發(fā)布時間：2018-01-15 13:31

  本文關(guān)鍵詞：中國神華多元化經(jīng)營對財務(wù)績效的影響研究　出處：《廣東工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 多元化經(jīng)營 財務(wù)績效 協(xié)同效應(yīng) 中國神華

【摘要】：自20世紀(jì)60年代起,西方國家便掀起了多元化經(jīng)營的浪潮。我國企業(yè)多元化起步較晚,自改革開放之后,我國市場經(jīng)濟飛速發(fā)展,迎來了企業(yè)大規(guī)模開展多元化經(jīng)營的新時代。相較于西方國家已經(jīng)較為成熟的多元化理論體系,我國關(guān)于多元化的研究還處在蓬勃發(fā)展的時期。在理論不斷豐富、成熟的同時,企業(yè)也一直走在對多元化經(jīng)營的探索道路上,此時對多元化的研究不應(yīng)僅僅停留在多元化是什么,要不要開展多元化的階段,應(yīng)該把更多的注意力放在怎樣開展多元化才能對財務(wù)績效產(chǎn)生良好作用,提升企業(yè)價值的落點上。目前大多數(shù)關(guān)于多元化的研究,包括多元化經(jīng)營對財務(wù)績效的研究都是以實證研究為主的,或許在企業(yè)紛紛開展多元化,試圖以多元化經(jīng)營的成功帶動企業(yè)價值提升的大背景下,以案例分析的方式對某個代表性企業(yè)進行多元化的相關(guān)研究,在理論基礎(chǔ)上檢驗多元化經(jīng)營對財務(wù)績效的影響,以及影響的途徑,或許更具有現(xiàn)實的指導(dǎo)意義。本文將多元化動機、多元化類型及多元化對財務(wù)績效的影響連成一條邏輯線,提出多元化經(jīng)營對財務(wù)績效的作用機理,作為案例分析的理論支撐,選擇處在我國基礎(chǔ)性行業(yè)——煤炭行業(yè)中的標(biāo)桿企業(yè)中國神華作為案例分析的標(biāo)的企業(yè),分析其多元化的動機,從多元化類型切入,構(gòu)造經(jīng)行業(yè)調(diào)整的多元化組合,以盈利能力、營運能力、償債能力、發(fā)展能力評價中國神華的財務(wù)績效,以托賓Q值評價中國神華的市場價值,得到中國神華多元化溢價的結(jié)果,并探索其多元化經(jīng)營對財務(wù)績效的影響途徑,發(fā)現(xiàn)中國神華通過形成范圍經(jīng)濟、市場勢力、稅收優(yōu)勢、內(nèi)部資本市場充分發(fā)揮了其相關(guān)多元化的協(xié)同效應(yīng),并且良好地抑制了代理問題,從而提升了企業(yè)價值,在經(jīng)濟下行時依舊遙遙領(lǐng)先,成為行業(yè)內(nèi)不朽的傳奇。最后,本文的分析也得出了一些案例啟示,為企業(yè)開展多元化經(jīng)營提供可資借鑒的建議:第一,找好定位,明確多元化動機;第二,盡量選擇相關(guān)多元化,審慎選擇無關(guān)多元化;第三,相關(guān)多元化要充分利用協(xié)同效應(yīng);第四,堅持核心競爭力防止經(jīng)營分散;第五,避免代理問題,以防多元化折價。
[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.
【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F426.21

【參考文獻】

相關(guān)期刊論文 前10條

1 章衛(wèi)東;成志策;周冬華;張洪輝;;上市公司過度投資、多元化經(jīng)營與地方政府干預(yù)[J];經(jīng)濟評論;2014年03期

2 楊紫鵬;鄒竹峰;;產(chǎn)品多元化與區(qū)域多元化對企業(yè)績效的影響研究——基于我國醫(yī)藥生物類上市公司的實證研究[J];中國商貿(mào);2013年20期

3 冀小偉;;多元化經(jīng)營績效研究綜述[J];知識經(jīng)濟;2013年12期

4 張純;高吟;;多元化經(jīng)營與企業(yè)經(jīng)營業(yè)績——基于代理問題的分析[J];會計研究;2010年09期

5 柳建華;;多元化投資、代理問題與企業(yè)績效[J];金融研究;2009年07期

6 韓忠雪;周婷婷;;高管激勵、過度投資與公司多元化折價[J];證券市場導(dǎo)報;2009年04期

7 吳晨;;公司多元化程度、規(guī)�；c企業(yè)績效——基于上市公司的實證研究[J];統(tǒng)計教育;2009年02期

8 林曉輝;吳世農(nóng);;股權(quán)結(jié)構(gòu)、多元化與公司績效關(guān)系的研究[J];證券市場導(dǎo)報;2008年01期

9 頓曰霞;薛有志;;上市公司實際控制人、多元化經(jīng)營與投資者保護[J];證券市場導(dǎo)報;2007年09期

10 韓忠雪;王益鋒;;控股股東的利益攫取與公司多元化折價[J];上海交通大學(xué)學(xué)報;2007年07期

相關(guān)碩士學(xué)位論文 前2條

1 蔣琳琳;企業(yè)多元化動因與績效研究[D];暨南大學(xué);2015年

2 劉佳綺;多元化與企業(yè)財務(wù)績效[D];中國海洋大學(xué);2011年

，

本文編號：1428568