I 摘要 在网络信息化时代，互联网企业呈现快速发展趋势。与此同时，在经济全球化浪 潮中，互联网企业面临的竞争日趋激烈，为了实现长远发展，互联网企业中具有绝对 优势的企业开始进行自我探索，试图利用多元化经营模式来为企业创造更多的盈利空 间，以此实现企业的可持续发展。乐视网是国内影响力相对较大的企业，上市之后， 公司增长速度加快，规模不断拓展，并在行业内形成了首家具有完整互联网生态系统 的企业。乐视网在前期发展中，为了实现自我突破，构建了多元化发展战略，形成了 相对完整的产业链体系，实现了自身的快速发展。不过在公司多元化经营战略的实施 过程中，由于扩张不当，资金不足，缺乏有效的财务风险控制，导致财务杠杆失衡， 应收账款难回收等财务危机。根据研究发现，乐视网之所以没有在多元化经营战略上 获取成功，其主要原因在于公司在财务风险控制方面存在缺陷，多元化经营面临诸多 风险。 所以，想要开展多元化经营战略，必须要加强财务风险管理，这也成为互联网企 业在多元化战略实施中的一种共识。为了更好探究我国互联网企业多元化发展的路径， 并为互联网企业多元化发展提供参考依据，本文通过文献法对互联网类企业多元化发 展方面的内容进行分析，同时以乐视公司为例，对其多元化发展中存在的财务风险问 题进行了综合论述。本文从财务风险管理角度对乐视网发展当中面临的财务风险进行 分析。最后，根据乐视网多元化经营中存在的风险，为其他预实施多元化战略的互联 网企业带来一些警示，提出对应的财务管理风险防范措施，具体从可持续融资、完善 财务风险管理、优化盈利模式、合理股利分配这四个层面提出合理化建议。 关键词：多元化经营财务风险控制财务杠杆 Abstract II Abstract Inthenetworkinformationage,theInternetenterprisepresentstherapid developmenttrend.Atthesametime,inthetideofeconomicglobalization,theenterprises arefacedwiththeincreasinglyfiercecompetition,inordertoachievelong-term development,hastheabsoluteadvantageoftheInternetenterprisesbeginto self-exploration,tryingtousethediversifiedbusinessmodelforenterprisestocreatemore profitspace,inordertoachievethesustainabledevelopmentoftheenterprise.Letvisa relativelyinfluentialenterpriseinChina.Afterbeinglisted,thecompany'sgrowthspeed hasbeenacceleratedanditsscalehasbeenexpandedcontinuously.However,inthe implementationofthecompany'sdiversifiedbusinessstrategy,thecompanyencountered operationalrisksduetovariousreasons.Accordingtotheresearchfindings,themain reasonwhyletvfailedinthediversificationstrategyliesinthecompany'sdeficienciesin financialriskmanagement,andthediversificationoperationfacesmanyrisks.Therefore, tocarryoutdiversificationstrategy,itisnecessarytostrengthenfinancialriskmanagement, whichhasbecomeaconsensusamongInternetenterprisesintheimplementationof diversificationstrategy.InordertobetterexploretheChineseInternetcompanydiversified developmentroad,andprovideareferencebasisfortheInternetenterprisediversification development,thisarticlethroughtheliteraturemethodtoanalyzethecontentwiththe developmentoftheInternetclassenterprisediversification,Letvcompany,forexample,at thesametimeitsexistinginthedevelopmentofdiversifiedfinancialriskproblemsare discussed.Intheearlystageofdevelopment,letvbuiltadiversifieddevelopmentstrategy, formedarelativelycompleteindustrialchainsystemandrealizeditsrapiddevelopmentin ordertoachieveself-breakthrough.Thispaperanalyzesthefinancialrisksfacedbyletv fromtheperspectiveoffinancialmanagement.Finally,accordingtotherisksexistingin thefinancialmanagementofletv,putforwardcorrespondingfinancialmanagementrisk preventionmeasuresforthediversifiedoperationofInternetenterprises,andputforward reasonableSuggestionsfromthefourlevelsofinternalmanagement,capitalmanagement, responsiblemanagementandcashflowmanagement. Keywords:DiversificationFinancialRiskControlFinancialleverage 目录 III 目录 1绪论..............................................................................................................................1 1.1研究背景和意义...................................................................................................1 1.2文献综述...............................................................................................................2 1.2.1国外研究现状...............................................................................................2 1.2.2国内研究现状................................................................................................4 1.2.3文献评述........................................................................................................6 1.3研究内容和研究方法...........................................................................................6 1.3.1研究内容........................................................................................................6 1.3.2研究方法........................................................................................................8 1.4研究创新点...........................................................................................................8 2多元化经营与财务风险理论知识.............................................................................9 2.1多元化经营理论...................................................................................................9 2.1.1企业多元化经营理论的提出与发展............................................................9 2.1.2相关多元化与非相关多元化的比较.........................................................10 2.2财务风险及财务风险管理相关理论.................................................................11 2.2.1财务风险的分类及控制目标......................................................................11 2.2.2财务风险防范的作用和原则......................................................................12 2.2.3财务风险管理理论......................................................................................13 2.3多元化经营与财务风险的影响.........................................................................15 2.3.1企业多元化经营对财务风险的有利影响..................................................15 2.3.2企业多元化经营对财务风险的不利影响..................................................16 3乐视网多元化经营历程............................................................................................17 3.1乐视网基本情况................................................................................................17 3.2乐视网以视屏分享模式平稳发展的初创阶段.................................................18 3.3乐视网以版权分销实现盈利的资本积累阶段.................................................19 3.4乐视网从视屏网站到构建生态模式创新的多元化发展阶段.........................20 3.5乐视网激进的多元化扩张导致资金链断裂跌落互联网传奇神坛.................21 3.6乐视网多元化经营发展策略评价.....................................................................22 3.6.1高瞻远曙的多元化经营战略实现乐视网巨额盈利..................................22 3.6.2好高骛远的多元化扩张导致乐视网生态模式崩解..................................22 4乐视网多元化经营的财务风险分析........................................................................24 4.1多元化经营在筹资活动环节的财务风险成因分析.........................................24 目录 IV 4.1.1强资本运作加大融资难度..........................................................................24 4.1.2财务杠杆失衡引发筹资风险......................................................................25 4.1.3融资成本高导致偿债压力大......................................................................27 4.2多元化经营在投资活动环节的财务风险成因分析.........................................28 4.2.1资本扩张不配套带来投资风险..................................................................28 4.2.2重资本轻盈利带来不匹配回报的投资风险..............................................30 4.2.3多元化投资缺乏有效成本控制..................................................................33 4.3多元化经营在营运活动环节的财务风险成因分析.........................................36 4.3.1多元化扩张不当引发资金流动性紧张......................................................36 4.3.2多元化盈利模式不清晰使盈利能力下降..................................................37 4.3.3营业收入过度依赖关联方加大应收账款坏账风险..................................40 4.4多元化经营在收益分配环节的财务风