摘要
近几年，我国上市公司的多元化总体程度逐步加深，不仅表现在实施多元化的企业数量增加，还表现在企业内部多元化进程的加快。企业试图根据“不要把鸡蛋放到同一个篮子里”的道理来实施多元化战略，以此来降低企业在生产经营活动中的风险。但是，一家企业通过实施多元化战略是否能为企业赢得稳健发展的机会，是一个值得思考的问题。实践证明，实施多元化战略是一把双刃剑，其可以分散企业运营中的一些风险，同时也会产生不同程度的财务风险。
云南省城市建设投资集团有限公司是由云南省国资委监管的省属大型企业，2007年，其房地产板块云南城投置业股份有限公司（以下简称云南城投）借壳ST红河，登陆资本市场，是云南省第一家房地产上市公司，曾被资本市场追捧为土地“一级开发第一股”。近年来云南城投通过多元化战略投资与经营使其资产和规模迅猛扩展，但是依靠负债驱动增长的模式、异地并购、跨界投资、略显“惨淡”的经营业绩、频繁的股权交易和百亿债务将昔日的云南地产明星推到风口浪尖。
本文选取了具有多元化战略实施经验的云南城投作为案例研究对象，在对相关文献研究的基础上，本文通过对云南城投的经营情况的介绍和多元化战略布局的梳理，分析了云南城投的财务状况以及在多元化进程中面临的财务风险，然后，分析财务风险对云南城投产生的经济后果，总结财务风险的成因。研究发现，由于云南城投本身的盈利能力不高和内部融资不足，无法为公司的多元化扩张的提供理想的现实
条件。而且随着多元化战略的推进，进一步加大了人云南城投的资金缺口，不健康的资本配置最终导致了现今严重的财务困境。针对多元化战略下云南城投财务风险的成因，本文提出了一系列措施和建议。本文最后归纳了云南城投案例的研究结论，并提出了对研究的进一步思考，以便为类似云南城投的企业战略布局提供一定的参考。
关键词：多元化战略；财务风险；经济后果
Abstract
In recent years, the degree of diversification of China's listed companies has shown an overall upward trend. Enterpris are pursuing a diversified business model, trying to reduce the business risks of enterpris bad on the theory of "can't put eggs in the same basket", so as to achieve rapid expansion. But can companies really achieve steady development through diversification strategies? Practice has proved that diversification is a double-edged sword, which can both diversify business risks and bring great financial risks. Yunnan Metropolitan Construction Investment Company is a large provincial enterpri supervid by the Yunnan State-owned Asts Supervision and Administration Commission. In 2007, Yunnan Metropolitan Construction Investment Company borrowed from ST Honghe and landed on the capital market. It was the first real estate listed compa
低调图片ny in Yunnan Province, and was once sought after by the capital market as a "land-level Develop the first share. " In recent years, Yunnan Urban Investment has rapidly expanded its asts and scale through diversified strategic investments and operations, but relies on a debt-driven growth model, off-site mergers and acquisitions, cross-border investment, slightly "mirable" operating results, frequent equity transactions and large debts pushed the former Yunnan Metropolitan Construction Investment Company’s real estate stars to the forefront.
This paper lects Yunnan Metropolitan Construction Investment Company as the rearch object of corporate diversification strategy. Bad on the rearch of A great deal of literature, it analyzes the financial situation of Yunnan Metropolitan Construction Investment Company and The financial risks faced in the process of diversification, and then by analyzing the economic conquences of financial risks to Yunnan Metropolitan Construction Investment Company, the reasons leading to its financial risks are summarized. The study found that Yunnan Metropolitan Construction Investment Company 's lack of profitability and inadequate endogenous financing made the company itlf not equipped with perfect conditions for its
diversified expansion. Thus, a ries of diversified layouts further even exacerbated the total funding shortage and cannot matched capital allocation of Yunnan Metropolitan Construction Investment Co
mpany. The result is today's financial woes. Aiming at the caus of financial risks of Yunnan Metropolitan Construction Investment Company under a diversification strategy, this article puts forward a ries of measures and suggestions. Finally, this article summarizes the rearch conclusions of the ca of Yunnan Metropolitan Construction Investment Company and propos further consideration of the rearch in order to provide a certain reference for the strategic layout of enterpris similar to Yunnan Metropolitan Construction Investment Company.
Key words：Diversification Strategy; Financial risk; Economic conquences
目录
摘要.................................................... I Abstract ................................................. I 第一章绪论. (5)
荡秋千作文第一节选题背景与研究意义 (5)
一、选题背景 (5)
黄姚古镇二、研究意义 (6)
第二节国内外研究现状及述评 (7)
长颈鹿怎么喝水一、多元化战略与财务风险 (7)
二、多元化战略与经济后果 (8)
三、文献述评 (10)
老马尔蒂尼第三节研究内容、研究方法及研究结构图 (10)
一、研究内容 (10)
二、研究方法 (11)
三、研究结构图 (12)
第四节本文的创新与不足 (12)
一、本文的创新 (12)
二、本文的不足 (13)
第二章相关概念与理论基础 (14)
第一节多元化战略的相关概念 (14)
一、多元化战略概念 (14)
梦见掉钱二、多元化经营战略的类型 (14)
三、多元化程度的度量方法 (15)
第二节财务风险的相关概念 (16)
一、财务风险的概念 (16)
二、财务风险的分类 (17)
第三节经济后果的相关概念 (18)
一、经济后果的概念 (18)
二、经济后果的评价 (19)
第四节相关理论基础 (20)
北京大学艺术学院
一、投资组合理论 (20)
二、资产并购理论 (21)
三、协同效应理论 (21)
四、市场势力理论 (22)
第三章云南城投多元化战略介绍 (23)
第一节云南城投经营概况 (23)
喝酸奶解酒吗
第二节云南城投多元化战略概况 (24)
一、云南城投多元化战略简介 (24)
二、云南城投多元化发展历程 (24)
第三节云南城投多元化战略扩张动因 (25)
一、行业政策背景 (25)
二、分散经营风险 (26)
三、把握市场趋势 (27)
第四节云南城投多元化程度度量 (28)
