To Create Value-based Corporate Finance Strategic Management Research

In recent years, with the tremendous change of the enterprises' operating environment and the fast progress of the modern science and technology, strategic management has become flourishing as a management flat environment roof. So it's an inevitable trend to view the financial management from the strategic management aspect and formulate the theory of financial strategy. Sustainable value creation is the most important element for enterprise value maximization. In order to achieve the goal, the enterprise should aim at value creation and implement the financial strategy management. Based on above considerations, the achievement of the value maximization lies in comprehensively applying the corresponding theories of value, strategic management, financial management, budget management and performance management to open up the view of the financial strategic management, which forms the main purpose of this dissertation.The dissertation first illustrates the relationship between value creation and financial strategy, and then analyzes the process of financial strategic management. Three stages are mainly discussed: decision-making, implementation and evaluation. As the decision-making stage determines the financial strategy and also lays the foundation of the latter two factors, this dissertation focuses on the decision-making element. The value driving factor is analyzed, followed by the influence of the inner and outer environment on the decision-making by the strategic management instrument. Moreover, uncertainty and strategic competition become an important factor to be reckoned with on financial strategy decision. The theory of option-game which is the fusion of option theory and the game theory is applied in the uncertain and competitive environment from a new perspective. In the second stage, the financial budget based on value creation is exerted in the finance strategy implementation. At last, the comprehensive utilization of EVA, MVA and the balanced scorecard forms the finance strategy evaluation system based on value creation. The research finally sums up to the financial strategic management goal: the realization of value creation, the maintenance...