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Corporate structure and strategy: the case of Nike(lecture prepared by Deron Ferguson, Department of Geography; see sources in notes at end) Why are contemporary corporations forced to restructure, and how are they doing it?How is the structure of a corporation related to its long-term competitive strategy?What are the geographic implications of this relationship with regard to multinational corporations and transnational production?In today's lecture, we will address these questions by looking at the case of Nike. (references for this material)SETTING THE CONTEXT:Post-Fordism, Flexibility, and the athletic footwear industryBefore looking at the relationship between Nike's corporate structure and competitive strategy, it will help to review the changing business environment faced by large and small firms alike. The changing business environment faced by firms in advanced capitalist economies and societies is grounded in the transition from Fordism to post-Fordism. The chart below reviews the basic characteristics of this transition.The general trend over the past two decades has been a movement from a "standardized" to a "flexible" economy (Stutz & deSouza, pp. 358-361). Many exceptions can be found to this conception of how economies are changing (e.g., the recent acquisition of McDonnell Douglas by Boeing), but elements of it can be found virtually everywhere, depending on the type of industry involved.In this example, we will look at the athletic footwear industry. In particular, we can focus on the athletic footwear market as an example of the formation of new, highly volatile, competitive markets. Changes in the footwear industry can be summarized as:∙footwear production has grown rapidly //Overhead Fig 2∙intense competition and market volatility are indicated by the explosion in the number of "styles" of athletic shoes, and competition among brands //Overhead Fig 1∙ a key to success in the industry is innovation and the rapid turn-around of design and production∙however, the production of shoes remains inherently a "Fordist," labor-intensive process ∙producers must have output and design flexibility∙producers must preserve proprietary information and technology, yet be organizationally flexibleNike has succeeded in competing in the footwear industry with the following strategy: remain flexible in a volatile market by using subcontracting relationships overseas in low labor-cost countries.NIKE'S STRUCTURE AND STRATEGY∙"Nike" began in 1964 as "Blue Ribbon Sports," a seller of Japanese-manufactured footwear∙In 1970, as the athletic footwear market grew, the Nike brand name was born∙In order to gain greater control over production and assembly, Nike opened a plant in New Hampshire in 1973 (which it closed in 1986). The bulk of its production, however,has always been overseas through subcontracting relationships of varying loyalty andintensity. //Overhead Fig 3Today, 100% of Nike's production is by subcontractors, or "production partners." Nike has three type of subcontracting relationships: //Overhead Fig 4∙Developed partners: These production partnerships were first in Japan, but are now in Taiwan and South Korea). These partners produce the "upper echelon" of shoes, orexpensive "statement" shoes, typically in smaller batches (10-25K pairs a day). They aremore likely to collaborate in innovations with Nike, many are vertically disintegratedthemselves, subcontracting "nonproprietary" shoe components and materials to otherlocal producers. Those partners which produce solely for Nike receive monthly ordersfrom Nike which don't vary more than 20% to preserve production stability.∙Volume partners: These are large factories producing large batches of standardized, lower-priced footwear (70-85K pairs a day). Production is routinized and serves multiple(often more than 10) companies, other than Nike (e.g., Reebok). These are "capacity"contractors--they absorb the market risk associated with cyclical demand. Thesefactories are typically more vertically integrated, owning their own leather tanneries andrubber factories. They are not where the most innovative or "state of the art" shoes areproduced, as these factories produce for multiple companies; for this reason,relationships between Nike and these companies are less loyal.∙Developing partners: These factories are located mostly in Thailand, Indonesia, and China. These locations offer Nike very low labor costs and a "hedge" against rising laborcosts in other factories or exchange rate risk. These factories are more loyal to Nike;often they are the product of a joint venture between Nike and its developed partners inTaiwan or South Korea. Often, the joint investment into these factories raises their ability to manufacture increasingly sophisticated products more rapidly than if they wereproducing unaided.Why does Nike pursue this organizational strategy?∙Shoe production is inherently labor intensive (although technology can vary). Thus, labor is an important input for footwear producers to consider, but the labor process remainslargely routine in the assembly of shoe components.∙Subcontracting relationships provide organizational flexibility, moving market risk to partners, even though production processes remain largely routine.∙Southeast Asia offers several locational advantages to Nike: i) it is a rapidly growing market; ii) low-wage, "semi-skilled" labor is plentiful; iii) governments encourageinvestment and transnational production by relaxing the enforcement of labor standards. Key points to walk away with..The business environment (that is, with respect to markets, regulation, competition, innovation) sets the context in which corporations must strategize to preserve their market share and market power. This strategy involves a careful choice of how best to flexibly structure the firm's organization and production, in which geography plays an important role. We have looked closely at this relationship--between corporate structure and strategy--by looking at Nike. By doing so, we have highlighted the fundamental relationship between geography, corporate structure and strategy, and transnational production.Concepts:corporate restructuringmultinational corporationstransnational productioncorporate strategycorporate structureflexibility (flexible production; flexible organization)Fordism, post-Fordismsubcontractingvertical disintegrationglobalizationNew International Division of Labormarket volatility企业结构与策略：耐克的情况下，（演讲准备德隆-弗格森，地理系;票据月底来源）为什么是当代公司被迫重组，以及他们是如何做的呢？相关法团结构，其长期的竞争策略是怎样的？这关系着跨国公司和跨国生产方面的地理意义是什么？在今天的讲座中，我们将看耐克的情况下解决这些问题（这种材料的引用）设置背景：后福特主义，灵活性，以及运动鞋产业在耐克的企业结构和竞争战略之间的关系，这将有助于审查大型和小型企业都面临的不断变化的业务环境。
企业战略管理外文翻译文献(文档含中英文对照即英文原文和中文翻译)企业战略管理与战略管理会计探析中英文翻译Strategic management and strategic management accounting literature translation in both Chinese and English[论文关键词]战略管理会计企业战略内容方法[key words] strategic management accounting strategy content method [论文摘要]战略管理会计是当今企业经营环境更加复杂多变、全球性市场竞争空前广泛激烈的情况下，为满足现代企业实施战略管理的特定信息需要而建立的新的管理会计信息系统。
本文从战略管理会计的内涵、目标及特点阐述到战略管理会计的主要内容和方法对战略管理会计进行论述。
/ paper pick to strategic management accounting is the enterprise management environment is more complex, an unprecedented high competitive global market, to meet the modern enterprise to implement strategic management specific information need and establish a new management accounting information system. This article from connotation, goals and characteristics of strategic management accounting to the main content of strategic management accounting and methods of strategic management accounting in this paper.一、从企业战略的高度来看战略管理会计One, from the perspective of the height of business strategy, strategic management accounting1981年，英国学者西蒙斯最早将管理会计与战略管理相结合，提出战略管理会计之说。
上海财经大学《企业战略管理》2010-2011学年第二学期期末考试试卷（卷五）班级姓名学号成绩一、名词解释(每小题5分，共15分)1．宏观环境2.平衡计分卡3.战略联盟二、判断题(判断以下论述的正误，认为正确的就在答题相应位置划“T”,错误的划“F”。
每小题1分，共7分)。
1.公司战略管理是公司高层的工作，专职计划人员不参与战略管理过程。
( )2.生态环境的破坏对人类生存影响很大，它的主要形式有全球温室效应、生物多样性减少、水土流失、土壤退化、土地荒漠化、土地盐碱化、臭氧层破坏、酸雨等类型。
( )3.能力分析是从全局来把握企业资源结构和分配、组合方面的状况，它形成企业的可经营结构，也是构成企业竞争优势的基础。
( )4.产品与市场领域应当依据企业当前的具体产品组合与当前的市场领域来确定。
( )5.战略选择的基本出发点是证明优秀、论证最佳、追求完美。
( )6.战略的实施过程是- -个简单、机械执行既定战略的过程，不需要创新。
( )7.适应循环原则是企业组织战略调整的根本原则( )三、单选题(从下列各题四个备选答案中选出最佳答案，将答案代号填在该题的相应位置。
答案选错或未选者，该题不得分。
每小题2分，共14分)1.战略管理理论发展经历了( )个阶段A.两B.三C.四D.五2．( )分析的目的是要确定资源配合战略发展的能力，但一旦战略环境发生变化，企业资源对环境变化的适应程度，是- -种动态的资源观的体现。
A现有资源 B资源利用情况 C资源应变能力 D资源预测3.制定企业的战略目标会涉及许多不同方面，其中最重要的因素是:外部环境、内部资源和( )A企业理念 B企业宗旨 C企业使命 D企业文化4.在产品一市场3X3矩阵中，相关产品与相关市场相对应的企业战略类型是( ) A市场渗透 B多元化 C全方位创新 D市场创造5.企业战略决策者在实践中经常遇到的战略选择误区有利润误区、规模误区、多样化经营误区和( )。
上海财经大学《企业战略管理》2010-2011学年第二学期期末考试试卷（卷四）班级姓名学号成绩一、名词解释(每小题5分，共15分)1．产品与市场范围2.企业使命3.成本领先战略二、判断题(判断以下论述的正误，认为正确的就在答题相应位置划“T”,错误的划“P"。
每小题1分，共7分)。
1.企业文化是企业无形的东西，对企业战略不重要。
( )2.通常用来反映- -个国家经济发展水平的常用指标有:国民生产总值、国民收入、人均国民收入、经济发展速度、经济增长速度等。
( )3.通过对企业资源的分析，关键是要确定企业的资源优势和劣势。
( )4.对战略目标的评价论证过程，也是目标方案的完善过程，即通过目标评价矩阵，找出目标方案的不足，并想方设法使之完善起来。
( )5.有限的战略变化是企业在原有的产品系列基础上向新的市场推出新的产品时只需做出局部的变化( )6.战略实施是市场驱动性的企业家活动。
( )7“产生共同愿景”是组织结构相适应战略的最本质内容。
( )三、单选题(从下列各题四个备选答案中选出最佳答案，将答案代号填在该题的相应位置。
答案选错或未选者，该题不得分。
每小题2分，共14分)1.结构学派是( )A.以理性主义为特征的第一阶段B.强调非理性因素，注意对战略制定过程中行为因素研究的第二阶段C.综合阶段D.第四阶段2.( )不是无形资源A财务资源 B知识产权 C商誉资源 D组织资源3.企业在运用平衡计分卡进行战略管理时，主要是从客户、业务流程、学习与成长和( )方面开展。
A财务 B非财务 C绩效 D非绩效4.所谓差异化战略，是指为使企业产品与( )有明显区别，形成与众不同的特点而采取的一种战略。
A原产品 B竞争对手产品 C本企业产品 D同行业产品5.在QSPM矩阵中权重的确定，渗透了大量的( )因素，同时反映了企业对待战略问题的价值观。
A风险评价 B组织文化 C时间机会 D竞争环境6.确定如何在借贷融资、股权融资之间选择--个最有资本结构的最常用的财务技术是( )A财务预测 B资金计划C每股收益与息税前收益(ESP/EBIT) 分析 D财务预算7.三鹿奶粉事件表明( )A战略风险很难预防 B它是运营风险C它属于竞争风险 D它是资产损伤风险四、多项选择题(从下列各题备选答案中选出所有正确答案，将答案代号填在该题的相应位置。
财务战略管理外文翻译文献外文文献原文及译文财务战略管理外文翻译文献(文档含中英文对照即英文原文和中文翻译)Small and medium-sized enterprise financial strategy choice indifferentFinancial strategic management of the significance of the development of small and medium-sized enterprises, this paper expounds the development of enterprise needs not only scientific, fine daily management, need more forward-looking strategic vision and strategic thinking;Through the analysis of the financial characteristics of small and medium-sized enterprises (smes) in different development period, discusses the enterprise should be how to choose matching financial strategy problems, for the enterprise bigger and stronger, sustainable development, provides a feasible way of thinking.With the establishment of the modern enterprise system and market economic system reform deepening, the business activities of enterprises both contain the great vitality, also lies the great crisis.Small and medium-sized enterprises how to adapt to the environment, and maintain competitive advantage not only need to strengthen the daily management of science, fine, more need to have a forward-looking strategic thought, especially the financial and strategic thinking.Enterprise financial strategy, need to consider the enterprise external environment and internal conditions, and many other factors.Due to the small and medium-sized enterprise its own characteristics, in financial strategy can't be consistent with the practice of large enterprise,it must has its own way.Seek financial strategy for the development of small and medium-sized enterprises, make the small and medium-sized enterprise to do strongly does, sustainable development, has important practical significance for the enterprise.First, the significance of small and medium-sized enterprise financial strategy managementModern enterprise financial faces a diverse, dynamic and complicated management environment, enterprise financial management is no longer a specific methods and means of financial management, but absorbs the principle and method of strategic management, from the perspective of to adapt to the environment, use conditions, pay attention to the long-term problem of financial and strategic issues.In the small and 外文文献原文及译文medium-sized enterprises under the condition of relative lack of resources, to develop a suitable financial strategy, and at a reasonable allocation of scarce resources is particularly important.Enterprise financial strategic focus is the development direction of the future financial activities, goals, as well as a basic approach to achieve the goal and strategy, this is a financial strategy is different from other features of various kinds of strategy.Enterprise financial strategy is the overall goal of assemble, configuration, and use resources rationally, to seek balanced and effective flow of enterprise funds, build enterprise core competitive power, finally realizes the enterprise value maximization.The several aspects of the goal is connected with each other.In the long term performance for, seek the sustainable growth of enterprise financial resources and ability, to realize theenterprise capital appreciation, and make the enterprise financial ability sustainable, rapid and healthy growth, maintain and develop the enterprise the competitive advantage.Strategic management in building enterprise core competitive power, need the support of enterprise financial management.Enterprise capital management as the important content of financial management must reflect the requirements of enterprise strategy, ensure the implementation of the strategy of its.Implement the strategy of enterprise financial management value is that it can maintain a healthy enterprise financial situation, to effectively control the financial risk of the enterprise.Second, the small and medium-sized enterprise financial characteristics analysisSuccessful financial strategy must be adapted to the enterprise financial characteristics, the development stage of conform to the enterprise overall strategy and the current and the benefits of stakeholders, the associated risks.Roughly divided into enterprise's development stage, initial, maturation and decline stages.Small and medium-sized enterprises in different stages of development presents the financial characteristics are different and should be based on the analysis of characteristics of its financial seek suitable for different development period of the small and medium-sized enterprise financial strategy.1)the initial financial characteristicsThe management risk of the enterprise life cycle of the initial stage is the highest, thisis because the products on the market soon, a single product structure, the scale of production limited, the product cost is higher, profitability is very poor, also need to invest a lot of money for the new product development and marketdevelopment, and product market whether to expand the product should be enough space for the development of is uncertain and compensation costs, core competence has not yet formed.To small businesses from the impact of the financial management activities of enterprises cash flow, operating activities and investment activities belong to the state of outflows greater than inflows, shortage of funds, cash flows is negative, it is difficult to form internal capital accumulation, financing activities is the only source of cash.This is the initial financial characteristics of the enterprise.2)mature financial characteristicsIn the beginning of small business success across, they will enter a relatively stable mature stage.In the process of enterprise tend to mature, the enterprise growth and prospect than as well as the management risk will fall;Enterprises have the product of the stability of the relatively high market share and account back continuously, has the high efficiency of capital turnover;At the same time, due to the new project, cash flow, less business net cash flow is positive, the enterprise the management activities and investment activities generally characterized by net income.Financing scale than the initial decline, and at this stage is given priority to with retained earnings and debt financing policy, a lot of debt servicing period, along with the increase of debt financing, rise to financial risk and operational risk equivalent.Dividend proportion also have improved, high cash per share net profit ratio make the dividend payment rate and payments will improve, investors return at this time more is through the dividend distribution rather than the start-up phase of the capital gains to meet.3)the recession financial characteristicsFor recession enterprises, reduce business and product death is inevitable, and the opportunity for profitable investment is very small, the purpose of business is the turning point in order to continue to make a living.To small business financial management activities of enterprises from the impact of cash flow, because the enterprise product sales decline, slow cash flow, business activities have obvious negative cash flow.At the same time, as companies in recession more to take high dividend distribution policy, debt financing in the process of decline will increase, and外文文献原文及译文financing activities generate positive cash flow, financial leverage and financial risk increases.Three, different development period of the financial strategy choiceThe choice of financial strategy decision of small and medium-sized enterprise financial orientation and pattern of resource distribution, affects the behavior of enterprise financing activity and efficiency.From the perspective of life cycle theory, the development of small and medium-sized enterprises generally to undergo early stage, mature stage and decline stages.Small and medium-sized enterprise's financial strategy will vary at different stages of development, only select and match the different developmental stages of the enterprise's financial strategy, in order to promote the small and medium-sized enterprises bigger and stronger, sustainable development.1)leading the financial and strategic choiceFinancing strategy is an integral part of the corporate financial strategy, it is the enterprise to raise funds to solve the main goal, principle, direction, scale, structure, major issues suchas channels and means, it is not a specific fund-raising plan, but in order to meet the future environment and the requirements of enterprise strategy, to the enterprise financing, and the idea of the system for a long time, enterprise strategy implementation and enhance the competitiveness of enterprise is dedicated to provide you with reliable cash flow support.In terms of external financing, small and medium-sized enterprises have difficulty in direct financing is a worldwide phenomenon.Objectively, to the extent of direct financing for smes, determined by the small and medium-sized enterprise its own problems.If it is difficult to find eligible collateral or guarantee units, commercial Banks to small and medium-sized enterprise is hard to track supervision and inspection.Most small and medium-sized enterprises small scale, the risk is big, once insolvency bankruptcy, commercial Banks and so on, the security of the creditor's rights will be these are the important factors that affect sme loans.Endogenous financing strategy refers to an enterprise that mainly from internal financing source of financing.Under the guidance of strategic thinking in the financing, the enterprise is not dependent on external funding, and raise the needed capital, and in this unit interior longitudinal accumulation of capital through retained profits before it.The main source of funds will be retained earnings, amortization, etc without having to pay cash, capital takes up less, savings brought by the revolving speed and so on.Type endogenous financing strategy is especially suitable for the lack of external financing channels of small and medium-sized enterprises.From the perspective of tax analysis, debt financing can bring tax benefits for enterprises.But since most startups accounting only produce loss, debt financingcan bring positive influence for the enterprise, and at present because our country small and medium-sized enterprises in the internal financing is relatively easy to some, lower the cost of financing, so should choose mainly endogenous financing, external financing is complementary financing strategy, provided by the owners and affiliated enterprise loan, at the same time to strengthen its own capital reserves, creating certain credit conditions, with their own assets as collateral, borrowing from financial institutions make the enterprise keep good capital structure.Enterprises should choose according to future solvency acceptable way of financing, prevent enterprises from the initial stage back heavy debt burden and was in financial crisis.Investment strategy is based on enterprise internal and external environment condition and its change trend, the enterprise has or the actual control of economic resources effectively put out, in order to obtain economic benefits and competitive advantage in the future.The content of investment strategy of investment direction, the determination of investment scale and proportion.Content must be combined with the specific investment enterprise overall strategy and investment environment, enterprise development stage to set.In the implementation of the investment strategy, managers should pay more attention to growth, leading technology and market share targets.At the start-up stage and growth stage of medium and small enterprises,They need a lot of money to develop new products, expand the market and expand business.Because it difficult to get loans from the outside, so the owners of the small and medium-sized enterprises (smes) are generally the after-tax profits retained in the enterprise, as far as possible use of cash dividend policy, keep more profits, to enrich the capital.2)mature small and medium-sized enterprise financial strategy choiceFor mature type of small and medium-sized enterprises, in order to obtain sufficient funds or stable sources of funds and excellent capital structure, usually adopt the combination of a variety of financing methods for financing.Financing strategy 外文文献原文及译文combinations can achieve better effect, such as financing, revitalize the memory through the financial assets financing, financing and depreciation enterprise commercial credit financing, etc.Type financial financing strategy refers to the enterprises with financial institutions to establish close cooperation relations, use of these financial institutions long-term stable credit the funds to reach the purpose of financing the financing strategy.Financial funding sources including policy Banks, commercial Banks and non-bank financial institutions credit financing lease, leasing company.Its advantage is financing large-scale, flexible form, enterprises need to pay interest charge, does not involve the use of equity.Type financial financing both bring to enterprise financial leverage effect, and can prevent the dilution of return on net assets and earnings per share, so in the meantime, small and medium-sized enterprises should be in order to improve the effect of financial leverage as a starting point, take active financing strategies, appropriately increase the proportion of debt.The deficiency of this form of financing is financing conditions and high cost, applicable to the product markets mature, is developing rapidly and has substantial advantages, especially small and medium-sized enterprises with technical advantage, is the premise of its financing is expected to borrow funds capital profit margin is higher than interest rates.In addition to this, mature type of small and medium-sized enterprises should also be effective to the implementation of the internal financing strategy, optimize the enterprise internal stock fund adjustment, the enterprise stock assets.Mature enterprises already have depreciation financing conditions, should play the advantages of depreciation financing.Depreciation financing possesses the advantages of low cost, low risk, through the depreciation financing to optimize financing /doc/f43449150.html,panies can also make full use of the commercial credit financing.Between enterprises credit financing, including accounts payable, notes payable, advance payment, etc.Credit financing for small and medium-sized enterprises limited liquidity is more special significance, it is the effective way to solve the enterprise capital especially the lack of liquidity.According to the characteristics of the small and medium-sized enterprises mature financial enterprises gradually rise in profits and stable at the same time, maintain production cost is reduced, which makes the enterprise capital at the beginning of the mature found some surplus.This stage of the small and medium-sized enterprises with profit maximization as the financial management goal, usually by taking scaleexpansion, development of diversification and find new ways to invest profit opportunities.Suitable for mature with the situation of small and medium-sized enterprises investment strategy includes scale expansion strategy and stable investment strategy.The expansion of scale expansion mainly refers to the core product sales.Expansion investment strategy is the mature period of small and medium-sized enterprises one of the most commonly used investment strategy, is small and medium-sizedenterprises achieve high growth of the most direct, the most effective way.The main means to realize scale expansion of market penetration, development strategy and product development strategy.After entering the mature stage of small and medium-sized enterprises, can produce a stronger intention and the growth of their own lack of various conditions, and ability of its internal contradiction, therefore, should hold more prudent attitude in financial aspects, blind expansion of avoid by all means.Summary of small and medium-sized enterprises in the reasons for failure in the process of seeking development, finance unsound accounts for large proportion.When companies have some occupy the market of products, with the possible longer profitable accumulation, often not very attention to working capital turnover, but for the past business on success, a large amount of working capital will be used for investment in fixed assets, it will lead to new tensions on the turnover of working capital.There is in order to avoid a single product, is trying to spread risk through diversification and the diversification operation, however due to the small and medium-sized enterprises generally smaller overall capital, diversification is very easy to cause the original items of working capital turnover difficult, and the new investment projects and could not form a certain scale, management ability and management experience, combined with the lack of necessary beyond to establish competitive advantage, enhancing the management risk.Different enterprises in the investment operation of the project will have different requirements, the expansion of investment strategy and stable investment strategy selection, small and medium-sized enterprise must look at the businessconditions and environment, to choose the appropriate investment strategy.Enterprises in the investment management aspects, therefore, should be to put money to be able to take advantage of the enterprise market of the products, and constantly update technical renovation, equipment, expand production scale, improve product yield and quality, to 外文文献原文及译文increase economies of scale, improve market share.At this stage, the enterprise should be scientific, reasonable choice of the mode of investment, strengthen the investment project feasibility study and argument, to strengthen the evaluation of project investment and summarizes the work.3)recession type of small and medium-sized enterprise financial strategy choiceRecession type is an important feature of small and medium-sized enterprise financing structure is highly leveraged, the most important is the compression ratio of debt financing, to avoid the risk of financial leverage.In the case of high financial risk management, often adopt defensive deflating financial strategy.Defense deflating financial strategy is to prevent financial crisis and survive, and the new development for the purpose of a financial strategy.Defense deflating financial strategy, general will minimize cash outflows and as far as possible to increase cash inflows as a top priority.In financial financing decision, should be given priority to with the use of short-term funds, as far as possible avoid the use of long-term funds, take on endogenous financing including profit retained accumulation, owner, shareholder investment and borrowing to owner, partners and shareholders of endogenous debt financing is given priority to, an application for a patent for divestitures,relies on external financing of the financing way.When enterprise sales began to decline, high fixed costs can make the enterprise into serious losses, but by signing a short-term contract or completely based on the variable cost, thus reduce fixed costs ratio lower the total cost.When many factors shows that the enterprise is in decline, can choose to some non-critical product or technology transfer, to abandon the development investment in a particular field, reduce the money for the old products, the accumulation of capital, to find new investment opportunities.To sum up, small and medium-sized enterprises (smes) on the sustainable development road, must choose to match with different stages of development of financial strategy, it can make up for the congenital defects existing in the financial, improving the capacity of sustainable development, it is the key to the small and medium-sized enterprises bigger and stronger.The arrangement of the small and medium-sized enterprises in the financial strategy, we should pay attention to keep a good capital structure, attach importance to connotation development, sound financial management, avoid blind investment and diversification, should be saving money andtimely realize scale expa。
