光明集团海外并购定价案例研究

发布时间：2017-12-31 03:11

本文关键词：光明集团海外并购定价案例研究　出处：《辽宁大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来，我国很多企业为了实施规模扩张和实现发展战略，积极进行并购。光明集团为了实现其国际化战略，完成其五年内战略规划，积极开展海外并购活动，希望以此扩大市场规模，提升市场地位，通过海外并购进入国际市场。光明集团从2010年开始在全球范围内积极并购，先后参与并购澳大利亚西斯尔公司旗下的糖类和可再生资源部门、新西兰信联乳业、英国联合饼干、美国保健品公司健安喜、法国优诺酸奶、澳大利亚食品运营商玛内森和英国麦片制造商维他麦，，但光明集团的海外并购道路并不顺畅，多次失败。光明集团坚定其国际化道路、坚持海外并购战略，并在2012年完成中国食品行业最昂贵海外收购案。光明食品集团的并购经验和其在并购中暴露出的问题很值得学习和研究，能够对中国企业的海外并购起到一定的警示作用。本文主要分析了光明集团四次失败的海外并购，从中找出光明集团在海外并购定价中的存在问题，并进行原因分析，进而提出一些建议，希望能对其他企业海外并购有所帮助，对中国企业的海外并购起到一定的警示作用。全文共分为四个部分：第一部分，绪论。交待了研究背景、研究目的及意义、文献综述与研究方法及框架。第二部分，案例描述。介绍光明集团的背景，详细介绍了光明集团海外并购失败的案例并进行了案例描述。第三部分，案例分析。根据并购相关理论，以澳糖为例基于现金流量折现法对其价值进行评估，通过评估分析光明集团在定价中的存在的问题并进行对比分析总结得出原因。第四部分，建议与启示。根据案例分析的结果，从光明集团海外并购的事前调查，并购定价，谈判过程提出针对性建议，对光明集团海外并购定价中暴露的问题提出相应的建议。
[Abstract]:In recent years , many enterprises in our country have actively engaged in mergers and acquisitions in order to carry out the scale expansion and realize the development strategy . In order to realize its internationalization strategy , Bright Group has completed its five - year strategic plan and actively engaged in overseas M & A activities , hoping to expand the market size , promote the market position , and enter the international market through the acquisition of overseas acquisitions . The Guangming Group has been actively engaged in mergers and acquisitions around the world from 2010 , and has been involved in the merger and acquisition of the sugar and renewable resource departments of the Sith Company , New Zealand Xinlian Dairy Industry , British Joint biscuit , American Health Products Co . , Ltd . , and Weitamai , the Chinese food industry . The light group has determined its international road , adhered to the overseas acquisition strategy , and completed the most expensive overseas acquisition in China ' s food industry in 2012 . The light food group ' s acquisition experience and the problems exposed in the merger and acquisition are well worth studying and studying , and can play a certain warning role in the overseas acquisitions of Chinese enterprises . This paper mainly analyzes the overseas M & A of the four failures of Guangming Group , and finds out the existing problems in the pricing of M & A in the light group , and makes some suggestions . It hopes to help other enterprises overseas and acquisitions and play a certain warning role in the overseas acquisitions of Chinese enterprises . The full text is divided into four parts : The first part , Introduction . The background of research , research purpose and significance , literature review and research method and framework . The second part , the description of the case , introduces the background of the bright group , details the case of the overseas M & A failure of Guangming Group and makes a case description . In the third part , according to the related theory of M & A , the value of Australia - sugar is evaluated based on cash flow discount method , and the reason is obtained through the evaluation and analysis of the problems existing in pricing and comparative analysis . The fourth part , suggestion and inspiration , according to the result of the case analysis , from the light group ' s overseas M & A survey , the M & A pricing , the negotiation process put forward the pertinence suggestion , put forward the corresponding suggestion to the question of the light group ' s overseas M & A pricing .

【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.82;F271;F406.7

【参考文献】