摘 要

家电制造业在我国的发展可谓一波多折，随着家电下乡、以旧换新等国家政策的取消，自 2012 年开始，家电行业进入低迷期，家电滞销，存货周转率降低。2015年随着城镇化加快、房地产行业的蓬勃发展，家电行业的销售开始回暖，至 2017 年达到近十年行业的巅峰。但但随着房地产市场的寒冬，家电的销售也进入了寒冬，随着国家的供给侧结构改革，多元化的经营战略成为升级转型的唯一出路

本文分析了格力电器等三个家电制造业上市公司的多元化经营绩效，发现其在多元化发展中可能遇到问题，如新产品的推广难，投资收益低；行业壁垒厚，跨界发展难；销售渠道的拓宽难，且市场竞争大；盲目跨行业发展，使得投入收益不成正比；多元化发展投入大，风险较高。然后采集相关财务比率和杜邦分析法净资产收益率（ROE）总资产的关系分析多元化方向对企业绩效的影响通过对案例公司近五年的财务绩效分析，多元化经营会使家电上市公司的绩效发生很大变化多元化经营会使家电上市公司的资产负债率提高，盈利能力短期下降，并具有一定的风险。但从长期来看，多元化的经营方式会使家电上市公司的净资产收益率到达新的高度，盈利能力也会比单一经营更强，从长远的角度来讲没多元化的经营方式只要选对方向和产品就能降低企业的经营风险，更能将企业赚到的钱更好的投入比单一的经营方式更好。结合五年中格力电器多元化实施状况构建格力电器多元化经营的机会、威胁、优势和劣势的 SWOT 模型。得出家电上市公司在多元化发展的道路上，在具体多元化产业方面，多元化发展战略应当有目的的选择：巩固并重点发展空调产业、智能家居行业、现代智能装备产业，有选择地发展部分小家电产品，慎重发展手机行业，发展新能源汽车和无人驾驶汽车整车制造带动车载空调及其他车载电器业务的发展；参与 并发展房地产业有了房子，家电才有地方放，房地产市场火爆家电市场需求自然增多。

关键词：SWTO分析；财务比率；多元化经营；杜邦分析法；家电上市公司

Study on Diversification Strategy and Performance of Household Appliance Listed Companies

ABSTRACT

The development of household appliances manufacturing industry in China is tortuous. With the abolition of national policies such as home appliances going to the countryside and replacing old ones with new ones, since 2012, the household appliances industry has entered a downturn, with unsalable household appliances and reduced inventory turnover. In 2015, with the acceleration of urbanization and the vigorous development of the real estate industry, the sales of household appliances industry began to pick up, and reached the peak of nearly ten years by 2017. But with the cold winter of the real estate market, the sale of household appliances has also entered the cold winter. With the reform of the supply-side structure of the country, diversified business strategy has become the only way to upgrade and transform.

This paper analyses the diversification performance of three listed companies in household appliances manufacturing industry, such as Gree Electrical Appliances, and finds that they may encounter problems in diversification development, such as difficulties in promoting new products, low investment returns, thick barriers to industry, difficult cross-border development, difficult to broaden sales channels and large market competition, blind cross-industry development, which makes investment income not proportional to diversification development investment; Big, high risk. Then collect the relevant financial ratios and Dupont analysis of the relationship between ROE total assets to analyze the impact of diversification on corporate performance. Through the analysis of financial performance of the case company in the past five years, diversification will greatly change the performance of listed household appliances companies. Diversification will increase the asset-liability ratio of listed household appliances companies, and short-term decline in profitability. And there are certain risks. However, in the long run, diversified management will make the return on net assets of listed household appliances companies reach a new height, and the profitability will be stronger than that of single operation. In the long run, if we choose the right direction and products, we can reduce the business risk of enterprises, and better invest the earnings of enterprises than a single operation mode. Combining with the implementation of diversification of Gree Electric Appliances in the past five years, the SWOT model of opportunities, threats, advantages and disadvantages of diversification of Gree Electric Appliances is constructed. It is concluded that on the road of diversified development of listed household appliances companies, in terms of specific diversified industries, diversified development strategies should be purposeful choices: consolidating and emphasizing the development of air conditioning industry, smart home industry, modern smart equipment industry, selectively developing some small household appliances, prudently developing mobile phone industry, developing new energy vehicles and unmanned vehicle manufacturing belt The development of air-conditioning and other on-board electrical appliances for motor vehicles; the participation and development of the real estate industry with houses, household appliances can only be put in place, and the market demand for household appliances in the real estate market will naturally increase.

Key words: SWTO Analysis; Financial Ratio; Diversification Strategy; DuPont Analysis; Household Appliances Listed Companies

目录

1 前言 - 1 -

1.1 论文研究的背景及研究意义 - 1 -