PAGE\*MERGEFORMAT1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AbstractIntheearlystageofexpansion,StormgroupmainlyreliedontheoutstandingachievementsofStormvideotoabsorbdirectinvestment.Atthebottleneckstageofdevelopment,italsousedretainedearningstoraisefunds,andfinallyovercamethedifficultiesoflistingsuccessfully.Stormgroupexpansioninthemediumterm,thatis,theinitialstageofitslisting,isthefasteststageofexpansion.Alargenumberofnewbusinesseshavebeendeveloped,andDTentertainmentstrategyhasbeenvigorouslyimplemented.However,itsperformanceisnotexcellent,whichmakesthebusinesscreditseriouslydamaged.Inthelaterstageofexpansion,Stormgrouphopestoraisefundsthroughissuingshares.However,becausethemanagementisnotfamiliarwiththerulesoffinancialmarket,thestockdiscoveryplanhasbeenrepeatedlyblocked.Later,leveragedbuyoutssufferedseriousfailure.Themainfinancingproblemsexistingintheexpansionofstormgroupareasfollows:theweakeningofcorecompetitivenessleadstothedecreaseofabsorbinginvestment;theinsufficientuseofretainedearningstosupportdevelopment;thereductionofcommercialcreditleadstofinancingdifficulties;thelackoffamiliaritywithmarketrulesleadstofinancingdifficulties;thefailureofleveragedbuyoutleadstofinancingdifficulties.Theproposedmeasuresinclude:toenhanceitscorecompetitiveness;tomakerationaluseofretainedearningsforfinancing;tooptimizebusinesslayoutandenhancebusinesscredit;toimprovethemanagementlevelofmanagementpersonnel;toavoidrisksinleveragedbuyout.Keywords:StormgroupLeveragedbuyoutCorecompetitiveness目录引言…………………………………………………………………1二、暴风集团不同扩张阶段的筹资概况…………………………………1（一）暴风集团简介…………………………………………………………………1（二）扩张初期……………………………………