本文關(guān)鍵詞： 并購(gòu) 財(cái)務(wù)分析 案例分析 蒙牛并購(gòu)雅士利　出處：《河北大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著經(jīng)濟(jì)的發(fā)展,企業(yè)間的競(jìng)爭(zhēng)變得越發(fā)激烈。并購(gòu)成為企業(yè)擴(kuò)大規(guī)模的第一選擇。我國(guó)的并購(gòu)活動(dòng)從2001年開始越發(fā)頻繁,并購(gòu)案件的數(shù)量、規(guī)模及成交金額持續(xù)增長(zhǎng),僅僅是2010年一年間,我國(guó)發(fā)生的并購(gòu)案例就有2771起,并購(gòu)交易額高達(dá)1772.1億美元。但是并購(gòu)活動(dòng)是否能為企業(yè)帶來績(jī)效上的提高,增加企業(yè)價(jià)值,還有待進(jìn)一步研究。蒙牛并購(gòu)雅士利一案作為2013年十大并購(gòu)案例之一,本次并購(gòu)是我國(guó)乳品行業(yè)有史以來規(guī)模最大、成交額最高,但是究竟此次并購(gòu)的結(jié)果如何,是否能為我國(guó)乳品行業(yè)未來的并購(gòu)活動(dòng)提供經(jīng)驗(yàn)教訓(xùn),還需要深入探究。本文從并購(gòu)以及并購(gòu)效應(yīng)的理論出發(fā),立足蒙牛并購(gòu)雅士利事件,首先分析了蒙牛并購(gòu)雅士利的動(dòng)因,而后結(jié)合本次并購(gòu)的動(dòng)機(jī)以及并購(gòu)后雙方發(fā)展情況,構(gòu)建了并購(gòu)效應(yīng)評(píng)價(jià)體系,分別從市場(chǎng)反應(yīng)、財(cái)務(wù)指標(biāo)以及非財(cái)務(wù)指標(biāo)三方面對(duì)此次并購(gòu)效應(yīng)進(jìn)行了具體、全面的分析。通過分析發(fā)現(xiàn)了一些問題,相應(yīng)提出了解決的建議。本次并購(gòu)活動(dòng)為蒙牛打開了奶粉市場(chǎng)的大門,對(duì)蒙牛的盈利能力以及成長(zhǎng)能力都有促進(jìn)作用,同時(shí)調(diào)整了蒙牛的產(chǎn)品結(jié)構(gòu)。但由于本次并購(gòu)雅士利成本過高,且支付方式單一,為蒙牛帶來了高額的負(fù)債,導(dǎo)致蒙牛的償債能力以及營(yíng)運(yùn)能力都有所下降。從市場(chǎng)的反應(yīng)來看,本次并購(gòu)活動(dòng)的累積超常收益率達(dá)到了22%,市場(chǎng)的正向反應(yīng)是較為明顯的。文章的最后根據(jù)前文中對(duì)此次并購(gòu)活動(dòng)帶來的負(fù)面效應(yīng)以及存在的問題進(jìn)行的分析,為以后的并購(gòu)活動(dòng)提出幾點(diǎn)建議。一是并購(gòu)前做好盡職調(diào)查,對(duì)目標(biāo)企業(yè)進(jìn)行合理評(píng)估,降低并購(gòu)活動(dòng)帶來的溢價(jià)風(fēng)險(xiǎn);二是不能僅局限于現(xiàn)金支付方式,要靈活使用多種支付方式;三是加強(qiáng)并購(gòu)后的整合工作,包括人力資源、文化、組織和業(yè)務(wù)等方面的整合。
[Abstract]:With the development of economy, the competition between enterprises becomes more and more intense. M & A has become the first choice for enterprises to expand their scale. In 2001, M & A activities in China began to become more frequent, the number of M & A cases. In 2010 alone, there were 2771 cases of mergers and acquisitions in China. M & A transaction volume is as high as $177.21 billion. But whether M & A activities can improve the performance of the enterprise and increase the value of the enterprise. Mengniu merger and acquisition of Yashili case as one of the top ten M & A cases in 2013, the M & A is the largest in the history of dairy industry in China, the transaction volume is the highest. However, what is the result of this merger and acquisition, whether it can provide experience and lessons for future M & A activities of dairy industry in China, need to be further explored. This paper starts from the theory of M & A and M & A effect. Based on Mengniu's merger and acquisition of Yashili incident, this paper first analyzes the motivation of Mengniu's merger and acquisition of Yashili, then combines the motive of the merger and acquisition and the development of both sides after the merger, and constructs the evaluation system of merger effect. Respectively from the market response, financial indicators and non-financial indicators of the three aspects of the merger effect of the specific, comprehensive analysis. Through the analysis found some problems. The merger and acquisition activities for Mengniu to open the door of the milk powder market, Mengniu's profitability and growth capacity have a role in promoting. At the same time, the product structure of Mengniu has been adjusted. However, due to the high cost of the merger and acquisition of Yashili, and the single way of payment, Mengniu has brought the high debt. As a result, Mengniu's solvency and operating capacity have declined. From the reaction of the market, the cumulative extraordinary yield reached 22%. The positive reaction of the market is obvious. At the end of the article, we analyze the negative effects and the existing problems of the merger and acquisition activities. This paper puts forward some suggestions for the future M & A activities. Firstly, we should do due diligence before M & A, evaluate the target enterprises reasonably and reduce the risk of premium brought by M & A activities. Second, it should not be limited to cash payment methods, and should be flexible to use multiple payment methods; Third, strengthen the integration after merger and acquisition, including the integration of human resources, culture, organization and business.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.82;F406.7;F271

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