客户资产生命周期特征与企业财务策略

Features of Life Cycle of Clients' Assets and Financial Strategy of Companies

客户资产生命周期理论揭示了客户与企业从开始建立关系到关系终了的一般性的随时间变化的发展轨迹。笔者结合客户资产生命周期提出了客户资产财务管理概念,讨论了客户资产生命周期特征与企业财务管理的相关性问题。笔者认为,企业应当根据客户资产生命周期,建立基于客户资产生命周期协同的企业财务策略,并以此来促进企业资金的有效运转,这是企业产生持续竞争优势的现实选择。在财务安排上,企业应采取低度扩张,实现"适度负债、高收益、适度分配"的企业财务策略。

The theory of clients' life cycle shows the development process of relationship between clients and companies from the very beginning to the end.The paper discusses the features of life cycle of clients' assets and the issues concerning financial strategy of companies.It maintains that companies should establish corresponding financial strategy based on life cycle of clients' assets to promote the effective operation of the capital of the companies,which is the realistic choice of keeping sustainable competive advantage.With regard to financial arrangement,it proposes that companies should adopt the financial strategy of moderate debt,high return and moderate allocation.