公司多元化经营绩效研究——以青岛海尔集团为例

Research on the Performance of Diversification—By the Example of Haier Group

摘要: 上市公司多元化经营的现象非常普遍，有的企业从中受益，有的公司却因此陷入经营困境乃至破产。然而，多元化经营如何影响绩效，理论界尚未给出明确的答案。本文在梳理企业多元化经营对经营绩效影响理论的基础上，采用案例研究法，以青岛海尔集团为研究对象，基于盈利能力、偿债能力等相关财务指标和托宾Q值对企业的多元化经营绩效进行分析，研究表明：企业的相关多元化经营有助于提升偿债能力和经营能力，而企业的非相关多元化经营会对企业产生消极影响。

Abstract: The phenomenon of diversification of listed companies is very common. Some enterprises benefit from it, while others fall into management difficulties and even bankruptcy. However, there is still a clear answer to how diversification affects performance. On the basis of sorting out the theory of the influence of diversification on business performance, this paper takes Qingdao Haier Group as the research object by case study. Based on the relevant financial indicators such as profitability, solvency and Tobin Q value, this paper makes an analysis of the diversification performance of enterprises. The research shows that the diversification operation of enterprises is helpful to enhance the solvency and operating ability, while the diversification of enterprises is helpful to enhance the solvency and operating ability. Non-related diversification of enterprises will have a negative impact on enterprises.