本文選題：多元化　切入點(diǎn)：績(jī)效　出處：《石河子大學(xué)》2017年碩士論文

【摘要】：在這個(gè)經(jīng)濟(jì)快速發(fā)展的時(shí)代,隨著全球一體化程度的不斷提高以及市場(chǎng)經(jīng)濟(jì)日趨完善,企業(yè)不僅要應(yīng)對(duì)來(lái)自國(guó)內(nèi)外日益增多的競(jìng)爭(zhēng)對(duì)手,更要面對(duì)全球一體化下風(fēng)起云涌的市場(chǎng)環(huán)境,處在這種情形下,選擇合適的發(fā)展戰(zhàn)略尤為重要。企業(yè)需要依據(jù)所擁有的資源、經(jīng)營(yíng)管理能力及市場(chǎng)環(huán)境,做出對(duì)未來(lái)經(jīng)營(yíng)的規(guī)劃,使公司能夠保持可持續(xù)的發(fā)展,此時(shí),多元化就是眾多企業(yè)會(huì)考慮的經(jīng)營(yíng)方式。多元化經(jīng)營(yíng)戰(zhàn)略對(duì)企業(yè)來(lái)說(shuō)有許多益處,例如可以獲得來(lái)自多個(gè)行業(yè)的收益;產(chǎn)業(yè)遍布多個(gè)行業(yè)可以增加企業(yè)抵御風(fēng)險(xiǎn)的能力;涉足多個(gè)領(lǐng)域也可以為企業(yè)的經(jīng)營(yíng)帶來(lái)協(xié)同效應(yīng)等。許多企業(yè)的經(jīng)營(yíng)因多元化受益良多。但是,一些企業(yè)采取多元化經(jīng)營(yíng)戰(zhàn)略后,并未如預(yù)計(jì)能提高公司的收益,反而損害了企業(yè)原有的價(jià)值。研究者紛紛嘗試去分析多元化戰(zhàn)略和績(jī)效之間的關(guān)系。多元化經(jīng)營(yíng)到底對(duì)公司業(yè)績(jī)產(chǎn)生怎樣的影響?以往的研究大部分采用實(shí)證研究方法并選取某一階段所有的上市公司為樣本。因此,為了使結(jié)論更切實(shí)際、更具實(shí)用性,還需把研究聚焦到特定公司。本文將案例與理論結(jié)合,綜合運(yùn)用財(cái)務(wù)指標(biāo)法和托賓Q值,對(duì)特變電工股份有限公司(簡(jiǎn)稱:特變電工)進(jìn)行分析,結(jié)合其多元化動(dòng)因,不同的動(dòng)機(jī)導(dǎo)致企業(yè)行業(yè)選擇的不同,同時(shí)影響特變電工多元化的經(jīng)營(yíng)范圍,特變電工在對(duì)其多元化產(chǎn)業(yè)謀篇布局的過(guò)程中,公司財(cái)務(wù)績(jī)效會(huì)表現(xiàn)出一定的變化。本文通過(guò)衡量特變電工的盈利能力及成長(zhǎng)能力來(lái)表現(xiàn)其業(yè)績(jī),選取若干重要的財(cái)務(wù)指標(biāo)來(lái)確定實(shí)施多元化經(jīng)營(yíng)各年度績(jī)效情況,基于此,將財(cái)務(wù)數(shù)據(jù)和市場(chǎng)數(shù)據(jù)結(jié)合,使用托賓Q值來(lái)分析特變電工實(shí)施多元化以來(lái)公司價(jià)值變化情況。本研究的主要結(jié)論:(1)特變電工實(shí)施多元化經(jīng)營(yíng)后,2015年的赫芬達(dá)爾指數(shù)已達(dá)到27.12%,多元化程度較高。特變電工實(shí)施多元化經(jīng)營(yíng)的動(dòng)因主要是優(yōu)化資源配置、分散經(jīng)營(yíng)風(fēng)險(xiǎn)、節(jié)約交易成本及政府優(yōu)惠政策。(2)前期非相關(guān)多元化經(jīng)營(yíng)未給企業(yè)提供穩(wěn)定的利潤(rùn),后期相關(guān)多元化產(chǎn)業(yè)為企業(yè)帶來(lái)長(zhǎng)期的收益。(3)特變電工相關(guān)多元化經(jīng)營(yíng)對(duì)公司績(jī)效產(chǎn)生了積極的影響,使公司的盈利能力和成長(zhǎng)能力得到提升,但企業(yè)價(jià)值還需進(jìn)一步加強(qiáng)。針對(duì)研究結(jié)論,本文提出了相應(yīng)的建議及策略。
[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.
【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F406.7;F426.61

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