| With the intensification of market competition and the slowdown of economic growth,the disadvantages of high diversification costs,low profits and low operating efficiency have gradually become prominent.In order to improve operational efficiency and gain profits,diversified enterprises have begun to transform.In January 2017,the State-owned Assets Supervision and Administration Commission of the State Council issued the Measures for the Supervision and Administration of Investment in Central Enterprises and the Measures for the Supervision and Administration of Overseas Investment of Central Enterprises,which proposed that the investment of central enterprises should further focus on the main business and strictly control the investment in non-main business.As an effective way to correct excessive diversification,many enterprises focus on the main business through refocusing,improve the competitiveness of enterprises,and maintain the sustainable development of enterprises.The implementation path of refocusing includes contraction path and expansion path.Since asset divestiture is easier to quantify,most studies focus on the impact of asset divestiture on enterprises,and few studies combine the two directions.The ultimate goal of refocusing is to raise industry entry barriers by cultivating core competitive advantages,so that enterprises can obtain more profits,so it is equally important to the expansion path of refocusing.This thesis selects Qiaqia Foods,which is the leader in the leisure food industry,to conduct a case study to explore whether diversified leisure food companies can improve their performance through refocusing.This thesis firstly uses the literature analysis method to sort out and summarize the relevant literature on refocusing,and finds that most of the current research in this field uses the method of empirical research to analyze the relationship between the contraction path of refocusing and the performance improvement,and there are fewer case studies.Secondly,using the case study method to sorts out the paths and measures of refocusing strategy,and comparing and evaluating the effects before and after the implementation of refocusing strategy from the aspects of financial indicators,EVA evaluation indicators,market attitudes,technical achievements,competitiveness and channel management.And introduce The industry average to eliminate the impact of the industry environment.This thesis finds that the early stage of the implementation of the refocusing strategy has poor effect on the improvement of enterprise value and performance,but in the long run,the refocusing strategy can improve the operating efficiency of enterprises and cultivate core competitiveness.At the same time,both contraction path and expansion path can produce positive effects,and the combination of two path can ensure the stable improvement of the core competitiveness and performance of the enterprise.The research of this thesis enriches the theoretical research on the improvement of enterprise value and performance by the refocusing strategic transformation,and also provides some experience for the diversified enterprises to carry out the strategic transformation in practice. |
