Pa ge 1 Pa ge 61 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 Pa ge 62 https://journals.e-palli.com/home/index.php/ajase Am. J. Appl. Stat. Econ. 3(1) 61-66, 2024 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 Pa ge 63 https://journals.e-palli.com/home/index.php/ajase Am. J. Appl. Stat. Econ. 3(1) 61-66, 2024 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 Pa ge 64 https://journals.e-palli.com/home/index.php/ajase Am. J. Appl. Stat. Econ. 3(1) 61-66, 2024 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 Pa ge 65 https://journals.e-palli.com/home/index.php/ajase Am. J. Appl. Stat. Econ. 3(1) 61-66, 2024 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. 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