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随着市场竞争的日益激烈，越来越多的多元化企业陷入财务困境，其中部分企业将归核化作为走出困境的首选方式。而由于企业性质以及具体实施过程的不同，实施归核化战略对企业财务绩效的影响也有所区别。有些企业的归核化转型对经营成果产生了正面影响，及时遏止了企业财务绩效的持续下滑，但有些企业并未通过归核化发展从过度多元化的困局中走出来。所以，对具体企业的归核化战略财务绩效做出具体研究，将有助于评价归核化对企业经营状况的真实影响。

本文采用案例研究法，以维维食品饮料股份有限公司（以下简称“维维股份”）为对象，研究实施归核化战略对其财务绩效的影响。首先对维维股份归核化战略的相关内容进行简要介绍:第一，描述维维股份的企业概况，大致了解企业的经营状况；第二，梳理维维股份归核化发展过程，掌握其提出归核化战略后的具体举措；第三，分析维维股份实施归核化战略的动因，明确其为何开展归核化；第四，剖析维维股份归核化战略具体实施路径，更为全面地了解其归核化过程。其次从财务指标和非财务指标两个角度分析维维股份归核化后的财务绩效并找出影响财务绩效表现的问题。其中在财务指标角度分别进行财务比率分析、财务综合分析以及企业价值分析，非财务指标角度进行市场占有率分析与研发投入分析。最后对维维股份未来如何通过恰当的归核化发展提高财务绩效提出优化建议。

研究发现，维维股份归核化战略的实施一定程度上提高了豆奶业和粮油业的财务绩效，且改善了企业营运能力持续变差的情况。但除此之外，整体来看维维股份归核化后偿债能力、盈利能力、成长能力表现均不佳，且未能提升企业价值，同时随着维维股份归核化程度的增加，其市场占有率依然较低。综上，维维股份的归核化经营在短期内并没有给企业财务绩效带来预期的积极效应，且主要存在以下问题：缺少长期战略规划；业务发展顺序欠妥；筹资方式不够完善；研发创新投入不足。而站在长远发展角度，维维股份的归核化战略决策是明智的，待存在问题得到解决，且顺利通过战略调整与缓冲期后，企业就有较大可能通过归核化发展提高财务绩效。为此文章最后提出发展建议：制定长期战略规划；优先发展核心业务；完善企业筹资方式；加大产品研发力度。

With the increasing competition in the market, more and more companies have been in financial difficulties, some enterprises hope to be out of the difficulties through the strategic adjustment of refocusing. And yet, because the nature of business and the concrete procedures are different, the effect of refocusing strategy on financial performance is also different. For example, the strategic transformation of some companies have had positive effects, and then, the continued decline of the financial performance of enterprise has brought to an end in time, in addition, some have not get out of the dilemma of over diversification through the refocusing strategy. Therefore, making a concrete analysis on the financial performance of the specific enterprise’s refocusing will be helpful to evaluate the real impact of refocusing on the operating condition of enterprises.

This thesis mainly uses the case study, then takes Weiwei Food and Beverage Co.LTD.(hereinafter referred to as “Weiwei Shares”)as the concrete object, studies the effect of the refocusing strategy on the financial performance. First of all, this thesis introduces the related contents of the Weiwei Shares’ refocusing: Firstly, it describes the profile of Weiwei Shares for having a rough idea; Second, it combs the process of the refocusing, in order to master the concrete measures after putting forward the refocusing strategy; Third, it analyzes the strategic motivation of Weiwei Shares to implement the refocusing, and to understand why it was refocusing; Fourth, it dissects the path of refocusing to understand the refocusing process more fully.Next , it analyzes the financial performance of Weiwei Shares after refocusing from two aspects of financial index and non-financial index, and identifies the issues affecting financial performance. Among them, financial ratio analysis, financial comprehensive analysis and enterprise value analysis are carried out in the financial indicators, while market share analysis and R&D investment analysis are carried out in the non-financial indicators. In the end, the thesis comes up with some advise on how to improve the financial performance of Weiwei Shares through refocusing development.

It is found that Weiwei Shares’ refocusing strategy has improved the financial performance of soybean milk industry and grain and oil industry to some extent ,in addition, its operating ability continued to deteriorate has been improved. But other than that, all things considered, after refocusing, the performance of the solvency, profitability, development ability were all not well, and didn’t add value to the business, in the meantime, with the increase of the degree of refocusing, Weiwei’s market share remains poor. To sum up, Weiwei Shares’ refocusing didn’t make the expected positive effect to the financial performance, and the main issues are as follows: be short of long-range planning; not in the right order of business development; the financing method is not enough; underinvestment in research and development. But in the long run, Weiwei shares’ refocusing strategy is right. After the existing problems have been solved and the strategic adjustment have been smoothly passed, the enterprise will have a greater possibility to improve its financial performance through refocusing development. At last, the thesis comes up with some suggestions: draw up a long-range planning; give priority to the core business; optimize the financing methods; increase R&D investment.