蒙牛并购雅士利财务效应分析

发布时间：2018-01-21 01:12

本文关键词： 并购财务分析案例分析蒙牛并购雅士利　出处：《河北大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着经济的发展,企业间的竞争变得越发激烈。并购成为企业扩大规模的第一选择。我国的并购活动从2001年开始越发频繁,并购案件的数量、规模及成交金额持续增长,仅仅是2010年一年间,我国发生的并购案例就有2771起,并购交易额高达1772.1亿美元。但是并购活动是否能为企业带来绩效上的提高,增加企业价值,还有待进一步研究。蒙牛并购雅士利一案作为2013年十大并购案例之一,本次并购是我国乳品行业有史以来规模最大、成交额最高,但是究竟此次并购的结果如何,是否能为我国乳品行业未来的并购活动提供经验教训,还需要深入探究。本文从并购以及并购效应的理论出发,立足蒙牛并购雅士利事件,首先分析了蒙牛并购雅士利的动因,而后结合本次并购的动机以及并购后双方发展情况,构建了并购效应评价体系,分别从市场反应、财务指标以及非财务指标三方面对此次并购效应进行了具体、全面的分析。通过分析发现了一些问题,相应提出了解决的建议。本次并购活动为蒙牛打开了奶粉市场的大门,对蒙牛的盈利能力以及成长能力都有促进作用,同时调整了蒙牛的产品结构。但由于本次并购雅士利成本过高,且支付方式单一,为蒙牛带来了高额的负债,导致蒙牛的偿债能力以及营运能力都有所下降。从市场的反应来看,本次并购活动的累积超常收益率达到了22%,市场的正向反应是较为明显的。文章的最后根据前文中对此次并购活动带来的负面效应以及存在的问题进行的分析,为以后的并购活动提出几点建议。一是并购前做好尽职调查,对目标企业进行合理评估,降低并购活动带来的溢价风险;二是不能仅局限于现金支付方式,要灵活使用多种支付方式;三是加强并购后的整合工作,包括人力资源、文化、组织和业务等方面的整合。
[Abstract]:With the development of economy, the competition between enterprises becomes more and more intense. M & A has become the first choice for enterprises to expand their scale. In 2001, M & A activities in China began to become more frequent, the number of M & A cases. In 2010 alone, there were 2771 cases of mergers and acquisitions in China. M & A transaction volume is as high as $177.21 billion. But whether M & A activities can improve the performance of the enterprise and increase the value of the enterprise. Mengniu merger and acquisition of Yashili case as one of the top ten M & A cases in 2013, the M & A is the largest in the history of dairy industry in China, the transaction volume is the highest. However, what is the result of this merger and acquisition, whether it can provide experience and lessons for future M & A activities of dairy industry in China, need to be further explored. This paper starts from the theory of M & A and M & A effect. Based on Mengniu's merger and acquisition of Yashili incident, this paper first analyzes the motivation of Mengniu's merger and acquisition of Yashili, then combines the motive of the merger and acquisition and the development of both sides after the merger, and constructs the evaluation system of merger effect. Respectively from the market response, financial indicators and non-financial indicators of the three aspects of the merger effect of the specific, comprehensive analysis. Through the analysis found some problems. The merger and acquisition activities for Mengniu to open the door of the milk powder market, Mengniu's profitability and growth capacity have a role in promoting. At the same time, the product structure of Mengniu has been adjusted. However, due to the high cost of the merger and acquisition of Yashili, and the single way of payment, Mengniu has brought the high debt. As a result, Mengniu's solvency and operating capacity have declined. From the reaction of the market, the cumulative extraordinary yield reached 22%. The positive reaction of the market is obvious. At the end of the article, we analyze the negative effects and the existing problems of the merger and acquisition activities. This paper puts forward some suggestions for the future M & A activities. Firstly, we should do due diligence before M & A, evaluate the target enterprises reasonably and reduce the risk of premium brought by M & A activities. Second, it should not be limited to cash payment methods, and should be flexible to use multiple payment methods; Third, strengthen the integration after merger and acquisition, including the integration of human resources, culture, organization and business.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F406.7;F271

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