烟草行业并购整合绩效研究

发布时间：2018-05-08 21:44

本文选题：专卖制度 + 市场结构　；参考：《华东政法大学》2013年硕士论文

【摘要】：烟草行业是一个国家垄断的行业，实行严格的烟草专卖制度。本文介绍了国内烟草市场的大背景：农业是烟草市场的源头，中国产区主要种植的是烤烟，历年来种植效率没有明显提升，产大于销的局面长期存在；工业是烟草行业的核心部分，近年来经济效益明显提升，品牌结构的“461”和“532”格局初步形成；商业是烟草市场的重要组成部分，国内销量稳定增长，省际间交易量增加，消费倾向日趋高端。在世界烟草市场中：中国是世界第一的烟叶种植国和卷烟制造国；世界烟叶生产格局出现变化，产量从大幅增加转为稳定增长；卷烟制造格局也发生转移，美国、日本等发达国家烟草产量大幅下降，而孟加拉国、越南等发展中国家产量明显增加；如今吸烟人数约占世界吸烟人口的五分之一，40%以上的烟草制品来自四大烟草集团的产品，中国烟草企业的竞争压力巨大。世界烟草市场的发展趋势是从多元化经营向主营业务回归、品牌优势凸显以及大规模的海外并购；同时烟草行业也面临着烟草税收增加、非法贸易挤兑、政府管制严苛等多方面的挑战。本文对于中国烟草业的SCP分析、工业企业重组以及产业发展方向的研究主要采用实证分析和模型分析相结合的方法。在SCP分析中，政府管制下的中国烟草产业通过兼并重组使得市场集中度提高，但比起国外仍然较低；绝对费用壁垒和MES的存在决定了烟草行业的高进入壁垒；烟草行业对于广告、定价行为有着严格的限制；市场结构对于市场绩效有着显著的正相关等。在企业重组绩效的考察中，首先介绍了重组过程、形式以及关系转变，然后将中国烟草业重组分为省内重组和跨省重组两个阶段进行考察：对省内重组的考察运用的是因子分析法，结论是约三分之二的企业绩效得以提升；对跨省重组的考察用了综合要素生产率指标，结果表明63%的绩效提升来源于技术进步。本文最后将在国际视角下对中国烟草行业发展方向进行探究：一方面是烟草行业作为对于国家财政贡献突出的行业，，通过对卷烟价格弹性的测量，进一步将“寓禁于征”政策运用于这个特殊行业；另一方面在于烟草工业的横向一体化已经基本成型，在烟草行业的未来的发展中，如何将整个行业进行产业链整合，实现纵向一体化，使中式卷烟更具世界竞争力和国际影响力。
[Abstract]:Tobacco industry is a state monopoly industry, the implementation of strict tobacco monopoly system. This paper introduces the background of the domestic tobacco market: agriculture is the source of the tobacco market, and flue-cured tobacco is the main planting area in China. The planting efficiency has not been obviously improved over the years, and the production is larger than the market for a long time. Industry is the core part of the tobacco industry. In recent years, the economic benefits have been obviously improved, and the pattern of "461" and "532" of the brand structure has been initially formed. Commerce is an important part of the tobacco market, with steady growth of domestic sales volume and increase in inter-provincial trading volume. The trend of consumption is becoming higher and higher. In the world tobacco market: China is the world's number one tobacco grower and cigarette manufacturer; the world tobacco production pattern has changed from a large increase to a steady increase; the pattern of cigarette manufacturing has also shifted, the United States, Tobacco production in developed countries, such as Japan, has dropped sharply, while that in developing countries such as Bangladesh and Vietnam has increased significantly. Today, more than 1/5 or 40 percent of the world's smokers come from the products of the four major tobacco groups. The competition pressure of Chinese tobacco enterprises is enormous. The development trend of the world tobacco market is to return from diversification to the main business, the brand advantages are prominent and large-scale overseas mergers and acquisitions. At the same time, the tobacco industry is also facing an increase in tobacco tax revenue and a run on illegal trade. There are many challenges such as strict government regulation. In this paper, the SCP analysis of Chinese tobacco industry, the restructuring of industrial enterprises and the direction of industrial development are mainly studied by the combination of empirical analysis and model analysis. In the SCP analysis, the Chinese tobacco industry under the control of the government increases the market concentration through merger and reorganization, but it is still lower than the foreign countries, the absolute cost barrier and the existence of MES determine the high entry barrier of the tobacco industry. Tobacco industry has strict restrictions on advertising pricing behavior and market structure has significant positive correlation with market performance. In the investigation of the performance of enterprise reorganization, the paper first introduces the process, form and relationship change of reorganization. Then, the reorganization of Chinese tobacco industry is divided into two stages: one is factor analysis method, the other is factor analysis method. The conclusion is that about 2/3 of the enterprises' performance can be improved. The comprehensive factor productivity index is used to investigate the inter-provincial reorganization. The results show that 63% of the performance improvement comes from technological progress. In the end, this paper will explore the development direction of Chinese tobacco industry from an international perspective: on the one hand, the tobacco industry, as an industry with outstanding financial contribution to the country, measures the price elasticity of cigarettes. On the other hand, the horizontal integration of the tobacco industry has basically taken shape. In the future development of the tobacco industry, how to integrate the whole industry into an industrial chain, Realize vertical integration to make Chinese cigarettes more competitive in the world and international influence.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F426.89

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