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LED光源器件和LED照明产品生产行业（以下简称“LED行业”）于20世纪60年代末在我国兴起，进入21世纪，在经历将近十年的快速发展期后，2014年行业逐渐出现竞争同质化、白热化、利润增长放缓等现象，行业由成长期发展为成熟期。面对行业景气度走低形势，行业内企业纷纷进行产业转型升级，掀起了推行双主业经营战略的热潮，然而转型不是一帆风顺的，企业在多元化经营过程中面临很多问题亟待解决。

多元化战略自20世纪50年代被提出以来，在企业界掀起几次兼并浪潮，同时也引起学术界的持续关注。从我国企业对多元化的实践看，最终可总结为“成也多元化，败也多元化”。在经济不景气的情况下，多元化经营与绩效关系备受争议。许多企业调整发展战略，选择推行“双主业”经营模式，“双主业”作为多元化的模式之一，既有利于企业集中力量发展主业，也有利于分散单一经营带来的风险，受到企业的广泛欢迎。

本文选择万润科技为研究对象，主要运用案例研究法探究其双主业战略实施对绩效的影响。本文共六章，第一、二章重点阐述了研究背景、现有的研究文献及理论基础，后四章对万润科技“LED+广告传媒”的双主业战略展开分析。首先，介绍万润科技及其多元化经营的实施情况，分析多元化的程度、动因；其次，从财务绩效、非财务绩效、企业价值三个维度对公司多元化经营绩效进行评价；再次，根据评价结果分析万润科技绩效欠佳的原因，并针对性地提出优化建议；最后，基于案例的研究对实施双主业经营战略的经验进行总结，以供我国其他企业借鉴。通过研究得出：实施双主业经营给万润科技带来多元化溢价效应，但绩效不稳定，且不具有持续性。企业在多元化经营实施中存在并购质量不佳、资源整合不到位、过度扩张、风险控制机制失灵等问题，应该采取处理好并购的关键环节、加快业务融合以提升协同效应等措施来优化企业绩效。万润科技在双主业经营中出现的问题表明，双主业经营利弊并存，企业在实施多元化战略时，要认清该战略的利弊，趋利避害，并结合自身情况，量力而行，最终实现可持续发展。

The LED light source device and LED lighting product production industry (hereinafter referred to as the "LED industry") emerged in my country in the late 1960s and entered the 21st century. After nearly a decade of rapid development, the industry gradually emerged in 2014. Homogeneous competition The industry has developed from a growth period to a mature period due to phenomena such as intensification, intensification, and slowdown in profit growth. In the face of the declining industry prosperity, enterprises in the industry have carried out industrial transformation and upgrading one after another, setting off an upsurge in implementing the dual-core business strategy. However, the transformation is not smooth sailing, and enterprises face many problems in the process of diversification that need to be solved urgently.

Since the diversification strategy was proposed in the 1950s, it has set off several waves of mergers in the business world, and has also attracted continuous attention from the academic world. Judging from the practice of diversification in Chinese enterprises, it can be summed up as "diversification in success and diversification in failure". In a recession, the relationship between diversification and performance is controversial. Many enterprises adjust their development strategies and choose to implement the "dual main business" business model. As one of the diversified models, "dual main business" is not only conducive to enterprises' concentrated development of main business, but also conducive to dispersing the risks brought by single operation. Widely welcomed by enterprises.

This paper selects Mason Technology as the research object, and mainly uses the case study method to explore the impact of the implementation of its dual main business strategy on performance. This paper consists of six chapters. The first and second chapters mainly describe the research background, existing research literature and theoretical basis. The last four chapters analyze the dual main business strategy of Mason Technology's "LED + advertising media". First, it introduces the implementation of Mason Technology and its diversified operation, and analyzes the degree and motivation of diversification; secondly, it evaluates the company's diversified operation performance from the three dimensions of financial performance, non-financial performance and enterprise value; The results analyzed the reasons for the poor performance of Mason Technology, and put forward targeted optimization suggestions. Finally, based on the case study, the experience of implementing the dual-core business strategy was summarized for reference by other enterprises in my country. Through the research, it is concluded that the implementation of dual main business operation brings a diversified premium effect to Mason Technology, but the performance is unstable and not sustainable. In the implementation of diversified operations, enterprises have problems such as poor quality of mergers and acquisitions, inadequate resource integration, excessive expansion, and failure of risk control mechanisms. Measures should be taken to optimize corporate performance by properly handling key links of mergers and acquisitions, accelerating business integration to enhance synergies, etc. . The problems of Mason Technology in the operation of the dual main business show that the advantages and disadvantages of the dual main business operation coexist. When implementing the diversification strategy, the enterprise must recognize the advantages and disadvantages of the strategy, seek the advantages and avoid the disadvantages, and do what it can according to its own situation. , and ultimately achieve sustainable development.