【摘要】：在如今競爭日益激烈的市場環(huán)境中,并購已經(jīng)成為企業(yè)壯大的重要方式,因為只有不斷擴大自身的經(jīng)營規(guī)模,企業(yè)才能獲得長足的發(fā)展,才能避免被市場所淘汰。近年來,隨著國際和國內(nèi)并購活動不斷增多,人們越來越關注并購后新企業(yè)的戰(zhàn)略目標完成程度、企業(yè)并購的效果、并購是否充分發(fā)揮了協(xié)同效應等問題。所以,對并購的績效做出全面的分析成為研究的主要課題之一。就在2011年3月,正值全球金融危機已經(jīng)逐步褪去、中國奢侈品行業(yè)逐步升溫之時,福建七匹狼實業(yè)股份有限公司并購了杭州肯納服飾有限公司。七匹狼試圖借助杭州肯納服飾在知名奢侈品品牌的運營經(jīng)驗而進軍國際市場,從生產(chǎn)經(jīng)營、市場地位、企業(yè)規(guī)模等種種跡象來看,并購后七匹狼的發(fā)展較為良好,可以說是一次比較成功的并購,也是我國紡織服裝行業(yè)里較為經(jīng)典的案例,其中的原因是值得我們?nèi)ニ伎挤治龅摹Ｕ撐氖紫韧ㄟ^大量并購績效和并購績效影響因素的國內(nèi)外文獻的綜述,提出研究的課題;接著,本文對有關概念進行了論述,闡述了企業(yè)并購績效分析的內(nèi)容和影響因素及企業(yè)并購績效的理論基礎;之后,以七匹狼并購杭州肯納服飾的案例介紹了并購后七匹狼的財務績效和非財務績效,并對并購動機、行業(yè)相關度、支付方式、并購整合程度四個因素對并購績效的影響進行分析,得出了相關結(jié)論,并進一步對七匹狼取得良好績效的相關經(jīng)驗進行歸納。本文運用規(guī)范研究和案例分析相結(jié)合的研究方法,重點探討了并購績效的理論問題和影響因素問題。在對七匹狼并購杭州肯納這一典型案例的研究中,概述了此次并購的財務績效(盈利能力加強、營運能力增長、償債能力提高、成長能力上升)和非財務績效(品牌價值提升、技術創(chuàng)新有新突破、市場份額增加、營銷渠道實現(xiàn)有效共享),再從并購動機、行業(yè)相關度、支付方式、并購整合程度四個影響因素出發(fā)進一步分析并購績效:協(xié)同效應動機和市場勢力動機提升了企業(yè)的經(jīng)營績效和市場占有率;并購雙方的行業(yè)相關度越高,越有利于實現(xiàn)企業(yè)管理資源共享和增加企業(yè)市場份額;現(xiàn)金支付方式會降低企業(yè)的償債能力和獲現(xiàn)能力,但總體影響較小;并購整合工作對企業(yè)的盈利能力和成長能力產(chǎn)生了積極作用。本文的研究結(jié)論是并購有效改善了七匹狼的財務狀況,大大提升了七匹狼的核心競爭力,而且并購績效在短時期內(nèi)表現(xiàn)明顯,還受到不同因素的影響。經(jīng)驗總結(jié)部分包括四個:正確選擇并購的目標企業(yè)、充分考慮多方面因素對并購績效的影響、堅持以技術創(chuàng)新提高市場占有率、并購后積極開展各方面的整合。這些結(jié)論和經(jīng)驗希望能給我國企業(yè)一些借鑒和參考,使企業(yè)更加關注并購績效的相關影響因素,推動企業(yè)采取合適的并購策略,從而獲得更好的并購績效。
[Abstract]:In today's increasingly competitive market environment, M & A has become an important way for enterprises to grow, because only by expanding their own business scale, enterprises can obtain considerable development and avoid being eliminated by the market. In recent years, with the increasing of international and domestic M & A activities, people pay more and more attention to the degree of completion of strategic objectives of new enterprises after M & A, the effect of M & A, and whether M & A has brought into full play the synergetic effect. Therefore, the comprehensive analysis of M & A performance has become one of the main research topics. In March 2011, just as the global financial crisis had receded and China's luxury goods industry warmed up, Fujian Qiyilang Industrial Co., Ltd. acquired Hangzhou Kenna Apparel Co., Ltd. The wolf attempted to enter the international market with the help of the operating experience of Hangzhou Kenna Apparel in well-known luxury brands. Judging from various indications such as production and operation, market position, enterprise size, etc., after the merger and acquisition, the development of the Seven Wolf was relatively good. It can be said that it is a relatively successful merger and acquisition, and it is also a more classic case in China's textile and clothing industry. The reasons are worthy of our consideration and analysis. Firstly, the thesis puts forward the research topic by summarizing a large number of domestic and foreign literature on M & A performance and the influencing factors of M & A performance, and then, this paper discusses the related concepts. The content and influencing factors of M & A performance analysis and the theoretical basis of M & A performance are expounded, and then the financial performance and non-financial performance of the 7p wolf after M & A are introduced by the case of the acquisition of Hangzhou Kenna Garment by the Seven Wolf. And the M & A motivation, industry correlation, payment mode, M & A integration degree of four factors on the M & A performance analysis, draw the relevant conclusions, and further on the seven wolves to achieve good performance of the relevant experience is summarized. This paper focuses on the theoretical problems and influencing factors of M & A performance by combining normative research with case analysis. In the study of the typical case of "Seven Wolf" merger and acquisition of Hangzhou Kenner, this paper summarizes the financial performance (profitability, operating capacity, debt repayment ability, growth capacity) and non-financial performance (brand value increase) of the merger. New breakthroughs in technological innovation, increased market share, effective sharing of marketing channels), and then from M & A motivation, industry relevance, payment methods, Four factors influencing the degree of M & A integration are further analyzed: the motive of synergism and market influence promotes the business performance and market share of the enterprise, the higher the correlation between the two parties, the higher the degree of correlation between the two parties. The more beneficial it is to realize the sharing of management resources and increase the market share of enterprises, the less the cash payment will reduce the ability to repay debt and the ability to obtain cash, but the overall influence is small. Merger and acquisition integration work on the profitability and growth of enterprises have a positive role. The conclusion of this paper is that M & A can effectively improve the financial situation of the seven wolves, greatly enhance the core competitiveness of the seven wolves, and the performance of mergers and acquisitions in a short period of time is obvious, but also affected by different factors. The part of experience summary includes four parts: choosing the target enterprise of M & A correctly, fully considering the influence of various factors on the performance of M & A, insisting on increasing the market share with technological innovation, and actively developing the integration of all aspects after M & A. These conclusions and experiences hope to give some reference to Chinese enterprises, make enterprises pay more attention to the related factors of M & A performance, and promote the adoption of appropriate M & A strategies, so as to obtain better M & A performance.
【學位授予單位】：江西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.86;F271;F406.7

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