【作者】 林军；

【导师】 吴世农；

【作者基本信息】 厦门大学 ， 工商管理（EMBA）（专业学位）， 2018， 硕士

【摘要】 本文以吉林敖东为案例,研究“主业与金融投资并举”战略对于公司经营情况,财务情况的影响。在如今我国国内市场竞争日益激烈的宏观背景下,上市公司通过主业与金融投资并举模式来寻求业绩的增长已成为一个常见选项。但是学术界和金融业界对于此种模式给公司带来的影响一直褒贬不一。本文试图通过案例分析探讨主业与金融投资并举战略类型的无关多元化对于企业的经营,财务,以及会计计量等方面的影响,为企业的战略调整作参考,帮助企业家增强对企业运行模式和决策方针的理解。本文主要分为六章。第一章为研究概述,阐述本文的研究背景以及梳理相关文献资料。在阅读各类关于企业无关多元化的文献中,主业与金融投资并举战略对公司带来的影响可被分为三类。基于这样的研究背景,本文采取案例分析的方式,以小见大。第二章为吉林敖东“药业与金融投资并举”战略的介绍以及初步分析。在简要介绍吉林敖东发展历史之后,本文分析了吉林敖东采取这种战略的动因以及可能会带来的利弊。第三章通过各项财务数据的初步分析,验证此种战略对于吉林敖东在公司财务报表上的反应。第四章详细讨论此种战略对公司经营,财务政策,股价等方面的影响。第五章详细讨论此种战略对于公司经营战略的影响。最后在第六章,基于上文的逐步分析,本文给出结论以及建议。经过数据分析以及财报文本分析,本文认为吉林敖东投资广发证券给公司带来了正面的影响。从财务角度来看,投资广发证券在给吉林敖东带来大量投资收益的同时,也促使了主营药业收入的提升,公司的财务杠杆也在减小,财务稳定性更高。美中不足的是,吉林敖东并没有非常有效地运用投资收益,同时净利润受到投资收益的影响,从而波动性增加。从经营上来看,吉林敖东没有因为投资广发证券而疏忽对主营业务的投入。结合吉林敖东的案例,本文建议实施主业与金融投资并举战略必须以巩固主业为前提,谨慎挑选被投企业,进行长期投资。更多还原

【Abstract】 This thesis takes Jilin Aodong as an example to study the influence of "main business + financial investment" strategy on the company’s operational and financial status.Nowadays,with the increasingly fierce domestic market competition in China,it is a common choice for listed companies to seek performance growth through the combination of main industry and financial investment,but academia and the financial industry have been mixed about the impact of this model.This article attempts to analyze the influence of the independent diversification strategy on the business,finance,and accounting measurement by the case analysis,help the enterprise to make a reference to the strategic adjustment and enhance the understanding of the operation mode and decision-making.This thesis is divided into six chapters.The first chapter is an overview,elaborating the research background and literature review.In all kinds of literature about enterprise independent diversification,the influence of the "main industry and the financial investment strategy" can be divided into three categories.Based on this research background,this article adopts a case analysis method.The second chapter is the introduction and preliminary analysis of Jilin Aodong’s strategy of"pharmaceutical business + financial investment".After a brief introduction of the development history,this paper analyzes the motivation of Jilin Aodong to take such a strategy and the possible advantages and disadvantages.The third chapter verifies the response of this strategy to the company’s financial statements through preliminary analysis of various financial data.The fourth and fifth chapter discuss the impact of such strategy on operation,financial policy,stock price and operation strategy in detail.Finally,in the sixth chapter,based on the above analysis,the conclusions and suggestions are given.Through the analysis of data and financial statements,this thesis holds that the investment in GF securities has brought a positive impact on the company.From the financial perspective,the investment brought substantial investment returns,at the same time also prompted the main pharmaceutical income and decreased the financial lcverage.The fly in the ointment was that Jilin Aodong did not use its investment income effectively and affected the net profit,thus increasing the volatility.From the perspective of operation,Jilin Aodong did not neglect to invest in its core business.Through the study of this case,this paper suggests that the implementation of "the main business plus financial investment strategy" must be based on the consolidation of the main industry and carefully select the invested enterprises to make long-term investments.更多还原