特变电工多元化经营和公司绩效的案例研究

发布时间：2018-04-03 21:37

本文选题：多元化　切入点：绩效　出处：《石河子大学》2017年硕士论文

【摘要】：在这个经济快速发展的时代,随着全球一体化程度的不断提高以及市场经济日趋完善,企业不仅要应对来自国内外日益增多的竞争对手,更要面对全球一体化下风起云涌的市场环境,处在这种情形下,选择合适的发展战略尤为重要。企业需要依据所拥有的资源、经营管理能力及市场环境,做出对未来经营的规划,使公司能够保持可持续的发展,此时,多元化就是众多企业会考虑的经营方式。多元化经营战略对企业来说有许多益处,例如可以获得来自多个行业的收益;产业遍布多个行业可以增加企业抵御风险的能力;涉足多个领域也可以为企业的经营带来协同效应等。许多企业的经营因多元化受益良多。但是,一些企业采取多元化经营战略后,并未如预计能提高公司的收益,反而损害了企业原有的价值。研究者纷纷尝试去分析多元化战略和绩效之间的关系。多元化经营到底对公司业绩产生怎样的影响?以往的研究大部分采用实证研究方法并选取某一阶段所有的上市公司为样本。因此,为了使结论更切实际、更具实用性,还需把研究聚焦到特定公司。本文将案例与理论结合,综合运用财务指标法和托宾Q值,对特变电工股份有限公司(简称:特变电工)进行分析,结合其多元化动因,不同的动机导致企业行业选择的不同,同时影响特变电工多元化的经营范围,特变电工在对其多元化产业谋篇布局的过程中,公司财务绩效会表现出一定的变化。本文通过衡量特变电工的盈利能力及成长能力来表现其业绩,选取若干重要的财务指标来确定实施多元化经营各年度绩效情况,基于此,将财务数据和市场数据结合,使用托宾Q值来分析特变电工实施多元化以来公司价值变化情况。本研究的主要结论:(1)特变电工实施多元化经营后,2015年的赫芬达尔指数已达到27.12%,多元化程度较高。特变电工实施多元化经营的动因主要是优化资源配置、分散经营风险、节约交易成本及政府优惠政策。(2)前期非相关多元化经营未给企业提供稳定的利润,后期相关多元化产业为企业带来长期的收益。(3)特变电工相关多元化经营对公司绩效产生了积极的影响,使公司的盈利能力和成长能力得到提升,但企业价值还需进一步加强。针对研究结论,本文提出了相应的建议及策略。
[Abstract]:In this era of rapid economic development, with the continuous improvement of the degree of global integration and the improvement of the market economy, enterprises not only have to deal with the increasing number of competitors from home and abroad,Facing the market environment of global integration, it is very important to choose the appropriate development strategy.According to the resources, management ability and market environment, enterprises need to make plans for future management so that the company can maintain sustainable development. At this time, diversification is the management mode that many enterprises will consider.The diversification strategy has many benefits to the enterprise, for example, it can obtain the income from many industries, the industry spread over many industries can increase the ability of the enterprise to resist the risk;Involvement in many fields can also bring synergy to the management of enterprises.Many enterprises have benefited greatly from diversification.However, after adopting diversified management strategy, some enterprises did not increase the company's income as expected, but damaged the original value of the enterprise.Researchers have tried to analyze the relationship between diversification strategy and performance.How does diversification affect the performance of the company?Most of the previous studies used empirical research methods and selected all listed companies at a certain stage as samples.Therefore, in order to make the conclusions more practical and practical, we need to focus on specific companies.This paper combines the case with the theory, synthetically uses the financial index method and Tobin Q value, carries on the analysis to the special variant electrician limited company (abbreviated as: the special variant electrician), unifies its diversification motive, the different motive causes the enterprise to choose the different profession.At the same time, it affects the scope of diversified operation of special variant electrician. In the process of arranging the diversified industry, the financial performance of special variant electrician will show certain changes.In this paper, we measure the profitability and growth ability of the special variable electrician to express its performance, select some important financial indicators to determine the performance of diversified operation, and combine the financial data with the market data based on this.Use Tobin Q value to analyze the value changes of the company since the diversification.The main conclusion of this study is: 1) after implementing diversification, the Hefendal index in 2015 has reached 27.12, and the degree of diversification is relatively high.The motivation of implementing diversification is to optimize the allocation of resources, to disperse the risk of operation, to save transaction costs and preferential policies of the government) the non-related diversification does not provide stable profits for the enterprises in the early period.The related diversification industry brings long-term profit to the enterprise in the later period.) the diversification of electrician has a positive impact on the performance of the company, which promotes the profitability and growth ability of the company, but the value of the enterprise needs to be further strengthened.In view of the research conclusion, this paper puts forward the corresponding suggestions and strategies.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.61

【参考文献】