科迪乳业收购巨尔乳业并购动因与并购绩效研究

发布时间：2018-07-20 15:39

【摘要】：并购是企业实现发展战略的主要方式之一,致使并购的相关活动在我国频繁出现。并购活动能够为企业带来资源合理配置、实现规模经济等积极作用,但如何衡量其为企业带来的价值大小,并购绩效的研究则显得非常重要。因此,本文将并购动因与并购绩效相结合,采取案例研究的方式,对乳制品行业的两家公司,科迪乳业与巨尔乳业之间的收购活动进行分析,运用并购绩效评价方法,分析此次并购是否增加了科迪乳业的企业价值,是否产生了协同效应,为其他企业的并购活动提供实际参考价值。2014年起,政府出台了多项政策,鼓励乳制品行业进行并购重组,以优化资源配置,提高行业集中度。2015年12月,科迪乳业收购巨尔乳业。本文首先通过SWOT分析,发现并购方科迪乳业存在的问题,运用并购动因相关理论,结合实际情况,总结分析出科迪乳业的具体并购动因。其次,通过构建并购绩效评价体系,对科迪乳业并购绩效从财务绩效和非财务绩效两个方面进行分析。在财务绩效方面,本文运用财务指标法将相关财务指标与同行业进行对比,分析发现科迪乳业在并购后的收入获得了迅速的增长,盈利能力与发展能力改善,经营效率提升较为显著,基本实现了协同效应。虽然并购后短期偿债能力仍较弱,需加强财务整合防范财务风险,但此次并购仍是相对成功的。
[Abstract]:M & A is one of the main ways for enterprises to realize their development strategy, which leads to the frequent emergence of M & A activities in China. M & A activities can bring about the rational allocation of resources and the realization of economies of scale for enterprises, but how to measure the value brought to enterprises, the study of M & A performance is very important. Therefore, this paper combines the motivation of M & A with the performance of M & A, adopts the method of case study, analyzes the acquisition activities between the two companies in dairy industry, Cody Dairy and Jul Dairy, and applies the method of M & A performance evaluation. This paper analyzes whether the merger has increased the corporate value of Cody Dairy and whether it has produced a synergistic effect, which will provide practical reference value for the M & A activities of other enterprises. Since 2014, the government has issued a number of policies to encourage the dairy industry to conduct mergers and acquisitions. In order to optimize the allocation of resources and improve industry concentration. In December 2015, Cody Dairy acquired Jul Dairy. Firstly, through SWOT analysis, this paper finds out the existing problems of Cody dairy industry, and summarizes and analyzes the specific M & A motivation of Cody dairy industry by using the relevant theory of M & A motivation and combining with the actual situation. Secondly, through the construction of M & A performance evaluation system, the M & A performance of Cody Dairy Industry is analyzed from two aspects: financial performance and non-financial performance. In terms of financial performance, this paper compares the related financial indicators with the same industry by using the financial index method, and finds out that Cody Dairy has achieved a rapid growth in revenue and improved profitability and development ability after M & A. The management efficiency promotion is more remarkable, basically realized the synergism effect. Although short-term solvency remains weak after the merger and financial consolidation needs to be strengthened to guard against financial risks, the merger is still relatively successful.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.82

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