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Discussion on Enterprise Financial Core Competence

Author: HuangZhaoJin
Tutor: ZhangXuJun
School: Jiangxi University of Finance
Course: Accounting
Keywords: Core Competence Financial Core Competence Analytical Hierarchy Process(AHP) Strategic Planning
CLC: F275
Type: Master's thesis
Year: 2009
Downloads: 392
Quote: 2
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Abstract


In recent years,after studied and analyzed enterprise core competence,scholars put their attention to the research angle of enterprise core competence of each functional area gradually.Enterprise financial management,as an independent and comprehensive system,run through every kind of enterprise operation and management in the form of value and is the "core" of enterprise management.More and more companies are already known to the importance of financial management in enterprise development process,and the status of financial management in enterprise management is increasingly prominent.In a sense,enterprise financial strategy which is correct or not and financial ability which is strong or not determine the fate of each enterprise,and the trend is becoming more and more obvious.As a result,research on the core competence in financial field—financial core competence is not only the need of the development of the theory,but also the need of the reality.Enterprise core competence is the sustainable profit growth ability which is obtained from mutual support by enterprise financial activity ability,financial management ability and financial performance ability in the enterprise financial process. It is the embodiment of enterprise core competence,and the most important enterprise core competence.The sustainable profit growth ability reflects the enterprise financial goals,the enterprise financial capability and financial management content and embodies the basic requirement of the sustainable development of enterprise.Enterprise financial core competence has such characteristics as value,heterogeneity,knowledge, uniformity,dynamics and strategy-supportive.Enterprise financial core competence,a kind of systematical capability,is composed of various subsystem capabilities which can be summed up the influence factors of enterprise financial core competence.These factors mainly include financial resources,financial ability and financial strategy (financial environment).They can exert an important influence on enterprise financial core competence when they play a role collectively.The premise to cultivate and improve enterprise financial core competence is to have very deep understanding of its financial core competence.Enterprise can assess scientifically and understand comparatively the situation and development of financial core competence in different stages through analyzing and evaluating indicators of financial core competence.The evaluation of enterprise financial core competence includes three dimensions:enterprise financial activity ability,financial management ability and financial performance ability.In order to ensure that the evaluation result of enterprise financial core competence is scientific,accurate and practical,enterprise must follow principles of comprehensiveness,dominance,considering the industry, combination of dynamic state and static state,combination of qualitative and quantitative,maneuverability.According to these principles,the indicator system of enterprise financial core competence is divided into three layers:disaggregated indicators,evaluation indicators and analyzed indicators.In the evaluation of enterprise financial core competence,this article chooses Analytical Hierarchy Process(AHP) as the evaluation method.It is a systematical evaluation method which can effectively combine qualitative analysis with quantitative analysis,and it meets the requirement of combination of subjective judgments and objective data in the evaluation of enterprise financial core competence.A hierarchical structure model is needed to construct if AHP method is applied to evaluate financial core competence,which is decomposed into three layers:target level,criteria level and indicator level,and then weights of each element of each level relative to superior level are calculated in file,lastly weights of each indicator of indicator level relative to target level can be derived.Comprehensive score can be calculated through weights of each indicator of indicator level being multiplied by numerical value of each indicator,and then the intensity of financial core competence will be depended on the comprehensive scores.In order to illustrate AHP’s operation in the evaluation of financial core competence,this article chooses three listed companies in domestic automotive industry as evaluation objects,and then details AHP’s application in the way of analysis of cases.The purpose for analyzing the essence and characteristics of financial core competence and designing indicator system to evaluate financial core competence is in the final analysis to establish,form and strengthen enterprise financial core competence to maintain sustainable competitive advantage.The cultivation and improvement of financial core competence is discussed from two sides:strategic planning and specific measures.From the perspective of strategic planning,we must first work out a feasible strategic planning.Secondly,we must organize the division of labor.Finally,there is implementation of the strategy.From the point of view of specific measures,there are mainly three measures:improving enterprise basic financial ability,strengthening enterprise sustainable profit growth ability,improving financial management ability. The last part of this article is the conclusion.It proposes four conclusions based on summarizing the full text of the article,and points out weaknesses of research at the same time.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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