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      面对激烈的市场竞争，许多公司往往尝试选择多元化战略来谋求长远健康发展。诚然，多元化战略的正确实施的确可以促使公司实现战略转型，达到拓展市场空间、拓宽公司发展领域的目标，并且能相应地产生协同效应，实现可持续发展。然而，多元化战略实施的过程中也伴随着一些风险：公司盲目进行多元化扩张以及经营管理不善，非但不能实现其发展目标，反而容易给公司带来严重的财务风险，甚至导致其陷入财务困境。其中，YC 公司作为一家房地产上市公司，就面临着这样的困境。公司 2008 年开始实行多元化发展战略，特别是 2014 年以来，其大规模扩张以及频繁的大举并购活动就备受瞩目，然而，公司的经营状况却随之持续走低，目前，YC 公司现金流量不足、资不抵债甚至连续亏损等，导致财务困境局面的产生。

      基于上述背景，本文采用案例研究法，从多元化战略的角度探讨 YC 公司出现财务困境的成因及治理对策。首先，本文在结合文献研究成果的基础上，阐述了 YC 公司的经营状况以及实施多元化战略的概况，剖析了其出现财务困境的具体表现，即存在现金流量不足、债务负担沉重、偿债能力下降、盈利能力较差、存在“退市风险预警”的警示，并运用 Z-score 模型对 YC 公司财务困境进行测度，因此，本文认为 YC 公司已陷入财务困境之中。然后，论文从内部和外部因素分析了 YC 公司陷入财务困境的成因，内因主要从经营活动、资本运作、公司治理和风险管理这四个方面分析，外因从政策环境的变化、行业竞争的激烈、新冠疫情的影响和外部治理的不完善这四个方面分析。最后，提出了一系列摆脱YC公司财务困境的治理对策：公司应尽快进行资产重组，剥离公司严重亏损业务；优化产业布局，立足自身核心业务，提升盈利能力；拓宽资金来源渠道，控制债务规模；强化内部和外部治理；建立财务预警机制，提升应对财务风险的能力；并在今后科学把握投资时机及对象，避免盲目扩张，从而制定科学的战略。

      Today's industry is more competitive. And many companies are always trying to opt for flexible and versatile long-term growth strategies to compete in the marketplace. A diversification strategy helps companies achieve their strategic goals for change. Enlarge your marketing footprint and increase your business. We will work together effectively to achieve development. You can grow where it is necessary, but implementation presents different types of technical challenges. Blind Business Expansion Diversification Bad corporate governance is not the only obstacle to the proposed development. However, hedging against serious financial risks and financial troubles also faces a dilemma YC as a publicly traded real estate company. YC developed several development strategies in 2008. Most importantly, although we have seen extensive expansions and extensive mergers and acquisitions since 2014, the company's business environment continues to deteriorate. Now isn't enough to pay off long-term capital losses that cause economic problems.

Given the above points, in this paper, the causes and methods for overcoming the financial difficulties of YC based on the diversification strategy of YC were examined through a case study approach. This article provides general conditions for working with YC and adopting a diversification strategy. as well as the financial difficulties of the risk allocation process. Very low liquidity also prevents sewage and high debt, weak solvency, low earnings and some symptoms of “reduced accounting risk”. Therefore, in this article, we will use YC for financial matters and use the model. Z-scores for assessing YC's economic loss the company implements several strategies. This article discusses the causes of YC's economic problems caused by intrinsic and extrinsic factors. Internal factors are investigated in four main areas: business, working capital, and corporate governance. External effects include changes in the political and competitive environment. The influences of the new Crown Rebellion and the imperfections of external jurisdictions were investigated in four parts. Several administrative measures have been proposed to address YC's financial problems, and businesses need to rebuild their business as soon as possible. Eliminate large,unprofitable activities. Improve production models and increase profits according to
their core business. Completely accurate and hassle-free. Design a timely financial settlement mechanism to strengthen internal and external management. To improve their financial risk management skills, researchers pay more attention to their investments and future goals. Avoid unprecedented proliferation and make the right strategic decisions.