摘要
由于经济、政策及市场的不断变化，企业不会选择把鸡蛋放在一个篮子里，多元化
转型战略成为企业提升自身竞争力，推动发展的一条道路。但是实践证明，并不是企业
走多元化转型升级道路就可以扩宽市场，站稳脚跟，有一部分企业甚至走向了倒闭。多
元化转型升级需要扩大投资范围，加大投资力度，也就相应地增加了财务风险。此外，
由于房地产行业具有高投资额与长投资回收期的特点，漫无目的地多元化经营只能增加
企业财务风险。因此，通过案例研究房地产企业多元化经营的财务问题与风险分析，并
提出相应的控制措施，为其多元化经营提供参考与经验。
本文以 T集团为研究对象进行多元化经营财务风险控制研究。首先，基于论文提出
的研究背景及意义，总结了企业多元化经营财务风险控制研究的国内外研究现状。然后，
从企业多元化经营与财务风险两个方面介绍了相关理论，并分析了企业多元化经营对财
务风险的影响作用，为 T集团多元化经营财务风险的研究提供了理论基础。接着，从 T
集团发展的基本情况、T集团多元化经营现状和 T集团多元化经营存在的主要问题三个
方面分析了 T集团多元化经营现状及问题。结果表明，T集团产业多元化发展水平较高，
产业之间的关联度水平较低，逐步形成了“房地产+建筑+物业服务”三驾马车并驾齐驱，
其他新兴产业领域百花齐放的局面。但是，T集团多元化经营转型的道路并不顺利，在
财务与经营方面都暴露出相关的问题。其次，从筹资风险、投资风险和运营风险三个方
面定性地识别了 T集团多元化经营的财务风险，之后运用层次分析法与功效系数法，定
量地评价 T集团财务风险指数，进而分析 T集团财务风险程度。结果表明，T集团多元
化经营财务风险值为 0.5042，处于一般的风险等级。这表明 T集团多元化经营确实增加
了公司的财务风险，T集团的多元化转型不太成功。最后，从筹资风险控制措施、投资
风险控制措施和运营风险控制措施三个方面提出了 T集团多元化经营的财务风险控制
措施，为类似的房地产行业多元化发展提供参考与借鉴。
关键词：T集团；多元化经营；财务风险；功效系数法
I

Abstract
Due to the continuous changes of economy, policy and market, enterprises will not
choose to put eggs in one basket. Diversified transformation strategy has become a way for
enterprises to improve their competitiveness and promote development. However, practice has
proved that enterprises can not expand the market and gain a firm foothold by taking the road
of diversified transformation and upgrading, and some enterprises even went bankrupt.
Diversification, transformation and upgrading need to expand the scope of investment and
increase investment, which correspondingly increases the financial risk. In addition, because
the real estate industry has the characteristics of high investment and long investment payback
period, aimless diversification can only increase the financial risk of enterprises. Therefore,
through the case study, the financial problems and risk analysis of the diversified operation of
real estate enterprises, and put forward the corresponding control measures to provide
reference and experience for their diversified operation.
This thesis takes T group as the research object to study the financial risk control of
diversified operation. Firstly, based on the research background and significance, this thesis
summarizes the research status of financial risk control of enterprise diversification at home
and abroad. Then, it introduces the relevant theories from the two aspects of enterprise
diversification and financial risk, and analyzes the impact of enterprise diversification on
financial risk, which provides a theoretical basis for the research of T Group's diversified
financial risk. Then, it analyzes the current situation and problems of T Group's diversified
operation from three aspects: the basic situation of T Group's development, the current
situation of T Group's diversified operation and the main problems existing in T Group's
diversified operation. The results show that T Group has a high level of industrial
diversification and a low level of correlation between industries, gradually forming a situation
in which the troika of "real estate + Construction + property service" keeps pace and other
emerging industries bloom. However, the road of diversification transformation of T group is
not smooth, and relevant problems have been exposed in finance and operation. Secondly, it
qualitatively identifies the financial risk identification of T Group's diversified operation from
II
。。。以下略