摘要：当前，企业正处于竞争白热化中，为了让自身不被淘汰，企业的财务战略应随着市场环境的变化而做出相应的调整。在企业战略、财务管理融合发展的同时，价值链也开始逐渐被关注。为了追求企业价值最大化的目标，将价值链融入到企业财务战略当中，有益于发展企业的核心竞争力等。第一部分介绍研究的背景，第二部分通过相关理论来讲解本文分析的依据，第三部分介绍国内外有关价值链、财务战略以及两者相结合的文献回顾，第四部分就是案例分析，以阿里巴巴集团为案例，主要针对以企业的价值链为基础的财务战略的调整进行分析，具体的是通过客户链、买方价值链、渠道价值链、产业链来分析阿里巴巴的价值链，以及企业在不同的时期、状况制定相应的财务战略，最后一部分是总结。

关键词：财务战略 价值链 竞争优势 调整

Abstract: At present, the enterprise is in the competition. In order to get advantage and cannot be eliminated, it is necessary that the enterprise's financial strategy make the corresponding adjustment with the change of market environment. While the integration development of enterprise strategy and financial management, the value chain is also gradually began to be concerned. To pursue the enterprise's target of the maximizing value, cooperates the value chain with the financial strategy is beneficial to the development of the core competitiveness of enterprises. The first part introduces the background of the research, the second part through the relevant theory to explain the basis of this article, The third part introduces the domestic and foreign related value chain, financial strategy and the combination of literature review, the fourth part is the case analysis, in order to Alibaba group as a case, it is mainly aim at the enterprise internal value chain, analysis the financial strategy which based on the value chain, in particular to the analysis of the value chain Alibaba through customer chain, The buyer's value chain, channel value chain, industrial chain,and formulate corresponding enterprise financial strategy in different period, The last part is the conclusion.

Key word: financial strategy  value chain  competitive advantage adjustment