Strategic management plays an increasingly important role in group management. Financial management strategy is an important supporting strategy of group strategy. Based on the analysis of the relationship between enterprise group and financial management, financial strategy and overall strategy, and combined with practical experience, this paper systematically puts forward the construction method of financial management strategic planning of enterprise group-"three-step and six-point method".
Keywords: financial management; Enterprise group; Strategy: "three-step six-point method"
With the gradual improvement of China's market economic system and the development of China's economy, the seller's market formed by the original planned economic system is gone forever, and the competition among enterprises has risen from low-level local product competition, quality competition and price competition to brand competition and corporate image competition, and the competition has gradually escalated. Now the competition between enterprises has been upgraded to the overall long-term strategic competition. In particular, some well-known brand enterprises and large enterprise groups have put their strategies in an important position for the survival and development of enterprises. For example, Guangdong Kelon Company hired Roland at a high salary. Dr. Song Xinyu, the director of China of Berg International Management Consulting Company, became the strategic director, which caused quite a stir in the business community. Under this market background, enterprise strategy has become a hot issue in enterprise management. At present, the discussion mainly focuses on the group's business strategy, while the discussion on various supporting strategies (such as financial management strategic planning) is not enough to meet the requirements of the group's comprehensive strategic consulting and strategic management workers. By summing up the practical experience of strategic consulting, we summarized a new construction method of financial management strategic planning in group strategy-"three-step and six-point method", hoping to provide some useful reference for practical workers.
1 Orientation of the relationship between enterprise groups and group financial management
Enterprise group is a large-scale, multi-form and multi-level organization form of enterprise legal person consortium, which takes one or several large-scale enterprises or large companies as the core and establishes independent legal person units with production, technology and economic ties through asset connection and contract. Judging whether an enterprise group belongs to an enterprise group in the essential sense mainly depends not on whether it is a consortium composed of multiple legal persons in form, but on whether the consortium can follow the purpose of group formation: to realize the integration effect of resources and the synergy effect of management, and to establish the market competitive advantage of the group as a whole. In order to achieve the above objectives, the parent company, as the management headquarters, must be able to give full play to its leading function, and establish codes of conduct and guidelines for the coordinated and orderly operation of the group as a whole and its member enterprises by formulating the group's articles of association, development strategy, management policy and management system. Group financial management is one of the most important functions to realize the above functions. Together with other important functions such as group culture construction, human resource management, technological innovation and strategic management, it constitutes the main means of group management control and is the central function of group headquarters control. As one of the important functions of the group, the financial management of the group is different from that of the general company, and its characteristics are mainly determined by its governance structure, that is, the multi-level corporate system of the enterprise group. Mainly manifested in: 1) On the subject of financial management, corresponding to the corporate governance structure of enterprise groups, it presents the characteristics of a multi-level (subsidiary and grandson) composite structure under a single center (group head office); 2) In terms of financial management objectives, the enterprise group presents the strategic integration of individual financial objectives of member enterprises and the overall financial objectives of the group, and the guidance of member enterprises' objectives to the overall financial objectives of the enterprise group; 3) As far as financial management objects are concerned, enterprise groups are characterized by the integrated and compound structure of the respective capital movement systems of multi-level financial management entities (legal persons at all levels); 4) In terms of financial management, enterprise groups are highly integrated in budget and highly consistent in financial strategy, financial policy and financial management system. The relationship between group financial management and group management is one of the foundations of financial management strategic planning, and the characteristics of group financial management are one of the theoretical foundations of financial management strategic planning.
2 the relationship between enterprise group strategy and financial management strategy
Positioning enterprise strategy is the overall expression of the past and future management of enterprises in the ever-changing competitive environment. The development strategy of enterprise groups is the guiding ideology for the headquarters to implement the overall activities of enterprise groups, and it is also a scientific prediction and reasonable planning for the group in the next few years. Enterprise groups are different from ordinary corporate enterprises, which is determined by the corporate governance structure of enterprise groups, which determines that there are many differences between the development strategy of enterprise groups and the strategy of a single corporate, mainly in content, which includes more and more contents, including not only the development strategy of the parent company, but also the strategic positioning and choice of each member enterprise, so the significance of group strategy is particularly important. From the operational practice (generally referring to the process of strategy formulation), the group strategy can be divided into business strategy and supporting strategy, which can also be called execution strategy. Execution strategy belongs to business strategy and plays an auxiliary role in business strategy.
Group financial management strategic planning fully supports the group's business strategy from the perspective of financial management, which is one of the important components of the group's strategy. Financial strategy is an overall plan to raise necessary funds to adapt to the overall competitive strategy of enterprise groups and to effectively manage and use these funds within the organization. The planning of financial management is a series of normative constructions such as organization design and system design for the needs of enterprise group management control. Together, they constitute the strategic planning of group financial management. The most basic factor for the success or failure of an enterprise group lies in whether it can establish two lifelines of interaction and integration: an industrial development line with competitive advantages and an efficient management control line. When we formulate the group strategy, we will generally focus on building the industrial development line of the enterprise, which belongs to the group's business strategy. Business strategy is an overall decision-making strategy, which focuses on determining its own business orientation from the analysis of competitors. To ensure the smooth implementation of the business strategy, it is inseparable from the coordinated implementation of various supporting strategies, that is, to construct the supporting strategy of the group from the perspective of resource allocation and management control, and fully ensure the implementation of the business strategy. The basic function of financial management strategic planning is to fully support the business strategy from the financial point of view. Together with scientific and technological innovation strategy and human resources strategy, it constitutes the supporting system of the group's business strategy, which plays a guiding role in the planning of various supporting strategies. From the group's strategic planning structure chart (Figure 1), we can clearly see the relationship between the group's business strategy and supporting strategy:
1) The guiding role of the Group's business strategy in various implementation strategies; 2) The supporting role of each implementation strategy to the business strategy. Business strategy and implementation strategy together constitute the strategic planning of the group. The relationship between group financial management strategy and group strategy is the second basis of financial management strategic planning, and the positioning of group financial management strategic planning is the second theoretical basis of group management strategic planning.
3 enterprise group financial management strategic planning method-"three-step six-point method"
Generally speaking, the subject of financial management involves three levels: the decision-making level of the group headquarters, the financial management department of the group company and the financial management department of the member enterprises. The financial management strategy of an enterprise group should be the overall strategic planning, policy orientation, system standardization and decision-making supervision of the financial activities of the enterprise group by the highest decision-making level of the group headquarters (parent company or group company), which does not directly involve all kinds of daily, trivial and technical financial management matters, or even the specific construction of the financial department. It is two different concepts from the daily financial management of group member enterprises, and it is two different operations from the daily financial management of the financial department of group companies. The financial management strategy of the group company can also be put forward by the financial department of the group company, and the decision is made by the top decision maker of the group company, but the implementation subjects of the two are different, so they are also two different levels.
At the same time, it is also worth pointing out that the strategic planning of group financial management is very different from the general financial management consulting. Financial management consulting is usually guided by enterprise group strategy and financial strategy, and carries out strict diagnosis and analysis on the financial management of enterprises, focusing on the second and third levels of enterprise groups. However, our financial strategic planning is usually carried out at the same time as the strategic planning of enterprises, which plays an auxiliary role in the strategy. The content focused on the first level will usually become the planning document for the development of enterprise groups and financial departments. The analysis focuses on the analysis of external environment and the overall operation of the group (of course, financial management itself also needs diagnostic analysis), and its content focuses on the selection of financial management mode, the construction of financial management system, the positioning of financial management strategy and so on. , not a department. In this way, a set of construction methods of strategic planning of financial management of enterprise groups, namely "three-step and six-point method", has been popularized and applied in practical work (mainly for strategic management consulting of enterprise groups or group companies) and achieved satisfactory results. "Three steps" refers to the three steps of financial management strategic planning, that is, from analysis to design to implementation; "Six points" refers to its six components. Can be represented by figure 2.
"Three-step and Six-point Method" is a strategic planning method created by us in the process of consulting group strategic management, aiming at the characteristics of group financial management and the relationship between financial management strategy and group strategy. It is not only of great help to the workers engaged in the consulting industry, but also suitable for the strategic management of the internal development of the group, and it is a relatively systematic and practical strategic planning method for the financial management of the group. In the "three steps" of the "three-step six-point method", each step contains many methods. When conducting environmental analysis, it is usually necessary to
It is often necessary to fully investigate the external environment in order to fully grasp the factors affecting the financial management of the group and the trend of financial management, and to fully diagnose and analyze the internal environment in order to fully understand the current situation of the group. When carrying out the steps in the design stage, it is also inseparable from sufficient research work. It is worth noting that although the group strategy is based on the function of the first level of the group, in order to realize a bottom-up process and ensure the realizability and scientificity of the strategy, it is necessary to conduct appropriate research on the second and third levels. Design is the key to the "three steps" and the key point of the strategic planning of group financial management. When planning the implementation plan, we should also fully consider the internal and external conditions, put forward suggestions or plans for all aspects of strategy implementation, and never set too high goals without considering the actual situation of the group. "Six points" refers to the six components of the strategic planning of the group's financial management, each of which includes a series of contents. Practitioners should focus on the analysis of the contents as needed, and then construct financial planning, financial strategy and financial implementation plan that meet the needs of the strategic development of the group, fully embodying the proper position of financial management in the strategic management of the group.