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在新媒体浪潮的席卷之下，传统阅读方式正面临着前所未有的冲击。与此同时，智能制造技术的迅猛发展也在对传统造纸产业发起深刻的变革。这不仅改变了人们的阅读习惯和信息获取方式，也对造纸产业的生产模式、市场格局以及未来发展路径产生了深远的影响。为了谋求更高的利润增长并掌握应对风险挑战的主动权，各造纸企业开始广泛涉足非相关行业领域。而当前，我国经济已步入高质量发展新阶段，盲目追求高增长只会加剧风险，导致经济失衡，不利于企业长远发展。在此背景下，大量企业开始进行战略变革，不少多元化经营的企业选择回归核心业务，剥离非核心或绩效较差的资产，归核化战略转型成为了推动企业高质量发展的重要途径。本文以晨鸣纸业为例，深入剖析其实施归核化战略的动因、路径及绩效影响，旨在为同行企业提供借鉴与启示。

通过对归核化战略的动因、路径及实施绩效相关的国内外研究文献进行回顾，发现由于企业所在行业、所处发展阶段以及战略执行程度等情况不同，学者们对企业归核化战略实施绩效的评价结果存在分歧。有鉴于此，本文以晨鸣纸业为研究对象，基于核心竞争力等理论，先对其归核化战略实施的来龙去脉进行阐述；再基于上文中的理论分析阐述晨鸣纸业归核化战略对企业绩效的具体影响机理；最后本文利用事件研究法分析晨鸣纸业归核化战略实施后取得的短期绩效，同时结合财务绩效与市场开拓、科技含量、社会贡献等非财务绩效指标，建立归核化绩效评价体系，利用熵权-TOPSIS法评估其长期绩效。通过深入研究，最终得出了归核化战略对企业绩效产生的影响与优化建议。

通过研究，本文发现：（1）晨鸣纸业实施归核化战略旨在化解过度多元化所带来的经营风险，进一步巩固并强化其主业的核心竞争力，以此提振投资者的信心，为企业注入新的活力；（2）晨鸣纸业通过陆续剥离非核心业务，集中优势资源发展造纸主业，成功实施了归核化战略。并且归核化战略通过改善企业财务状况、提升运营效率以及增强核心竞争力等路径有效推动企业绩效提升；（3）从短期绩效来看，晨鸣纸业剥离融资租赁业务收到了市场的正面反馈，而由于信息披露不充分导致剥离采矿业务收到了市场的负面反馈；（4）从长期绩效来看，得益于一直以来的“浆纸一体化”产业布局，企业归核化后的综合绩效表现得到快速提升，财务绩效与非财务绩效都有一定程度增长。但是，随着时间的推移与融资租赁业务压缩速度放缓，归核化综合绩效出现先升后降趋势，表现不及预期。因此，本文针对晨鸣纸业归核化绩效表现持续发力不足的问题提出如下建议：（1）找准企业竞争优势；（2）加强财务风险管理；（3）重视归核化前的信息披露工作；（4）加强技术水平和环保治理能力。本文得出的结论，不仅为晨鸣纸业在后续归核化战略实施中提供了有益的参考，同时也为其他有意向采用归核化战略转型的造纸企业提供了一定的借鉴与启示。

Under the influence of new media, traditional reading habits are undergoing significant shifts. Simultaneously, the rapid evolution of intelligent manufacturing is revolutionizing the paper industry, altering production methods, market structures, and future growth paths. Seeking higher profits and risk management, papermaking companies have ventured into unrelated industries. However, as China's economy transitions to high-quality development, pursuing unchecked growth risks economic imbalances and hinders long-term sustainability. In response, numerous enterprises are undergoing strategic shifts, returning to their core businesses and disposing of non-core or underperforming assets. Refocusing strategic transformation is crucial for high-quality enterprise development. Using Chenming Paper as a case study, this paper examines the motivations, approach, and performance impact of its refocusing strategy, offering insights for peer companies.

Based on a review of domestic and international literature on the motivation, path, and performance of refocusing strategies, scholars' evaluations vary due to industry differences, development stages, and strategy implementation levels. Therefore, this paper focuses on Chenming Paper Industry, using the theory of core competitiveness to explain the genesis and evolution of its refocusing strategy. It then delves into the mechanism of how this strategy impacts enterprise performance. Employing the event study method, this paper analyzes Chenming's short-term performance post-refocusing. Additionally, a comprehensive performance evaluation system is established, incorporating financial metrics with non-financial indicators such as market development, technological content, and social contribution. The entropy-TOPSIS method assesses long-term performance. Our in-depth analysis reveals the profound impact of refocusing strategies on enterprise performance, leading to optimization suggestions.

This paper discovers that: (1)Chenming Paper's refocusing strategy aims to mitigate operational risks from over-diversification, strengthening its core business' competitiveness, boosting investor confidence, and revitalizing the enterprise. (2)Chenming paper successfully implemented refocusing strategy by divesting non-core businesses and focusing resources on its core papermaking industry, effectively enhancing financial status, operational efficiency, and core competitiveness. (3)Short-term performance analysis shows positive market feedback for the divestiture of its financial leasing business, but negative feedback for its mining business due to insufficient disclosure. (4)Long-term performance indicates rapid improvement post-refocusing, with both financial and non-financial indicators increasing. However, with time and slower compression of financial leasing business, performance initially rose but later declined, falling short of expectations. To address Chenming Paper's refocusing performance challenges, this paper offers the following suggestions: (1)Identify the enterprise's competitive edge; (2)Enhance financial risk management; (3)Ensure transparent information disclosure prior to refocusing; (4)Strengthen technological advancements and environmental management capabilities. In conclusion, this paper serves as a valuable reference for Chenming Paper in implementing its refocusing strategy and provides guidance for other paper and paper products enterprises considering a similar approach.