光明乳业跨国并购Synlait Milk风险应对分析

发布时间：2018-08-14 11:00

【摘要】：跨国并购是企业进行国际拓展的重要途径之一,也是资本得以全球流动的重要形式之一。许多企业为了获取优质资源、扩大市场份额、增强自身实力等目的,纷纷踏上了跨国并购之路,并且随着经济全球化程度的提高,企业跨国并购的数量越来越多,规模和影响也越来越大。受制于我国经济发展水平,中国企业进行跨国并购活动的时间不长,直到上世纪80年代,中国企业才逐渐走上跨国并购的道路,然而失败率较高。在改革开放的大背景下,许多企业得以快速发展,实力得到了大幅度提升,国家也开始鼓励本土企业走向世界,获取外国先进的资源、技术等等。并且,在中国加入WTO之后,本土企业的跨国并购活动也愈发活跃,无论是数量还是规模都屡创新高。尽管如此,这仍然改变不了我国企业跨国并购仍处于起步阶段的事实:企业缺乏跨国并购经验,防范并购风险的手段不成熟,并购成功率依然不高。中国企业想要以跨国并购的方式在激烈的国际竞争环境中脱颖而出,必须要妥善防范跨国并购风险。光明乳业作为我国乳制品行业的杰出企业之一,为了打造全产业链,巩固并提升自身实力,把光明这个品牌推向世界,于2010年完成了对新西兰Synlait Milk公司的并购,这也是我国乳制品行业内的首次跨国并购,光明此次并购也为业内其他企业提供了一个示范。本文试图将抽象理论与具体实践结合起来,将光明乳业此次跨国并购作为案例进行研究,介绍并分析了光明是如何在跨国并购过程中防范风险的,取得了哪些成效以及成效背后的原因,最后得出文章的结论以及一些启示,这对于丰富我国企业跨国并购的研究具有一定的学术价值。本文一开始介绍了当前经济环境下我国企业跨国并购的特点以及趋势,进而引出了本文的研究点,即企业应提高防范跨国并购风险的能力。在对并购及并购风险的相关文献进行研究,以及梳理相关理论的基础上,本人认为企业在跨国并购过程中,必须融合风险分散理论的思想,采取多种风险管理策略来应对并购风险,以达到并购的预期效果。随后,文章将风险分散理论与风险管理策略理论具体运用到了光明乳业的案例分析当中,具体分析了光明乳业是如何防范并购风险的。首先,文章详细介绍了光明在并购过程中遇到的风险以及采取的防范措施,包括光明对新西兰政策的让步、借助专业机构的服务、并购时采取混合型支付方式以及并购后期多项整合措施等;其次,通过实施风险防范措施,光明乳业成功地抵御了主要并购风险,即政治风险、信息风险、定价风险、支付风险以及并购后整合风险;再次,文章进一步分析光明能够取得这些成效,是因为这些措施帮助光明规避了风险发生的一些情形、控制了风险发生的条件、降低了风险出现的概率等;最后,文章概括出了相关结论并列出了一些启示,供其他企业借鉴。本文是对中国乳制品企业在跨国并购过程中面临的风险及其防范问题进行研究,旨在帮助中国企业找出一条合适的跨国并购道路。但由于作者研究水平有限,与案例有关的数据资料难以充分取得,因而文章的论证过程及结论可能存在纰漏之处。
[Abstract]:Transnational mergers and acquisitions are one of the important ways for enterprises to expand internationally, and also one of the important forms for capital to flow globally. Many enterprises have embarked on the road of transnational mergers and acquisitions in order to obtain high-quality resources, expand market share, and enhance their own strength. Restricted by the level of economic development in China, it is not long for Chinese enterprises to carry out cross-border M&A activities. It was not until the 1980s that Chinese enterprises gradually embarked on the road of cross-border M&A. However, the failure rate was relatively high. Under the background of reform and opening up, many enterprises have developed rapidly and gained strength. After China's accession to the WTO, the activities of cross-border M&A of local enterprises have become more and more active, both in quantity and in scale. Nevertheless, this still can not change the situation of cross-border M&A of Chinese enterprises. The facts in the initial stage: enterprises lack the experience of cross-border M&A, the means to prevent the risk of M&A are not mature, and the success rate of M&A is still not high. One of the enterprises, in order to build the whole industry chain, consolidate and enhance its own strength, and promote the brand of Bright to the world, completed the merger and acquisition of Synlait Milk Company of New Zealand in 2010, which is also the first cross-border merger and acquisition in the dairy industry in China. Bright merger and acquisition also provides a model for other enterprises in the industry. Combining theory with practice, this paper takes Guangming Dairy's cross-border M&A as a case study, introduces and analyzes how Guangming prevents risks in the process of cross-border M&A, what achievements it has made and the reasons behind the achievements, and finally draws conclusions and some enlightenments, which will enrich the cross-border M&A of Chinese enterprises. This paper first introduces the characteristics and trends of cross-border mergers and acquisitions of Chinese enterprises in the current economic environment, and then leads to the research point of this paper, that is, enterprises should improve their ability to guard against the risks of cross-border mergers and acquisitions. On the basis of this, I think that in the process of cross-border M&A, enterprises must integrate the theory of risk diversification and adopt a variety of risk management strategies to deal with the risk of M&A in order to achieve the expected effect of M&A. First of all, the article introduces the risk that Bright Dairy encountered in the process of M&A and the preventive measures taken, including the concession of Bright to New Zealand policy, the use of professional services, the adoption of mixed payment in M&A and a number of post-merger integration measures. The implementation of risk prevention measures, Bright Dairy successfully withstood the main merger and acquisition risks, namely, political risk, information risk, pricing risk, payment risk and integration risk after the merger and acquisition; again, the article further analyzes Bright can achieve these results, because these measures help Bright to avoid some of the risks and control the wind. Finally, the article summarizes the relevant conclusions and lists some enlightenments for other enterprises. This paper studies the risk faced by Chinese dairy enterprises in the process of cross-border mergers and acquisitions and its prevention problems, aiming to help Chinese enterprises find a suitable cross-border mergers and acquisitions. However, due to the limited research level of the author, it is difficult to obtain sufficient data related to the case, so there may be omissions in the argumentation process and conclusions.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.82;F406.7

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