中小科技成长型护肤品企业并购案例分析

发布时间：2018-03-11 19:50

本文选题：护肤品　切入点：科技型企业　出处：《浙江工业大学》2015年硕士论文　论文类型：学位论文

【摘要】：近年来,我国护肤品行业成长迅速,市场潜力较大,在国际资本的参与下,并购市场显得比较活跃,但在并购价值确定方面,通常参照历史并购案例,采用市销率法,作为估值谈判博弈依据,由于中国缺乏透明度及活跃的资本市场,相关企业数据信息不够准确与完整,估值也是缺乏足够的理论依据。X公司是一家2006年成立的中小科技型非上市公司,所在母婴护肤品行业是属于中国护肤品的细分新兴市场。X公司近几年市场拓展和销售业绩成长迅速,但盈利状况相对较差。同时X公司面临资本退出的困境,究竟以何种方式退出,到底是资产清算退出,还是IPO退出,还是并购退出,保护股东利益,实现利益最大化是X公司面临所必须要解决的问题。论文首先从估值理论、估值方法,以及估值实践方面阐述了目前国内外估值理论的研究现状与先进水平,介绍并购估值理论、估值方法与比较、估值步聚与估值调整等。该文以X公司为案例,分析母婴护肤行业发展现状、特征及前景,重点分析X公司资本退出方式可能性,比较提出并购退出思路,分析X公司的被并购优势,及X公司被并购内部估值解决方案。其次理论联系实际,分析X公司在产品研发技术、营销渠道、经营管理方面的优势,即潜在的价值,从非财务指标关键影响因素对X公司估值进行了客观、合理的调整,对以往单纯从财务角度估值分析思维向理论实用型方向转变,提出非财务核心竞争优势渠道资源量化估值方法,让估值更加能反映科技型企业未来的实际价值,从而增加对被并购谈判筹码。另外,该论文以X公司为例的内部估值与调整思路对护肤品行业及其它科技型企业估值具有一定的借鉴意义,也是为行业的未来估值研究与发展起到抛砖引玉的作用。
[Abstract]:In recent years, the skin care industry of our country has grown rapidly and has great market potential. With the participation of international capital, the M & A market appears to be active. However, in the aspect of determining the value of M & A, the method of market sales rate is usually adopted according to the historical cases of M & A. As a game basis for valuation negotiations, due to the lack of transparency and active capital markets in China, the relevant enterprise data and information are not accurate and complete. Valuation is also lack of sufficient theoretical basis. X Company is a small and medium-sized technology non-listed company founded in 2006. The mother and child skin care industry is a new market segment of Chinese skin care products. X Company has experienced rapid market expansion and sales growth in recent years, but its profitability is relatively poor. At the same time, X Company is facing the dilemma of capital withdrawal. How to exit, whether it is asset liquidation exit, IPO exit or merger exit, protect shareholders' interests and realize the maximum benefit is the problem that X Company must solve. First of all, from the theory of valuation, it is necessary to solve the problem that X Company is faced with. In the aspect of valuation method and valuation practice, this paper expounds the current situation and advanced level of valuation theory at home and abroad, introduces M & A valuation theory, valuation method and comparison, valuation step convergence and valuation adjustment, etc. This paper takes X Company as an example. This paper analyzes the current situation, characteristics and prospects of mother and child skin care industry, analyzes the possibility of X company's capital withdrawal, compares the idea of merger and acquisition, and analyzes X Company's advantages of being merged. And X Company's internal valuation solution. Secondly, combining theory with practice, it analyzes X Company's advantages in R & D technology, marketing channel, management and management, that is, potential value. This paper adjusts X Company's valuation objectively and reasonably from the key factors of non-financial indexes, and changes the thinking of valuation analysis from the financial angle to the theoretical and practical direction. This paper puts forward a method of quantifying the resources of non-financial core competitive advantage channels, so that the valuation can better reflect the real value of the future of the technology-based enterprises, thereby increasing the bargaining chips for the M & A. This paper takes X company as an example to take the internal valuation and adjustment thought has certain reference significance to the skin care industry and other science and technology enterprise valuation, also is for the industry future valuation research and the development to play the role of inspiration.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F426.72

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