会计学院知识库

   在经济全球化背景下，众多企业通过多元化经营战略提升自身竞争力，增加公司资产的同时规避企业被吞并的风险。然而，过度的多元化经营战略可能导致企业低效投资和财务危机，海航集团通过多元化经营体量迅速扩张，却引发了流动性危机，最后以抛售资产，多元化经营失败进入破产重整而告终。企业通常注重是否采用多元化经营，而忽视了在多元化经营开展过程中需要考虑和应对的问题。因此，以海航集团为典型案例，探讨企业应如何避免陷入多元化经营的财务危机，同时为实施多元化战略的航空企业提供借鉴意义。

   本文采用案例研究法，重点探讨海航集团在积极实施多元化战略过程中遭遇的财务危机。首先，梳理多元化战略和财务危机相关文献和理论为案例研究提供理论基础。其次,对航空业行业背景、海航集团多元化战略的扩张历程等基本情况进行介绍,并通过资本结构质量、资产质量、利润质量及现金流质量四个方面分析海航集团财务状况。再次，采用Z-score模型对其财务危机进行了定性分析，并分析海航集团失败多元化战略如何导致了财务危机的爆发。最后，提出对航空业相似企业的建议。研究发现,海航集团实施多元化战略后的财务状况不断恶化,最终走上破产重整的道路。其主要原因有多元化经营产生的协同效应较弱、企业核心竞争力不强、企业财务杠杆过高以及缺乏权力制衡机制。因而从适度多元化扩张、重视主营业务经营、合理利用杠杆、完善权力制衡机制几方面提出对航空业防范财务危机的建议。

    In the background of economic globalization, many enterprises enhance their competitiveness through diversification strategies, increasing company assets while avoiding the risk of merger.However, excessive diversification strategy may lead to inefficient investment and financial crisis. HNA Group has rapidly expanded its volume through diversification but triggered a liquidity crisis, which finally ended with selling off assets and entering bankruptcy and reorganization as a result of diversification failure.Companies often focus on whether or not to adopt diversification, while ignoring the issues that need to be considered and addressed in the process of diversification.Therefore, taking HNA Group as a typical case, we discuss how enterprises should avoid falling into the financial crisis of diversification, and at the same time provide a reference for aviation enterprises implementing diversification strategies.

    This paper adopts the case study method to focus on the financial crisis encountered by HNA Group in the process of actively implementing diversification strategy.First, combing the literature and theories related to diversification strategy and financial crisis provides a theoretical foundation for the case study.Secondly, it introduces the background of the aviation industry and the expansion history of HNA Group's diversification strategy, and analyzes HNA Group's financial status through four aspects: capital structure quality, asset quality, profit quality and cash flow quality.Again, the Z-score model was used to qualitatively analyze its financial crisis and to analyze how HNA Group's failed diversification strategy led to the outbreak of the financial crisis.Finally, suggestions for similar companies in the aviation industry are presented.The study found that the financial situation of HNA Group deteriorated after the implementation of the diversification strategy, and it finally embarked on the path of bankruptcy and reorganization.The main reasons for this are the weak synergies generated by diversification, weak core competitiveness of enterprises, excessive financial leverage of enterprises and the lack of power check and balance mechanisms.Therefore, we put forward suggestions for preventing financial crisis in the aviation industry from the aspects of moderate diversification and expansion, paying attention to the operation of the main business, rational use of leverage, and perfecting the power check and balance mechanism.