摘 要

当今社会互联网行业的发展势头迅猛，日新月异。面对复杂的经济环境，企业竞相走上多元化扩张的道路，良性的扩张能够使各部门之间相互协作、相辅相成，给企业带来经营效率和竞争力的提升。相反，失败的战略扩张不仅无法使得各企业内部产生协同效应，还容易使得企业资源分散，经营进入恶性循环，最终导致财务危机的爆发。

本文以乐视网为例，梳理了乐视财务危机的发展历程，探讨分析其危机发生的原因与机理。作为网络视频行业曾经的翘楚，近日乐视网的退市再度引发社会各界的关注，其财务危机的产生具有较强的时效性和典型性。

首先，论文阐述财务危机的相关原理，包括财务危机的定义和财务危机产生原因的中外学者研究概述。其次，依照时间顺序叙述财务危机爆发的过程和现状。最后，本文对公司2010年-2018年披露的财务报表数据进行对比分析，同时采用文献梳理，案例分析相结合的方法，总结归纳出乐视网财务风险的4点启示和建议：1.规划核心业务 2.合理多元化扩张 3.完善治理结构 4.健全风险控制。乐视网财务危机爆发的原因值得同行业的思考，其过程中采取的措施值得探究和避免。

关键词：乐视网；财务危机；风险控制；多元化扩张

A Case Study of Letv's Financial Crisis

ABSTRACT

The Internet industry in today's society is developing rapidly with each passing day. Faced with a complex economic environment, enterprises are racing to take the road of diversified expansion. Benign expansion can enable various departments to cooperate and complement each other, thus improving the operating efficiency and competitiveness of enterprises. On the contrary, the failed strategic expansion will not only fail to produce synergy within each enterprise, but also easily disperse enterprise resources and enter a vicious circle of operation, eventually leading to the outbreak of financial crisis.

Taking Letv.com as an example, this paper combs the development of Letv's financial crisis and discusses the causes and mechanisms of the crisis. As a former leader in the network video industry, Letv's withdrawal from the market recently has once again attracted the attention of all sectors of society. Its financial crisis has strong timeliness and typicality.

First of all, the paper expounds the relevant principles of financial crisis, including the definition of financial crisis and the summary of research by Chinese and foreign scholars on the causes of financial crisis. Secondly, the process and current situation of financial crisis are described in chronological order. Finally, this paper makes a comparative analysis of the financial statement data disclosed by the company from 2010 to 2018. At the same time, it uses the methods of literature review and case analysis to sum up four revelations and suggestions of Letv's financial risks: 1. Planning core business 2. Reasonable diversified expansion 3. Perfecting governance structure 4. Perfecting risk control. The causes of Letv's financial crisis are worth thinking about in the same industry, and the measures taken in the process are worth exploring and avoiding.

Keywords: Le.com；financial crisis；risk control；Diversified expansion

目录

摘要 Ⅰ

ABSTRACT Ⅱ

图表清单 Ⅴ

1 前言 1

1.1研究背景 1

1.2研究的目的及意义 1

1.2.1研究的目的 1

1.2.2研究的意义 1

1.3研究现状 2

1.4研究内容 2

2 财务危机相关理论概述 4

2.1财务危机的概念 4

2.2财务危机的成因 5

3 乐视网财务危机案例介绍 6

3.1乐视网简介 6

3.2乐视网财务危机 7

3.2.1经营业绩大幅下滑 7

3.2.2股票大跌 8

3.2.3净利润为负数 8

3.2.4财务风险加大 9

3.2.5实际控制人出逃 10

4 乐视网财务危机原因分析 11

4.1核心业务转型失败 11

4.2一股独大制衡失效 12

4.3过度依赖外部筹资 13

4.3.1债务筹资频繁 13

4.3.2股权质押“输血” 14

4.4盲目拓展业务板块 15

4.4.1拓展业务“烧钱”太快 15

4.4.2项目亏损严重 15

4.4.3救命稻草前途堪忧 15

4.5“空降高管”来去匆匆 16

5 启示及建议 18

5.1规划核心业务 18

5.2合理多元化扩张 18

5.2.1选择与主营业务的相关的领域 18

5.2.2完善多元化筹资途径 18

5.3完善治理结构 19

5.3.1深化监督机制 19

5.3.2改善股权结构 19

5.3.3增加内控部门 19

5.4健全风险控制 20

5.4.1设立风险评估机构 20

5.4.2健全财务风险防范机制 20

结论 21

致谢 22

参考文献 23

图表清单

图1.1 本文结构框架图 3

图3.1 乐视网公司结构图 7

表3.1 乐视网2016-2019年股票每股收益表 8

表3.2 乐视网2016-2018年净利润表 9

表3.3 乐视网2012-2018年财务风险指标表 9

表4.1 2018年部分国内企业主营业务收入 11

表4.2 乐视网2011—2017年个人持股排行表 12