本文以资源基础观为理论基础,对特变电工和天威保变两家进入光伏行业的A股上市公司在实施多元化战略过程中的财务柔性管理进行分析后认为,企业在实施多元化战略时离不开企业财务柔性资源的支持,超出企业财务柔性资源保证的多元化投资容易引起战略失败;当新业务单元具备了自我财务柔性能力创造时,多元化战略才可获得真正意义上的成功。
Based on resources-based view, this paper analyzed the flexible financial management of two A-share listed companies -TBEA and Tianwei in implementing their diversified strategies and found that diversified strategy of the enterprise can not be separated from the support from the flexible financial resources. The diversified investment beyond the guarantee of the flexible corporate financial resources will easily lead to strategic failure. When a new business unit creates financial flexibility itself, the diversification strategy achieve success in its real meaning.
[1]曾爱民.财务柔性与公司投融资行为研究[M].北京:中国财政经济出版社,2011.
[2]赵华,张鼎祖.企业财务柔性的本原属性研究[J].会计研究,2010,(6):62-69.
[3]Graham,A.and Harvey,C.R..The Theory and Practice of Corporate Finance:Evidence from the Field[J].Journal of Financial Economics,2001,60(3):187-243.
[4]Byoun,S..Financial Flexibility and Capital Structure Decision[Z].Working Paper,Baylor University,2011:1-50.
[5]DeAngelo,H.and DeAngelo,L..Capital Structure,Payout Policy and Financial Flexibility [Z].Working Paper,University of Southern California,2007:1-25.
[6]Lewellen,W.A..Pure Financial Rational for Conglomerate Merger[J].Journal of Finance,1971,26(2):527-537.
[7]陈登彪,马忠.多元化经营与公司财务流动性研究——基于现金持有水平与现金持有价值的整体考察[J].证券市场导报,2015,(2):28-36.
[8]邓可斌,丁重.多元化战略与资本结构之间关系探析[J].管理学报,2010,(7):1075-1084.
[9]邓可斌,陈好衍.所有权性质、多元化经营与现金持有[J].经济经纬,2012,(4):95-99.
[10]刘琼,邓亚中.基于资源基础观的企业多元化理论现状与展望[J].云南财经大学学报,2015,(2):82-89.
[11]侯娟肖.2014谈天威保变到*ST天威[J].商,2014,(10):113.
[12]王东.天威保变新能源战略后财务危机的研究[J].商业经济,2015,(4):125-128.
[13]王满,时龙龙.财务柔性视角下云南白药财务资源管理策略[J].财务与会计(理财版),2012,(10):25-26.
