百圆裤业跨界并购环球易购案例分析

发布时间：2018-03-11 14:23

本文选题：跨界并购　切入点：战略转型　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着科学技术的发展,电子化、信息化、网络化已经成了时代的标签,新经济浪潮强烈冲击着传统企业的发展。作为传统行业的重要组成部分,服装行业产业结构落后,技术更新缓慢,已无法适应时代的潮流。原材料价格上升,店铺租金上涨,产品严重滞销,存货大量积压,再加上电商平台等新兴产业的冲击,我国服装企业遭遇了发展瓶颈,寻找新的发展模式迫在眉睫。然而,由于传统企业固有的局限性,寻求自我突破成效颇微。于是,跨界并购就成了传统企业重获生命力的有效途径。通过跨界并购,传统企业可以与新兴产业相融合,吸收其优质资源和先进技术,为企业注入新鲜血液。百圆裤业并购跨境电商环球易购,是一次成功的跨界并购,使原本陷入经营困境的百圆裤业开启了蓬勃发展的新时代。本文对该并购案例进行分析,首先对并购的相关文献和理论、并购双方的基本情况进行介绍,结合并购背景和并购方案,总结其并购特点,主要表现为跨界并购、溢价并购。其次对并购动机、并购产生的协同效应及并购绩效进行分析,并总结出百圆裤业跨界并购取得成功的因素和存在的问题。其中绩效分析又分为市场绩效分析和财务绩效分析。市场绩效分析采用事件研究法;财务绩效分析采用财务比率法。而并购成功的因素主要总结为并购对象选择合适和并购后对资源进行有效整合。并购存在的问题主要为并购标的估值偏高及并购后上市公司净利率出现下滑,根据案例分析总结启示并针对问题提出建议。本案例研究发现,传统服装企业并购跨境电商等新兴产业,能够推动服装企业的转型升级,有效的资源整合能够给并购双方带来良好的协同效应,提高企业盈利能力,提升企业价值。面对当前的经营困境,传统企业在难以实现自我突破的情况下,可以借鉴百圆裤业的经验,通过跨界并购实现企业的可持续发展。
[Abstract]:With the development of science and technology, electronic technology, information technology, network has become the label of the times, the new economic wave strongly impact the development of traditional enterprises. As an important part of traditional industries, the industrial structure of clothing industry is backward. The technology renewal is slow and can not adapt to the trend of the times. The prices of raw materials are rising, the rent of shops is rising, the products are badly unsalable, the stock is overstocking, and the impact of the new industries such as e-commerce platform has caused the clothing enterprises in our country to encounter the bottleneck of development. It is urgent to find a new development model. However, due to the inherent limitations of traditional enterprises, the self-breakthrough effect is rather weak. Thus, cross-border mergers and acquisitions have become an effective way for traditional enterprises to regain their vitality. Through cross-border mergers and acquisitions, cross-border mergers and acquisitions have become an effective way for traditional enterprises to regain their vitality. Traditional enterprises can merge with emerging industries, absorb their high-quality resources and advanced technology, and inject fresh blood into their enterprises. This paper analyzes the case of M & A, first introduces the relevant literature and theory of M & A, and introduces the basic situation of both parties. Combining with the background of M & A and the plan of M & A, the paper summarizes the characteristics of M & A, which are mainly shown as cross-border M & A, premium M & A. secondly, it analyzes the motive of M & A, the synergistic effect of M A and the performance of M A. And summarizes the success factors and existing problems of cross-border M & A in Baiyuan Pants Industry. The performance analysis is divided into market performance analysis and financial performance analysis. The market performance analysis adopts event research method. The financial performance analysis adopts the financial ratio method. The main factors of successful M & A are the suitable selection of M & A objects and the effective integration of resources after M A. The main problems in M & A are the high valuation of M & A bid and the M & A. After that, the net interest rate of listed companies declined, This case study finds that traditional clothing enterprises can promote the transformation and upgrade of clothing enterprises by merging cross-border e-commerce industries. Effective resource integration can bring good synergy effect to both sides of merger and acquisition, improve the profitability of enterprises and enhance the value of enterprises. In the face of the current operating difficulties, traditional enterprises are difficult to achieve self-breakthrough. We can learn from the experience of Baiyuan trousers industry and realize the sustainable development of enterprises through cross-border mergers and acquisitions.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.86

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