会计学院知识库

在迅速演进的市场经济环境中，企业间的角逐日益激烈。当核心业务遭遇发展障碍时，企业往往选择实施多元化战略来维持稳定且高效率的成长。大量的国内外企业实例表明，许多公司在实施多元化战略后，成功地提升了营业利润，或是通过整合上下游产业链的业务，达成了协同效应，进而优化了资源配置。但是不完善的资本市场可能会导致企业在实施多元化战略的道路上遭遇挑战，而且在这个过程中，一些风险因素也会随之出现，如资金链条过于复杂、业务过度分散等，这些因素可能会增加财务风险，并在极端情况下导致企业破产。

本文选择实施多元化战略的代表性企业海航集团为研究对象。首先以国内外相关文献研究为基础，从多元化战略的分类、多元化程度测量、财务风险内涵等相关概念出发，结合投资组合等理论基础，对多元化战略和财务风险的研究现状进行梳理。其次，运用案例研究方法，阐述海航集团实施多元化发展的历程，分析其各个阶段实施多元化战略的动因，并运用赫芬达尔指数和专业化比率法对其多元化程度进行测量。最后再利用海航集团相关财务数据分别对其筹资、投资、营运、收益分配风险进行识别，并由财务风险分析结果探讨其破产重整的必然性。接着再运用Z-score模型和KMV模型对海航集团进行财务风险的总体评价。最后分析海航集团各个财务风险的成因并给出相对应的控制建议。

通过分析研究发现，海航集团因融资成本过高，多元化扩张过度等原因导致其出现筹资和投资风险。而出现营运和收益分配风险是因为海航集团核心主业竞争力被削弱、内部业务板块不协调、多元化投资项目整体回报率不高等原因所致。针对海航集团在实施多元化战略中出现的这四大财务风险，提出了合理控制扩张速度、优化投资范围、建立风险预预警与监控体系、提高核心业务盈利能力等建议，以期这些经验和建议能够为相关企业管理者在风险管理和战略规划方面提供有益的启示。

In the rapidly evolving market economy environment, the competition between enterprises is becoming increasingly fierce. When the core business encounters development obstacles, enterprises often choose to implement diversification strategies to maintain stable and efficient growth. A large number of examples of domestic and foreign enterprises show that many companies have successfully improved their operating profits after implementing the diversification strategy, or achieved synergies by integrating the business of the upstream and downstream industrial chains, and then optimize the resource allocation. But imperfect capital market may lead to challenges in the path of the diversification strategy, and in the process, some risk factors will appear, such as capital chain is too complex, excessive business dispersion, etc., these factors may increase the financial risk, and in extreme cases.

This paper selects HNA Group, a representative enterprise implementing the diversification strategy, as the research object. First of all, based on the relevant literature research at home and abroad, based on the classification of diversification strategy, the measurement of diversification degree, financial risk connotation and other related concepts, the research status of diversification strategy and financial risk is sorted out. Secondly, the case study method is used to explain the process of diversification development of HNA Group, analyze the motivation of diversification strategy in each stage, and measure the degree of diversification by using Hufendahl coefficient and specialization ratio method. Finally, the relevant financial data of HNA Group were used to identify the risks of financing, investment, operation and income distribution respectively, and the inevitability of its bankruptcy reorganization was discussed by the results of financial risk analysis. Then, the Z-score model and the KMV model are used to evaluate the overall financial risk of HNA Group. Finally, the causes of various financial risks of HNA Group are analyzed and corresponding control suggestions are given.

Through analysis and research, it is found that HNA Group has financing and investment risks due to high financing costs, excessive diversification and expansion and other reasons. The risk of operation and income distribution is caused by the weakening of HNA Group's core business competitiveness, the uncoordinated internal business segments, and the low overall return rate of diversified investment projects. For hna group in the implementation of diversification strategy of the four financial risk, put forward the reasonable control expansion speed, optimize the scope of investment, establish a risk early warning and monitoring system, improve the profitability of the core business Suggestions, in order to these experiences and Suggestions for relevant enterprise managers in risk management and strategic planning to provide beneficial enlightenment.