and fast growth of Internet economy and new technology, the transformation and upgrading of traditional industries has become the a key problem for enterprises to continue their operation, and the business model behind enterprise value creation has gradually become the focus of discussion in the industry. As the functional strategy of a company, financial strategy shares the same value goal with business model. As the form of multi-enterprise cooperation gradually replaces the independent development model of single enterprise, value from value chain transferred to value network. It is a hot topic to explore the financial strategy under the business model from the perspective of value net. therefore, this article mainly build value network analysis point of view of financial strategy, from the characteristics of the value network theory. This paper tries to explore the financial strategy implementation process under the value net business model, and answer all value net financial strategy how to promote the effective implementation of the business model and realize the enterprise value maximization.

  This paper takes Beijing Xiaomi Tech Co., Ltd. (Mi for short) as the research object. First of all, through the review of relevant literature and the introduction of value network theory, it analyzes the business model of millet from the point of view of the characteristics of value network, and summarizes Mi's value creation path as follows: the external value network model takes the customer demand as the value starting point, cooperates with the members of the value network, delivering the value together, and realizes the value-added model of the whole value network; the model of internal value network is light management process and organizational structure as value support and drainage with hardware products. The internal value network is based on research and marketing, and under a flatter organizational structure drainages of ecological chain products through hardware products. There are complementing each other and working together to create value for Mi. Secondly, basing on the environment of Mi, the financial strategy is analyzed. It founds that the external financial strategy is to select like-minded members of the value network, make diversified investments to them and use the advantages of the value network to raise funds, and finally realize the value-added strategy of the full value network oriented by customer value; The internal value net financial strategy tends to focus on the scale investment strategy focusing on the core link and the financing strategy with the lowest capital cost. Finally, according to the financial and non-financial data to analyse the implementation effect of financial strategy under the business model of Mi, It is concluded that Xiaomi's value network model determines its financial strategy, and at the same time, financial strategy promotes the implementation of value network model.

  Through the study of financial strategy under the business model of Mi's value network, it comes to a conclusion that enterprises under the business model of Mi's value network should give full consideration to our own core competence and cooperate with external resources In the effective information communication and trust mechanism to realize customer value and enterprise value, so that provide reference for other enterprises.