上世纪50年代以来，诸多学者和企业家对多元化经营理论进行了大量的研究，认为企业 开展多元化经营可以有效分散经营风险，挖掘利润增长点，实现协同效应等等。20世纪90 年代开始，我国企业界也掀起了多元化的浪潮，本文的案例企业雅戈尔是较早选择多元化发 展战略的服装企业，自1992年以来，雅戈尔先后涉足房地产行业、投资行业等多个行业，赚 取了大量利润，实现了自身的跨越式发展。然而从实践来看，多元化经营并不是一个放之四 海而皆准的经营之道，不同企业、同一企业不同时期的多元化的效果都不尽相同。正确评价 多元化战略在企业发展历程中的作用有助于企业理清发展思路，发挥自身优势，规避相关风 险，对其他企业的发展也有借鉴作用。本文尝试从财务报表的视角对企业多元化战略的实施 效果进行分析，财务分析的作用是了解企业的过去，评价企业的现在并且预测企业的未来， 可以直观地反映出企业在一段时间内的经营成果，也即战略实施的效果。 本文选取雅戈尔作为研究对象，采用案例分析法进行分析研究。论文主要分为六个部分， 第一部分是绪论，阐述本文的研究背景和研究意义，介绍了国内外目前的相关研究成果，提 出了本文研究课题和结构安排。第二部分是对相关理论的介绍，主要是对财务分析理论、企 业战略以及多元化战略理论进行介绍。第三部分是案例概况，对本文的案例企业雅戈尔进行 介绍，运用SWOT分析法对雅戈尔发展战略进行研究，并总结雅戈尔实施多元化的现实原因。 第四部分是从财务报表的视角对雅戈尔多元化战略的实施路径进行分析。第五部分是从财务 能力指标对雅戈尔实施多元化战略的效果进行评价分析。第六部分总结整篇文章，得出研究 结论并针对性地提出改进意见，最后对未来的研究提出展望。 通过对雅戈尔发展战略以及财务报告的分析，本文认为雅戈尔在实施多元化战略的初期 充分运用战略优势，实现了自身的迅速壮大。但是从最近几年的财务分析来看，多元化已经 对雅戈尔的发展产生了一定的负面作用。雅戈尔分散自身经营资源进入的房地产行业处于政 策敏感期，投资板块更是起伏较大，房地产板块和投资板块给雅戈尔带来了较大的财务风险， 不利于企业的长远发展。服装板块作为雅戈尔“三驾马车”之一，是曾经的核心业务，现在 每年仍能以60%以上的毛利率稳定提供40多亿元的业务收入，是雅戈尔稳定发展的重要支撑。 因此本文认为，雅戈尔需要调整多元化布局，聚焦主业。 关键词: 财务分析，企业战略，多元化战略，雅戈尔 II Abstract Since the 1950s, many scholars and entrepreneurs have conducted a lot of research on diversification theory. They believe that diversification of enterprises can effectively disperse business risks, tap profit growth points, and realize synergies. Since the 1990s, the Chinese business community has also set off a wave of diversification. The case of this article, Youngor, is a clothing company that has earlier chosen a diversified development strategy. Since 1992, Youngor has set foot in the real estate industry, investment industry, and many other industries. Earned a lot of profits. It has achieved its own leapfrogging development. However, from the practice point of view, diversification management is not a universal and applicable way of operation. The results of diversification in different enterprises and the same enterprise at different times are not the same. The correct evaluation of the role of diversification strategy in the development of enterprises helps enterprises to clarify their development ideas, give play to their own advantages, avoid related risks, and have a reference role for the development of other enterprises. This article tries to analyze the implementation effect of enterprise diversification strategy from the perspective of financial statements. The role of financial analysis is to understand the past of the enterprise, evaluate the present of the enterprise, and predict the future of the enterprise. Can intuitively reflect the business results of the enterprise in a period of time, that is, the effect of strategy implementation. In this paper, Youngor is selected as the research object and analyzed by case analysis method. The thesis is divided into five parts. The first part is the introduction. It expounds the background and significance of the research, introduces the relevant research results at home and abroad, and puts forward the research topics and structural arrangements. The second part is the introduction of related theories, mainly the financial analysis theory, enterprise strategy and diversification strategy theory. The third part is the case overview, introduces the case enterprise Youngor of this article, uses SWOT analysis method to study Youngor's development strategy, and summarizes the practical reasons why Youngor implements diversification. The fourth part is to analyze the implementation path of Youngor's diversification strategy from the perspective of financial statements. The fifth part is the evaluation and analysis of the effect of the diversification strategy from the financial ability index. The sixth part summarizes the whole article, draws the research conclusion and puts forward the improvement suggestion, finally puts forward the prospect to the future research. Through the analysis of Youngor's development strategy and financial report, this paper believes III that Youngor has made full use of his strategic advantages and achieved his rapid growth in the early stages of implementing diversified strategies. However, from the financial analysis in recent years, diversification has had a certain negative effect on the development of Youngor. The real estate industry entered by Youngor's diversification of its own management resources is in a policy-sensitive period, and the investment sector is even more ups and downs. The real estate sector and the investment sector have brought greater financial risks to Youngor, which is not conducive to the long-term development of enterprises. As one of Youngor's "three-wheeler carriages", the garment plate is once a core business. It can still provide more than 4 billion yuan of business income each year at a gross profit rate of more than 60 %, which is an important support for Youngor's stable development. Therefore, this article believes that Youngor needs to adjust the diversified layout and focus on the main industry. Key words: Financial analysis, Enterprise strategy, Diversification strategy, Youngor IV 目录 第一章 绪论 .. 1 1.1 研究背景和研究意义 .... 1 1.1.1 研究背景 ............. 1 1.1.2 研究意义 ............. 2 1.2 文献综述 ........................ 3 1.2.1 国内研究现状 ..... 3 1.2.2 国外研究现状 ..... 4 1.3 研究内容与结构安排 .... 4 1.3.1 研究内容 ............. 4 1.3.2 结构安排 ............. 5 第二章 相关理论 ......................... 6 2.1 财务分析理论 ................ 6 2.2 企业战略 ........................ 7 2.2.1 企业战略管理的发展 ........................ 7 2.2.2 企业战略的分类 . 8 2.3 多元化战略 .................... 8 2.3.1 多元化的分类 ..... 9 2.3.2 多元化战略的动机 .......................... 10 2.3.3 多元化经营的风险 .......................... 10 第三章 案例概述 ....................... 12 3.1 雅戈尔简介 .................. 12 3.1.1 雅戈尔的多元化战略 ...................... 12 3.1.2 雅戈尔战略演变（2013-2017） ..... 13 3.2 雅戈尔的SWOT分析 . 14 3.2.1 战略选择的优势 .............................. 14 3.2.2 战略选择的劣势 .............................. 15 3.2.3 战略选择的机会 .............................. 16 3.2.4 战略选择的威胁 .............................. 16 3.2.5 雅戈尔战略选择的SWOT矩阵 ..... 17 3.3 雅戈尔多元化战略的原因分析 ................. 18 3.3.1 寻找新的利润增长点 ...................... 18 3.3.2 分散经营风险 ... 18 3.3.3 发挥协同效应 ... 18 第四章 报表视角的战略实施路径分析 .................. 20 4.1 从资产负债表看战略实施情况 ................. 20 4.1.1 权益变动：实施战略所需资本的来源 .......................... 20 4.1.2 资产变动：战略资本的外在表现... 23 4.2 从利润表看战略实施情况 ......................... 26 4.2.1 收入变动与战略实施 ...................... 27 4.2.2 成本变动与战略实施 ...................... 28 4.2.3 净利润变动与战略实施 .................. 30 4.3 从现金流量表看战略实施 ......................... 31 第五章 多元化战略的实施效果 .............................. 33 5.1 盈利能力分析 .............. 33 V 5.1.1 销售毛利率 ....... 33 5.1.2 销售净利率 ....... 34 5.2 偿债能力分析 .............. 35 5.2.1 短期偿债能力分