七匹狼并购杭州肯纳服饰的绩效及分析

发布时间：2018-07-21 17:14

【摘要】：在如今竞争日益激烈的市场环境中,并购已经成为企业壮大的重要方式,因为只有不断扩大自身的经营规模,企业才能获得长足的发展,才能避免被市场所淘汰。近年来,随着国际和国内并购活动不断增多,人们越来越关注并购后新企业的战略目标完成程度、企业并购的效果、并购是否充分发挥了协同效应等问题。所以,对并购的绩效做出全面的分析成为研究的主要课题之一。就在2011年3月,正值全球金融危机已经逐步褪去、中国奢侈品行业逐步升温之时,福建七匹狼实业股份有限公司并购了杭州肯纳服饰有限公司。七匹狼试图借助杭州肯纳服饰在知名奢侈品品牌的运营经验而进军国际市场,从生产经营、市场地位、企业规模等种种迹象来看,并购后七匹狼的发展较为良好,可以说是一次比较成功的并购,也是我国纺织服装行业里较为经典的案例,其中的原因是值得我们去思考分析的。论文首先通过大量并购绩效和并购绩效影响因素的国内外文献的综述,提出研究的课题;接着,本文对有关概念进行了论述,阐述了企业并购绩效分析的内容和影响因素及企业并购绩效的理论基础;之后,以七匹狼并购杭州肯纳服饰的案例介绍了并购后七匹狼的财务绩效和非财务绩效,并对并购动机、行业相关度、支付方式、并购整合程度四个因素对并购绩效的影响进行分析,得出了相关结论,并进一步对七匹狼取得良好绩效的相关经验进行归纳。本文运用规范研究和案例分析相结合的研究方法,重点探讨了并购绩效的理论问题和影响因素问题。在对七匹狼并购杭州肯纳这一典型案例的研究中,概述了此次并购的财务绩效(盈利能力加强、营运能力增长、偿债能力提高、成长能力上升)和非财务绩效(品牌价值提升、技术创新有新突破、市场份额增加、营销渠道实现有效共享),再从并购动机、行业相关度、支付方式、并购整合程度四个影响因素出发进一步分析并购绩效:协同效应动机和市场势力动机提升了企业的经营绩效和市场占有率;并购双方的行业相关度越高,越有利于实现企业管理资源共享和增加企业市场份额;现金支付方式会降低企业的偿债能力和获现能力,但总体影响较小;并购整合工作对企业的盈利能力和成长能力产生了积极作用。本文的研究结论是并购有效改善了七匹狼的财务状况,大大提升了七匹狼的核心竞争力,而且并购绩效在短时期内表现明显,还受到不同因素的影响。经验总结部分包括四个:正确选择并购的目标企业、充分考虑多方面因素对并购绩效的影响、坚持以技术创新提高市场占有率、并购后积极开展各方面的整合。这些结论和经验希望能给我国企业一些借鉴和参考,使企业更加关注并购绩效的相关影响因素,推动企业采取合适的并购策略,从而获得更好的并购绩效。
[Abstract]:In today's increasingly competitive market environment, M & A has become an important way for enterprises to grow, because only by expanding their own business scale, enterprises can obtain considerable development and avoid being eliminated by the market. In recent years, with the increasing of international and domestic M & A activities, people pay more and more attention to the degree of completion of strategic objectives of new enterprises after M & A, the effect of M & A, and whether M & A has brought into full play the synergetic effect. Therefore, the comprehensive analysis of M & A performance has become one of the main research topics. In March 2011, just as the global financial crisis had receded and China's luxury goods industry warmed up, Fujian Qiyilang Industrial Co., Ltd. acquired Hangzhou Kenna Apparel Co., Ltd. The wolf attempted to enter the international market with the help of the operating experience of Hangzhou Kenna Apparel in well-known luxury brands. Judging from various indications such as production and operation, market position, enterprise size, etc., after the merger and acquisition, the development of the Seven Wolf was relatively good. It can be said that it is a relatively successful merger and acquisition, and it is also a more classic case in China's textile and clothing industry. The reasons are worthy of our consideration and analysis. Firstly, the thesis puts forward the research topic by summarizing a large number of domestic and foreign literature on M & A performance and the influencing factors of M & A performance, and then, this paper discusses the related concepts. The content and influencing factors of M & A performance analysis and the theoretical basis of M & A performance are expounded, and then the financial performance and non-financial performance of the 7p wolf after M & A are introduced by the case of the acquisition of Hangzhou Kenna Garment by the Seven Wolf. And the M & A motivation, industry correlation, payment mode, M & A integration degree of four factors on the M & A performance analysis, draw the relevant conclusions, and further on the seven wolves to achieve good performance of the relevant experience is summarized. This paper focuses on the theoretical problems and influencing factors of M & A performance by combining normative research with case analysis. In the study of the typical case of "Seven Wolf" merger and acquisition of Hangzhou Kenner, this paper summarizes the financial performance (profitability, operating capacity, debt repayment ability, growth capacity) and non-financial performance (brand value increase) of the merger. New breakthroughs in technological innovation, increased market share, effective sharing of marketing channels), and then from M & A motivation, industry relevance, payment methods, Four factors influencing the degree of M & A integration are further analyzed: the motive of synergism and market influence promotes the business performance and market share of the enterprise, the higher the correlation between the two parties, the higher the degree of correlation between the two parties. The more beneficial it is to realize the sharing of management resources and increase the market share of enterprises, the less the cash payment will reduce the ability to repay debt and the ability to obtain cash, but the overall influence is small. Merger and acquisition integration work on the profitability and growth of enterprises have a positive role. The conclusion of this paper is that M & A can effectively improve the financial situation of the seven wolves, greatly enhance the core competitiveness of the seven wolves, and the performance of mergers and acquisitions in a short period of time is obvious, but also affected by different factors. The part of experience summary includes four parts: choosing the target enterprise of M & A correctly, fully considering the influence of various factors on the performance of M & A, insisting on increasing the market share with technological innovation, and actively developing the integration of all aspects after M & A. These conclusions and experiences hope to give some reference to Chinese enterprises, make enterprises pay more attention to the related factors of M & A performance, and promote the adoption of appropriate M & A strategies, so as to obtain better M & A performance.
【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】：F426.86;F271;F406.7

【参考文献】