發(fā)布時(shí)間：2017-12-31 03:11

  本文關(guān)鍵詞：光明集團(tuán)海外并購(gòu)定價(jià)案例研究　出處：《遼寧大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 海外并購(gòu) 并購(gòu)定價(jià) 價(jià)值評(píng)估

【摘要】：近年來(lái)，我國(guó)很多企業(yè)為了實(shí)施規(guī)模擴(kuò)張和實(shí)現(xiàn)發(fā)展戰(zhàn)略，積極進(jìn)行并購(gòu)。光明集團(tuán)為了實(shí)現(xiàn)其國(guó)際化戰(zhàn)略，完成其五年內(nèi)戰(zhàn)略規(guī)劃，積極開(kāi)展海外并購(gòu)活動(dòng)，希望以此擴(kuò)大市場(chǎng)規(guī)模，提升市場(chǎng)地位，通過(guò)海外并購(gòu)進(jìn)入國(guó)際市場(chǎng)。 光明集團(tuán)從2010年開(kāi)始在全球范圍內(nèi)積極并購(gòu)，先后參與并購(gòu)澳大利亞西斯?fàn)柟酒煜碌奶穷?lèi)和可再生資源部門(mén)、新西蘭信聯(lián)乳業(yè)、英國(guó)聯(lián)合餅干、美國(guó)保健品公司健安喜、法國(guó)優(yōu)諾酸奶、澳大利亞食品運(yùn)營(yíng)商瑪內(nèi)森和英國(guó)麥片制造商維他麥，，但光明集團(tuán)的海外并購(gòu)道路并不順暢，多次失敗。光明集團(tuán)堅(jiān)定其國(guó)際化道路、堅(jiān)持海外并購(gòu)戰(zhàn)略，并在2012年完成中國(guó)食品行業(yè)最昂貴海外收購(gòu)案。光明食品集團(tuán)的并購(gòu)經(jīng)驗(yàn)和其在并購(gòu)中暴露出的問(wèn)題很值得學(xué)習(xí)和研究，能夠?qū)χ袊?guó)企業(yè)的海外并購(gòu)起到一定的警示作用。 本文主要分析了光明集團(tuán)四次失敗的海外并購(gòu)，從中找出光明集團(tuán)在海外并購(gòu)定價(jià)中的存在問(wèn)題，并進(jìn)行原因分析，進(jìn)而提出一些建議，希望能對(duì)其他企業(yè)海外并購(gòu)有所幫助，對(duì)中國(guó)企業(yè)的海外并購(gòu)起到一定的警示作用。 全文共分為四個(gè)部分： 第一部分，緒論。交待了研究背景、研究目的及意義、文獻(xiàn)綜述與研究方法及框架。 第二部分，案例描述。介紹光明集團(tuán)的背景，詳細(xì)介紹了光明集團(tuán)海外并購(gòu)失敗的案例并進(jìn)行了案例描述。 第三部分，案例分析。根據(jù)并購(gòu)相關(guān)理論，以澳糖為例基于現(xiàn)金流量折現(xiàn)法對(duì)其價(jià)值進(jìn)行評(píng)估，通過(guò)評(píng)估分析光明集團(tuán)在定價(jià)中的存在的問(wèn)題并進(jìn)行對(duì)比分析總結(jié)得出原因。 第四部分，建議與啟示。根據(jù)案例分析的結(jié)果，從光明集團(tuán)海外并購(gòu)的事前調(diào)查，并購(gòu)定價(jià)，談判過(guò)程提出針對(duì)性建議，對(duì)光明集團(tuán)海外并購(gòu)定價(jià)中暴露的問(wèn)題提出相應(yīng)的建議。
[Abstract]:In recent years , many enterprises in our country have actively engaged in mergers and acquisitions in order to carry out the scale expansion and realize the development strategy . In order to realize its internationalization strategy , Bright Group has completed its five - year strategic plan and actively engaged in overseas M & A activities , hoping to expand the market size , promote the market position , and enter the international market through the acquisition of overseas acquisitions . The Guangming Group has been actively engaged in mergers and acquisitions around the world from 2010 , and has been involved in the merger and acquisition of the sugar and renewable resource departments of the Sith Company , New Zealand Xinlian Dairy Industry , British Joint biscuit , American Health Products Co . , Ltd . , and Weitamai , the Chinese food industry . The light group has determined its international road , adhered to the overseas acquisition strategy , and completed the most expensive overseas acquisition in China ' s food industry in 2012 . The light food group ' s acquisition experience and the problems exposed in the merger and acquisition are well worth studying and studying , and can play a certain warning role in the overseas acquisitions of Chinese enterprises . This paper mainly analyzes the overseas M & A of the four failures of Guangming Group , and finds out the existing problems in the pricing of M & A in the light group , and makes some suggestions . It hopes to help other enterprises overseas and acquisitions and play a certain warning role in the overseas acquisitions of Chinese enterprises . The full text is divided into four parts : The first part , Introduction . The background of research , research purpose and significance , literature review and research method and framework . The second part , the description of the case , introduces the background of the bright group , details the case of the overseas M & A failure of Guangming Group and makes a case description . In the third part , according to the related theory of M & A , the value of Australia - sugar is evaluated based on cash flow discount method , and the reason is obtained through the evaluation and analysis of the problems existing in pricing and comparative analysis . The fourth part , suggestion and inspiration , according to the result of the case analysis , from the light group ' s overseas M & A survey , the M & A pricing , the negotiation process put forward the pertinence suggestion , put forward the corresponding suggestion to the question of the light group ' s overseas M & A pricing .

【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F426.82;F271;F406.7

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