基于财务视角的两面针集团多元化经营的研究

发布时间：2018-02-26 08:12

本文关键词： 财务视角两面针集团多元化经营　出处：《广西大学》2017年硕士论文　论文类型：学位论文

【摘要】：1978年,我国开始实行“改革开放”政策以来,大大小小的企业如雨后春笋般成立。至今,许多企业已经极具规模,但也有一些企业正面临发展的困境。企业发展到一定规模想要更多经营业绩时,企业就会考虑多元化经营;处于困境中的企业在考虑自己的可持续发展时,可能也会选择进行多元化经营。但是对于企业来说,多元化经营是一把双刃剑,企业应该慎重选择。本文是以两面针集团为案例,利用企业2003-2015年公开的年度财务报表等资料,研究企业的多元化经营。首先,本文采取SWOT分析法分析得出:公司多元化经营的优势有可以分散企业的经营风险、充分利用企业的剩余资源和品牌效益;劣势在于企业地域的局限性,企业品牌的知名度有所下降;企业多元化经营的机会有企业刚好处于适合多元化发展的阶段,企业的产品需求量大、市场广;威胁包括我国日化行业竞争激烈,企业多元化经营的领域带来的风险。其次,基于企业财务指标的分析,从企业的偿债能力、营运能力、盈利能力、成长能力、现金流等角度,来评价企业多元化经营的绩效,得到的结论是:目前,企业的经营现状并不好、财务风险与经营风险都较大,企业的经营业绩也不高,发展前景并不好。再基于理论基础(包括资产组合理论、协同效应、生命周期理论、核心竞争力理论)对两面针集团的多元化经营进行分析,从中找出两面针集团多元化经营过程中存在的问题有:非相关多元化经营并没有分散企业的经营风险,也没能很好地利用企业的协同效应;没有准确判断企业所处的发展阶段,过早进行多元化;没有选择好企业的经营领域,过度进行多元化。最后,根据研究中发现的问题提出解决措施:适当减少多元化程度,降低企业的经营风险;发展相关多元化,发挥企业的协同效应;重新定位产品,开发新的市场;增加企业的研发投入强度,形成企业的核心竞争力。希望本文的结论对类似企业多元化经营的选择具有一定的参考价值。
[Abstract]:In 1978, since China began to implement the policy of "reform and opening up", large and small enterprises have sprung up. Up to now, many enterprises have become extremely large. But there are also some enterprises that are facing the dilemma of development. When enterprises develop to a certain scale and want more business performance, they will consider diversification; when enterprises in distress are considering their own sustainable development, May also choose to diversify. But for enterprises, diversification is a double-edged sword, enterprises should be careful to choose. First of all, this paper uses SWOT analysis method to analyze: the advantages of diversification can disperse the business risks, make full use of the remaining resources and brand benefits; The disadvantage lies in the limitation of the region of the enterprise, the popularity of the enterprise brand has declined, the opportunity of the diversification of the enterprise is just in the stage suitable for the diversified development, the product demand of the enterprise is large, the market is wide; The threats include the fierce competition in the daily chemical industry in China and the risks brought about by the diversification of enterprises. Secondly, based on the analysis of enterprise financial indicators, from the perspectives of corporate solvency, operating capacity, profitability, growth capacity, cash flow, etc. To evaluate the performance of enterprise diversification, the conclusion is: at present, the current situation of enterprise management is not good, the financial risk and management risk are large, the business performance is not high, Based on the theoretical basis (including portfolio theory, synergy effect, life cycle theory, core competitiveness theory), the paper analyzes the diversification of the group. In the process of diversification, we find out that the non-related diversification does not disperse the risk of the enterprise, nor does it make good use of the synergistic effect of the enterprise; it does not accurately judge the stage of development in which the enterprise is in. Early diversification; do not choose a good business area, excessive diversification. Finally, according to the problems found in the study to put forward solutions: reduce the degree of diversification, reduce the risk of business; develop related diversification, Give full play to the synergetic effect of enterprises; reposition products and develop new markets; increase the R & D investment intensity of enterprises and form the core competitiveness of enterprises. I hope the conclusion of this paper has certain reference value for the choice of diversification of similar enterprises.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7

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