会计学院知识库

    随着电子商务迅猛发展和网购的普及，带动快递企业高速发展，信息技术的广泛应用、便捷的消费方式都为快递行业蓬勃发展提供动力。此外，政府陆续出台对快递行业的扶持政策，加之我国居民消费水平有所提升，以及疫情后消费方式逐渐转移至线上，电商频繁举行购物狂欢节活动，都进一步刺激消费，激发居民消费潜力，为快递行业兴旺发展持久助力。但是，快递行业集中化程度高，产品服务同质化严重，行业内新晋小型企业为抢夺市场发起低价竞争，进一步压缩利润空间。在如此严峻的竞争环境下，以价值链视角研究财务战略，分析价值链环节上的财务战略实施效果，能够帮助企业形成竞争优势，达成降本增效的目标。

    文章以圆通速递为研究对象，首先使用PEST模型对圆通速递财务战略制定的宏观环境加以梳理，接着对圆通速递实施财务战略的依据做出解释。其次，以内外部价值链为视角具体分析圆通速递现行财务战略实施情况，最后根据价值链环节，使用财务战略矩阵、平衡计分卡等工具分析圆通的财务战略实施效果，并提出相应的优化方案。

    文章通过研究认为：圆通速递存在对权益筹资依赖性强、投资回报周期长、股利分配方式单一且支付率低、资金周转慢等问题。针对这些问题文章也提出了相应的优化建议，例如增加债务融资、实施多元化投资、丰富分配政策，增设股票股利、完善应收应付管理机制等。通过上述优化建议希望能为圆通速递乃至快递行业优化财务战略，提升核心竞争力做出贡献。

    With the rapid development of e-commerce and the popularity of online shopping, express delivery enterprises have developed at a high speed. The wide application of information technology and convenient consumption mode have provided impetus for the rapid development of express delivery industry. In addition, the government has issued supportive policies for the express delivery industry, along with the improvement of consumption level of Chinese residents, the gradual shift of consumption mode to online after the epidemic, and the frequent shopping carnival held by e-commerce, all further stimulate consumption, stimulate consumption potential of residents, and contribute to the sustainable development of the express delivery industry. However, the express delivery industry has a high degree of concentration and serious homogeneity of products and services. New small enterprises in the industry launch low-price competition to grab the market and further compress the profit space. In such a severe competitive environment, studying financial strategy from the perspective of value chain and analyzing the implementation effect of financial strategy in the link of value chain can help enterprises form competitive advantages and achieve the goal of reducing cost and increasing efficiency.

    This paper takes YTO Express as the research object, first uses PEST model to sort out the macro environment of YTO Express's financial strategy formulation, and then explains the basis of YTO Express's financial strategy implementation. Secondly, from the perspective of internal and external value chain, the implementation of YTO Express's current financial strategy is analyzed in detail. Finally, according to the value chain, the financial strategy matrix, balanced scorecard and other tools are used to analyze the implementation effect of YTO's financial strategy, and the corresponding optimization scheme is put forward.

    The paper concludes that YTO Express has many problems, such as strong dependence on equity financing, long investment return cycle, single dividend distribution and low payment rate, slow capital turnover, etc. In view of these problems, the paper also puts forward corresponding optimization suggestions, such as increasing debt financing, implementing diversified investment, enriching distribution policies, increasing stock dividends, improving the management mechanism of receivables and payables, etc. Through the above optimization suggestions, we hope to optimize the financial strategy for YTO Express and the express industry and make contributions to enhance the core competitiveness.