| At present,as global trade protectionism rises,China’s economy enters the new normal,the uncertainty of international trade increases,port industry has entered the murky time.And even worse,homogeneous competition has increased among the ports which are in the close region.Many port enterprises are in a meager profit or loss.For port enterprises,the only way to enhance the quality of earnings is transformation.When the enterprise transforms,it needs the support of financial strategy.Therefore,researching the financial strategy of the enterprise which is in the process of transformation can provide the experience for the port enterprises that want to transform.This paper makes an analysis on Beibu Gulf Port which is the first to transformate in the port industry.Firstly,through the analysis of the port industry and Beibu Gulf port,it is necessary for Beibu Gulf port to make the transformation.Secondly,it analyzes the investment strategy,financing strategy,working capital management strategy and profit distribution strategy of Beibu Gulf Port when the enterprise is in the transition stage.Finally,financial strategy matrix is used to evaluate the value creation ability and capital surplus of Beibu Gulf Port.In the end,some suggestions are put forward to improve Beibu Gulf port’s financial strategy.Through the research,the following conclusions are drawn:(1)The financing which takes internal source financing as the main,capital financing and long-term borrowing as the supplementary applies to the development of enterprises;(2)The horizontal investment of Beibu Gulf Port doesn’t reduce the overall risk of the industry;(3)In the transition period Beibu Gulf Port implemented the OPM strategy due to scale advantage;(4)The low dividend policy allows businesses to retain most of their surpluses for investment.Through the research of Beibu Gulf Port,this paper puts forward the following suggestions on the financial strategy of Beibu Gulf Port:(1)To increase other businesses to resist the overall risk of the industry;(2)To strengthen the management of working capital;(3)To consider the combination of stock dividend and cash dividend in case of capital shortage. |
