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From the perspective of the internal relationship of enterprise growth，It is not shareholders' rights that maintain the sustainable development of the enterprise，Instead of endogenous free cash flow。This is because of，Shareholders' rights and interests are confirmed according to rights and responsibilities，Confirmation of shareholders' rights and interests in accounting，But if there is actually no use cash flow，It is impossible to provide the financial resources needed for enterprise development。And，Simple emphasis on the growth of shareholders' rights and interests，Not in line with the original meaning of sustainable development。The cash required for growth can only be solved by endogenous cash。With the growth of the endogenous free cash flow，The development speed of the enterprise has also been accelerated。

 Business strategy and strategic cash flow:The source of the value of corporate creation

 During the business operation process，High growth rate does not necessarily create value。On the contrary，In the following two cases，It may just damage the value of the company。First, the speed of too fast growth will make the resources of the enterprise quite tense，When the growth rate exceeds free cash flow increases,，Enterprises may fall into growth; second, the return rate is less than zero，The greater the growth rate，The more severe the damage of corporate value。So，Enterprises should adhere bet365 best casino games to the business strategy of creating value growth。

The basic business strategy of the enterprise should be a project that can create value，The return on cash should be higher than the average cash cost of the enterprise。The cash in the business activities of the enterprise is from various channels、Use a variety of different ways、Paying different costs。We use the weighted average cash cost to indicate the cost of investing in cash in the business activities of the enterprise，Only when the company's investment in cash is higher than that of the average cash cost of the enterprise，The return rate difference is greater than zero，Only means that the company is creating value。

The principle of corporate investment in cash flow decision is to pay attention to the future cash flow of this project，Use the future driving value decision project determined by the future cash flow of the project。Strategic cash flow investment，Determined by the free cash flow that may be generated in the future of the project。Some foreign companies have designed future driving value modes (Future Inspiration Value, referred to as "fivMode ") to solve this problem。It is based on prediction of future cash flow，Business indicators based on capital costs are used as a reference，When deciding whether to withdraw from the existing business and enter the new business area， fivIt becomes an important basis for making business judgments。The advancement and retreat of the corporate industry layout and，It is a rational behavior based on this new industrial decision -making tool。fivAvoid the common problem of blind expansion of fixed Bet365 app download assets of traditional enterprises，Pay more attention to the use efficiency of cash，At the same time, emphasize the meaning of cash flow。

When the enterprise determines the direction of the strategic cash flow，New management concepts should be introduced，such as value network、New management concepts such as ability factor theory and corporate genome theory。

Value Network is composed of customers around the center.，Value network can capture the real needs of customers in time，Pass to other network partners in a digital manner; the path of information and real logistics is connected with the service needs of different customer bases and priority。Customer -supplier relationship is a coexistence、The value -added relationship of interaction。When the company conducts strategic investment，The value network mode with the customer as the core should be selected。Use customer information、Cultivation relationship、Keep customer satisfaction and other methods through the digital integration of service and support，Control customer contact point，Manage the supplier network at the same time，Make sure fast、Low -cost execution operation，Meet customer needs。

 Capable Elementary Theory and Corporate Genome Theory Considering，Enterprises in the New Economy era want to obtain sufficient cash flow and rich profits，Should focus on and cultivate the most valuable potential elements in the company，instead of spending energy in the business that you are not good at。Enterprises can convert the ability elements that have the ability to create valuable creation and generate Bet365 lotto review the ability to continue cash flow into independent business，Then sell the output of these ability elements to other companies，To make the advantages of these ability elements fully play。Enterprises can also establish an enterprise alliance or partnership，Further digging the value potential of these ability elements。

 Enterprises should pay attention to business in mature low -growth markets when choosing investment projects，This business market status is favorable，The profit margin is very high，It does not need to invest in itself，Instead, it can provide a lot of funds for enterprises，Used to support the development of other businesses。From the perspective of strategic cash flow management，Such businesses can generally create more free cash flow for enterprises，or Bet365 lotto review the ability to continue creating cash flow，instead of damaging the value of the company。

 Reasonable matching freedom and strategic cash flow:Resolve business risks

Business cash flow generated by business business activities，First of all, it is necessary to meet the funds required for the daily operation of the enterprise，If you buy raw materials、Payment employee salary、Pay taxes, etc.; Secondly, pay the cash required for maintenance and maintenance of existing machine equipment，Timely paying the existing debt and interest in the enterprise、The dividend of the existing shareholders。Corporate business cash flow If it is occupied in large quantities，and used for corporate investment in cash flow demand，It may affect the daily production and operation of the enterprise。In a specific environment，Enterprises may have some surplus operating cash bet365 best casino games flow，As a result, you can localize the temporary shortage of investment cash flow in a short time。How many surplus business cash flows are there in what companies are there、When can I use the need to solve emergency needs，It can be predicted by a balanced analysis of cash flow。Corporate growth requires a lot of cash flow，There may be a situation where investment projects and corporate daily business activities are struggling for cash flow。How to avoid this problem? the author thinks，Handling the demand for investment cash flow with the free cash flow match generated by the company's daily operations is the key。

Debt financing cash flow should be matched with future free cash flow。Using external cash resources should be the rational choice of most enterprises。external financing is nothing more than two ways，One is to raise equity funds from the capital market，The other is to raise debt funds from the debt fund market。When raising equity cash for cash demand for corporate growth，What needs to be followed is mainly the future free cash flow and future driving value of the project invested。Another very important aspect is，Pay attention to the operating cash demand of business after maintaining growth in the future growth process，Micks up between debt financing cash flow and corporate future free cash flow，Guaranteed to have enough free cash flow to cope with the due debts。

debt financing cash flow must match the future financing flexibility of the enterprise。Another factor used in the demand for corporate growth in cash flow is the flexibility of the future financing of the enterprise。Enterprise'bet365 best casino games s financing flexibility can be used to use channels that can be used for emergency financing in the future、Methods and total financing indicators to measure。The stronger the future financing flexibility of an enterprise，The more debt -based financing cash flow that can be used for growth can be larger。The cash used in investment is formed by liability financing，You need to consider，The length of the liabilities that are melted with the length of the cash period with the investment project can generate sufficient free cash flow to return the cycle of liability financing.。If the cash flow period of liabilities financing is shorter than the industrial cycle of the project that produces sufficient cash flow returns，It is likely that financing cash flow risks，This leads to the corresponding crisis in the enterprise。

In short，Continuous growth、Preventing risk、Creating value is a problem that must be faced in the process of pursuing value to maximize value。The goal of maximizing the value of enterprise depends on the continuous growth of the company's creation value; the source of continuous growth is the free cash flow and the exogenous cash flow of the endogenous of the enterprise; The problem is to match the matching of strategic cash flow and free cash flow，Prevent cash flow disconnection risk。From the perspective of financial strategy，Enterprises only deal with the balanced relationship between the three，can achieve sustainable growth and increase corporate value。

(Author Unit: Institute of Modern Enterprise, Tianjin Academy of Social Sciences)

    Please indicate the source:China Social Science Online