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随着企业的发展与规模扩张，不少企业将目光转向其他行业，期望在原有业务之外寻找新的利润增长点。但多元化的扩张往往采取并购的策略，存在业务无法有效协同的情况，甚至使企业陷入财务困境。归核化战略可以提高企业的资产质量，帮助企业确定核心业务，并围绕核心业务开展活动，使企业能较快的重塑核心能力，提升产品的核心竞争力。目前国内研究财务困境的文献大多基于大样本的实证研究，对于案例的研究相对较少，对企业财务困境下实施归核化的研究相对更少，因此探索单案例下归核化对于财务困境企业的作用，提供具体有效的归核化路径成为本文的研究方向。

文章选择运动鞋服上市公司贵人鸟为研究对象，以企业所处的财务困境以及实施的归核化战略作为分析框架，在融合多种指标分析体系的基础上，综合分析贵人鸟财务困境的成因与表现，列举贵人鸟近年的归核化举措，研究财务困境下的贵人鸟是否仍适合继续实施归核化战略，最后通过总结问题给出合理的调整建议。研究发现：贵人鸟通过归核化摆脱财务困境，归核化的过程中贵人鸟的盈利能力仍需加强，与此同时，企业的销售获现能力未得到有效的提高，使企业无法及时获取资金，虽然出售资产可以套现，但过高的债务杠杆阻碍了企业的发展。面对企业所处的财务困境，贵人鸟的归核化战略应该努力提高企业的核心能力，以设计研发为主可以快速构建企业产品的核心竞争力，通过对热点事件的把控、多品类产品体系构建以及视频电商渠道推广来构建新型的营销方式，最后通过线上线下一体化等途径优化营销渠道，完成企业对于核心资源的把控，从而摆脱困境，实现健康的发展。

With the development and scale expansion of enterprises, many enterprises have adopted diversified expansion strategies, expecting to find new profit growth points outside the original business. However, the expansion of diversification often adopts the strategy of mergers and acquisitions, and there is a situation where the business cannot effectively synergize, and even causes the enterprise to fall into financial difficulties. The refocusing strategy can improve the asset quality of the enterprise, help the enterprise to determine the core business, and carry out activities around the core business, so that the enterprise can quickly reshape the core capability and enhance the core competitiveness of the product. At present, most domestic literatures on financial distress are based on large-scale empirical research. There are relatively few case studies, and there are relatively few studies on the implementation of refocusing under the financial distress of enterprises. It is the research direction of this paper to provide a specific and effective refocusing path.

This article selects Guirenniao, a listed sports shoes and apparel company, as the research object, takes the financial predicament of the company and the implementation of the refocusing strategy as the analysis framework, and comprehensively analyzes the causes and performance of Guirenniao's financial distress on the basis of integrating a variety of index analysis systems. , enumerates Guirenniao's refocusing measures in recent years, and studies whether Guirenniao under financial distress is still suitable to continue to implement the refocusing strategy, and finally gives reasonable adjustment suggestions by summarizing the problems. The study found that: Guirenniao tries to get rid of financial difficulties through refocusing. During the process of refocusing, Guirenniao's profitability still needs to be strengthened. At the same time, the company's sales and cash-generating ability has not been effectively improved, making it impossible for the company to repay the existing funds on schedule. debt, and while selling assets can generate some cash, excessive debt leverage hinders the development of the business. In the face of the financial predicament of the enterprise, the refocusing strategy of Guirenniao should strive to improve the core competence of the enterprise. The core competitiveness of the enterprise's products can be quickly built by focusing on design and development. Build and promote new video composite e-commerce channels to build a new marketing method, and finally optimize marketing channels through online and offline integration and other means to complete the enterprise's control of core resources, so as to break away from difficulties and achieve healthy development.