LVMH公司财务分析与发展战略研究
发布时间：2018-07-26 11:44
【摘要】：LVMH集团是奢侈品行业的传奇。自合并诞生以来,公司主导了奢侈品行业的并购史,成为涵盖几乎所有主要细分行业的全球奢侈品巨头,同时创造了“LV整合法则”,令众多原本陷入困境的奢侈品品牌获得重生。LVMH模式究竟隐藏着怎样的魔力?本文是关于LVMH的财务分析和发展战略研究。文章重点是对公司过往的发展战略进行研究,对财务数据、财务绩效和财务政策进行剖析。以此为基础,再分析公司现有问题,力图能够为企业发展战略提出切实可行的建议。 本文结构分为五个章节。第一章为研究概述。包括研究背景；研究主题和意义；研究框架。第二章为外部环境分析,利用PEST模型来解释奢侈品行业的主要驱动因素；利用波特五力模型分析行业竞争力量强度；采用公司层和业务层两个维度的战略群组进行竞争环境比较分析。第三章主要分析LVMH过去实施的并购与运营战略。在第四章,本文对LVMH的财务指标体系和财务报表结构进行分析,并对公司的财务政策提出建议。具体的研究内容包括盈利能力、资产使用效率、资产流动性、债务管理能力、现金创造能力、资本市场表现、价值创造能力和增长能力的历史与构成比较分析。并对公司最近10年的利润表、资产负债表和现金流量表做财务报表结构的三维分析。第五章,分析行业发展趋势和公司面临的问题,对LVMH将来的发展战略给出一些意见。 通过对LVMH的发展战略和财务分析研究,本文认为公司过往实施的收购策略与品牌整合策略是非常成功的。主要表现在近年来不断攀升的行业地位与良好的财务数据上。但是行业发展趋势不是一层不变,近一两年来公司面临了许多新的挑战,品牌价值下降、发展速度变慢,未来的前景充满了不确定性。因此我们认为LVMH需持续并购,同时改变在华策略,以维护LVMH的品牌战略。
[Abstract]:LVMH Group is the legend of the luxury goods industry. Since the birth of the merger, the company has dominated the history of mergers and acquisitions in the luxury goods industry, becoming a global luxury giant covering almost all major segments of the industry and creating the LV Integration Rule. What kind of magic does the rebirth. LVMH model have hidden in the many luxury brands that have fallen into trouble? This article is about the LVMH financial analysis and the development strategy research. This paper focuses on the company's past development strategy, financial data, financial performance and financial policy analysis. On the basis of this, this paper analyzes the existing problems of the company and tries to put forward practical suggestions for the development strategy of the enterprise. The structure of this paper is divided into five chapters. The first chapter is an overview of the research. Including the research background; research theme and significance; research framework. The second chapter is the analysis of the external environment, using the PEST model to explain the main driving factors of the luxury industry, using the Porter five-force model to analyze the competitive strength of the industry. Comparative analysis of competitive environment is carried out by strategic groups with two dimensions of company level and business level. The third chapter mainly analyzes the M & A and operation strategy of LVMH in the past. In the fourth chapter, this paper analyzes the financial index system and financial statement structure of LVMH, and puts forward some suggestions on the financial policy of the company. The specific research contents include: profitability, asset utilization efficiency, asset liquidity, debt management ability, cash creation ability, capital market performance, value creation ability and growth ability. Three-dimensional analysis of the company's profit statement, balance sheet and cash flow statement of the last 10 years is made. The fifth chapter analyzes the development trend of the industry and the problems faced by the company, and gives some suggestions on the development strategy of LVMH in the future. Through the development strategy and financial analysis of LVMH, this paper holds that the acquisition strategy and brand integration strategy implemented by the company in the past are very successful. Mainly in recent years in the rising status of the industry and good financial data. But the industry development trend is not a layer unchanged, the company has faced many new challenges in recent years, the brand value decline, the development speed becomes slower, the future prospect is full of uncertainty. Therefore, we believe that LVMH needs to continue M & A and change its strategy in China in order to maintain LVMH's brand strategy.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F231.1;F275
本文编号：2145902
[Abstract]:LVMH Group is the legend of the luxury goods industry. Since the birth of the merger, the company has dominated the history of mergers and acquisitions in the luxury goods industry, becoming a global luxury giant covering almost all major segments of the industry and creating the LV Integration Rule. What kind of magic does the rebirth. LVMH model have hidden in the many luxury brands that have fallen into trouble? This article is about the LVMH financial analysis and the development strategy research. This paper focuses on the company's past development strategy, financial data, financial performance and financial policy analysis. On the basis of this, this paper analyzes the existing problems of the company and tries to put forward practical suggestions for the development strategy of the enterprise. The structure of this paper is divided into five chapters. The first chapter is an overview of the research. Including the research background; research theme and significance; research framework. The second chapter is the analysis of the external environment, using the PEST model to explain the main driving factors of the luxury industry, using the Porter five-force model to analyze the competitive strength of the industry. Comparative analysis of competitive environment is carried out by strategic groups with two dimensions of company level and business level. The third chapter mainly analyzes the M & A and operation strategy of LVMH in the past. In the fourth chapter, this paper analyzes the financial index system and financial statement structure of LVMH, and puts forward some suggestions on the financial policy of the company. The specific research contents include: profitability, asset utilization efficiency, asset liquidity, debt management ability, cash creation ability, capital market performance, value creation ability and growth ability. Three-dimensional analysis of the company's profit statement, balance sheet and cash flow statement of the last 10 years is made. The fifth chapter analyzes the development trend of the industry and the problems faced by the company, and gives some suggestions on the development strategy of LVMH in the future. Through the development strategy and financial analysis of LVMH, this paper holds that the acquisition strategy and brand integration strategy implemented by the company in the past are very successful. Mainly in recent years in the rising status of the industry and good financial data. But the industry development trend is not a layer unchanged, the company has faced many new challenges in recent years, the brand value decline, the development speed becomes slower, the future prospect is full of uncertainty. Therefore, we believe that LVMH needs to continue M & A and change its strategy in China in order to maintain LVMH's brand strategy.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F231.1;F275
【参考文献】
相关期刊论文 前1条
1 Michel Chevalier;Gerald Mazzalovo;;奢侈品品牌管理:一个特权的世界[J];新营销;2012年10期
，本文编号：2145902
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