企业发展期和成熟期的战略影响因素与财务战略

Strategic Influencing Factors and Financial Strategies in the Developing and Maturing Period of an Enterprise

企业生命周期理论认为,企业将经历创立、发展、成熟、衰落四个不同发展阶段。而发展和成熟期即企业发展最快和最高阶段。发展期因外部宏观环境和内部产业结构调整的影响,面临较大经营风险与财务压力,建立实施对自身发展有利的投资战略、筹资战略、收益分配战略十分必要。成熟期企业因规模的扩大、组织层次的增多,会弱化市场应变能力和创新驱动。企业成熟期的发展主战略是变革与创新,财务战略一般应采用"低负债、高收益、中分配"的稳健型财务战略。

Corporate life cycle theory proposes that enterprises go through four different periods： creation, development, maturity and decline. The development and maturity periods are the fastest and highest development stages of an enterprise respectively. An enterprise usually faces greater operational risks and financial pressure due to the influence of external macro environment and internal adjustment of industrial structure in the developing period, so it is necessary to create strategies of investment, financing and revenue allocation that are favorable for its development. With the increase of business scale and organizational hierarchies, the market adaptability and the drive of innovation of an enterprise weaken in the period of maturity. This period demands main strategies of transformation and innovation with a moderate financial strategy in terms of low debt, high-yield, and medium allocation.