本文選題：消費品巨頭 + 資本并購　； 參考：《上海交通大學(xué)》2015年碩士論文

【摘要】：本文首先分析了茅臺集團過去10年多元品類和品牌擴張的失敗經(jīng)歷,同時研究了其資本優(yōu)勢和對資本并購的利用,總結(jié)認為貴州茅臺在實施戰(zhàn)略擴張的重大失誤在于沒有利用資本并購,僅僅依賴內(nèi)生業(yè)務(wù)拓展。本文分析了國際酒類巨頭帝亞吉歐、保樂力加、喜力、ABB等公司的資本并購標的、資本支付及財務(wù)杠桿,并得出分析結(jié)論:首先,并購是企業(yè)全球布局和多元品牌的核心手段,不惜持續(xù)大規(guī)模并購和溢價并購;其次,持續(xù)并購細分市場品牌龍頭是核心并購策略,充分提升綜合品牌競爭力;最后,充分利用消費品公司現(xiàn)金流優(yōu)勢提升財務(wù)杠桿至2-4倍,并將資本并購作為日常經(jīng)營一部分,年度并購8-10家企業(yè)為正常水平。茅臺集團應(yīng)該強化資本并購在擴張中的核心地位,提升對酒類及食品飲料行業(yè)優(yōu)秀品類和歷史品牌的整合,提升財務(wù)杠桿水平,充分利用資本優(yōu)勢實施大規(guī)模并購。
[Abstract]:This paper first analyzes the failure experience of Moutai Group's multi-category and brand expansion in the past 10 years, and at the same time studies its capital advantage and the utilization of capital merger and acquisition.It is concluded that the major mistake of implementing strategic expansion in Guizhou Moutai lies in the lack of capital merger and acquisition, and only relying on endogenous business development.This paper analyzes the capital acquisition targets, capital payments and financial leverage of international wine giants Diageo, Poleca and Heineken ABB, and draws the following conclusions: firstly, M & A is the core means of global distribution and multiple brands.Second, the core M & A strategy is the leading brand in the market segment of continuous M & A, which can fully enhance the comprehensive brand competitiveness. Finally, fully utilize the cash flow advantages of consumer goods companies to enhance the financial leverage to 2-4 times.Capital mergers and acquisitions as part of daily operations, annual M & A 8-10 enterprises for the normal level.Maotai Group should strengthen the core position of capital M & A in the expansion, enhance the integration of excellent categories and historical brands in liquor, food and beverage industry, raise the level of financial leverage, and make full use of capital advantages to implement large-scale M & A.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F426.82;F271;F272

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相關(guān)期刊論文 前1條

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本文編號：1746126