摘 要

企业在尝试转型并发展多元化的道路上，如果对自身行业所处情况以及将来发展空间的认识不到位，很有可能做出最终使整个企业陷入债务危机的决策。而上市公司如果资金链出现问题，将对社会造成更大的影响。本文对三胞集团于2018年爆发的债务危机进行详细分析，并且提出相应的风险预防方案和危机应对措施。

本文就该集团此次的债务危机，对该企业所处的市场背景，发展现况以及企业在债务危机前后所颁布的财务政策等方面进行分析，将此次债务危机的发生的众多原因以及对企业本身造成的后果和企业的财务数据结合起来进行讨论。三胞集团此次的债务危机与其之前的多元化战略有着紧密的联系。在当前市场环境的不断变化中，大型企业在激烈的行业竞争中为了占据有利的市场份额，从而去谋求自身多元化发展是一个常见现象，三胞集团自然也想通过这一手段，为自身取得更多有利于企业长远发展的利益。然而，多元化发展有利也有弊，若是企业决策不当，很有可能给企业资金链带来严重的压力，甚至引发债务危机。本文除了分析三胞集团此次的债务危机，探究其背后的几点深层次原因，同时也会以具体案例为基础，提出一些风险防范措施，以及针对在危机产生后应如何及时应对的问题提出一些建议，把对企业各方面的损失降到最小。

关键词：债务危机；多元化发展；宏图三胞；企业财务决策；风险防范

The tragedy of diversification: a case study of the debt crisis of Sanpower group

ABSTRACT

On the road of trying to transform and develop diversification, if the understanding of the situation of their own industry and the development space in the future is not in place, it is likely to make the final decision to make the whole enterprise fall into the debt crisis. If there is a problem in the capital chain of listed companies, it will have a greater impact on the society. This paper makes a detailed analysis of the debt crisis that broke out in 2018, and puts forward the corresponding risk prevention plan and crisis response measures.

This paper analyzes the market background, development status and financial policies issued by the enterprises before and after the debt crisis, which broke out in 2018, and the background of the market in which the company is located, as well as the financial policies issued by the enterprises before and after the debt crisis. Discuss the causes of the debt crisis, the consequences for the business itself and the financial data of the business. The Sanpower Group's debt crisis is closely linked to its previous diversification strategy. In the current changing market environment, large-scale enterprises in the fierce industry competition attempt to occupy a favorable market share, and thus to seek their own diversification is a common phenomenon, Sanpower Group Naturally also want to through this means, for their own gain more benefit for the long-term development of the enterprise. However, diversification also has advantages and disadvantages. If enterprises make inappropriate decisions, they may bring serious pressure on the enterprise capital chain and even lead to debt crisis. In addition to analyzing the debt crisis of Sanpower Group to explore the deep reasons behind it, at the same time, it will also put forward some risk prevention measures on the basis of specific cases. And put forward some suggestions on how to deal with the problems in time after the crisis, so as to minimize the loss to all aspects of the enterprise.

Key words：debt crisis；diversified development；Sanpower Group；Corporate financial decision;Risk prevention

目 录

1 前言………………………………………………………………………………………1

1.1 研究背景及意义……….......................………………………………………1

1.1.1 研究背景...................................................................................1

1.1.2 研究意义.......................................................................................1

1.2 研究内容及方法..............………………………………………………………………2

1.2.2 研究内容.........................................................................2

1.2.3 研究方法.........................................................................2

1.3 国内外文献综述....................…………………………………………………3

1.3.1 企业多元化战略研究....................…………………………………………………3

1.3.2 过度投资理论....................…………………………………………………4

1.3.3 财务困境理论....................…………………………………………………5

2 案例概述………………………………………………………………………………7

2.1 三胞集团基本情况介绍……………………………………………………………………7

2.1.1 公司发展历史…………………………………………………………………7

2.1.2 公司组织框架…………………………………………………………………7

2.1.3 公司主要业务………………………………………………………………8

2.2 三胞集团债务情况介绍……………………………………………………………………9

2.2.1 集团借款情况…………………………………………………………………9

2.2.2 集团债券融资情况……………………………………………………………11

2.3 企业的多元化发展决策……………………………………………………………12

2.4 债务危机过程回顾……………………………………………………………12

3 案例分析………………………………………………………………………………15

3.1 分析框架..................………………………………………………………15

3.2 外部环境分析...................…………………………………………………16

3.2.1 电子商贸行业分析……………………………………………………………16

3.2.2 市场竞争环境…………………………………………………………………17

3.3 企业战略分析...…………………………………………………………………18

3.3.1 企业债务危机前战略分析………………………………………………………18

3.3.2 企业债务危机后战略分析...................…………………………………………19

3.4 会计信息质量分析…………………………………………………………………20