暴风集团扩张存在的筹资问题及应对策略.docVIP

摘 要 暴风集团扩张初期主要是依靠暴风影音取得的优异成绩吸取直接投资，当发展遇到了瓶颈，又利用留存收益进行筹资，最终克服困难上市成功。暴风集团扩张中期，即其上市初期，是扩张最快的阶段。大量新业务拓展开来，DT娱乐大战略得到不遗余力的推行。但是，其业绩表现并不优异，也因此使企业商业信用严重受损。暴风集团扩张后期，希望通过发行股票进行筹资。但是，由于管理层不熟悉金融市场规则，导致股票发现计划一再受阻。后来的杠杆收购又遭遇严重失败。暴风集团扩张存在的筹资问题主要有：核心竞争力减弱、吸收投资减少；过度依赖内源筹资、影响企业发展；商业信用降低、筹资能力下滑；市场规则不熟悉、筹资计划落空；盲目采用杠杆收购带来重大损失。提出的措施包括：应增强自身核心竞争力；合理利用留存收益进行筹资；应优化业务布局提升商业信用；提高管理层人员的管理水平；杠杆收购应注意规避风险。 关键词：暴风集团 杠杆收购 核心竞争力 Abstract In the early stage of expansion, Storm group mainly relied on the outstanding achievements of Storm video to absorb direct investment. At the bottleneck stage of development, it also used retained earnings to raise funds, and finally overcame the difficulties of listing successfully. Storm group expansion in the medium term, that is, the initial stage of its listing, is the fastest stage of expansion. A large number of new businesses have been developed, and DT entertainment strategy has been vigorously implemented. However, its performance is not excellent, which makes the business credit seriously damaged. In the later stage of expansion, Storm group hopes to raise funds through issuing shares. However, because the management is not familiar with the rules of financial market, the stock discovery plan has been repeatedly blocked. Later, leveraged buyouts suffered serious failure. The main financing problems existing in the expansion of storm group are as follows: the weakening of core competitiveness leads to the decrease of absorbing investment; the insufficient use of retained earnings to support development; the reduction of commercial credit leads to financing difficulties; the lack of familiarity with market rules leads to financing difficulties; the failure of leveraged buyout leads to financing difficulties. The proposed measures include: to enhance its core competitiveness; to make rational use of retained earnings for financing; to optimize business layout and enhance business credit; to improve the management level of management personnel; to av