【作者】 田欣欣；

【导师】 李武立；

【作者基本信息】 河南大学 ， 会计硕士（专业学位）， 2017， 硕士

【摘要】 我国零售业在国有企业体制改革中得到了空前的发展,从此开启了无尽的扩张之路。零售企业利用自有资金,通过建立子公司或者连锁分店,亦或是通过出资合作、股权控制和全盘收购的并购式战略扩张来扩大自身的经营规模,拓展自己现有的市场。随着金融危机的到来,我国宏观经济的增长速度持续放缓,消费群体的消费能力减弱,加之电商势力的冲击和同业竞争的加剧等多重影响下,零售业关店现象频繁出现,零售企业面临着巨大的挑战。显然通过建立新门店来扩大企业规模的方法已失效,此时并购式战略扩张似乎成了当下零售业开拓市场的最优选择。又因为股票收购通过二级市场购买容易操作,所以股票收购受到了更多的关注。据统计,2004年到2008年,全盘收购形式的零售企业兼并成为并购主流,但是从2009年起,通过资产收购的出资合作和股票收购的股权控制方式被越来越多的采用了。鉴于零售业现期发展的特殊性,零售企业通过二级市场举牌进行并购来扩大自身经营规模或者通过举牌进入被举牌企业董事会与被举牌企业进行战略合作,成为零售业企业维持高速增长的好办法。目前,我国学者对举牌的研究以实证研究为主,多以一段时间内所有的举牌事件为研究样本,大部分学者通过研究发现举牌有正面的市场反应,并且,发现在以并购为目的的举牌完成后,当年大多数上市公司绩效会有所改善,但是在举牌对公司经济后果的研究方面,不同学者得到的结论却不尽相同。我国学者关于举牌的案例研究中,主要集中在两方面,一是以险资举牌为主体,多数为研究险资举牌的问题并为监管部门提出建议;二是研究上市公司举牌的成因以及对某一方面的影响。对于以零售企业为主体,同行业之间举牌的研究较少。那么,贯穿整个举牌事件来看,举牌方为什么要对同行业的企业举牌?被举牌企业为什么被选中?被举牌企业应该如何应对?举牌后被举牌公司会如何变化?本文选取零售业同业举牌的案例--永辉超市举牌中百集团,站在被举牌方的角度对零售业同业举牌进行分析,试图回答以上四个问题。希望能够为后续的被举牌公司提供更多的参考和借鉴。本文通过对永辉超市举牌中百集团的案例进行研究,探索了同业举牌的动机,被举牌企业的特征,被举牌企业对举牌的应对策略以及对被举牌公司在资源协同、公司治理、公司市值和经营绩效方面的影响,发现:同业举牌的企业往往倾向于战略合作目标或者争夺被举牌企业的控制权,短期套利动机不明显;在股市低迷期,具有股权结构相对分散,股价低,企业价值高特征的企业容易被举牌。同时,通过分析中百集团大股东的积极应对,对被举牌企业提出建议:当企业被举牌时,大股东应该快速做出应对。首先要通过自己及关联方的增持控制局面,其次要分析举牌企业的动机,然后根据其动机对症下药,最后通过同业合作实现共赢。虽然举牌会影响被举牌公司的股权结构和董事会构成,但是如果大股东积极应对被举牌事件,往往能给企业带来正的短期财务绩效,而且可以通过采购和物流等方面的合作来降低成本提高利润,最后实现共赢。通过研究中百集团被举牌的事件,有两点启示值得关注:一是面对任何突发事件,企业应该快速反应,才能变挑战为机遇;二是被举牌方面对举牌时,除了在二级市场上进行股权竞买,双方战略合作也不失为一种策略。通过对本案例的具体分析希望对被举牌的上市公司具有指导意义。更多还原

【Abstract】 China’s retail industry has undergone an unprecedented development in the reform of state owned enterprises.Since then it embarks on the path of endless expansion.Retail enterprises utilize its own funds to expand their business scale and their existing market through the establishment of subsidiary companies or chain stores,or via investment cooperation,equity control and overall acquisition strategy.Retail enterprises are facing tremendous changes with the arrival of the financial crisis,the constant slow speed of growth of China’s macro economy,and the weakening consumer spending power,coupled with the impact of the electricity supplier forces and the increasingly intense competition of multiple retail shops and the phenomenon of closed retail stores.Obviously,the way to expand the size of the enterprise through the establishment of new stores has been voided,while the merger and acquisition of strategic expansion seems to be the best choice for the current retail market development.Meanwhile,the acquisition of the stock is also easy to operate through purchasing stocks in the secondary market,so the acquisition of stock has received more attention.It is estimated that the merger of retail business in the form of acquisition became the main trend of merger and acquisition from 2004 to 2008.But from 2009,the ways of controlling shareholdings in the forms of investment cooperation of asset acquisition and stock acquisition are adopted more and more frequently.In the view of the special nature of the current development of the retail industry,it is a good way for retail enterprises to maintain the steady speed of growth.Retail enterprises expand their market business scales through mergers and acquisitions in the secondary markets or entering into the board of directors of the enterprise and making strategic cooperation with these enterprises via raising placards.At present,Chinese scholars making researches on placards are mainly based on empirical researches,regarding all the placards events in a long period as the research samples.Most scholars find that raising placards has a positive market reaction through these researches.They also realize that most listed companies’ performances will be improved after the completion of the placard for the purpose of merger and acquisition.But in the research on placards the company economic consequences,different scholars have different conclusions.The scholars in China mainly focus on two aspects in terms of the case study’s of the placards.One is to consider risk capital placards as the theme.Scholars study the majority of venture capital placards problems and make recommendations for the supervision department;The other is to find out the origin of the listed companies placards and the influences on certain aspects.For retail enterprises as the main body,the studies of placards with the industry are fewer.Throughout the events of placards,why do the same industry enterprises raise placards? Why are the companies selected placards? What should enterprises do to deal with placards? What kinds of changes will the company raised placards be made after raising placards ? This paper selects the case of retail industry,Yonghui supermarket placards hundred group,in the perspective of standing by the placards party to analyze the retail trade of placards,attempting to answer these four questions and hoping to be able to provide more references for the subsequent companies to be placards.This article studies the case of the hundred group Yonghui supermarket placards,exploring the motivation of the interbank placards,characteristics of enterprises and enterprises to be placards,coping strategies of companies raised placards and impacts of companies raised placards on the allocation of resources,corporation governance structures and corporate performances.It is found that companies tend to aim at trade brand strategy cooperation or compete for the controlling rights of enterprises,while the short-term arbitrage goal is not obvious;In the stock market downturn,enterprises with features of high values,dispersed ownership structures and low prices are easily raised placards.At the same time,through the analysis of positive response to the group’s largest shareholder,this paper presents suggestions for the enterprises raised placards.When the enterprise is attacked,shareholders should make quick responses.First,they should control the situation by themselves and the support provided by the related party.Secondly,they should analyze the motivation of enterprises raised placards,then achieve win-win situation according to the motivation of an antidote against the disease by industry cooperation.Although the placards will affect the placards ownership structure and the board of directors,if large shareholders respond to being attacked events actively,which can often bring short-term financial performance to the enterprise.Besides it also achieves a win-win situation finally,by the cooperation of purchasing and logistics and other aspects of cooperation to reduce cost and increase profit.According to the research of the group placards event,there are two inspirations.First,it is noteworthy that enterprises should react quickly in order to turn challenges into opportunities in the face of any emergencies;Second,when the party of being placard faces with raising cards,it is a strategy for both parties to make cooperation,in addition to equity bids in the secondary market.It is hoped that the listed companies will be guided,through the concrete analysis of this case.更多还原