会计学院知识库

    2008年由三鹿奶粉引发的三聚氰胺事故对我国乳业造成不小冲击。国外乳企涌入我国市场，国内大型乳企抢占优质奶源，乳制品行业竞争激烈。区域性乳企发展艰难，不得不进行多元化转型，通过新业务带动收入增长。多元化转型离不开财务战略的支持，只有选择适当的财务战略才能确保企业转型成功。

    本文以皇氏集团为研究对象，对多元化转型内、外部驱动因素以及转型过程了解的基础上，从筹资规模、筹资结构、投资规模、投资结构以及收益分配方式等方面对财务战略实施现状进行分析。再根据皇氏集团在财务战略矩阵中位置变化情况，对财务战略实施效果进行评价，找出皇氏集团在筹资战略、投资战略、收益分配战略方面存在的问题，最后提出优化建议。

通过研究，本文发现皇氏集团多元化转型过程中公司价值减损且资金短缺，采用的财务战略存在以下问题：筹资战略中主要依靠短期借款筹资，导致资产负债率高，偿债压力较大，且筹资成本较高；投资战略存在并购方式导致商誉虚高，投资方向决策失误以及忽略主业，投资收益较低；收益分配战略存在方式单一，未形成良好的激励政策。

    针对以上问题，本文提出以下优化建议：筹资战略方面一是增加股权、债券方式筹资比例，优化资本结构，二是引入战略投资者、利用商业信用筹资等方式，拓展筹资渠道，解决资金短缺问题；投资战略方面一是合理评估企业价值，防止产生高溢价商誉，二是谨慎选择转型方向，三是聚焦产品优势，继续保持核心竞争力，实现价值创造；收益分配战略方面不进行现金分红或者采用剩余股利政策，为企业投资活动提供资金支持，同时实行股权激励计划，留住人才。

    The melamine accident caused by Sanlu milk powder in 2008 had a big impact on the dairy industry. Foreign dairy companies have flooded into the Chinese market, large domestic dairy companies have seized high-quality milk sources, and competition in the dairy industry is fierce. The development of regional dairy enterprises is difficult, and they have to carry out diversification transformation and drive revenue growth through new businesses. Diversification transformation is inseparable from the support of financial strategy. Only by choosing an appropriate financial strategy can the success of enterprise transformation be ensured.

    This paper takes Royal Group as the research object. Based on the understanding of the internal and external driving factors of the diversification transformation and the transformation process, this paper analyzes the financial strategy of Royal Group from the aspects of financing scale, financing structure, investment scale, investment structure and income distribution method. According to the position change of Royal Group in the financial strategy matrix, evaluate the effect of financial strategy implementation, find out the problems existing in Royal Group's financing strategy, investment strategy and income distribution strategy, and finally put forward optimization suggestions. 

    Through research, this paper finds that during the transformation process of Royal Group, the company's value is reduced and there is a shortage of funds. The financial strategy adopted has the following problems: financing strategy mainly relied on short-term borrowing to finance, resulting in high asset-liability ratio, great debt repayment pressure, and high financing cost; The investment strategy has high goodwill due to merger and acquisition, high risk of impairment, neglect of main business investment and lack of investment project management, resulting in low investment returns; Income distribution strategy exists in a single way and has not formed a good incentive policy.

In response to the above problems, this paper puts forward the following optimization suggestions: in terms of financing strategy, firstly, increase the proportion of equity and bond financing, and optimize the capital structure; secondly, introduce strategic investors and use commercial credit financing to expand financing channels to solve the problem of capital shortage; In terms of investment strategy, the first is to reasonably evaluate the corporate value to prevent high premium goodwill, the second is to choose the direction of transformation carefully, and the third is to focus on product advantages, continue to maintain core competitiveness, and realize value creation; in terms of income distribution strategy, no cash dividends or residuals are used, providing financial support for corporate investment activities, and implement equity incentive plan to retain talents.