Private Listed Companies' Financial Strategy Research

With the development of strategic management theory and practice, thought of strategy has been introduced to the financial management already, and the financial strategic theory comes into being. More complicated and changeable economic environment brings pressure to the private enterprise which is the outstanding achievement of reform and opening-up and the pillar of economic development. The private listed companies are the core force of the private enterprise. In the face of many opportunities and severe challenge, they have to manage enterprises according to international level and make long-term, holistic, extroverted financial strategy.Firstly, the paper selectively introduces the theory of financial strategy. Then through carrying on a statistical analysis to financial datum of 118 private listed companies, it has separately summarized the current situations of the financing strategy, the investment strategy and the dividend strategy, and drawn some exploratory conclusions. Finally, it analyses the present environment of financial strategy that the companies face. At the foundation of theory in financial strategy orient, it makes adjustment to their financial strategy and gives a model to combine the financial strategy.The current situation of the private listed companies as follows. (1) Financing strategy: The capital structure has no difference between trades; the structure in debt is obviously prone to floating debt financing; the financing channel is narrow. (2) Investment strategy: Investment in fixed assets makes negative correlation with stock in trade investment; the account receivable investment is insufficient; the rate of internal investment to external investment is unlimited with the trade and listing way; the investment way is single; the structure of the assets is unreasonable. (3) Dividend strategy: The undistributed company takes the majority; the dividend distribution is obviously affected by earning per share (EPS); cash bonus is mainly dividend distribution form; the quantity of dividend has positive correlation with the company's profit ability. These conclusions focus on problems. Considering the financial strategy environment, the paper puts forward personal suggestions and attempts to offer reference for the private listed companies.