财务估值原理引领企业战略规划与盈利模式转型

Financial Valuation Principle Guiding Corporate Strategy and Transformation of Profit-Making Model

中文关键词:  财务估值  企业战略  价值链  盈利模式转型  并购溢价

英文关键词:financial valuation  corporate strategy  value chain  transformation of profit-making model  M&A premium

中文摘要:

      价值创造应该作为企业制定战略规划与经营方针的唯一目标,但是企业战略管理理论及现实中企业的不少主张和运作却与价值创造的目标在逻辑上发生了偏离。为实现企业价值创造,财务理论尤其是财务估值原理要深度嵌入企业的战略规划中,企业估值模型也应该前置到公司的战略规划制定中。基于价值创造逻辑,提出了企业应选择投资经营市盈率高于平均市盈率的行业或产品,否定了依靠多元化战略来分散风险的主张,指出适时采用合并重组、收购扩张应为当今企业发展的必由之路；强调应从估值模型中筛选出企业盈利模式的关键要素,培养企业核心竞争力,以轻资产模式配置财务资源；提出了企业战略转型的方向应从追逐会计利润最大化转到追逐自由现金流为正,从规模发展转到价值创造,从专注产业链转到专注价值链,从重资产经营模式转到轻资产经营模式,从传统的制造经营转到全流程数字化经营。

英文摘要:

      Value creation should be regarded as the sole goal of an enterprise' strategic planning and management policy, but the theory of enterprise strategic management and many enterprises' propositions & operations in reality deviate from the goal of value creation in logic. In order to achieve the enterprise value creation, financial theory, especially financial valuation principle, should be deeply embedded into the enterprise strategic planning, and enterprise valuation model should also be put in front of the formulation of enterprise strategic planning. Based on the logic of value creation, this paper proposes that enterprises should choose the industries or products with the P/E ratio higher than the average P/E ratio, and rejects the proposition of diversifying risks by relying on diversification strategy. It points out that merger, reorganization, acquisition and expansion should be the only way for enterprises to develop today. It emphasizes on the key elements of the enterprise profit model to be selected from the valuation model, foster the core competitiveness of the enterprise, and allocate the financial resources with the asset-light model. It argues that corporate strategy transformation should pursue the positive free cash flow instead of accounting profit, from scale development to value creation, from focus on industrial chain to focus on value chain, from asset-heavy business mode to asset-light business mode, from traditional manufacturing business to the whole process digital business. 