本文關(guān)鍵詞：蒙牛并購雅士利的財務(wù)問題研究　出處：《吉林財經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 企業(yè)并購 財務(wù)戰(zhàn)略 財務(wù)風(fēng)險

【摘要】：隨著經(jīng)濟全球化的高速發(fā)展,企業(yè)的發(fā)展版圖由地區(qū)擴展到全球�？v觀世界大型企業(yè)的擴張之路可以得出,它們中的大部分都是通過采納并購這一方式來實現(xiàn)加速發(fā)展。如果企業(yè)僅憑自身實力的積累是很難在短時間內(nèi)得到迅猛發(fā)展,那么并購就成為企業(yè)前進中的必由之路。由于我國經(jīng)濟體制出現(xiàn)的改革、轉(zhuǎn)軌以及政府的介入,即便在我國這種特殊背景下,很多企業(yè)也在不斷擴張版圖,進而使得帶有鮮明特色的企業(yè)并購現(xiàn)象越來越多。雖然并購活動掀起了一時浪潮,并且熱潮持續(xù)升溫,越發(fā)高歌猛進,但是,根據(jù)不完全統(tǒng)計,經(jīng)過對市場上的多數(shù)的企業(yè)并購實例調(diào)查來看,絕大部分案例成功率并不高,有近八成的企業(yè)并購活動最終失敗。雖然影響并購成功的因素很多,但其中最關(guān)鍵的制約因素之一就是并購活動蘊藏的巨大財務(wù)問題且其貫穿并購過程的始終。并購活動不僅給企業(yè)在短期內(nèi)帶來了成熟的技術(shù)、大量的資金、擴張的規(guī)模,但也同時伴隨著巨大的財務(wù)風(fēng)險問題,所以其本身就是一件集收益與風(fēng)險并存的行為,因此如何降低風(fēng)險,解決財務(wù)問題,成為了并購企業(yè)要考慮的重中之重。在并購的整個進程中,要分階段突出重點,首先做好并購前的財務(wù)籌備工作,盡職調(diào)查被并購企業(yè)的情況,分析內(nèi)外部環(huán)境,在制定恰當(dāng)?shù)呢攧?wù)戰(zhàn)略之前要了解自身條件,根據(jù)目標(biāo)企業(yè)的實際情況,對其進行資產(chǎn)評估、風(fēng)險評估以及財務(wù)審查一系列過程時要做到完整性、合理性。其次,為達到預(yù)期目的,在并購中要保證考察好企業(yè)本身真實的財務(wù)實力,通過條件匹配選取適合自身管理的并購模式,選擇合情合理的融資與支付方式在并購行為中也是至關(guān)重要。最后,充分考慮雙方的企業(yè)文化、人力資源和經(jīng)營專長,進行多方面的整合才能取長補短,發(fā)揮1+12的效果,最終才能取得并購的成功。因此在并購行為之后的關(guān)鍵步驟--整合過程,是決定并購成功與否的重中之重。本文以蒙牛對雅士利并購行為作為乳制品行業(yè)并購代表,結(jié)合實際情況,對并購案例進行剖析。本文是以蒙牛對雅士利的收購過程以及動因為背景,對蒙牛在并購中制定的財務(wù)戰(zhàn)略進行了深入了解,并對并購行為給財務(wù)狀況帶來的重大影響以及其帶來的風(fēng)險做了深入分析,進而得到相應(yīng)的啟示。
[Abstract]:With the rapid development of economic globalization, the development of enterprises from the region to the world. Looking at the expansion of large enterprises in the world can be drawn. Most of them adopt mergers and acquisitions to achieve accelerated development. If enterprises only rely on the accumulation of their own strength it is difficult to get rapid development in a short period of time. M & A has become the only way for enterprises to advance. Because of the reform of our economic system, transition and government intervention, even under this special background, many enterprises are also expanding their territory. Therefore, the phenomenon of enterprise M & A with distinctive characteristics is more and more. Although M & A activities set off a wave of time, and the upsurge continues to heat up, more and more rapid progress, but according to incomplete statistics. Through the investigation of the majority of M & A cases in the market, the success rate of most cases is not high, and nearly 80% of the M & A activities ultimately fail, although there are many factors that affect the success of M & A. However, one of the most critical constraints is the huge financial problems contained in M & A activities, which run through the process of M & A. M & A activities not only bring mature technology and large amounts of funds to enterprises in the short term. The scale of expansion, but also accompanied by a huge financial risk problem, so it itself is a set of income and risk co-exist behavior, so how to reduce risk, to solve financial problems. In the whole process of M & A, we should focus on it in stages, first of all, do a good job of financial preparation before M & A, and conduct due diligence on the situation of M & A enterprises. Analysis of the internal and external environment, in the formulation of appropriate financial strategy to understand their own conditions, according to the actual situation of the target enterprise, to evaluate their assets. Risk assessment and financial review of a series of processes to achieve integrity, rationality. Secondly, in order to achieve the desired purpose, in mergers and acquisitions to ensure a good inspection of the real financial strength of the enterprise itself. It is also very important to choose the appropriate mode of M & A and reasonable financing and payment through condition matching. Finally, we should consider the corporate culture of both sides. Human resources and management expertise, in order to carry out the integration of various aspects can learn from each other, exert the effect of 12, and finally achieve the success of M & A. therefore, the key step after the merger and acquisition is the integration process. This paper takes Mengniu's merger and acquisition behavior to Yashili as the representative of dairy industry M & A, combined with the actual situation. Based on Mengniu's acquisition process and motivation of Yashili, this paper makes a deep understanding of the financial strategy made by Mengniu in M & A. It also makes a deep analysis on the significant influence of M & A behavior on financial situation and the risks it brings, and then gets the corresponding enlightenment.
【學(xué)位授予單位】：吉林財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.82;F271;F406.7

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