煤炭是我国的基本能源，是电力、化工等行业运营的基础，在经济发展中有着举 足轻重的影响力。随着能源“十三五”规划中提出“去产能、去库存”的要求，环境 保护及生态治理的政策施压，以及煤炭行业的市场化程度不断提高，煤炭资源约束性 进一步强化，煤炭企业为降低经营风险，大都自主选择了多元化经营战略，共同推进 环境保护进程，走绿色长效发展道路。目前，我国许多煤炭企业涉足行业众多，经营 范围广泛，有从事发电、热力、煤化工等煤基多元化经营，也有从事房地产、农牧业、 教育等非煤多元化经营。目前，我国关于煤企多元化经营的研究主要是以煤炭资源长 效发展为起点，研究发展战略问题、经营模式的利弊及发展的时机方向，但结合宏观 经济及行业发展背景，从煤炭企业多元化经营动因、多元化经营影响等方面对企业绩 效进行研究的相对较少，在企业多元化经营中存在多种动因共同影响着企业发展。因 而此时应该结合宏观环境背景，将研究切入点定位于煤企多元化经营对财务绩效的影 响方面，将注意力集中于剖析影响着企业绩效提升的具体原因上。 目前关于煤企多元化经营与财务绩效的研究都是以行业整体为研究对象的，在企 业大都开展多元化，想要凭借多元化经营成功转型影响企业价值提升，通过选取代表 性企业开展多元化相关研究，能够分析研究的更透彻直接，能够在实际经营中更好发 挥指导作用，能够为煤炭行业发展增益补阙。 本文通过梳理多元化定义、多元化类型和多元化经营动因理论作为研究脉络起点， 归纳总结出三种多元化经营对财务绩效的影响作用，作为本文研究的检验的理论基石。 本文选择了内蒙古鄂尔多斯市最大的民营能源企业——内蒙古伊泰集团有限公司（简 称“伊泰集团”）进行分析研究，在结合各界研究基础上，对煤炭行业发展历程，伊 泰集团多元化经营发展历程及动因进行分析，通过选取25家上市财务数据样本，借助 EXCEL对数据运算整理，得出行业均值，比照行业均值分析评价伊泰集团财务绩效表 现情况，得出其多元化经营对财务绩效的正向提升影响，并深入分析其多元化经营对 财务绩效的具体影响方面，研究表明伊泰集团通过范围经济、市场势力、合理配置资 源及投资组合抵御经营风险这四个方面形成合力共同影响作用于财务绩效，进而实现 了提升财务绩效的目标。期望本文研究分析得出的成果可以为开展多元化经营的煤企 提供指引，能够对煤炭行业发展有所裨益。 关键词：伊泰集团；多元化经营；财务绩效；煤炭企业 II Abstract Coal is the basic energy in China, is the basis of electric power, chemical industry and other industries, has a decisive influence in the economic development. As energy "much starker choices-and graver consequences-in planning put forward the requirements of capacity, inventories, put pressure on environmental protection and ecological management policy, as well as the coal industry marketization degree enhances unceasingly, binding further strengthening of coal resources, coal enterprises to reduce operating risk, mostly choose the diversification strategy, the common process of environmental protection, green long-term development road. At present, many coal enterprises in China are involved in many industries, with a wide range of business, including power generation, thermal power, coal chemical industry and other coal-based diversification, as well as real estate, agriculture, animal husbandry, education and other non-coal diversification. At present, the study of coal enterprise diversification are mainly long-term development as the starting point of coal resources, research and development strategy, the pros and cons of business model, and the timing of the development direction, but the combination of macro economic development and industry background, from the coal enterprise diversification agent, as well as influencing the diversification of the study of enterprise performance is relatively small, there are many drivers in corporate diversification affects enterprise development together. Therefore, this paper should focus on the impact of diversified management on financial performance of coal enterprises and analyze the specific reasons that affect the improvement of enterprise performance based on the macro environment background. The study of coal enterprise diversification management and financial performance in the industry as a whole as the research object, in the enterprise to carry out the diversification, mostly to be successful with diversified business transformation influence enterprise value promotion, through choosing representative enterprises to carry out the diversified research, to a more thorough analysis and research directly, can better play a role of guidance in actual operation, can gain consultantship for coal industry development. This paper, by sorting out the definition of diversification, diversification type and diversification management motivation theory as the starting point of the research, summarizes the impact of three kinds of diversification on financial performance, and III serves as the theoretical foundation for the test of this paper. This article chose the ordos city of Inner Mongolia's largest private energy companies - Inner Mongolia yitai group co., LTD. (hereinafter referred to as "yitai group") are studied, on the basis of combining the from all walks of life, the coal industry development course, yitai group diversification development and motivation is analyzed, by selecting 25 listed financial data samples, using EXCEL finishing operations on data, it is concluded that industry average, according to industry average analysis and evaluation yitai group financial performance, it is concluded that the impact on financial performance is to promote diversified economy, and analyzes the diversification of the specific effects of financial performance, The research shows that yitai group has formed a joint force to affect its financial performance through the four aspects of scope economy, market power, rational allocation of resources and investment portfolio to resist business risks, and thus achieved the goal of improving its financial performance. It is expected that the results obtained in this paper can provide guidance for diversified coal enterprises and benefit the development of the coal industrycoal. Keywords: Yitai Group; Diversification; Financial performance; Coal enterprise 目 录 摘要 ................................................................ I Abstract ........................................................... II 第一章 绪论 ....................................................... 1 1.1 研究背景与意义 ................................................ 1 1.1.1 研究背景 .................................................... 1 1.1.2 研究意义 .................................................... 1 1.2 文献综述 ...................................................... 2 1.2.1 多元化经营的内涵研究 .......................................... 2 1.2.2 多元化与财务绩效研究 .......................................... 3 1.2.3 煤炭企业多元化经营对财务绩效的影响研究 .......................... 7 1.3 研究内容与方法 ................................................ 8 1.3.1 研究内容 .................................................... 8 1.3.2 研究方法 ................................................... 10 第二章 相关理论基础 ............................................. 11 2.1 多元化经营理论基础 ........................................... 11 2.1.1 多元化经营定义 .............................................. 11 2.1.2 多元化经营分类 .............................................. 11 2.2 多元化经营动因理论基础 ....................................... 12 2.2.1 范围经济理论 ................................................ 12 2.2.2 市场势力理论 ................................................ 13 2.2.3 资源基础理论 ................................................ 13 2.2.4 投资组合理论 ................................................ 13 2.3 财务绩效理论基础 ............................................. 14 2.3.1 财务绩效的定义 .............................................. 14 2.3.2 财务绩效分析方法 ............................................ 14 第三章 伊泰集团多元化经营发展历程及动因分析 ................. 16 3.1 煤炭行业发展历程 ............................................. 16 3.2 伊泰集团多元化经营发展历程及动因分析 ......................... 18 3.2.1 伊泰集团企业简介 ............................................ 18 3.2.2 伊泰多元化经