【作者】 张奇男；

【导师】 吴明礼；

【作者基本信息】 南京财经大学 ， 会计学， 2007， 硕士

【摘要】 企业多元化经营是与专业化经营相对应的经营战略,它是指企业在原有主业的基础上,通过兼并、重组、收购、投资等方式进入新的行业领域的经营战略。我国纺织企业从上世纪90年代开始,就进行了多元化经营的各种尝试和探索,其中有成功也有失败,波折颇多。纺织业作为永续产业,也是我国的传统优势产业,出口创汇的主力行业,其发展直接关系到国民经济的良性循环,所以本文就针对纺织业上市公司的多元化经营之于企业绩效的影响进行了研究。本文选取了51家上市公司为样本,分析了纺织企业存在地区和行业分布不合理,资源配置不合理;产品附加值、科技含量不高,面临经贸和外汇压力;经营业绩参差不齐且可持续发展能力不强等现实问题,许多企业不同程度的实行了多元化经营,有纵向多元化也有横向多元化,涉及的领域主要有房地产、能源、医药、电子通讯、实业投资等,这些公司多元化经营的动因主要有分散风险的动因,有效利用资源、培育新的利益增长点的动因,追求范围经济的动因和管理层谋求个人利益的动因。本文根据企业经营的产品、产业之间是否存在相关关系,采用熵指数法,将样本分为低度多元化经营、相关多元化经营和非相关多元化经营的三类公司组,采用2003-2005年的数据的算术平均数,通过方差分析和相关分析相结合的方法,对我国纺织业上市公司多元化经营与其盈利能力、成长能力和绩效稳定性水平的关系进行了实证分析。分析结果:随着多元化程度的上升,纺织业上市公司的盈利能力是上升的;多元化程度的上升会推动纺织业上市公司主营业务利润率、净利润增长率的提升,但同时,非相关多元化度的上升也导致企业总资产和主营业务收入的增长速率放缓;实行多元化经营可以使纺织企业的原有经营风险得到一定程度的分散,随着多元化度的上升,企业的绩效稳定性会更好一些,纵观整个分析,可以看出实行相关多元化的纺织业上市公司在这三个方面的绩效表现最好。本文还结合了多元化经营的典型企业——雅戈尔集团股份有限公司进行了分析,发现雅戈尔的多元化经营的绩效成果和我们以上实证研究结果是一致的。经过以上的理论分析和实证研究,可以看出,适度的多元化经营对于我国纺织企业在现阶段是可行的,也是合理的,本文对于纺织业上市公司多元化经营的策略也进行了展望,提出了大力发展主业,培养企业的核心竞争力,在主业充分发展的基础上,实现经营业态的适度多元化的策略建议。更多还原

【Abstract】 Diversification strategy is contrary to specialization strategy. Diversification strategy is a management strategy. It means that on the basis of companies’original services, companies get their ways into new fields by mergering, recombining or adding new works. From the 1990s, diversification strategy has been using by the textile companies of our country, and some companies succeeded, but others couldn’t get profit from the strategy.The development of textile industry which is an eternal industry, an ascendant industry of our country and a main industry that can earn by exporting, works a direct effect to the circulation of national economy. Therefore, this essay is just a study to the effect making by diversification strategy to the management performance of the public textile enterprises. This essay chose 51 public textile companies as a sample. In this essay, I found some problems that existing in these companies. The areas, industries and sources distribution of the companies are small and unreasonable, and some of them have inferior technology and have to face to the pressure of the risk that works by the trading and foreign exchanging. Some of them have poor management performance and can’t develop continuatively. Therefore, many companies have adopted the diversification strategy, including sidelong diversification and endlong diversification. Many of them have flushed into the industries of real estate, the sources of energy, medicine, electron communication, industry investments etc. Their motivation for doing these is to disperse risks, to cultivate new fields for profit earnings, to make good use of their resources, to achieve range economy and for the administrant to get individual benefits.According to the relationship between the products and services which the companies render, companies can be devided into there groups by using entropy diversified index, which are low diversification, related diversification and non-related diversification. Adopting the arithmetic mean value of the indexes from 2003 to 2005, this essay studies the relationship between the diversification strategy and the profit ability, growth ability and stability of achievements of the public textile companies, by using variance analysis and correlation analysis. The findings of the analysis: the profit abilities of the companies increased with the ascension of the level of diversification. the growth of the ratio of main products’profit and the growth of the ratio of net profit increased with the ascension of the level of diversification, while the growth of the ratio of assets and the growth of the ratio of main products’income declined with the ascension of the level of non-related diversification. The companies’risks can be dispersed somehow by adopting diversified strategy, and the management performance could get better, while the level of diversification increased. From the analysis, the essay found that the management performances of companies adopting related diversification strategy are better than others. This essay also analyzed the representative enterprise which also adopted the diversification strategy——Youngor Corp. incorporated company, and found that the company’s management performance is confirmed to our findings.Through the above theoretical analysis and empirical analysis, we can believe that moderate diversification is feasible and reasonable for textile companies of our country presently. This essay makes a prospect for the diversification strategy which the textile companies can adopt. This essay suggests that textile companies should make a great effort to develop their main products and services to cultivate the core competitive ability. Then, they can get into new industries to format moderate diversification.更多还原