光明乳業(yè)跨國并購Synlait Milk風(fēng)險應(yīng)對分析
發(fā)布時間：2018-08-14 11:00
【摘要】：跨國并購是企業(yè)進行國際拓展的重要途徑之一,也是資本得以全球流動的重要形式之一。許多企業(yè)為了獲取優(yōu)質(zhì)資源、擴大市場份額、增強自身實力等目的,紛紛踏上了跨國并購之路,并且隨著經(jīng)濟全球化程度的提高,企業(yè)跨國并購的數(shù)量越來越多,規(guī)模和影響也越來越大。受制于我國經(jīng)濟發(fā)展水平,中國企業(yè)進行跨國并購活動的時間不長,直到上世紀(jì)80年代,中國企業(yè)才逐漸走上跨國并購的道路,然而失敗率較高。在改革開放的大背景下,許多企業(yè)得以快速發(fā)展,實力得到了大幅度提升,國家也開始鼓勵本土企業(yè)走向世界,獲取外國先進的資源、技術(shù)等等。并且,在中國加入WTO之后,本土企業(yè)的跨國并購活動也愈發(fā)活躍,無論是數(shù)量還是規(guī)模都屢創(chuàng)新高。盡管如此,這仍然改變不了我國企業(yè)跨國并購仍處于起步階段的事實:企業(yè)缺乏跨國并購經(jīng)驗,防范并購風(fēng)險的手段不成熟,并購成功率依然不高。中國企業(yè)想要以跨國并購的方式在激烈的國際競爭環(huán)境中脫穎而出,必須要妥善防范跨國并購風(fēng)險。光明乳業(yè)作為我國乳制品行業(yè)的杰出企業(yè)之一,為了打造全產(chǎn)業(yè)鏈,鞏固并提升自身實力,把光明這個品牌推向世界,于2010年完成了對新西蘭Synlait Milk公司的并購,這也是我國乳制品行業(yè)內(nèi)的首次跨國并購,光明此次并購也為業(yè)內(nèi)其他企業(yè)提供了一個示范。本文試圖將抽象理論與具體實踐結(jié)合起來,將光明乳業(yè)此次跨國并購作為案例進行研究,介紹并分析了光明是如何在跨國并購過程中防范風(fēng)險的,取得了哪些成效以及成效背后的原因,最后得出文章的結(jié)論以及一些啟示,這對于豐富我國企業(yè)跨國并購的研究具有一定的學(xué)術(shù)價值。本文一開始介紹了當(dāng)前經(jīng)濟環(huán)境下我國企業(yè)跨國并購的特點以及趨勢,進而引出了本文的研究點,即企業(yè)應(yīng)提高防范跨國并購風(fēng)險的能力。在對并購及并購風(fēng)險的相關(guān)文獻進行研究,以及梳理相關(guān)理論的基礎(chǔ)上,本人認(rèn)為企業(yè)在跨國并購過程中,必須融合風(fēng)險分散理論的思想,采取多種風(fēng)險管理策略來應(yīng)對并購風(fēng)險,以達到并購的預(yù)期效果。隨后,文章將風(fēng)險分散理論與風(fēng)險管理策略理論具體運用到了光明乳業(yè)的案例分析當(dāng)中,具體分析了光明乳業(yè)是如何防范并購風(fēng)險的。首先,文章詳細(xì)介紹了光明在并購過程中遇到的風(fēng)險以及采取的防范措施,包括光明對新西蘭政策的讓步、借助專業(yè)機構(gòu)的服務(wù)、并購時采取混合型支付方式以及并購后期多項整合措施等;其次,通過實施風(fēng)險防范措施,光明乳業(yè)成功地抵御了主要并購風(fēng)險,即政治風(fēng)險、信息風(fēng)險、定價風(fēng)險、支付風(fēng)險以及并購后整合風(fēng)險;再次,文章進一步分析光明能夠取得這些成效,是因為這些措施幫助光明規(guī)避了風(fēng)險發(fā)生的一些情形、控制了風(fēng)險發(fā)生的條件、降低了風(fēng)險出現(xiàn)的概率等;最后,文章概括出了相關(guān)結(jié)論并列出了一些啟示,供其他企業(yè)借鑒。本文是對中國乳制品企業(yè)在跨國并購過程中面臨的風(fēng)險及其防范問題進行研究,旨在幫助中國企業(yè)找出一條合適的跨國并購道路。但由于作者研究水平有限,與案例有關(guān)的數(shù)據(jù)資料難以充分取得,因而文章的論證過程及結(jié)論可能存在紕漏之處。
[Abstract]:Transnational mergers and acquisitions are one of the important ways for enterprises to expand internationally, and also one of the important forms for capital to flow globally. Many enterprises have embarked on the road of transnational mergers and acquisitions in order to obtain high-quality resources, expand market share, and enhance their own strength. Restricted by the level of economic development in China, it is not long for Chinese enterprises to carry out cross-border M&A activities. It was not until the 1980s that Chinese enterprises gradually embarked on the road of cross-border M&A. However, the failure rate was relatively high. Under the background of reform and opening up, many enterprises have developed rapidly and gained strength. After China's accession to the WTO, the activities of cross-border M&A of local enterprises have become more and more active, both in quantity and in scale. Nevertheless, this still can not change the situation of cross-border M&A of Chinese enterprises. The facts in the initial stage: enterprises lack the experience of cross-border M&A, the means to prevent the risk of M&A are not mature, and the success rate of M&A is still not high. One of the enterprises, in order to build the whole industry chain, consolidate and enhance its own strength, and promote the brand of Bright to the world, completed the merger and acquisition of Synlait Milk Company of New Zealand in 2010, which is also the first cross-border merger and acquisition in the dairy industry in China. Bright merger and acquisition also provides a model for other enterprises in the industry. Combining theory with practice, this paper takes Guangming Dairy's cross-border M&A as a case study, introduces and analyzes how Guangming prevents risks in the process of cross-border M&A, what achievements it has made and the reasons behind the achievements, and finally draws conclusions and some enlightenments, which will enrich the cross-border M&A of Chinese enterprises. This paper first introduces the characteristics and trends of cross-border mergers and acquisitions of Chinese enterprises in the current economic environment, and then leads to the research point of this paper, that is, enterprises should improve their ability to guard against the risks of cross-border mergers and acquisitions. On the basis of this, I think that in the process of cross-border M&A, enterprises must integrate the theory of risk diversification and adopt a variety of risk management strategies to deal with the risk of M&A in order to achieve the expected effect of M&A. First of all, the article introduces the risk that Bright Dairy encountered in the process of M&A and the preventive measures taken, including the concession of Bright to New Zealand policy, the use of professional services, the adoption of mixed payment in M&A and a number of post-merger integration measures. The implementation of risk prevention measures, Bright Dairy successfully withstood the main merger and acquisition risks, namely, political risk, information risk, pricing risk, payment risk and integration risk after the merger and acquisition; again, the article further analyzes Bright can achieve these results, because these measures help Bright to avoid some of the risks and control the wind. Finally, the article summarizes the relevant conclusions and lists some enlightenments for other enterprises. This paper studies the risk faced by Chinese dairy enterprises in the process of cross-border mergers and acquisitions and its prevention problems, aiming to help Chinese enterprises find a suitable cross-border mergers and acquisitions. However, due to the limited research level of the author, it is difficult to obtain sufficient data related to the case, so there may be omissions in the argumentation process and conclusions.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F426.82;F406.7
本文編號：2182641
[Abstract]:Transnational mergers and acquisitions are one of the important ways for enterprises to expand internationally, and also one of the important forms for capital to flow globally. Many enterprises have embarked on the road of transnational mergers and acquisitions in order to obtain high-quality resources, expand market share, and enhance their own strength. Restricted by the level of economic development in China, it is not long for Chinese enterprises to carry out cross-border M&A activities. It was not until the 1980s that Chinese enterprises gradually embarked on the road of cross-border M&A. However, the failure rate was relatively high. Under the background of reform and opening up, many enterprises have developed rapidly and gained strength. After China's accession to the WTO, the activities of cross-border M&A of local enterprises have become more and more active, both in quantity and in scale. Nevertheless, this still can not change the situation of cross-border M&A of Chinese enterprises. The facts in the initial stage: enterprises lack the experience of cross-border M&A, the means to prevent the risk of M&A are not mature, and the success rate of M&A is still not high. One of the enterprises, in order to build the whole industry chain, consolidate and enhance its own strength, and promote the brand of Bright to the world, completed the merger and acquisition of Synlait Milk Company of New Zealand in 2010, which is also the first cross-border merger and acquisition in the dairy industry in China. Bright merger and acquisition also provides a model for other enterprises in the industry. Combining theory with practice, this paper takes Guangming Dairy's cross-border M&A as a case study, introduces and analyzes how Guangming prevents risks in the process of cross-border M&A, what achievements it has made and the reasons behind the achievements, and finally draws conclusions and some enlightenments, which will enrich the cross-border M&A of Chinese enterprises. This paper first introduces the characteristics and trends of cross-border mergers and acquisitions of Chinese enterprises in the current economic environment, and then leads to the research point of this paper, that is, enterprises should improve their ability to guard against the risks of cross-border mergers and acquisitions. On the basis of this, I think that in the process of cross-border M&A, enterprises must integrate the theory of risk diversification and adopt a variety of risk management strategies to deal with the risk of M&A in order to achieve the expected effect of M&A. First of all, the article introduces the risk that Bright Dairy encountered in the process of M&A and the preventive measures taken, including the concession of Bright to New Zealand policy, the use of professional services, the adoption of mixed payment in M&A and a number of post-merger integration measures. The implementation of risk prevention measures, Bright Dairy successfully withstood the main merger and acquisition risks, namely, political risk, information risk, pricing risk, payment risk and integration risk after the merger and acquisition; again, the article further analyzes Bright can achieve these results, because these measures help Bright to avoid some of the risks and control the wind. Finally, the article summarizes the relevant conclusions and lists some enlightenments for other enterprises. This paper studies the risk faced by Chinese dairy enterprises in the process of cross-border mergers and acquisitions and its prevention problems, aiming to help Chinese enterprises find a suitable cross-border mergers and acquisitions. However, due to the limited research level of the author, it is difficult to obtain sufficient data related to the case, so there may be omissions in the argumentation process and conclusions.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F426.82;F406.7
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