| In 2016,Alibaba’s founder Jack Ma first proposed the concept of "new retail".In the same year,the State Council issued the opinions on promoting the innovation and transformation of physical retail,which believed that the retail industry should focus on business model innovation and comprehensively promote the online and offline integrated development.Over the past few years,the concept of "new retail" has gradually evolved from an online and offline integrated ecosystem covering distribution,supply chain,finance,logistics,value-added services,etc.,and the retail industry is undergoing a profound change.Because enterprises need to carry out the new retail transformation,which belongs to the enterprise strategy at the macro level,and its implementation needs the functional strategy in specific fields to play a supporting role in order to promote the transformation of enterprises.The financial strategy has played an important role in the transformation.The financial strategy is responsible for the long-term,strategic and overall rational planning of the fund raising,utilization and distribution,the rational allocation of the enterprise’s financial resources,the effective improvement of the enterprise’s profitability and capital operation efficiency,and the realization of the grand goal of the new retail transformation.The adjustment of financial strategy to help the new retail transformation can be measured by the financial strategy matrix.The improvement of the measurement results can show that the financial strategy has indeed helped the new retail transformation,improved the enterprise value and played a good role.This paper takes Aisidi as a case study.Firstly,it constructs the theoretical basis and related concepts needed for this analysis.Secondly,it elaborates the overview of Aisidi’s new retail layout in recent years,and focuses on the aspects in which the financial strategy needs to change in order to achieve the new retail transformation,so as to effectively play a supporting role.Finally,the financial strategy matrix is used to evaluate the effect of the implementation of financial strategy on the transformation of new retail and put forward optimization suggestions.In order to facilitate the transformation of new retail,the company actively issued corporate bonds,explored equity financing and ultra short-term financing bonds,and expanded financing channels to meet the company’s expansion needs;In terms of investment strategy,deepen equity investment,help build a new retail industry chain,strengthen domestic investment,and stabilize the construction of new retail infrastructure;In terms of income distribution strategy,we should achieve stable and high dividend distribution and innovate the business partner system.The results of this paper show that in order to help the new retail transformation,the adjusted financial strategy of the company has significantly improved the overall operation of the company,and the overall value is in a value-added state.Specifically,the adjustment of financing strategy has changed the debt structure relying solely on short-term borrowings to a certain extent,controlled the risk of short-term debt repayment,and the financing of equity funds has optimized the capital structure,improved the overall sustainable growth rate of the enterprise,and controlled the cost of capital;The adjustment of investment strategy has affected the short-term and long-term investment of Aisidi.The investment direction is to lay out new retail business,appropriately diversify investment,effectively improve the cash flow acquisition ability of Aisidi,and help the transformation of new retail under the premise of controlling business risks;The income distribution strategy regulates the after tax profit and affects the income retention rate.The high dividend distribution scheme transmits the good transformation signal of the company.The business partner system enhances the internal cohesion and improves the enthusiasm of employees.At the same time,there is also room for optimization in the financial strategy of Aisidi to further fill the funding gap of the new retail transformation.For example,Aisidi should optimize the financing channels and control the scale of current liabilities;Overcome strategic shortsightedness and attach importance to enterprise R&D;Optimize the employee compensation system and income distribution.Finally,this paper draws some research inspirations,namely,the company’s strategy should be planned early and change in the adverse trend,the choice of financial strategy should match the new retail transformation,the financing strategy should balance the short-term and long-term solvency,the investment strategy should pay attention to the operating efficiency and cost control,the income distribution strategy should weigh the return of investors and profit retention,It is hoped that it can provide a feasible reference on how to play the role of financial strategy for peer enterprises that are transforming or are about to transform into new retail. |
