| Semiconductor industry is the most upstream industry in the electronic industry chain.It produces and provides integrated circuit chips and various discrete devices.Its products can be applied to the end markets in various fields such as consumer electronics,automobile,industrial control,etc.,with strong strategic and market-oriented.However,since the beginning of the trade war,western countries have restricted the products and technologies needed by China,especially the middle and high-end chips.In the future,with the further application of artificial intelligence,blockchain,Internet of things and other technologies,China's semiconductor market share demand is expected to further increase,and there is a huge space for import substitution.The development of China's semiconductor industry is late,and its products and technology are behind the advanced international enterprises.If domestic semiconductor enterprises want to get out of the encirclement,they must make corresponding strategic adjustments.As an important part of the overall strategy of an enterprise,financial strategy,including financing,investment and distribution strategy,can provide development guarantee and effective allocation of resources,which is a necessary condition for the sustainable growth of an enterprise.Semiconductor enterprises are vulnerable to changes in the internal and external environment,including national policies,international trade,market volatility and technology research and development.Semiconductor enterprises in different life cycle stages face different opportunities and threats when facing these internal and external environment changes.Therefore,financial strategies should be formulated according to specific stages to provide support and guarantee for the implementation of the overall strategy of the enterprise.Based on the above,this paper selects SL Company as the case study object.In2018,the operating revenue of SL Company exceeded 3 billion yuan,61.81% higher than that of 1870 million yuan in 2014,and its growth rate and scale are in the forefront of the domestic semiconductor market.However,its net profit in the past five years has only increased by 3.72%,EVA value has been positive and negative alternating and fluctuated greatly,the company's operation is generally in a state of value impairment,and the trend of impairment is obvious.Therefore,this paper selects it as a case,studies the current situation and existing problems of its financial strategy from the perspective of enterprise life cycle,and puts forward corresponding optimization suggestions,hoping to help enterprises increase profits,maintain the value-added state,and improve the overall business development ability of enterprises.Based on the theory of financial strategy and the theory of enterprise life cycle,and based on the actual business status and financial data of the enterprise,this paper first combs the internal and external business environment SL Company is facing and the business development in the past five years.Secondly,using the sales revenue trend method and cash flow combination method to preliminarily determine the life cycle stage of SL Company,and using the financial strategy matrix for further research,it is comprehensively determined that SL Company is currently in the growth period,which is the growth period that enters again after the mature period.Thirdly,using the company's financial data and industry data,this paper analyzes the current situation of the implementation of the financial strategy from three aspects: financing strategy,investment strategy and distribution strategy,and puts forward the existing problems,in-depth exploration of the causes of the problems and possible adverse consequences.Finally,according to the specific stage of SL Company's life cycle,it puts forward the optimization suggestions of financial strategy,in order to make some contribution to improve the financial strategy of SL Company and semiconductor enterprises in the same industry. |
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