| The basic rule of the market competition is that the better is left and the worse is discarded. If business enterprise want to survive and develop, scientific daily management is not enough, and strategic and vision and thoughts of great foresight for the future are more important Emphasizing on the strategic management has already become the trend of current management field, and with this trend strategic financial management also has got an unprecedented attention from theoretical and practical fields of finance. But compared with the more mature and prosperous strategic management, the history of strategic financial management is not long, research achievements are also limited. In the related works of strategic financial management, most part of the works just study business enterprise's strategic problem from a certain aspect of finance, and the research mainly concentrated on funds-raising, investing, profit-distributing and M & A etc. "Emphasizing on finance, but ignoring strategy" is a widespread phenomenon of strategic financial management in financial field.The writer regards that the strategic thought is the main Line of financial management with the strategic principle brought into the attempt and innovation of financial management. Strategic financial management is not only strategic thoughts towards funds-raising,investing and profit-distributing of financial management, but also re-scan and refine the researching contents of financial management in strategic view, obtain the content of strategic financial management from the essence of strategy, abandon the fixed thinking mode of strategic financial management, adjust to the development of strategic management, and build a strategic financial management frame matching the strategic management regulation. Competing strategic view has widely approved and accepted by the field of strategic management and promoting the business enterprise's competing ability as a direction of stiategic management has already become a kind of enormous trend. Therefore, during the course of establishing strategic financial management system, research of strategic management according to the view of the business enterprise competing ability must be the realistic choice to adjust to the current.In this dissertation, the writer follows the thinking mode of putting forward a problem ,analyzing it and solving it, and carry on the study step to step from theory to practice. In the theory research of strategic financial management, the problem that the dissertation tries to resolve is that which position the strategic management of business enterprise is placed? What are main theories to support strategic financial management? Why the core ability is the main parameter that decides the business enterprise's competition ability? How to make sure the competition position of the business enterprise? How to make comprehensive valuation of competition ability and strategic financial management an integral system? Why does regard strategic cost management as the factor of strategic financial management, and how to make use of strategic cost management to create business enterprise competitive advantage?In the practical research of strategic financial management, the problem to be resolved is how to choose business enterprise's competing strategy in the business enterprise's strategic financial management? How to adjust business enterprise's behavior to deal with the vigorous market environment? How to create continuous competing advantage at the different stage of the business enterprise life cycle? How to build up financial strategy consistent with the organization? How to coordinate the guidance of financial strategy and the fall-behind of organization? How to build up the valid financial strategic resources distributing mode and perfect financial strategy controlling system? How to make use of controlling lever to carry on valid control on implement of the strategic financial management? How to achieve valid organization of resources through budget control? How to calculate and valuation the result of strategic financial management? How to valuation the business enterprise's competing ability? How to make use of VBM to calculate and valuation the worth of the business enterprise strategy's value? How to make use of SBC to carry on a synthetic evaluation on the business enterprise financial strategy?Strategic financial management is application study of theories and practice. In this dissertation, the writer adopts systemic research method ,norm study combined with the substantial evidence research method, model-calculating combined with misty judgment method, history combined with logic method, take promoting the business enterprise's competing ability as core, and regard strategic cost management as connecting point of strategic financial management and business enterprise's competing advantage. And then elaborate and analyze the choice,control and valuation of strategic financial management systemically according to the above, study and discuss strategic financial management in the view of business enterprise's competing ability across academics. All above not only show the "strategic" common character of strategic financial management, but also the "financial" special character.According to the above, this dissertation is divided into eight chapter, each of the contents is as follows:Chapter 1 is an introduction. All of the researches are based on other people's result. The writer regard that other people's study result can provide important resources and thoughts to us, and more important, according to analysis on other people's study result, we can find out the imperfect part and point out a direction for the further science. According to the analysis on the present research condition of domestic and international strategic financial management, the dissertation points out relevant researches of strategic financial management before Allen David (1991), are just not obviously in article about strategic management, and need and function related with finance put forward by scholar in strategic management in the view of strategic academics. Allen David (1991) as a accountancy's scholar, carried on the pioneer of the research of strategic financial management as an independence academics, though the point of its research concentrates on the differentiation of the function of the accountancy and the finance in the strategy, and how to carry out the change from accountancy to strategic financial management, but he had already jump from restriction accountancy and finance, and emphasize on the contact of finance and market, relationship of finance and business enterprise's strategy ect In the subsequent research of strategic financial management, the vision opens widely continuously, but most part of the researches concentrate on environment,function of financial management,business enterprise's valuation system and creation of value to argue the related problems of strategic financial management systemically. In this dissertation, the writer takes the business enterprise's competing ability as a core, carry on the research of strategic financial management in a special view, and not only shows up the direction of strategic financial management, also opens a new window for the research of this realm.Chapter 2 is the orientation of strategic financial management To build up scientific and reasonable frame of strategic financial management, we firstly need to orientate strategic financial management, find the position in strategic financial management system and the relationship between business enterprise's strategy and other functional strategies, then explore the theories base of strategic financial management The research of the basic problem of strategic financial management is not only the premise and foundation with which strategic financial management can exist and develop, and the research of basic problem contributes to hold the essence and content of strategic financial management, clear the thought of strategic financial management and provide internal logic relationship to build up strategic financial management system based on competing ability. According to the analysis of content and characteristics of strategy,strategic management and strategic financial management, this dissertation points out, due to the special character of financial strategy itself, financial strategy has a very special important position in he business enterprise's strategic management system, and permeates in all strategies of the business enterprise. Financial strategy isn't a simple functional strategy, but the foundation of business enterprise's strategic management, is a comprehensive hypostasis strategy of business enterprise's strategic management system. Among the theories of strategic financial management, core-ability theory provide the special source for the creation of business enterprise's competitive advantage; the competitive advantage theories develop the new vision of strategic research, and provide some very practical analytical techniques and tools for the establishment of financial strategy; strategic management theories and financial management theories provide the frame and range of research for strategic financial management.Chapter 3 is the research of relationship between competing ability and strategic financial management. Competition and strategy always influence each other. The strategic financial management itself is combination of financial management and competitive principle. In the practice of strategic financial management, the choice of business enterprise's strategy usually focuses on promoting business enterprise's core-competition and creating continuous competitive advantage. Any business enterprise owns certain economic resources and financial resources, but how to govern and control these resources, how to convert these resources into core ability of business enterprise, and how to change into these core-abilities to the competitive advantage of business enterprise, all the questions above are each business enterprise's real concern and consideration. It needs not only promotion of the usage efficiency and result of economic enterprise's resources business, more importantly needs scientific financial strategy to create, breed, maintain, innovate and develop. This dissertation contacts strategic financial management together with business enterprise's competitive ability puts forward that promoting competitive ability is the core of business enterprise's scientific financial strategy. In this research, firstly, set out with the process of identification of core-ability,breeding and change, and understand the internal relationship between core ability ,core competitive ability and continuous competitive advantage; then, carry on the PEST( politics, economy, society, technique) analysis towards the macroscopic factors that influences the business enterprise's competitive ability, adopt Poter's "five strength" analysis towards vocational factors, and carry on BCG analysis towards business enterprise's internal factors to definite the scientific position of business enterprise's competitive ability and provide scientific decision base for drawing up scientific financial management; at last, according to the SWOT analysis and the VRIO analysis, the integral whole of business enterprise's competitive ability and strategic financial management decision can be achieved. Chapter 4 is the research about relationship of strategic cost and strategic financial management. The competition of the business enterprise Is competition of cost in the end. Obtaining from benefit and competitive advantage strategic cost management has become an important tool that the business enterprise wins in the market with vigorous competition. Faced to an increasingly vigorous market competition and nasty changing management environment; the traditional cost management is hard to satisfy the demand of modern business enterprise competition, strategic cost management is raised to an increasingly important position gradually. This dissertation puts forward that strategic cost management has already become a evitable topic in strategic financial management, strategic cost management is not only the connecting point of competitive ability and strategic financial management, also the point and an important constitutional part of business enterprise's strategic financial management. In the research that strategic cost management is regarded as the internal relationship of business enterprise competitive ability and strategic financial management, according to the economic analysis on strategic cost,business enterprise competitive ability, strategic financial management, the writer puts forward that strategic cost management is an important parameter of strategic financial management firstly; then, make use of the strategic cost management analysis tool to build up the connection between cost and competitive advantage and strategic financial management, namely strategic cost motive is driving factor of strategic cost management,the value chain is the important source that business enterprise obtain competitive advantage,the product life cycle cost management is the powerful weapon to improve competitive cost continuouslyjob processing control is bridge to business enterprise's competition and strategic financial management. Theses advanced analyzing tools enrich the means of financial management and strengthen the scientific meaning of strategic financial management.Chapter 5 is the choice of financial strategy. The choice of financial strategy is the first step of the implement of strategic financial management. It decides the trend and mode of distributing of business enterprise financial resources, influence the behavior and efficiency of the business enterprise financial activity, and have profound influence to the formation and development of competitive ability of business enterprise. This dissertation carries on research and study about business enterprise's decision and choice of strategic financial management in distinguished views. In the view of business enterprise's competitive ability, business enterprise could carry on decision and the choice of cost-leading strategy, differentiated strategy and concentrating strategy. Cost-leading strategy is one of basic targets of business enterprise's strategic financial management, and also one of the most valid strategies acquiring continuously competitive advantage. When the price of the cost-leading business enterprise is lower or equal to other ones, the cost advantage will convert into more profit, and bring competitive advantage to the business enterprise. When the price of the cost-leading business enterprise is lower or equal to other ones, the cost advantage will convert into more profit, and bring competitive advantage to the business enterprise. But when price-competition couldn't enlarge sales, differentiated strategy could used to outstand the superiority of the product, strengthen the brand loyalty of the customer and lower the price sensitivity. And target-concentrating strategy is to put the strategic point of business enterprise in a particular target market, then to avoid the embarrassment of overall competition in product market due to limited scale and resources. In the view of business enterprise's operating behavior in competitive market, business enterprise can adopt the decision method of "strategic clock", namely according to the marketing competitive circumstance, make decision and choice of different operating behaviors between low and additional value strategy,low price strategy,differentiated strategy,mixed strategy and concentrating strategy, and then colligate these common competitive strategies to reflect the concrete path of business enterprise's strategic financial choice completely. In the view of different development stage of business enterprise's life cycle, we can adopt financial strategy focusing on investing in growing period, financial strategy focusing on dividend-distributing in mature period and financial strategy focusing on investing cash flow in decaying period. In the view of business enterprise's fund demand, business enterprise can adopt extending financial strategy,steady developing financial strategy and defending financial strategy. Adopting any strategy, we must consider the key factors of the overall situation which influence business enterprise's existence and development completely, consider the developing direction and increasing way of business enterprise, and adjust business enterprise's strategic financial management in time to keep continuous competitive advantage of business enterprise dynamically.Chapter 6 is the control of financial strategy. The decision and choice of strategic financial management could convert into action only through implement During this course, the internal and external environments probably vary, we need to discover problems through financial control in time and adjust with proper measures to assure the realization of business enterprise's financial strategic targets. Otherwise, once business enterprise's activity deviate a decided target, the decision and choice of financial strategy will lose its meaning. During the research of strategic financial management, this dissertation analyze different combination of financial strategy's implementing effects through the preparation of financial strategy's implement, and make clear of the necessity of building up organization structure according to strategic financial management, then put forward measures to adjust the guidance of financial strategy and the fall-behind of organization; through re-creation of business process, make relevant reformation and adjustments on business enterprise organization according to varieties of external environment in different stage of business enterprise to assure the realization of business enterprise's target In the process of strategy-implement, business enterprise always hope that all the resources could distributed to the section or the management unit which can support the achievement of business enterprise's financial strategy mostly. Therefore building up valid resources allotment mode is important to assure the implement of financial strategy. While implement financial strategy, we can use the effect of controlling lever to build up a mutual controlling system of strategic financial management with diagnosing lever as a core and boundary lever as supplement In the meantime, exert the function of budget control in the implement of strategic financial management, make tight and loose budget control based on different budget behaviors, and build up and perfect budget control mode according to business enterprise's different developing periods.Chapter 7 is the evaluation on performance of financial strategy. Calculation and evaluation are important step in strategic financial management. It is the last work of strategic financial management practice, also the beginning of the next strategic financial management work, and it provide information support for decision of strategic fmancial management through information feedback. Through the calculation of financial management, compare and analyze the differences between actual implement of financial strategy and strategic target, then adopt valid measures in time and strengthen control in implement of financial control to assure the realization of strategic financial management target. Because the performance of business enterprise's strategic financial management is directly reflected as the promotion of business enterprise's competitive ability, the dissertation calculate and evaluate business enterprise's competitive ability in quantity through designing and setting up index-evaluating system of business enterprise's competitive ability, and make use of factorization model to carry on substantial evidence analysis on 32 sample business enterprises of the listed companies. In the increasingly vigorous market environment, business enterprise which wants to keep a competitive ability still need calculate its whole strategic performance. This dissertation regards cash flow mode as the base to set up valuate management system, and puts forward take free cash flow as the core in the calculating and evaluating method of business enterprise strategic valuate through analysis on choosing standard of strategic valuate calculation, then help manager understand the creating process of business enterprise's value, concentrate the attention on the creation of identifying business enterprise's value-activity and optimize the process of value-creation, and create value and acquire stronger competitive advantage than the rival with economic and valid way. As managers and benefit-relaters of business enterprise need to understand whether the financial strategy could create value or not, a tool is acquired to calculate and analyze comprehensive strategic performance and build up a terrace for comprehensive evaluation of financial strategic performance .The obvious characteristics of balance-calculation card is that it connect the prospect, assignment and developing strategy with the evaluating system of business enterprise's performance. It takes strategy as the core, exert the whole idea on evaluation of business enterprise's performance, and express how diverse and mutually connecting targets constitute a organic whole one to evaluate business enterprise's performance. Balance-calculation card is based on strategic thoughts in competition of business enterprise, and convert these strategic prospects and targets into concrete index and activity, then inform each unit and step of business enterprise through customers, internal process, learning and growing and finance. Balance-calculation card tries to use strategy to guide performance-valuating of business enterprise, and promotes competitive ability of business enterprise. This is the advantage that other performance evaluating method does not have, and this is the true meaning of balance-calculation card.Chapter 8 is the further prospect of strategic financial management With the variety of modern business enterprise management and extensive exertion of strategic management, financial management has promoted to a strategic height in business enterprise management, and strategic thoughts have been exerted more concrete and valid in practice of financial management. As prospect the future of strategic financial management, the writer puts forward strategic financial management is the demand to create and keep continuous competitive advantage of business enterprise; the demand of vigorous market competition; the demand of economic globalization; and the demand to promote efficiency of business enterprise management To promote the development and perfection of strategic financial management, the writer puts forward some suggestions as follow: handle the relationship in research and study of financial strategy between single character of financial strategy and common character of strategy; relationship between financial strategy and other functional strategy; relationship between financial strategy and financial circumstance; relationship between financial strategy and distribution of financial resources; relationship between financial strategy and business enterprise management Strategic financial management is a new realm which is across academics and comprehensive, whether theory or practice is still keeping on investigating. Researching results about financial management only in strategic view are scarce, so in the course of searching materials I haven't obtain specialized research materials in the view of competitive ability. In this dissertation, the writer tries to research the problem in the vision of competitive ability, and attempt to build up a frame of strategic financial management with the core of business enterprise's competitive ability. But, due to my limited experience, there may be some defects and mistakes in the course of setting up the content of researching frame. I expect every expert's criticism and correction, and I hope this research full of creation and practical use could be more thorough and perfect with the guidance from experts and scholars.
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