新湖中宝的多元化经营对公司绩效的影响研究

发布时间：2019-03-18 21:36

【摘要】：受经济环境与市场等一系列因素的影响,我国诸多上市公司企业成长的过程中普遍会选择多元化经营作为自身的发展战略,这也是企业实现扩张的重要途径。企业通过多元化经营实现从规模经济模式转变为范围经济,与此同时企业多元化又能有效提高公司价值与竞争力。因此,在利益与效率的双重吸引下,许多的企业纷纷投身多元化经营的行列。然而,实际上真正多元化成功的企业却是凤毛麟角。因为许多企业只是盲目地寻求扩张,而忽视了自身的竞争能力、企业规模、资金实力等多种综合因素,这样反而损害了企业的价值。所以,企业绩效也往往用以评价多元化实施效果的好坏。本文以新湖中宝为例,采用案例分析的方法,针对其多元化经营模式下的绩效进行分析评价。文章从研究背景和研究意义出发,梳理了国内外的研究现状以及理论基础。简要说明了新湖中宝的企业概况与多元化经营的进程,探究其多元化的动因。根据新湖中宝年报中的数据,对其多元化经营前后的绩效进行对比分析,具体从盈利能力、成长能力、偿债能力、营运能力等四个方面分析多元化给企业带来的影响,为了结论的稳健性,对比分析了同行业专业化经营的竞争对手的绩效。通过自身前后比较和竞争对手绩效对比分析,发现企业在进行多元化经营后绩效有所下降,盈利能力等并未提到明显提高。本文针对新湖中宝的非相关多元化经营中出现的问题,提出了几点改进建议:加强企业核心竞争力,形成持续的竞争优势;谨慎进入非相关多元化领域,应该要积累该行业有关经验,同时具备相应实力,才能提高多元化成功的可能性;依照内外部环境,适当调整多元化领域,实施战略前应该客观分析自身情况与行业发展,权衡利弊,谨慎实行多元化经营,而不是盲目地进入高利润的行业,却忽视了其存在的风险;企业要适度实施多元化经营战略,同时要保障现金流的充裕,以保证企业可持续发展的良性循环。
[Abstract]:Under the influence of a series of factors, such as economic environment and market, many listed companies in China generally choose diversification as their own development strategy in the process of their growth, which is also an important way for enterprises to achieve expansion. Through diversification, enterprises can change from economies of scale to economies of scope. At the same time, diversification of enterprises can effectively improve the value and competitiveness of the company. Therefore, under the dual attraction of interest and efficiency, many enterprises have joined the ranks of diversification. In fact, however, the true diversification of successful enterprises is rare. Because many enterprises just blindly seek expansion, but ignore their own competitiveness, enterprise scale, capital strength and other comprehensive factors, which on the contrary has damaged the value of the enterprise. Therefore, enterprise performance is often used to evaluate the effectiveness of diversification. Taking Xinhu Zhongbao as an example, this paper uses the method of case analysis to analyze and evaluate the performance of the new lake under the diversified business model. Starting from the research background and significance, this paper combs the research status and theoretical basis at home and abroad. This paper briefly explains the general situation of the enterprise and the process of diversification of the new lake treasure, and probes into the motivation of its diversification. According to the data in Xinhu Zhongbao Annual report, this paper makes a comparative analysis of its performance before and after diversification, and analyzes the impact of diversification on enterprises from four aspects: profitability, growth ability, solvency, operational capacity, etc. In order to be robust, this paper compares and analyzes the performance of competitors who specialize in the same industry. Through self-comparison and comparative analysis of competitors' performance, it is found that the performance of enterprises has decreased after diversification, and the profitability has not been mentioned. In view of the problems in the non-related diversification of the new lake treasure, this paper puts forward some suggestions for improvement: strengthening the core competitiveness of the enterprise and forming a sustainable competitive advantage; Careful entry into the field of non-related diversification, should accumulate relevant experience in this industry, and have the corresponding strength, in order to improve the possibility of diversification success; According to the internal and external environment, properly adjust the diversification field, before implementing the strategy, we should objectively analyze our own situation and the development of the industry, weigh the pros and cons, carefully carry out the diversified operation, and not blindly enter the high-profit industry. But ignored the risk of its existence; Enterprises should carry out diversified management strategy appropriately and guarantee abundant cash flow in order to ensure the virtuous circle of sustainable development of enterprises.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.4

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