Financial Strategy Study Of Automotive Industry Listed Companies In China

With the development of strategic management theory and practice,thought of stratege has been introducted to the financial management already, and the financial strategic theory comes into being.More complicated and changeable economic environment brings pressure to the automobile industry which is the outstanding achievement of reform and opening-up and the pillar of economic development.Automotive industry listed companies are the core force of the auto industry and "elites", in the face of abundant opportunities and serious challenges, in accordance with the international standard of management companies, the financial activities of the long-term, overall, extraversion strategic planning is necessary.This paper first strategic financial theory made selective commentaries, including financial strategy of the status , financial strategies in the strategic importance of,the financial strategy of research methods, research direction, and there are problems, so that we have a financial strategy for the understanding, Follow-up to the empirical research to provide a solid theoretical groundwork; Then, through the establishment of the company's financial strategy evaluation system China's automotive industry listed companies empirical analysis. Mainly based on the data of China's 45 major automobile industry listed companies (including cars Automobile plate and the vehicle parts categories to the listed company) in 2003 and 2005, the financial data and market data. The methods used include ratio analysis, trend analysis, comparison analysis, descriptive statistics, analysis, variance analysis, correlation analysis, and so on. These statistical analysis methods, and use a large amount of data on China's automotive industry listed companies financing strategies, investment strategies, Dividend strategic status analysis and generalization to draw some conclusions exploration, These conclusions reflect our focus on the automobile industry listed company's financial problems. Finally, the analysis of the automotive industry trade status, the current auto industry is in the industrial life cycle stage of maturity, Through a lot of empirical studies, the Chinese automobile industry is to adapt to the development trend of the basic industries mature strategic routes, China's automobile industry in the new environment of international competition, will steadily develop rapidly.China's automotive industry listed company's financial strategy analysis of the status of the following conclusions : 1. Financing strategy : Focus more on the capital structure, overall upward trend, which did not exist differences between sub-sectors; debt structure is obvious tendency of short-term financing, high risk; Financing channels to be relaxed further. 2.Investment strategy : Invest in domestic stocks mainly foreign investments are measured long-term equity investment, mergers and acquisitions-based, credit supplemented investment. 3.Dividend distribution strategy : No dividend distribution of the company and the dividend distribution company 50:50; Dividend or by the impact of earnings per share; Dividend distribution rate higher dividend distribution in the form of more and is the main faction; Cash Dividend level of profitability with the company not related. These conclusions are listed China auto industry companies with financial problems reflect overall, Based on the auto industry listed company's financial strategy, China confirmed the car industry's long-term strategy for the sustainable and steady development of the feasibility of line, and made a few personal opinions and recommendations Automobile industry attempts to provide reference listed companies.