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American Journal of  Applied 
Statistics and Economics (AJASE)

Mode Innovation and Discussion of  Enterprise Financial Management in the New
Economic Background

Haojie Wang1*

Volume 3 Issue 1, Year 2024
ISSN: 2992-927X (Online)

DOI: https://doi.org/10.54536/ajase.v3i1.2433
https://journals.e-palli.com/home/index.php/ajase

Article Information ABSTRACT

Received: January 28, 2024

Accepted: February 26, 2024

Published: March 01, 2024

The development of  the globalized economy has also made enterprise financial management 
work into a new stage of  reform, the; transformation of  the market economic system has also 
made the enterprise financial management work content and mode of  change the traditional 
financial management model has failed to meet the needs of  the current enterprise, and 
even hinder the development of  enterprises. In the new economic background promoting 
financial management reform and innovation is not only the way of  enterprise development. 
It is also in line with the trend of  the times, where the article through the trend of  economic 
development and in-depth analysis of  the current financial management situation.By 
analyzing published literature and using the literature analysis method, we summarize the 
current problems in corporate financial management and propose corresponding solutions 
to the problems based on the key points of  the problems, thereby providing reference and 
help for corporate development.

Keywords

New Economic Context, 
Business, Financial Management

1 Belarusian State University, Business School, Master of  Financial Management, Minsk, Belarus
* Corresponding author’s e-mail: 18884364612@163.com

INTRODUCTION 
The market economy and social situation in the context 
of  the new era have undergone great changes, their core 
competitiveness, financial management plays a great role. 
It provides key data support for enterprises to designate 
scientific planning and save operating costs.
Under the background of  the new economy, if  enterprises 
want to be invincible in the fierce market competition, 
they must update their business concepts, innovate their 
business methods and adopt scientific management 
methods to promote the improvement of  the 
management level of  enterprises and the enhancement of  
the competitive advantages of  enterprises At present, the 
financial management of  some enterprises is still using 
the traditional management methods, which is difficult to 
promote the enterprises and at the same time, it is also, 
to a certain extent, restricting the healthy development 
of  enterprises. At present, some enterprises are still 
using traditional management methods of  financial 
management, it is difficult to promote enterprises, but 
also to a certain extent restricts the healthy development 
of  enterprises. With the continuous progress of  society 
and the deepening of  enterprise reform, the financial 
management of  enterprises will face unprecedented 
challenges and difficulties. Therefore, enterprises must 
fully understand the importance of  financial management 
innovation, and reform and innovation of  the enterprise’s 
financial management work, prompting enterprises to 
improve the quality of  financial management to enhance 
the competitive advantage.

LITERATURE REVIEW
Connotation and Characteristics of  New Economy 
Enterprises
Connotations of  New Economy Enterprises
With the rapid development of  the socialist market 

economy and science and technology, China’s economic 
development process is accelerating, gradually stepping 
into the era of  the new economy. The continuous 
development of  China’s economic innovation and 
diversification has made the connotation of  “new 
economy” more and more rich, and it is generally 
believed that the new economy is characterized by 
new technologies, new industries and new modes of  
business (Ren Baoping and Song Xuechun, 2020), and in 
this context, a number of  enterprises with “four new” 
characteristics, which are different from the traditional 
business model, have emerged. Under this background, 
a group of  enterprises with “four new features” different 
from the traditional enterprise business model have 
emerged, which are called new economy enterprises, and 
their development in the new environment is not only 
facing new opportunities but also facing many challenges.

Characteristics of  New Economy Enterprises
High human capital and high-tech capital input. Innovation 
is the inexhaustible driving force for the development 
of  new economy enterprises, which mainly relies on the 
input of  production factors such as high human capital 
and high technology. New economy enterprises, such as 
those engaged in new technology-based products or new 
types of  production and living services, need to employ 
a large number of  technical and managerial talents, 
which requires more human capital investment, high-tech 
investment and a large amount of  capital support for new 
economy enterprises (Cui Wei, 2020).
Flexible utilization of  light assets. Light assets are 
important resources for new economy enterprises to 
obtain profits, with intangible assets, including corporate 
culture, customer relations, management experience, 
governance system and other items, the enterprise capital 
consumption is low, but has the ability to create greater 



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value, which is one of  the important characteristics of  the 
new economy enterprises differentiated from traditional 

enterprises.The development path of  the new enterprise 
economy is shown in Figure 1.

Figure 1: Development path of  new economy for enterprises

Compliance with sustainable development strategies. 
Traditional economic enterprises are easily affected by 
the economic environment, and their development is 
slowing down. However, the asset-light model of  new 
economy enterprises enables them to have strong core 
competitiveness, and realize sustained and rapid growth 
with the support of  national policies and changes in the 
economic market. In addition, new economy enterprises 
are in line with the market development, in the world are 
in urgent need of  development of  the industry, such as 
new energy industry, energy saving and environmental 
protection industry is more reflective of  the contemporary 
theme of  harmonious development of  man and nature.

Characterization and Importance of  the New 
Economic Context
Web-Based Information Technology Applications 
are Widespread
At present, the sign of  great changes in the social and 
economic environment is that network information 
technology is widely used in various fields, even people’s 
daily life travel and so on, can not be separated from the 
support of  network information technology, such as cell 
phones and other communication tools, car navigation, 
etc., are supported by the technology to make its function 
perfect (Chen Xiaoming, 2019). Network information 
technology brings convenience to people’s life, but 
also brings challenges to people’s work. Therefore, it 
is necessary to face up to the development of  science 
and technology and utilize it to better serve the social 
development concave.

Changing Patterns of  Economic Development
The mode of  economic development has changed 
dramatically, on the one hand, the addition of  knowledge-
based talent to create more possibilities for enterprise 
development, on the one hand, the development and 

application of  science and technology for enterprise 
development has brought more opportunities. Therefore, 
in order to seek development in today’s society, enterprises 
must learn how to use people, how to use modern science 
and technology products to promote the long-term 
development of  enterprises.

Complex Market Environment
Under the background of  the new economy, the economic 
market environment has become more and more complex, 
mainly due to the people’s horizons have become wider, 
with the development of  modern science and technology, 
to create a more intense market environment. Not only 
that, at this stage, enterprise development is facing a 
more severe market environment, the environment of  
market competition is becoming increasingly fierce, the 
risk of  business operations is also greater, only the use of  
science and technology, and constantly seek management 
mode, business means of  breakthroughs, in order to 
better protect the healthy and sustainable development 
of  enterprises.

The Importance of  Innovation in Financial 
Management in the New Economic Era
First of  all, the development of  the market will inevitably 
lead to the development of  financial management, in the 
late 1980s, China’s financial system has begun its own 
development, China at that time appeared a number of  
software companies based on the service program is the 
financial management such as the Golden Disk, Liu Dan, 
etc. (Liu Dan, Zheng Xuefei, 2020), at that time, although 
compared with some foreign software has a more obvious 
gap, but at that time the development of  China’s financial 
management was also much stronger than some countries 
in the Asia-Pacific region. In order to make the financial 
management of  China’s enterprises in the current 
environment can be more rapid development, enterprise 



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management and financial accounting combined 
management is the most important. For example, we can 
project budget cost management personnel performance 
unified management planning, to better meet the current 
market development, enhance the management capacity 
of  enterprises, and increase corporate profitability.
Secondly, the enterprise financial management innovation 
of  the times is to carry out the development of  
information technology, especially in the group enterprise, 
a single traditional financial management, difficult to 
meet the development needs of  enterprises, so they need 
a more systematic and advanced financial management, 
enterprise unified management planning. For example, in 
the group enterprise, group finance should form a line 
of  income and expenditure, capital pool. In the group 
of  enterprises should be set up within the financial 
system and direct contact with the bank, which are in the 
context of  the current era, the development of  financial 
management is an inevitable trend, but also the current 
needs of  the times. This can improve the enterprise’s 
financial management efficiency, at the same time in 
terms of  manpower to save manpower, reduce costs. The 
use of  technical means to reduce or even avoid errors 
that may occur in financial calculations, greatly reducing 
the losses caused by miscalculation to the enterprise.

MATERIALS AND METHODS
Problems Facing Financial Management in the New 
Economic Environment
This Chapter Uses Literature Analysis to Investigate 
the Problems Faced by Financial Management in 
the New Economic Environment, Summarize and 
Classify Them, and Discuss Existing Problems
Overly Traditional Financial Management Model
With the continuous development of  information 
technology many enterprises have adopted information 
technology management mode, both management 
process and management efficiency,which has the absolute 
advantage (Zhang Siwen, 2020). However, affected by the 
traditional form of  bookkeeping, some enterprises are still 
paper-based bookkeeping. Such financial management 
not only fails to guarantee the security of  data, but also 
increases the difficulty of  checking. It also increases 
the difficulty of  checking. Enterprises usually need to 
check all the data of  previous years in order to find out 
an account. It the efficiency of  financial management. 
In addition,  which is very unfavorable to the stable 
development of  enterprises. Therefore, to create a 
good financial environment, enterprises must realize the 
financial information management, actively promote the 
construction of  information technology, optimize the 
thinking and concept of  the staff  to ultimately improve 
the quality of  financial management.

Poor Professionalism of  Financial Managers
In order to keep the business running smoothly. Many 
financial tasks can be carried out through the network 
. Further simplify the reporting process. In addition, by 

the financial system, many enterprises in the recruitment 
of  financial management personnel. Candidates for 
the information management of  the water Asian 
requirements are not high, only the use of  computers can 
be passed. Part of  the financial management personnel 
also exists in the work attitude, enthusiasm is not high, 
old-fashioned thinking and other issues. Occasional errors 
in the work . It seriously affects the quality of  financial 
management (Wang Huimin, 2020). At the same time . 
Under the environment of  economic globalization, the 
development environment of  enterprises has changed. 
The financial risks faced, the scope of  cost accounting 
is further expanded, and some financial managers lack 
solid knowledge of  economic and financial theory. 
Computing ability and knowledge updating ability is low. 
Plus many financial personnel are copying the company’s 
financial program. Lack of  initiative and innovation in 
financial management. Can not adapt to the development 
of  enterprise informationization. Thus, the quality of  
financial management is affected.

More Complex Economic Environment and Greater 
Exposure to Risks
Compared with the planned economy, the market 
economy is more active and the economic elements 
are diversified. Such an open economic environment 
increases the difficulty of  financial management of  
enterprises. It also increases the risk of  financial 
management, and the content of  financial management 
is increasing. In addition, many enterprises nowadays 
are mostly adopting the shareholding system. In order 
to reduce the interests of  differences, it is necessary 
to realize the fairness of  resource distribution through 
financial management. In addition. Enterprise financial 
talent allocation lag, financial management model, 
financial management concepts also need to be further 
improved in order to effectively respond to changes in 
the economic environment (Liu Jiaqi, 2021). Therefore, 
to do a good job of  financial management innovation 
is to enhance the unit’s financial risk control ability, to 
ensure the smooth progress of  financial management 
work is an important way.

Reduced Competitiveness of  Single Firms with 
Higher Management Costs
Under the influence of  the international economic 
environment . China’s economic growth has slowed 
and economic development is under greater pressure. 
Domestic currency issuance has increased, and the 
problem of  supply exceeding demand in the market has 
become increasingly prominent. The reasons for the 
above problems are very numerous. In addition to the 
influence of  the international economy, there is also a 
close connection with the development mechanism of  our 
domestic economy. In order to solve the above problems, 
the state has applied scientific macro-control measures. 
However, it has not yet been solved fundamentally. In 
terms of  the current domestic market, the development 



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of  enterprises also exists greater pressure, the enterprise’s 
labor costs, material costs, material procurement costs 
and so on are constantly rising. Financial management 
work is also facing greater pressure.
In the new economic era, China has implemented a 
positive and prudent monetary policy and raised the 
reserve requirement ratio of  bank deposits, the volume of  
money in the market has been lowered, and the financing 
problem of  the enterprises has prevailed. And after 
entering the new economic development period, the cost 
of  loans for enterprises has also been rising, which also 
has a certain impact on the development of  enterprises. 
A large number of  enterprises sales growth rate showed 
a downward trend, due to the competitiveness of  
enterprises greatly affected, the requirements of  financial 
management work has also undergone new changes.

RESULTS AND DISCUSSION
Innovation of  Enterprise Financial Management 
Models in the Context of  the New Economic Era
Proactive Integration into New Economic Markets
After entering the new economic era, enterprises need 
to reform and innovate the financial management mode 
according to the existing economic situation in order to 
achieve better development. Only by adopting this way 
can we improve the level of  enterprise management 
and comprehensive competitiveness (Ai Zhiping, 2020). 
The development of  enterprises is closely related to the 
market, in the financial management model, but also 
based on its market demand to start the new economic 
era requires enterprises to his unified single model into 
a diversified development model, which should rely on 
big data, Internet of  Things, artificial intelligence and 
other technologies to break the original ban, from the 
traditional business Wei Wei Wei extended to a new field, 
requiring financial managers can use various information 
technology means to collect and summarize new data, to 
provide the best solution for the enterprise management 
level and comprehensive competitiveness (Ai Zhiping 
2020). Various types of  internal and external data for 
enterprise development to provide decision-making data 
support and rationalization proposals.

Clarify the Objectives of  the Enterprise’s Time 
Management Work
The enterprise financial management mode in the context 
of  the new economic era should have a clear goal, not 
aimless extensive development. The formulation of  
financial management objectives needs to be consistent 
with the actual situation of  the enterprise and the new 
economic era in line with the enterprise’s demand for 
tailor-made financial management objectives. Objectives 
must be feasible. After the goal has been set, we should 
build a perfect actual ability of  the theater, so that 
financial workers can suck out to the rules to follow, 
the enterprise up and down the personnel cohesion so 
that the enterprise financial management work will have 
a clear direction for the development of  the enterprise 

to dedicate more strength, to create more benefits. In 
addition, but also within the enterprise to develop a sound 
financial management information platform, strengthen 
the link between the financial department and other 
departments, to lay a guarantee for the development of  
enterprises.

Building a Sound Internal Control Mechanism
In order to realize the development of  enterprises in the 
competitive atmosphere of  the new economic era, it is 
necessary to build a perfect internal control mechanism 
within the enterprise to provide a stable foundation for 
financial management. The establishment of  internal 
control mechanism should not only promote the stable 
and healthy development of  financial management, 
but also provide reasonable suggestions for enterprise 
decision-making, and maximize the protection of  
comprehensive financial information, the internal control 
mechanism should also be consistent with the original 
rules and regulations of  the enterprise, and ensure that 
every staff  member has a clear understanding of  the 
internal control mechanism, which will be used in the 
whole financial system (Atmaja D S, Zaroni A N, , 2023). 
2023). And the scientific management of  the enterprise’s 
monetary funds, assets, and the linkage of  all aspects 
of  the financial work, so that the file management, the 
transfer of  current affairs can be closely integrated, strict 
control of  the enterprise’s income and expenditure, for 
each sum of  money, should be registered in a timely 
manner, through strict and perfect control methods, can 
make the enterprise to obtain more economic benefits.

Expanding the Channels for Corporate Youth 
Fundraising
In the enterprise financial management work, financing 
channels is also a key, nowadays, the financial institutions 
for the enterprise’s payment has become more strict, need 
to comprehensively consider all aspects of  the enterprise, 
in the analysis and decision-making, the enterprise Lei 
more according to their own strengths and characteristics 
Select suitable financing channels, do not need to be 
confined to a specific range, with the creative way to 
expand, form a virtual diversified investment channels 
which can also provide more funds for the enterprise’s 
development. This can also provide more funds for 
the development of  the enterprise. When providing 
diversified communication channels between staff  of  
various departments of  the enterprise and solving all 
kinds of  problems in a timely manner, the work efficiency 
of  the enterprise can naturally be effectively improved.

Strengthening Enterprise Fund Management
Although the enterprise development has stepped into 
the new economic era, the influence of  the traditional 
economy will still continue for a long time, which has a 
dramatic effect on the enterprise financial management 
mode. Under the new economic era, the speed of  
development of  science and technology is getting faster 



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and faster, and the speed of  product replacement is also 
faster than any other period in the past, enterprises in this 
context, need to strengthen the management of  funds, 
for idle products, the seat of  the stock of  equipment to 
put forward scientific solutions to promote the flow of  
funds to solve the impact of  the enterprise’s cash flow 
of  the various causes of  the scenario, and constantly 
enhance the enterprise’s capital circulation ability, so that 
the enterprise’s financial risk can be who hold to the level 
of  science, so that enterprises can be stable and healthy 
development. Enterprises can be stable and healthy 
development. At the same time, in the development of  
business, we need to make the best use of  our strengths 
and shortcomings to optimize our resources, goals and 
strategies. The goal, strategy to reach the optimal point 
between me to innovative breakthroughs.

Expanding the Scope of  Financial Management
Under the new economic era, whether the financial 
management mode is scientific or not will have a great 
impact on the production and operation of  enterprises, 
especially in the era of  “Internet 4”, the speed of  
information sharing is getting faster and faster (Ferasso 
M, Beliaeva T, 2020). In this era, in order to improve the 
comprehensive sound competitiveness of  enterprises, 
it is necessary to strengthen the cooperation with 
other enterprises, give full play to the advantages of  
each enterprise, rationally integrate resources, form 
development synergy, and jointly cope with competition. 
In the financial management mode, to break through 
the traditional financial management thinking, expand 
the scope of  management, the traditional financial 
management into external management and internal 
management of  the combination of  modes, and 
constantly expand the financial management of  the work 
of  the cut-off  area. In addition, the enterprise Lei who 
continue to improve the organizational and institutional 
structure, in the management department. Business 
departments, financial departments to build management 
nodes, to avoid financial management activities in the 
application of  the time service is inferior to independent 
and disconnected from the enterprise. In the Kai structure, 
need to strictly according to the laws and regulations 
and “enterprise accounting standards 3 of  the relevant 
requirements, according to the actual situation of  the 
enterprise to improve the financial management system, 
according to the local conditions of  the formulation of  
the rules, and put it into practice.

Strengthening the Binding Nature of  the Financial 
System
Strengthening the constraints of  financial system can help 
enterprises better resist external market risks. Financial 
information can effectively regulate the allocation of  
social resources, false financial information will affect 
the efficiency of  resource allocation, affect the social and 
economic development, leading to a waste of  valuable 
social resources, and increase market risk. Enterprises 

belong to the market of  important economic subjects, 
its financial risk will also be affected by the market, in 
order to reduce financial risk, the need to build a safe and 
stable market environment, in this regard, to strengthen 
the financial system constraints is very important, at the 
same time, to ensure the effectiveness of  decision-making 
and authenticity of  financial information. Authenticity 
belongs to the life of  the financial work, financial 
information belongs to the main basis for corporate 
decision-making, its function is to reflect economic 
activity, it is precisely because the financial information 
is the source of  economic decision-making, directly 
affecting the accuracy of  economic decision-making, 
if  the financial information is false, not only lead to 
decision-makers to make the wrong evaluation, but also 
the development of  enterprises deviate from the laws 
of  the economy, to the enterprise to bring the indelible 
risk of  hidden danger. Therefore, we need to do a good 
job of  the financial groundwork, improve the level of  
accounting, so that the financial report can be accurate, 
comprehensive and timely feedback on the changes in 
the enterprise’s economic operations. From the user’s 
requirements to start. Improve the quality of  financial 
information, internal and external information into which 
to enhance the effectiveness of  decision-making. And 
further enhance the financial work in the development 
and management of  the status of  the enterprise, through 
a multi-pronged channel to reduce the financial risk of  
enterprises so that corporate financial activities can be 
carried out in a safe and stable environment.

CONCLUSION
In the new economic context. To achieve further 
innovation in enterprise financial management, the 
relevant personnel should set up a modern thinking, clear 
the basic connotation of  the new economy, grasp the new 
economic background the requirements of  enterprise 
financial management innovation, fully understand the 
characteristics of  enterprise financial management in the 
context of  the new economy, the use of  scientific and 
effective ways. Realize the enterprise financial management 
innovation, to meet the actual needs of  economic and 
social development, the enterprise management and 
operation level constantly improve, and then enhance the 
competitiveness of  the enterprise market.

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