浅析企业并购的财务效应—以蒙牛乳业为例.docx
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浅析企业并购的财务效应—以蒙牛乳业为例,13900字原创毕业论文，本站独家提交，推荐使用摘要按照工信部的说法，“2年内将争取培育形成10家年销售收入超过20亿元、具有自主知识产权的知名品牌和国际竞争力的大型企业集团，将行业集中度提高到70%以上，同时还将淘汰一批不合格乳企”。政府希望通过兼并重组、培植大企业的方式来解决乳...
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浅析企业并购的财务效应—以蒙牛乳业为例
13900字
原创毕业论文，本站独家提交，推荐使用
摘要 按照工信部的说法，“2年内将争取培育形成10家年销售收入超过20亿元、具有自主知识产权的知名品牌和国际竞争力的大型企业集团，将行业集中度提高到70%以上，同时还将淘汰一批不合格乳企”。政府希望通过兼并重组、培植大企业的方式来解决乳业目前散、乱、差的困境。并购是实现产权重组，资源优化配置的重要手段和积极方式，是企业迅速扩张的有效途径。企业并购具有多方面的财务效应，既具有正面效应也具有负面效应。企业并购的正面效应有财务预期效应、时间价值效应、企业价值增值效应、财务报表效应以及交易成本的减少等。正面效应可以改变股票市场对企业股票的评价，提高股票的价格，吸引更多的投资者；可以节省企业的发展扩张时间；可以减少交易成本；可以提高企业的价值；可以使企业的财务报表更好看；还可以扩大企业规模，增强企业的实力。并购是一把双刃剑，在带给企业很多利好的同时也可能会给企业带来负债压力，管理困难等负面效应。本文选取蒙牛乳业为例，通过分析蒙牛乳业并购的内部环境、外部环境以及并购动因，主要以蒙牛乳业并购君乐宝、现代牧业和雅士利国际三项并购，具体研究企业并购产生的财务效应。
关键词 企业并购 财务效应 股票 蒙牛乳业 价值
Abstract According to the ministry, "In 2 years we will seek to cultivate the formation of 10 Annual sales income over 2 billion yuan, with independent intellectual property rights of well-known brands and international competitiveness of large enterprise groups, to increase the industry concentration ratio to 70%, will also be phased out a batch of unqualified milk companies ". Government hopes nurtured through merger and reorganization, large enterprise the way to solve the plight of the dairy is scattered, disorder and poor. M&a is to realize the property reorganization, an important means of optimal allocation of resources and the positive way, is the enterprise is an effective means of rapid expansion. Has many aspects of mergers and acquisitions financial effect, not only has positive effect also has negative effect. Positive effects of mergers and acquisitions with financial forecast effect, effect of time value, the enterprise value increment effect and the effects of the financial statements and transaction cost reduction, etc. Positive effect can change the stock market to the enterprise stock eva luation, increase the price of the stock, more attractive to investors. Can save the development of enterprise expansion time; Can reduce transaction costs; Can improve the value of the enterprise; Can make the enterprise financial statements look better; Can also expand the scale of the enterprise, the enhancement enterprise's strength. M&a is a double-edged sword, bring a lot of good but also may bring enterprise debt pressure, management difficulties, and other negative effects. This article selects mengniu dairy as an example, through the analysis of the internal environment of mengniu dairy mergers and acquisitions, the external environment and m&a motivation, mainly by mengniu dairy m&a jun to extreme, modern animal husbandry and peirce LiGuoJi three mergers and acquisitions, the specific research enterprise merger of financial effects.
Keywords Mergers and acquisitions Fianancial effect Stock China Mengniu Dairy Company Limited Value
目 录
第一章 企业合并的定义 4
第二章 并购环境分析 4
2.1 内部环境分析---蒙牛集团概况 4
2.2 外部环境分析 5
2.2.1 政治环境 5
2.2.2 行业环境 5
2.3 并购过程 7
2.3.1 蒙牛乳业并购君乐宝 7
2.3.2 蒙牛乳业并购现代牧业 7
2.3.3 蒙牛乳业并购雅士利 7
2.4 并购动因 8
第三章 蒙牛乳业并购的财务效应 9
3.1 正面效应 9
3.1.1 并购可以产生财务预期效应 9
3.1.2 并购可以产生时间价值效应 11
3.1.3 并购可以产生企业价值增值效应 12
3.1.4 并购可以产生财务报表效应 12
3.1.5 企业并购可以减少交易成本 16
3.2 负面效应 16
3.2.1 并购会带来负债压力 17
3.2.2 并购后能力增长有限 17
3.2.3 并购会带来整合管理难度 18
第四章 结论 19
致谢 20
附录 20
参考文献 21
13900字
原创毕业论文，本站独家提交，推荐使用
摘要 按照工信部的说法，“2年内将争取培育形成10家年销售收入超过20亿元、具有自主知识产权的知名品牌和国际竞争力的大型企业集团，将行业集中度提高到70%以上，同时还将淘汰一批不合格乳企”。政府希望通过兼并重组、培植大企业的方式来解决乳业目前散、乱、差的困境。并购是实现产权重组，资源优化配置的重要手段和积极方式，是企业迅速扩张的有效途径。企业并购具有多方面的财务效应，既具有正面效应也具有负面效应。企业并购的正面效应有财务预期效应、时间价值效应、企业价值增值效应、财务报表效应以及交易成本的减少等。正面效应可以改变股票市场对企业股票的评价，提高股票的价格，吸引更多的投资者；可以节省企业的发展扩张时间；可以减少交易成本；可以提高企业的价值；可以使企业的财务报表更好看；还可以扩大企业规模，增强企业的实力。并购是一把双刃剑，在带给企业很多利好的同时也可能会给企业带来负债压力，管理困难等负面效应。本文选取蒙牛乳业为例，通过分析蒙牛乳业并购的内部环境、外部环境以及并购动因，主要以蒙牛乳业并购君乐宝、现代牧业和雅士利国际三项并购，具体研究企业并购产生的财务效应。
关键词 企业并购 财务效应 股票 蒙牛乳业 价值
Abstract According to the ministry, "In 2 years we will seek to cultivate the formation of 10 Annual sales income over 2 billion yuan, with independent intellectual property rights of well-known brands and international competitiveness of large enterprise groups, to increase the industry concentration ratio to 70%, will also be phased out a batch of unqualified milk companies ". Government hopes nurtured through merger and reorganization, large enterprise the way to solve the plight of the dairy is scattered, disorder and poor. M&a is to realize the property reorganization, an important means of optimal allocation of resources and the positive way, is the enterprise is an effective means of rapid expansion. Has many aspects of mergers and acquisitions financial effect, not only has positive effect also has negative effect. Positive effects of mergers and acquisitions with financial forecast effect, effect of time value, the enterprise value increment effect and the effects of the financial statements and transaction cost reduction, etc. Positive effect can change the stock market to the enterprise stock eva luation, increase the price of the stock, more attractive to investors. Can save the development of enterprise expansion time; Can reduce transaction costs; Can improve the value of the enterprise; Can make the enterprise financial statements look better; Can also expand the scale of the enterprise, the enhancement enterprise's strength. M&a is a double-edged sword, bring a lot of good but also may bring enterprise debt pressure, management difficulties, and other negative effects. This article selects mengniu dairy as an example, through the analysis of the internal environment of mengniu dairy mergers and acquisitions, the external environment and m&a motivation, mainly by mengniu dairy m&a jun to extreme, modern animal husbandry and peirce LiGuoJi three mergers and acquisitions, the specific research enterprise merger of financial effects.
Keywords Mergers and acquisitions Fianancial effect Stock China Mengniu Dairy Company Limited Value
目 录
第一章 企业合并的定义 4
第二章 并购环境分析 4
2.1 内部环境分析---蒙牛集团概况 4
2.2 外部环境分析 5
2.2.1 政治环境 5
2.2.2 行业环境 5
2.3 并购过程 7
2.3.1 蒙牛乳业并购君乐宝 7
2.3.2 蒙牛乳业并购现代牧业 7
2.3.3 蒙牛乳业并购雅士利 7
2.4 并购动因 8
第三章 蒙牛乳业并购的财务效应 9
3.1 正面效应 9
3.1.1 并购可以产生财务预期效应 9
3.1.2 并购可以产生时间价值效应 11
3.1.3 并购可以产生企业价值增值效应 12
3.1.4 并购可以产生财务报表效应 12
3.1.5 企业并购可以减少交易成本 16
3.2 负面效应 16
3.2.1 并购会带来负债压力 17
3.2.2 并购后能力增长有限 17
3.2.3 并购会带来整合管理难度 18
第四章 结论 19
致谢 20
附录 20
参考文献 21
