摘 要

多元化经营是企业成长的重要途径，早已成为各上市企业扩大规模、拓宽领域、提升自身竞争力的重要方式，学界关于多元化经营的探讨也经久不衰。依据资产组合投资理论，多元化的主流观点认为多元化经营会降低财务风险，但如果不能很好地评析自身，不对市场进行充分研究，盲目进行多元化发展往往会使企业陷入财务风险的困境，很多上市公司破产都与其多元化的扩张战略有关。

本文首先通过文献研究法对企业多元化发展的背景，总结其在国内外的发展现状；其次对多元化经营及财务风险两大概念的定义和分类进行概述，并分析了财务控制的目的及程序；接下来以恒大集团的多元化道路为案例，介绍其多元化的动因及多元化发展现状，分析其在筹资、投资、资金回收方面的财务风险，并对其财务风险提出建议。最后就企业多元化发展得出适度多元化、创建财务风险内部控制环境、合理控制现金持有规模、加强投资活动过程控制几方面的控制方法。

通过对恒大集团的多元化道路进行研究，可以发现上市公司若想要长期健康地在多元化经营战略下发展，一定不能够忽视财务风险问题。

关键词：多元化经营；财务风险；恒大集团

Abstract

Diversified economy has become an important way for listed enterprises toexpand their scale, broaden their fields and enhance their competitiveness. Diversified operation is an important way to make enterprises grow,and it is also one of the important issues that scholars have been concerned about. The mainstream view of diversification is based on the portfolio investment theory,that diversification will reduce the financial risk,but if we can not evaluate ourselves well,do not conduct sufficient research on themarket, blindly carry out diversified development will often make enterprises fall into the plight of financial risk, a lot of listed companies' bankruptcy is related to their diversified expansion strategy.

First of all, through the literature research method,this paper introduces the background and development of enterprise diversification, and explains the relevant status at home and abroad. Secondly, it summarizes the diversification development and financial risk,and explains its types and definition, as well as the purpose and procedure of financial control. Next, using the case analysis method,taking the diversification road of Evergrande group as a case,this paper introduces its diversification motivation and diversification development status, and analyzes its financial risk, mainly in the aspects of investment risk, financing risk and decision-making risk of operators. Then, it makes a horizontal and vertical evaluation of its financial risk,and finally comes to the control suggestions,which mainly include moderate diversification,strengthening financial risk management, improving financing channels, and optimizing the cash flow structure of enterprises.

Through the case of Evergrande group,we can find that if the listed companies want to develop healthily in the long-term diversification strategy, the financial risk must not be ignored.

Key words: Diversified operation; financial risk; Evergrande