蒙牛并购雅士利的财务问题研究

发布时间：2018-01-12 20:31

本文关键词：蒙牛并购雅士利的财务问题研究　出处：《吉林财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着经济全球化的高速发展,企业的发展版图由地区扩展到全球。纵观世界大型企业的扩张之路可以得出,它们中的大部分都是通过采纳并购这一方式来实现加速发展。如果企业仅凭自身实力的积累是很难在短时间内得到迅猛发展,那么并购就成为企业前进中的必由之路。由于我国经济体制出现的改革、转轨以及政府的介入,即便在我国这种特殊背景下,很多企业也在不断扩张版图,进而使得带有鲜明特色的企业并购现象越来越多。虽然并购活动掀起了一时浪潮,并且热潮持续升温,越发高歌猛进,但是,根据不完全统计,经过对市场上的多数的企业并购实例调查来看,绝大部分案例成功率并不高,有近八成的企业并购活动最终失败。虽然影响并购成功的因素很多,但其中最关键的制约因素之一就是并购活动蕴藏的巨大财务问题且其贯穿并购过程的始终。并购活动不仅给企业在短期内带来了成熟的技术、大量的资金、扩张的规模,但也同时伴随着巨大的财务风险问题,所以其本身就是一件集收益与风险并存的行为,因此如何降低风险,解决财务问题,成为了并购企业要考虑的重中之重。在并购的整个进程中,要分阶段突出重点,首先做好并购前的财务筹备工作,尽职调查被并购企业的情况,分析内外部环境,在制定恰当的财务战略之前要了解自身条件,根据目标企业的实际情况,对其进行资产评估、风险评估以及财务审查一系列过程时要做到完整性、合理性。其次,为达到预期目的,在并购中要保证考察好企业本身真实的财务实力,通过条件匹配选取适合自身管理的并购模式,选择合情合理的融资与支付方式在并购行为中也是至关重要。最后,充分考虑双方的企业文化、人力资源和经营专长,进行多方面的整合才能取长补短,发挥1+12的效果,最终才能取得并购的成功。因此在并购行为之后的关键步骤--整合过程,是决定并购成功与否的重中之重。本文以蒙牛对雅士利并购行为作为乳制品行业并购代表,结合实际情况,对并购案例进行剖析。本文是以蒙牛对雅士利的收购过程以及动因为背景,对蒙牛在并购中制定的财务战略进行了深入了解,并对并购行为给财务状况带来的重大影响以及其带来的风险做了深入分析,进而得到相应的启示。
[Abstract]:With the rapid development of economic globalization, the development of enterprises from the region to the world. Looking at the expansion of large enterprises in the world can be drawn. Most of them adopt mergers and acquisitions to achieve accelerated development. If enterprises only rely on the accumulation of their own strength it is difficult to get rapid development in a short period of time. M & A has become the only way for enterprises to advance. Because of the reform of our economic system, transition and government intervention, even under this special background, many enterprises are also expanding their territory. Therefore, the phenomenon of enterprise M & A with distinctive characteristics is more and more. Although M & A activities set off a wave of time, and the upsurge continues to heat up, more and more rapid progress, but according to incomplete statistics. Through the investigation of the majority of M & A cases in the market, the success rate of most cases is not high, and nearly 80% of the M & A activities ultimately fail, although there are many factors that affect the success of M & A. However, one of the most critical constraints is the huge financial problems contained in M & A activities, which run through the process of M & A. M & A activities not only bring mature technology and large amounts of funds to enterprises in the short term. The scale of expansion, but also accompanied by a huge financial risk problem, so it itself is a set of income and risk co-exist behavior, so how to reduce risk, to solve financial problems. In the whole process of M & A, we should focus on it in stages, first of all, do a good job of financial preparation before M & A, and conduct due diligence on the situation of M & A enterprises. Analysis of the internal and external environment, in the formulation of appropriate financial strategy to understand their own conditions, according to the actual situation of the target enterprise, to evaluate their assets. Risk assessment and financial review of a series of processes to achieve integrity, rationality. Secondly, in order to achieve the desired purpose, in mergers and acquisitions to ensure a good inspection of the real financial strength of the enterprise itself. It is also very important to choose the appropriate mode of M & A and reasonable financing and payment through condition matching. Finally, we should consider the corporate culture of both sides. Human resources and management expertise, in order to carry out the integration of various aspects can learn from each other, exert the effect of 12, and finally achieve the success of M & A. therefore, the key step after the merger and acquisition is the integration process. This paper takes Mengniu's merger and acquisition behavior to Yashili as the representative of dairy industry M & A, combined with the actual situation. Based on Mengniu's acquisition process and motivation of Yashili, this paper makes a deep understanding of the financial strategy made by Mengniu in M & A. It also makes a deep analysis on the significant influence of M & A behavior on financial situation and the risks it brings, and then gets the corresponding enlightenment.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F271;F406.7

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