并购蒙牛对中粮的贡献研究

哈尔滨工业大学工商管理硕士学位论文

Abstract

With the rapid growth of the Chinese economy over the last few decades, China's economic ties with the rest of the world have been greatly strengthened. Chinese enterprises are facing more opportunities and challenges on the world stage while competing with their counterparts. In order to expand their scale and enhance their competitive advantages, Chinese enterprises need to carry out various M & A activities. Enterprises can better seize the opportunity and deal with challenges through acquisitions by achieving the optimization and integration of resources. The advantages and contribution of acquisitions to a firm's development had become a major research filed. This selected on COFCO's acquisition of Mengniu as the research topic. This case is one of the most well-known cases in the food industry in China, through the analysis and study on the acquisition, we aim to offer inspirations and references for other enterprises.

In this paper, we utilize both quantitative and qualitative analysis together with a literature review and investigation methods to examine the contribution of acquisition of Mengniu to COFCO. To provide research background and illustrate the significance of the paper, we first summarised the motivations of M&A and the key points of the acquisition plan. The primary focus is put on on the analysis of acquisitions Mengniu's contribution to the performance of COFCO on two aspects: financial contribution and non-financial contribution. Regarding financial contribution, we studied the impact of the acquisition on enterprise's solvency, operating ability, profitability, growth, and contribution to its shareholders. With respect to non-financial contribution, we analyzed the strategic objectives of the enterprise, brand value, technological innovation, quality assurance and green environmental protection. This paper investigates the changes of enterprise financial data and decomposes the efforts and progress made in the relevant indicators of the long-term development of enterprises. On this foundation, it examines the revelation and reference significance of COFCO and Mengniu merger case to other enterprises. It is concluded that COFCO is appropriate in choosing the timing and the target of Mengniu as the subject of the

哈尔滨工业大学工商管理硕士学位论文

acquisition. We believe that it serves as a great example of supply-side reform in the dairy industry and development of the export strategy. In terms of future direction, we suggest that firms pay close attention to the optimization of the brand portfolio and the optimization of the channel layout. Finally, this paper makes a comprehensive evaluation and summary of the acquisition, and comprehensively analyzes its overall contribution to COFCO.

Keywords:financial contributions, non-financial contributions, acquisitions, acquiring performance

哈尔滨工业大学工商管理硕士学位论文

摘要 .............................................................................................................. I Abstract........................................................................................................... II 第1章绪论 (1)

1.1研究背景 (1)

1.2研究意义 (2)

1.3国内外相关研究综述 (2)

1.3.1 国外研究现状 (2)

1.3.2 国内研究现状 (5)

1.3.3 国内外研究评述 (6)

1.4研究方法与研究内容 (7)

1.4.1 研究方法 (7)

1.4.2 研究内容 (7)

第2章中粮并购蒙牛要点分析 (9)

2.1并购双方概况 (9)

2.1.1 主并方—中粮集团 (9)

2.1.2 被并方—蒙牛乳业 (9)

2.2乳制品行业市场现状分析 (10)

2.2.1 乳制品消费市场现状分析 (10)

2.2.2 乳制品供应市场现状分析 (13)

2.3并购动因 (14)

2.3.1 中粮方面 (14)

2.3.2 蒙牛方面 (16)

2.4并购方案要点 (18)

2.4.1 并购过程 (18)

2.4.2 杠杆收购 (18)

2.4.3 支付方式 (19)

2.5本章小结 (19)

第3章并购蒙牛对中粮绩效贡献分析 (21)

3.1财务贡献分析 (21)

3.1.1 偿债能力变化趋势分析 (21)

哈尔滨工业大学工商管理硕士学位论文

3.1.2 营运能力变化趋势分析 (25)

3.1.3 成长性变化趋势分析 (26)

3.1.4 盈利能力变化趋势分析 (29)

3.1.5 对股东贡献变化趋势分析 (34)

3.2非财务贡献分析 (39)

3.2.1 战略目标达成情况 (39)

3.2.2 绿色环保绩效贡献 (40)

3.2.3 品牌价值贡献 (41)

3.2.4 科技创新贡献 (42)

3.2.5 质量保障贡献 (43)

3.3本章小结 (44)

第4章并购案例启示与借鉴 (45)

4.1并购案例的启示 (45)

4.1.1 并购标的选择的恰当性 (45)

4.1.2 并购时机选择的适当性 (46)

4.2并购案例的借鉴意义 (47)

4.2.1 乳业供给侧改革 (47)

4.2.2 乳业国际市场拓展 (49)

4.3中粮并购活动的优化方向 (50)

4.3.1 优化品牌组合 (51)

4.3.2 优化渠道布局 (52)

4.4本章小结 (53)

结论 (54)

参考文献 (56)

哈尔滨工业大学学位论文原创性声明和使用权限 (60)

后记 (61)

个人简历 (62)