国际消费品巨头资本并购对茅台集团战略扩张的经验启示

发布时间：2018-04-13 20:45

本文选题：消费品巨头 + 资本并购　；参考：《上海交通大学》2015年硕士论文

【摘要】：本文首先分析了茅台集团过去10年多元品类和品牌扩张的失败经历,同时研究了其资本优势和对资本并购的利用,总结认为贵州茅台在实施战略扩张的重大失误在于没有利用资本并购,仅仅依赖内生业务拓展。本文分析了国际酒类巨头帝亚吉欧、保乐力加、喜力、ABB等公司的资本并购标的、资本支付及财务杠杆,并得出分析结论:首先,并购是企业全球布局和多元品牌的核心手段,不惜持续大规模并购和溢价并购;其次,持续并购细分市场品牌龙头是核心并购策略,充分提升综合品牌竞争力;最后,充分利用消费品公司现金流优势提升财务杠杆至2-4倍,并将资本并购作为日常经营一部分,年度并购8-10家企业为正常水平。茅台集团应该强化资本并购在扩张中的核心地位,提升对酒类及食品饮料行业优秀品类和历史品牌的整合,提升财务杠杆水平,充分利用资本优势实施大规模并购。
[Abstract]:This paper first analyzes the failure experience of Moutai Group's multi-category and brand expansion in the past 10 years, and at the same time studies its capital advantage and the utilization of capital merger and acquisition.It is concluded that the major mistake of implementing strategic expansion in Guizhou Moutai lies in the lack of capital merger and acquisition, and only relying on endogenous business development.This paper analyzes the capital acquisition targets, capital payments and financial leverage of international wine giants Diageo, Poleca and Heineken ABB, and draws the following conclusions: firstly, M & A is the core means of global distribution and multiple brands.Second, the core M & A strategy is the leading brand in the market segment of continuous M & A, which can fully enhance the comprehensive brand competitiveness. Finally, fully utilize the cash flow advantages of consumer goods companies to enhance the financial leverage to 2-4 times.Capital mergers and acquisitions as part of daily operations, annual M & A 8-10 enterprises for the normal level.Maotai Group should strengthen the core position of capital M & A in the expansion, enhance the integration of excellent categories and historical brands in liquor, food and beverage industry, raise the level of financial leverage, and make full use of capital advantages to implement large-scale M & A.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F426.82;F271;F272

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