摘要：基于美的集团纵向单案例，分析企业资金集中管理模式随战略需求变化而动态调整的实施效果。研究发现，从机会成长阶段一规模成长阶段一优化升级阶段，美的集团战路需求呈现出“异地扩张一产业扩张一国际化与多元化扩张”的变化态势，其资金集中管理模式经历了“结算中心异地结算模式一数据大集中模式一财务公司”的动态调整，资金集中管理模式对应职能也在动态调整中完成了“异地资金管理能力一跨业务协调能力一金融发展能力”的叠加。美的集团根据战略需求变化动态调整资金集中管理模式是资金集中管理活动成功的关键，这一研究发现对战略需求影响资金集中管理模式的理论解释提供了案例依据，也为集团企业的资金集中管理模式选择提供了启示。

Abstract: Based on a longitudinal single-case study of Midea Group, this paper analyzes the theoretical logic and implementation effects of dynamic adjustments in centralized capital management models in response to changes in strategic demands. The study reveals that Midea Group's strategic demands during the stages of opportunity growth, scale growth, and optimization and upgrade exhibit a changing trend of "expansion in different locations, industry expansion, internationalization and diversified expansion." The centralized capital management mode of the company undergoes dynamic adjustments from offsite settlement model for clearing centers, large-scale data concentration model for clearing centers, to financial company model and the corresponding functions of fund concentration management are also overlaid during this dynamic adjustment, encompassing remote fund management capability, cross-business coordination capability, financial development capability. Midea Group's dynamic transformation of fund concentration management mode in accordance with changes in strategic demands is identified as a key factor in the success of fund concentration management activities. This research provides case evidence for the theoretical interpretation of how strategic demands influence the centralized capital management models and offers insights for the selection of centralized capital management models in corporate groups.