基于价值增值的并购战略分析

发布时间：2018-06-26 01:56

本文选题：并购 + 价值增值　；参考：《河南大学》2014年硕士论文

【摘要】：2008年全球金融危机以来，随着国际市场的增速放缓，国内企业为了更好的生存纷纷“抱团取暖”，企业间的兼并重组就成了广大企业抵御寒冬的重要方式之一。企业间的并购重组可以帮助企业扩大生产经营规模，实现规模经济，也能够迅速提升企业的市场份额，提高自身的竞争力，除此之外也可以帮助企业整合资源，实现资源的共享或互补，并使企业可以更有效的实施品牌经营战略，提升企业知名度，企业也可以通过并购获取充足的劳动力和生产原料，来增加企业的综合竞争力。当然，并购也不是实现企业价值增值的一剂万能药，并购战略的实施应该是在充分考虑了企业所面临的复杂市场环境和自身的条件后，做出的重大决定，并且并购在实施过程中也需要将各种因素的不良影响降到最低，才能确保并购取得预期的效果。但是现实中，并购的成功率不高，因此对企业的并购战略进行客观、系统的评价，成为企业并购战略中不可或缺的一个环节。这个环节中实现价值增值是是一个重要的衡量标准，从实现价值增值的角度出发，企业的并购战略需要和外部环境相适应，也需要和企业自身资源和能力相匹配，因此在确定并购战略时要对企业的内外部环境做出清晰的分析，才从中找出实现协同效应的基本出发点。白酒产业是我国的一个历史比较悠久的产业，白酒文化早已经融合成我们中华民族优秀文化的一部分。五粮液作为中国白酒的领军企业之一，其在资金、技术、人才方面有着其他白酒企业无法比拟的优势，在行业遭遇寒冬时候，选择了腰部发力，，通过并购一些地方型酒企，研发生产中低端白酒产品，抢占中低端产品市场的战略举措。此举虽然饱受争议，但也不失为目前我国一些大型酒企度过“行业寒冬”的一种可行的办法。本文主要采取以下研究方法包括案例分析法和比较分析法。首先回顾了国内外对并购战略以及价值增值的最新研究情况，然后在总结与并购相关的理论时，也对影响并购价值增值的因素进行了分析归纳，在此基础上构建了一个并购战略价值增值的评价体系。然后通过引入五粮液股份有限公司（下称五粮液）并购战略为案例，在对五粮液并购战略分析的基础上，来验证评价体系的可行性，同时也对五粮液的并购战略提出相应的改进建议。
[Abstract]:Since the global financial crisis in 2008, with the slow growth of the international market, domestic enterprises in order to better survive one after another, the merger and reorganization of enterprises has become one of the most important ways to resist the cold winter. Mergers and acquisitions among enterprises can help enterprises expand their scale of production and operation, realize economies of scale, rapidly increase their market share and enhance their own competitiveness. In addition, they can also help enterprises integrate resources. To realize the sharing or complementation of resources, and to enable enterprises to implement brand management strategy more effectively, to enhance the visibility of enterprises, enterprises can also acquire sufficient labor force and production raw materials through mergers and acquisitions to increase the comprehensive competitiveness of enterprises. Of course, M & A is not a panacea for realizing the value added of enterprises. The implementation of M & A strategy should be a major decision made after fully considering the complex market environment and its own conditions faced by enterprises. In order to ensure the desired effect, M & A also needs to minimize the adverse effects of various factors in the process of implementation. But in reality, the success rate of M & A is not high, so the objective and systematic evaluation of M & A strategy has become an indispensable link in M & A strategy. The realization of value increment in this link is an important measurement standard. From the angle of realizing value added, the strategic needs of M & A of an enterprise adapt to the external environment, and it also needs to match the resources and capabilities of the enterprise itself. Therefore, we should make a clear analysis of the internal and external environment in order to find out the basic starting point of realizing synergy. Liquor industry is an industry with a long history in our country. Liquor culture has already become a part of the excellent culture of Chinese nation. As one of the leading Chinese liquor enterprises, Wuliangye has unparalleled advantages in terms of capital, technology and talent. In the cold winter of the industry, Wuliangye chose to exert its power at the waist, and through the merger and acquisition of some local liquor enterprises, Research and production of low-end liquor products, low-end products to occupy the market strategic measures. Although the move is controversial, it is also a feasible way for some large Chinese wine companies to survive the "industry winter". This paper mainly adopts the following research methods, including case analysis and comparative analysis. First of all, it reviews the latest research on M & A strategy and value increment at home and abroad, and then, when summarizing the theories related to M & A, it also analyzes and sums up the factors that affect the value increment of M & A. On this basis, a M & A strategic value added evaluation system is constructed. Then through the introduction of Wuliangye Co., Ltd (hereinafter referred to as Wuliangye) M & A strategy as a case study, on the basis of the analysis of Wuliangye M & A strategy, to verify the feasibility of the evaluation system. At the same time, Wuliangye M & A strategy put forward corresponding suggestions for improvement.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F426.82

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