光明乳业跨国并购新西兰新莱特财务风险研究

发布时间：2018-02-08 08:22

本文关键词： 乳制品企业跨国并购并购财务风险　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,随着全球经济一体化的发展,各个国家通过多种渠道拉近彼此的经济关系,中国企业的跨国并购活动呈风起云涌之势。越来越多的中国企业正将跨国并购作为能力跃升的杠杆,从本土企业演变成为全球化企业。中国企业通过跨国并购可以扩大市场份额、学习先进技术及管理水平,进而增强企业国际竞争力。然而目前中国企业海外并购经验匮乏,往往容易忽视并购各个阶段可能产生的财务风险,从而导致并购的实施效果往往难以达到预期目标。因此,本文从财务风险的视角对跨国并购活动进行深入、详细地论述。本文选取2010年光明乳业跨国并购新西兰新莱特这一典型案例,采用文献研究法和案例研究法,基于战略发展理论、效率理论、资源配置效应理论和风险基础财务管理理论,简要论述了此次并购过程和并购动因,详细分析了光明乳业跨国并购新西兰新莱特的财务风险,主要包括筹划阶段的财务风险、实施阶段的财务风险和整合阶段的财务风险,紧接着运用Z值模型对财务风险进行评估。在以上论述的基础上,本文分析了光明乳业应对财务风险的防范措施以及实施效果。由此得出本文的结论:第一,此次并购为光明乳业进一步的国际化战略提供了宝贵经验;第二,从企业的战略发展来看,此次并购是成功的,并且实现了预期的并购目标;第三,从财务指标整体来看,此次跨国并购也是成功的。本文的研究成果希望可以为其他乳制品企业更加顺利地实施跨国并购,为进一步提高我国乳制品企业国际竞争力提供参考和经验,提高乳制品企业识别并规避财务风险的能力。
[Abstract]:In recent years, with the development of global economic integration, various countries have drawn closer to each other's economic relations through various channels. Cross-border M & A activities of Chinese enterprises are on the rise. More and more Chinese enterprises are using cross-border mergers and acquisitions as a lever to increase their capabilities. Chinese enterprises can expand their market share, learn advanced technology and management level, and then enhance their international competitiveness through cross-border mergers and acquisitions. However, at present, Chinese enterprises lack experience in overseas mergers and acquisitions. It is easy to ignore the possible financial risks in each stage of M & A, which leads to the difficulty of achieving the expected goal. Therefore, this paper makes a thorough analysis of cross-border M & A activities from the perspective of financial risk. This paper selects the typical case of New Zealand New Zealand merger and acquisition of Guangming Dairy Industry in 2010, adopts the literature research method and the case study method, based on the strategic development theory, the efficiency theory, The theory of resource allocation effect and the theory of financial management based on risk are briefly discussed in this paper, and the financial risk of New Zealand's New Zealand merger and acquisition by Guangming Dairy is analyzed in detail, including the financial risk in the planning stage. The financial risk in the implementation phase and in the integration phase is evaluated by using the Z value model. This paper analyzes the preventive measures and implementation effects of Guangming Dairy to deal with financial risks. The conclusions of this paper are as follows: first, this merger and acquisition provides valuable experience for Bright Dairy's further internationalization strategy; second, Judging from the strategic development of the enterprise, the merger and acquisition has been successful and has achieved the expected goal of merger and acquisition. Third, from the overall financial indicators, The research results of this paper hope to provide reference and experience for other dairy enterprises to implement cross-border M & A more smoothly and to further improve the international competitiveness of Chinese dairy enterprises. Improve the ability of dairy companies to identify and avoid financial risks.
【学位授予单位】：河北经贸大学
【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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