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伴随着移动互联网、物联网和人工智能等新技术的兴起，以及中国居民消费观念升级，家电行业竞争格局也发生了翻天覆地的变化，由传统的产品竞争转向商业模式创新。企业创新商业模式必然形成新的业务模式，新的业务模式又将对企业财务战略提出哪些要求，企业应该如何调整与重构自身财务战略，匹配新型商业模式提升企业财务绩效？
因此本文通过梳理现有文献，构建“商业模式-财务战略-财务绩效”逻辑链。同时利用案例分析法对白色家电行业中典型代表企业海尔智家进行研究。具体包括以下研究目的：第一，企业如何创新形成新的商业模式。第二，企业新型商业模式如何影响企业财务战略。第三，通过财务绩效表现对新型商业模式与财务战略的适配性核验，综合性地评价其运作成效。首先，本文通过归纳总结商业模式、财务战略以及财务绩效相关文献，建立了后续框架理论基础。其次，按照“业务决定财务，财务反作用于业务”理念构建商业模式与财务战略理论模型，通过企业财务绩效和价值变动表现对案例企业进行分析和评价。最后，经过具体案例结果分析，归纳有关经验，得出管理启示。
本文通过研究得出，第一，企业需要匹配商业模式与财务战略完成价值创造。财务战略是企业的一种职能战略，包括投资、融资和股利分配三个重要组成部分。制定投资战略须以商业模式内容作为核心，它决定了企业筹资战略，而作为决定未来商业模式发展的内在动力，股利分配不可或缺，因此财务战略与企业商业模式息息相关。第二，企业目标是为股东创造价值。对海尔智家“品牌+平台”轻资产商业模式下的财务战略评价，可以从财务绩效的盈利能力、资产质量、债务风险和经营增长四个维度进行。第三，海尔智家的财务战略与其“品牌+平台”轻资产商业模式相适配，有助于提升财务绩效。与此同时海尔智家享有稳定的资本结构，足以为其实现多元化扩张，扩大市场份额提供资金支撑。此外在白色家电行业市场销售额整体下降艰难底色下，海尔智家却稳步向上发展，这在很大程度上表明其采取的财务战略为企业的长期稳定发展提供了重要支撑。

With the rise of new technologies such as mobile Internet,Internet of Things and artificial intelligence,as well as the upgrading of Chinese residents' consumption concept,the competitive pattern of home appliance industry has also undergone earth-shaking changes,shifting from traditional product competition to business model innovation.Enterprise innovation business model will inevitably form a new business model,and the new business model will put forward what requirements on the financial strategy of the enterprise,how should the enterprise adjust and reconstruct its financial strategy,match the new business model to improve the financial performance of the enterprise?
Therefore,this paper constructs a logic chain of "business model-financial strategy-financial performance" by combing existing literature.At the same time, case analysis is used to study Haier Zhijia,a typical enterprise in the white household goods industry.Specifically,it includes the following research objectives: First,how enterprises form new business models through innovation. Second,how the new business model affects the financial strategy of enterprises. Third,through the financial performance of the new business model and financial strategy adaptation test,comprehensive evaluation of its operation effect.First of all,this paper establishes the theoretical basis of the follow-up framework by summarizing the literature related to business model,financial strategy and financial performance.Secondly,according to the idea of "business determines finance,and finance reacts on business",the theoretical model of business model and financial strategy is constructed,and the case enterprises are analyzed and evaluated through the performance of enterprise financial performance and value change.Finally,through the analysis of the results of specific cases,the relevant experience is summarized and the management enlightenment is obtained.
Through research,this paper concludes that,first,enterprises need to match business model and financial strategy to complete value creation.Financial strategy is a functional strategy of enterprises, including investment,financing and dividend distribution of three important components.The development of investment strategy must take the content of business model as the core,which determines the financing strategy of enterprises. As the internal driving force to determine the development of future business models,dividend distribution is indispensable,so the financial strategy is closely related to the business model of enterprises.Second,the goal is to create value for shareholders.The financial strategy of Haier Zhijia under the asset-light business model of "brand + platform" can be evaluated from four dimensions of financial performance: profitability,asset quality,debt risk and business growth.Third,Haier Zhijia's financial strategy is compatible with its "brand + platform" asset-light business model,which is conducive to improving financial performance.At the same time, Haier Zhijia enjoys a stable capital structure,which is enough to provide financial support for its diversification and expansion of market share.In addition,Haier Zhijia develops steadily in spite of the overall decline in the market sales of the white goods industry,which indicates to a large extent that the financial strategy adopted by Haier Zhijia provides important support for the long-term and stable development of the enterprise.