企业多元化经营对财务绩效影响的研究——以新希望集团为例

摘  要

当越来越多的行业领域成为“红海”之时，为了争取优势地位，处在“红海”内部的企业一方面会开始寻找行业内部的伙伴强强联手，另一方面也会寻找行业之外尚存的蓝海进行开拓，或者踏入另一片“红海”企图分一杯羹。无论是出于何种动机，多元化经营已是当下企业在市场竞争中站稳脚跟的重要方式。而这种战略给企业带来的影响将会直接体现在财务账面上。本文先引入新希望集团作为案例，通过分析该集团自创立起至今所经历的不同战略阶段，并将近十年的财务效率分析指标与其所处农牧业其他上市公司的均值作对比，综合评价新希望多元化经营给财务绩效方面带来的影响，明确其充分发挥协同效应，始终致力于增强核心竞争力策略的正确性。最后，也提出了新希望多元化战略成功的关键点之所在，对其他农牧业公司及民营企业的战略制定具有借鉴意义。

关键词：民营企业；多元化战略；协同效应

ABSTRACT

When more and more industry sectors become the “Red Sea”, in order to gain a dominant position, companies in the “Red Sea” will start to look for partners within the industry to join forces, and on the other hand, they will look outside the industry. The surviving Blue Ocean is being exploited, or stepping into another “Red Sea” to try to share a piece of it. Regardless of the motives, diversification is an important way for current companies to gain a foothold in market competition. The impact of this strategy on the company will be directly reflected in the financial books. This paper first introduces the New Hope Group as a case. By analyzing the different strategic stages that the group has experienced since its establishment, and comparing the financial efficiency analysis indicators of the past ten years with the average of other listed companies in the agriculture and animal husbandry, the comprehensive evaluation of the new I hope that diversified operations will have an impact on financial performance, clarify that they fully exert synergies, and always strive to enhance the correctness of core competitiveness strategies. Finally, it also puts forward the key points of the success of the new hope diversification strategy, and has reference significance for the strategy formulation of other agricultural and livestock companies and private enterprises.

Keywords：Private enterprise; Diversification strategy; Synergy; Financial efficiency; Core competitiveness

目录

一、绪论1

（一）研究背景及意义1

（二）文献综述2

二、多元化的基本理论3

（一）分散风险理论3

（二）委托代理理论3

（三）协同效应理论3

三、新希望集团多元化案例介绍4

（一）行业背景介绍4

（二）企业背景介绍4

（三）实施多元化的过程4

（四）单一业务战略时期4

（五）非相关多元化战略时期5

（六）相关多元化战略时期5

（七）有限多元化战略时期5

四、多元化对财务绩效影响的分析6

（一）对盈利能力的影响6

（二）对营运能力的影响8

（三）对偿债能力的影响10

五、启示与借鉴13

（一）培养和保持核心竞争力13

（二）树立财务风险意识13

（三）克服多元化的潜在危机13

结论14

参考文献15