【作者】 周峰；

【导师】 曾雪云；

【作者基本信息】 北京邮电大学 ， 工商管理（专业学位）， 2023， 硕士

【摘要】 近年来,我国传统零售企业在互联网企业的跨界整合和零售业商业模式创新的冲击下,普遍遭遇严峻的生存挑战和纷纷谋求数字化转型。在此背景下,作为传统零售业的代表,苏宁电器开始了由线下门店经营模式向线下线上平台化发展的多元化经营转型之路,相关举措虽多但难逃价值折损的“多元化魔咒”和没落态势。本文就此典型案例展开分析,希望揭示传统零售业向新零售业进行转型过程中的多元化价值折损的过程、原因和内在逻辑,以为我国零售业的转型发展提供借鉴和参考。首先,通过文献研究法,梳理回顾多元化战略、企业价值相关的文献研究,借鉴优秀研究思路,确定论文研究的理论基础。其次,对案例研究对象苏宁易购的企业基本情况、多元化战略发展情况、多元化战略内外部动因等进行总结分析。再次,通过运用杜邦分析法以及分析苏宁易购股票、企业主体信用评级变化等,判定企业的财务价值、市场价值折损程度,并进行影响路径研究。最后,得出苏宁易购的多元化战略主要通过多元化内生性、资源协同、产品核心竞争力三个路径影响企业价值并导致了价值折损。基于以上研究,本文对苏宁易购提出以下管理建议:一是经营回归零售业主业;二是塑造核心竞争力;三是提升风险评估与预警。希望通过苏宁易购的案例研究,可以为实施多元化战略的其他零售业企业提供一定参考意义。更多还原

【Abstract】 In recent years,China’s retail industry model innovation has emerged in an endless stream,shaping the Chinese retail market to become the most advanced place in the world in terms of internet and technology.At the same time,China’s manufacturing industry is experiencing overcapacity,and various consumer goods are in a state of oversupply.The retail industry is facing fierce competition.During this period,leading enterprises in the traditional retail stage in China generally encountered transformation difficulties and significant corporate value discounts.However,currently,there are few research cases in academic papers in China regarding the diversification strategy transformation of traditional retail enterprises leading to corporate value discounts.Suning Tesco is the most active and thorough traditional retailer in diversifying its strategic transformation.On the way to diversified expansion,it has undergone Internet transformation and a new omnichannel retail layout,but its diversified development has not been smooth.Therefore,taking Suning Tesco as a case to study how diversification strategy affects enterprise value discounts and distribute reference significance for other retail enterprises.First of all,through the literature research method,I will sort out various literature on how corporate diversification strategies affect corporate performance,financial performance,and corporate value,and learn from research ideas;At the same time,relevant academic documents such as diversification classification,diversification motivation,diversification discount,diversification premium,and diversification neutrality are collected and analyzed to provide a theoretical basis for paper writing.Secondly,it introduces the basic situation of Suning Tesco,the development of its diversification strategy,and the internal and external motivations of its diversification strategy.Thirdly,by using the DuPont analysis method and analyzing the changes in the prices of Suning Tesco shares and creditor’s rights markets,we study the basic value and market value of the enterprise,and evaluate the degree and reasons for the discount in the enterprise value.Finally,it is concluded that Suning Tesco’s diversification strategy mainly affects enterprise value and leads to discounts through four paths:endogenous diversification,external market transaction costs,resource coordination,and core competitiveness of the enterprise.Based on the above research,this article puts forward the following management suggestions for Suning Tesco:First,the business nature of returning to the retail industry;The second is to systematically plan the development of the core competitiveness of enterprises;Third,improve enterprise risk assessment.I hope that the case study of Suning Tesco can provide some reference significance for other retail enterprises implementing diversification strategies.更多还原