Value Analysis Of Listed Companies Diversified Operation

As a strategic choice,diversified operation is highly valued by the business community in China's unbalanced market system.However,diversification is not omnipotent,although some enterprises can increase the profits of enterprises and enhance the value of enterprises,but others face unknown risks.The empirical study of some scholars after a long time in the United States,proved that the listed companies will be gradually obvious diversification discount phenomenon,since then,scholars from all over the world and to diversification and corporate value in the aspect of theory,made a more in-depth study of the relationship between research has produced many different points of view,including the value theory of overflow,diversification discount theory and the theory of value remains the same.There are more and more exploration in China in the perspective of strategic management,in addition to discussing the value of diversified companies from this point of view,there are also some empirical tests of diversified development.But there are also many omissions these inquiry,as it did not take into account the diversification of enterprises how to choose and management to improve enterprise value,also lack of analysis of diversified development strategy and enterprise value evaluation of the logical relationship.One of the reasonable criteria for enterprise diversification is whether it can improve enterprise value,especially shareholder value.Some theoretical studies show that diversified operation can give full play to the internal advantages of enterprises and reduce the risk of business operation,thus improving the value of enterprises.Diversified enterprise formed by single multiple business combination can be seen as a management activity of enterprise,for the authorities to create a coordinated the opportunity to manage different business departments,this within the enterprise managers can through administrative means to configure the different business direction of resources,and reduce the cost of exchange with,efficiently solve the problem of resource allocation,higher benefits for the enterprise.Based on the above background,this paper revolves around the core problem: diversification analysis of listed companies,in the first part illustrates the background of the study first illustrates the significance of research,the second in this paper,the author points out the research ideas and research methods,and then outline the content of the article,the research on full text of the expected contribution made,also points out the deficiency.The second part is literature review,not only straighten out the diversification of the value of listed companies the analysis of the literature,but also takes the reader reviews the related literature at home and abroad together,this paper introduces the research situation of diversified business enterprise value analysis.The third part lists relevant theoretical knowledge and concepts.Not only has been clear about the diversity and the two most core research enterprise value concept,and the importance of the analysis of the financial statements of listed companies and the necessity of enterprise value analysis using valuation method are discussed.The fourth part is to liaoning cheng da co.,LTD as a case,first of all introduces the situation of liaoning cheng da company,for the company's financial position,solvency,profitability,and so on and so forth are overall analyzed,then the diversification of liaoning cheng da enterprise value analysis,the different main business and investment of liaoning cheng da plates for profit,the profit forecast analysis,after an analysis of the valuation liaoning cheng da,and before and after the comparison and analyses the diversification of the market value of the difference,at the same time to the development of diversified choice plate selection evaluation analysis,parsing and industry strives to fully clearly show the diversified situation of liaoning cheng da.In addition,in the analysis,the chart is added to render the analysis process better.Case in the end,based on the analysis of the above two aspects,comparing,make a resolution,the following conclusions: through the analysis of the current judgment,in general,Liaoning Chengda is to increase the value of the company successful use of diversified business enterprise,but different industry choice and choice will bring different results in different periods in the company,in addition,still choose to liaoning cheng da future industry are proposed.The sixth part is the study of enlightenment and Suggestions that the diversification strategy to bring opportunities and challenges,and under the condition of the economic environment changing,diversified nerf,choose accord with national industrial development policy,in the growth stage of industry,corresponding adjustments according to the changes of the environment,to improve the enterprise value.