多元化战略可以帮助企业增加盈利增长点并提高抗风险能力,但同时因为财务资源

的分散而削弱了核心业务的竞争力。农药欧亿·体育（中国）有限公司一方面存在着环保压力和季节性的风险,

另一方面由于国家政策的支持,新技术的变革以及绿色产品的更新换代,很多公司都会

选择一定程度的多元化战略。

本文首先阐述了企业多元化战略动因,回顾了多元化战略与公司绩效相关性的研究

文献,介绍了战略分析方法和财务分析工具;接着,理论联系实际,釆用案例分析方法,

以扬农化工和新安股份为例,分析了案例公司多元化战略动因及绩效,具体包括:第一,

介绍了案例公司多元化战略的基本情况;第二,运用整体环境分析、价值链分析和波特

五力分析,从保持成长、提高盈利和降低风险三个角度分析了案例公司多元化战略的动

因;第三,运用财务分析法,从成长性、盈利能力和风险控制能力三个视角深入具体地

分析了案例公司多元化战略的经济后果。研究结果可以为农药欧亿·体育（中国）有限公司其它上市公司制定有

效的公司战略,帮助其保持成长、提髙盈利和降低风险提供借鉴。

关键词:多元化战略;战略分析;财务分析;风险控制;盈利能力

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华东理工大学硕士学位论文

Diversification Strategy and Company Performance Analysis on Yangnong

Chemical and Xinan Chemical

Abstract

Diversification strategy can help enterprises to increase profit and control risks,but the

dispersed financial resources may also weaken the competitiveness of the core business. On

the one hand, considering environmental pressure and seasonal risk in pesticide industry, on

the other hand,due to the support of national policy, the new technology revolution and the

green product upgrading, many companies will choose diversification strategy to a certain

degree.

This paper first describes the motivation of diversification strategy, reviews the

literature on the correlation between diversification strategy and company performance,

introduces the strategic analysis and financial analysis tools; then it links theory with practice,

using case analysis method,taking Yangnong Chemical and Xinan Chemical as examples,

analyses diversification motivation and performance of the companies, including: firstly it

introduces the background of diversification strategy of the case companies; secondly it

studies motivaion of the case companies, from gaining growth, improving profitability and

reducing risk,based on General environment analysis, Value chain analysis and Potor's five

forces analysis; finally based on financial analysis,from perspectives of growth, profitability

and risk control,it analyzes the economic consequences of diversification strategy of case

companies. The research results can help those listed pesticide companies make effective

strategy, by gaining growth, improving profitability and reducing risks.

Keywords; Diversification strategy; Strategic analysis; Financial analysis; Risk control;

Profitability ability