| Strategic positioning for the future growth of the enterprise and development has an important influence.Diversified development strategy on the enterprise value of the pros and cons of attention for a long time,academic circles there are different views and opinions.At the same time,many enterprises in our country in order to promote the overall value of their own,will also be diversification strategy as a basic strategy,on the path of diversification,but some companies in a wide variety of problems in the process of development,the final result and intention.Thus,this paper mainly study the effect of diversification strategy choice of enterprise value.Based on HengShun Vinegar Industry as the research object,this paper adopts literature research and case analysis,analyzed the influence of the strategic choice of HengShun Vinegar Industry value.HengShun Vinegar Industry is China's largest vinegar enterprises,has a long history and brand advantage.HengShun Vinegar Industry went public in 2001,started from 2002 to the development of unrelated diversification,has mainly involved in the photovoltaic industry,the real estate industry and other industries;But starting in 2008,HengShun Vinegar Industry to realize the practice of unrelated diversification strategy does not play a significant role in promoting to the promotion of enterprise value,instead of a wreck.As a result,enterprises gradually began to make strategic adjustment,focusing on condiment industry development,closely around sauce vinegar dressing and its extended products focus on the development of related diversification.Based on the research analysis mainly adopts comparative analysis method,to diversify the HengShun Vinegar Industry development is divided into 2002-2010 unrelated diversification and related diversification in 2011-2015 in two stages,in view of the strategic choice for these two stages,points plate analysis,and will this a few plate business earnings compared with the same industry outstanding enterprises.Measuring index of enterprise value mainly adopts the profitability,asset quality,debt risk situation,growth and Tobin's Q value and other indicators.The study found that during the period of 2002-2010 unrelated diversification,overall enterprise value showed a sharp decline;Strategic adjustment in the 2011-2015,by the unrelated diversification after transforming into the related diversification,overall enterprise value have rebounded.Combined with Tobin'sQ value for unrelated diversification during the comprehensive analysis of the change of the enterprise value;Enterprises at the same time,the 2011-2011 years to adjust development strategy gradually,strengthen the related diversification changes during the development of the enterprise value of comparative analysis,the main changes to the enterprise has made the analysis,and in the study of Hengshun Vinegar Industry analysis,the enterprise during to unrelated diversification,enterprises' Tobin s Q value a significant decline in the overall trend,nor received a significant boost profitability;For related diversification,enterprises' Tobin Q value is significantly increased,dramatically improve enterprise's overall operating conditions.And the cause of this result was further discussed,in the diversified development of the enterprise to summarize the experience and lesson which found that unrelated diversification to the overall operating performance of the enterprise,asset size and so on all have higher requirements,enterprises in the unrelated diversification,easy to appear high operating costs and limited resources are scattered,enterprise management difficulties and other issues,and related diversification,enterprises can take advantage of the original sales channels,draw lessons from the past experience of development to achieve rapid growth.At the same time,the choice of the same industry in the process of enterprise development strategy put forward some concrete Suggestions: strengthen the main business of the enterprise,has its own core competitive ability;In diversification,diversified development degree should be grasped,and promote enterprises to carry out related diversification,avoid blind for unrelated diversification;When making diversified development must recognize their own strengths and weaknesses,as well as the characteristics and development of the industry cycle,and plenty of capital,technology,talent accumulation;Must be good at to grasp the development opportunity,can according to the actual development situation in a timely manner to adjust development strategy. |
PDF Full Text Request