中国神华多元化经营对财务绩效的影响研究

发布时间：2018-01-15 13:31

本文关键词：中国神华多元化经营对财务绩效的影响研究　出处：《广东工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：自20世纪60年代起,西方国家便掀起了多元化经营的浪潮。我国企业多元化起步较晚,自改革开放之后,我国市场经济飞速发展,迎来了企业大规模开展多元化经营的新时代。相较于西方国家已经较为成熟的多元化理论体系,我国关于多元化的研究还处在蓬勃发展的时期。在理论不断丰富、成熟的同时,企业也一直走在对多元化经营的探索道路上,此时对多元化的研究不应仅仅停留在多元化是什么,要不要开展多元化的阶段,应该把更多的注意力放在怎样开展多元化才能对财务绩效产生良好作用,提升企业价值的落点上。目前大多数关于多元化的研究,包括多元化经营对财务绩效的研究都是以实证研究为主的,或许在企业纷纷开展多元化,试图以多元化经营的成功带动企业价值提升的大背景下,以案例分析的方式对某个代表性企业进行多元化的相关研究,在理论基础上检验多元化经营对财务绩效的影响,以及影响的途径,或许更具有现实的指导意义。本文将多元化动机、多元化类型及多元化对财务绩效的影响连成一条逻辑线,提出多元化经营对财务绩效的作用机理,作为案例分析的理论支撑,选择处在我国基础性行业——煤炭行业中的标杆企业中国神华作为案例分析的标的企业,分析其多元化的动机,从多元化类型切入,构造经行业调整的多元化组合,以盈利能力、营运能力、偿债能力、发展能力评价中国神华的财务绩效,以托宾Q值评价中国神华的市场价值,得到中国神华多元化溢价的结果,并探索其多元化经营对财务绩效的影响途径,发现中国神华通过形成范围经济、市场势力、税收优势、内部资本市场充分发挥了其相关多元化的协同效应,并且良好地抑制了代理问题,从而提升了企业价值,在经济下行时依旧遥遥领先,成为行业内不朽的传奇。最后,本文的分析也得出了一些案例启示,为企业开展多元化经营提供可资借鉴的建议:第一,找好定位,明确多元化动机;第二,尽量选择相关多元化,审慎选择无关多元化;第三,相关多元化要充分利用协同效应;第四,坚持核心竞争力防止经营分散;第五,避免代理问题,以防多元化折价。
[Abstract]:Since 1960s, there has been a wave of diversification in western countries. The diversification of Chinese enterprises started late, and since the reform and opening up, the market economy of our country has developed rapidly. Welcome to a new era of large-scale diversification of enterprises. Compared with the western countries, the theory of diversification has been more mature. The research on diversification in our country is still in a period of vigorous development. While the theory is constantly rich and mature, enterprises have also been on the exploration road of diversification. At this time, the study of diversification should not just stay in what diversity is, whether to carry out the stage of diversification, should pay more attention to how to carry out diversification to produce a good effect on financial performance. At present, most of the research on diversification, including diversification of financial performance, is mainly empirical research, perhaps in enterprises to carry out diversification. Under the background of promoting the value of a representative enterprise with the success of diversification, this paper makes a case study on the diversification of a representative enterprise. On the basis of theory, it may have practical guiding significance to test the influence of diversification on financial performance and the ways to influence it. Diversification types and the impact of diversification on financial performance into a logical line, put forward the mechanism of diversification on financial performance, as a case study of theoretical support. China Shenhua, a benchmark enterprise in China's basic industry, coal industry, is chosen as the target enterprise of the case study, and the motive of its diversification is analyzed, and the diversification type is cut into. Construct a diversified combination adjusted by the industry to evaluate the financial performance of China Shenhua in terms of profitability, operating capacity, solvency and development ability, and evaluate the market value of China Shenhua by Tobin Q value. Get the result of China Shenhua diversification premium, and explore the impact of its diversification on financial performance, find that China Shenhua through the formation of scope economy, market power, tax advantages. The internal capital market has brought into full play the synergy effect of its related diversification, and has restrained the agency problem well, thus has promoted the enterprise value, and is still far ahead in the economic downturn. Finally, the analysis of this paper also draws some inspiration for enterprises to carry out diversified management to provide suggestions: first, to find a good location, to clarify the motives of diversification; Second, try to choose the relevant diversification, and choose the irrelevant diversification prudently; Third, relevant diversification should make full use of synergy; 4th, adhere to the core competitiveness to prevent decentralization; 5th, to avoid agency problems, in case of diversification discount.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.21

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