会计学院知识库

摘要

随着建设体育强国远景目标的提出，越来越多的人参与到体育运动中，给运动行业带来发展契机的同时，也加剧了行业的竞争压力，单一的业务经营模式已不能满足传统运动行业的发展需要，越来越多的企业通过多元化战略转型寻求新的业务增长点。而多元化战略下企业的资金储备关系到企业财务弹性水平的高低，财务弹性的强弱是保证企业顺利实施多元化战略的重要因素。

本文采取案例研究法，以运动行业第一家A股上市的公司贵人鸟为研究对象，重点探究其多元化战略下的财务弹性。首先，梳理多元化战略和财务弹性相关文献和理论为案例研究提供理论基础。其次，对贵人鸟多元化战略的实施历程、类型及资金来源等基本情况进行介绍，并具体分析其进行多元化战略的动因。再次，从现金指标、杠杆指标和外部融资成本指标三方面对贵人鸟多元化战略下的财务弹性进行分析。接着通过综合财务弹性指标体系，运用熵值法和变异系数法进行赋权，计算贵人鸟的综合财务弹性指数，更清晰地展现公司多元化战略下财务弹性的变化。最后具体分析贵人鸟财务弹性变化的原因，并提出相应的建议。

研究发现，贵人鸟实施多元化战略后的财务弹性不断恶化，其主要原因有资本结构不合理、主营业务经营不佳、新旧业务未实现协同效应、资金利用率不高以及现金流管理能力较低。因而从开拓多元化融资渠道、重视主营业务经营、发展相关多元化、提高资金利用率、完善现金管理体系几方面提出防范财务弹性恶化的建议，以期为其他正在实施多元化战略的企业提供一定的参考价值。

关键词：多元化战略 财务弹性 协同效应 贵人鸟

Abstract

With the vision of building a strong sports country, more and more people are participating in sports, which brings development opportunities to the sports industry and also intensifies the competitive pressure of the industry. A single business operation mode can no longer meet the development needs of the traditional sports industry, and more and more enterprises seek new business growth points through diversification strategy transformation. The capital reserve of enterprises under diversification strategy is related to the level of financial elasticity of enterprises, and the strength of financial elasticity is an important factor to ensure the smooth implementation of diversification strategy.

This paper adopts a case study approach, taking Guirenniao, the first A-share listed company in the sports industry, as the research object, focusing on its financial elasticity under its diversification strategy. First, the literature and theories related to diversification strategy and financial elasticity are combed to provide a theoretical basis for the case study. Second, we introduce the basic information about the implementation history, types and funding sources of Guirenniao's diversification strategy, and specifically analyze the motivation of its diversification strategy. Again, the financial elasticity of Guirenniao under its diversification strategy is analyzed from three aspects: cash indicators, leverage indicators and external financing cost indicators. Then, through the comprehensive financial elasticity index system, the entropy value method and the coefficient of variation method are used to assign weights and calculate the comprehensive financial elasticity index of Guirenniao, so as to show more clearly the changes of financial elasticity under the company's diversification strategy. Finally, the reasons for the changes in financial elasticity of Guirenniao are specifically analyzed and corresponding suggestions are made.

The study found that the financial flexibility of the bird after implementing diversification strategy was deteriorating, the main reasons are unreasonable capital structure, poor operation of main business, no synergy between new and old business, low capital utilization and low ability of cash flow management. Therefore, some suggestions are put forward to prevent the deterioration of financial flexibility from the following aspects: opening up diversified financing channels, paying attention to the main business operation, developing related diversification, improving the utilization rate of funds and perfecting the cash management system. In order to provide some reference value for other enterprises that are carrying out diversification strategy.

Keywords: Diversification strategy; Financial flexibility; Synergistic effect; Guirenniao