【作者】 王静；

【导师】 李南成；

【作者基本信息】 西南财经大学 ， 金融学， 2022， 硕士

【摘要】 白酒行业是我国消费品行业中最具文化特色的传统行业,白酒消费与普通百姓生活息息相关,白酒企业在产值、税收、就业等方面对国民经济贡献明显。我国白酒酿酒历史悠长,加上白酒酿造及产品文化特性,逐步形成了全国名优白酒与区域白酒长期共存的品牌及市场格局,为优势白酒企业实施并购重组,获取品牌资源、酿造资源创造了更多机会和条件。于是随着我国国民经济的迅速发展和消费市场的不断升级,白酒市场规模越来越大,各地白酒企业为解决自身产品业务多样化、区域市场份额提升、酿造或营销核心能力提升、品牌影响力提升、抗风险能力增强等问题和困难,进一步做大做强过程中,纷纷采取并购重组方式谋求快速发展。但由于行业特殊性,以及缺乏科学系统的战略谋划,受地方及个人保护主义影响等,白酒行业的并购重组不同于其他行业,可复制或借鉴的模式及经验不多,盲目并购重组导致诸多失败案例。作为资本市场里的重要金融活动,白酒行业并购重组后究竟对企业经营情况会有什么影响?如何剖析这些影响?尤其是如何找到并实施有利影响?进而针对并购重组提出有关意见和思考。因此,紧紧围绕并购重组这项重要金融投资活动,研究白酒行业并购重组对经营绩效的影响规律,具有重要的现实意义。并购重组作为企业一项具体经营决策和业务行为,常常通过一系列经营管理的具体政策或措施,对企业管理绩效产生影响,进而影响企业财务绩效乃至整个经营绩效。通过相关文献的大量阅读,本文发现对并购重组后企业经营绩效的大部分研究都集中在财务绩效评价上,对管理绩效的评价研究较少;在对白酒企业并购重组的文献研究中,针对具体企业进行案例分析和研究较多,针对整个行业并购重组的普遍规律研究较少。因此,本文立足并购重组对白酒企业经营绩效的影响结果和影响机制的研究,建立较为系统全面的因素分析体系,分析白酒行业企业并购重组的特殊性;综合运用财务绩效的定量分析与管理绩效的定性分析,探究并购重组对白酒上市公司产生影响的结果以及影响机制、影响强度;并侧重分析和探讨了有利的影响因素,即通过并购重组提升白酒企业经营绩效的主要做法,为白酒企业的并购重组活动提供参考建议。本文通过理论和实证分析,得到了以下主要结论。1、白酒企业并购重组对经营绩效的影响机理和影响结果。分析得到白酒企业实施并购重组的动机主要有抢占市场份额、获取酿酒优势资源、放大协同效应及获取控制权收益。白酒企业并购重组通过不同并购动机,以及在市场及业务、人才及核心能力、经营风险管理和文化建设管理四个主要经营维度上的利弊表现,对企业经营绩效产生不同程度的影响。且该影响结果短期看与重组整合政策与措施相关,长期看该影响呈中性。2、白酒上市公司并购重组在四个经营维度及11个具体措施上对经营绩效的影响机制和影响强度。并购重组对经营绩效的影响主要体现在市场及业务、人才及核心能力两个方面,影响力度分别达到0.89和0.88,反映了金融投资活动对市场和人才因素的重点关注。从并购动机来看,市场及业务是白酒上市公司并购动机的最大指向,影响力度达到0.94,这与企业追求盈利、投资追求回报的本质相呼应。从四个经营维度的具体表现来看,市场规模、市场管理两方面对市场及业务维度上造成的影响力度均达到了0.9以上,说明并购重组给白酒上市公司新增的产品业务本身,不及重组整合过程中对品牌文化、市场渠道等进行有效融合对经营绩效的影响大。人才结构、核心能力两方面的调整融合对人才及核心能力维度上造成的影响力度分别为0.90、0.88,说明白酒上市公司的并购重组整合更多是从人的角度出发,促进企业核心能力的提升,进而助力企业经营绩效的提升。全面风险、财务风险管理对企业经营风险管控维度上的影响力度均达到0.85以上,说明白酒上市公司的并购重组,让企业更加关注风险问题,尤其是并购重组本身带来在法律、市场及管理层面的问题与风险,风险问题的及时识别和处置,对企业经营绩效起到提升作用。3、白酒行业并购重组影响经营绩效的特殊性。由于白酒产品的历史文化特性,白酒酿造优势的不可复制性,白酒行业企业的高收益、强监管等特性,白酒企业的并购重组活动主要解决其产品业务的多样化、区域市场份额的提升、酿造优势的打造、品牌影响力的提升、抗风险能力的增强等发展问题,并购重组对其经营绩效的提升关键在重组整合阶段,政府的深度参与是其重要特点,但参与的利弊影响因具体个案而各不相同。本文研究的主要特点如下。1、研究视角具有新意。并购重组是资本市场的重要金融活动,以其为主线,探讨对白酒企业经营绩效的影响,具有重要的现实意义。论文运用金融学、管理学理论,建立较为系统全面的因素分析体系。从并购重组前的动因、并购重组后的整合管理,根据并购双方以及政府的行为诉求,剖析了白酒企业并购重组后的特征,结合并购后经营绩效指标的变化,从四个主要维度,分析并购重组对企业经营绩效的影响机制及影响利弊,为白酒企业并购重组如何有效开展,建立了重要的认识基础。2、在实证分析中,构建模型具有明确的针对性。为分析并购重组对企业经营绩效的影响机制及影响结果,本文基于对白酒上市公司公开财务数据以及企业内部的统计调研,采用并购重组影响企业经营过程、状态以及结果的相关数据开展研究,运用结构方程组模型的实证方法,有效综合财务的定量数据和过程的定性数据,将并购重组后的各个因素较好地体现在对企业经营绩效的影响机制上,更加充分反映并购后经营过程中的非量化因素,使得分析结果具有较强说服力,同时也提升了分析的可靠性。3、积极探索了白酒企业并购重组后,对企业绩效的影响因素。论文在有关理论分析的基础上,根据构建的实证分析模型,分析探讨并购重组对经营绩效影响的关键性(利弊)因素,为充分认识并购重组行为在白酒企业发展中的作用建立了重要基础。虽然本文在选择研究行业和方法上具有一定的新颖性,但在具体研究过程中还存在一定的问题和不足。主要有,定性和定量指标没有明确的区分。目前对于统计调研中各项指标的处理,最终都是通过李克特常量分析方法来进行分级处理,部分相近的数据无法反映出差异化的特点。基于问卷的统计调研取得的数据较为主观,数据的代表性存在一定局限。通过回收统计数据和抽样对比数据项目分析,发现部分存在差异和不准确的现象,主要体现为一些员工对企业自身经营管理情况认识上的不足。更多还原

【Abstract】 Liquor industry is the traditional industry with the most cultural characteristics in my country’s consumer goods industry.Liquor consumption is closely related to the lives of ordinary people.Liquor companies have made significant contributions to the national economy in terms of output value,taxation,and employment.The long history of liquor winemaking in my country,coupled with the characteristics of liquor brewing and product culture,has gradually formed a brand and market structure where national famous liquor and regional liquor coexisted for a long time.It has created more for the implementation of mergers and acquisitions and reorganization of dominant liquor companies,acquisition of brand resources and brewing resources.Opportunities and conditions.Therefore,with the rapid development of my country’s national economy and the continuous upgrading of the consumer market,the scale of the liquor market has become larger and larger.Liquor companies in various regions have to solve their own product business diversification,regional market share increase,brewing or marketing core capabilities,and brand influence.In the process of further expansion and strengthening,such as the problems and difficulties of promotion and the enhancement of anti-risk ability,mergers and acquisitions and restructuring methods have been adopted to seek rapid development.However,due to the particularity of the industry,the lack of scientific and systematic strategic planning,and the influence of local and personal protectionism,the M&A and reorganization of the liquor industry is different from other industries.There are not many models and experiences that can be copied or used for reference.Blind M&A and reorganization have led to many failures.Case.As an important financial activity in the capital market,what impact will the liquor industry have on business operations after mergers and acquisitions? How to analyze these effects? In particular,how to find and implement beneficial effects?Then put forward relevant opinions and thoughts on mergers and acquisitions and reorganization.Therefore,closely centering on the important financial investment activity of mergers and acquisitions and reorganizations,it is of important practical significance to study the law of the influence of mergers and acquisitions and reorganizations on business performance in the liquor industry.As a specific business decision and business behavior of a company,mergers and acquisitions and reorganizations often have an impact on corporate management performance through a series of specific operating management policies or measures,which in turn affects corporate financial performance and even the entire operating performance.Through a lot of reading of related literature,this article finds that most of the research on business performance after mergers and acquisitions is focused on financial performance evaluation,and there are few studies on management performance evaluation;in the literature research on the merger and reorganization of liquor companies,specific Companies conduct more case analysis and research,and less research on the general laws of mergers and acquisitions in the entire industry.Therefore,this article is based on the research on the results and impact mechanism of mergers and acquisitions and reorganizations on the management performance of liquor companies,establishes a more systematic and comprehensive factor analysis system,analyzes the particularities of mergers and acquisitions and reorganizations of liquor industry enterprises;comprehensively uses the quantitative analysis of financial performance and management performance Qualitative analysis,exploring the results of mergers and acquisitions and reorganizations on listed liquor companies,as well as the influence mechanism and influence intensity;and focusing on the analysis and discussion of favorable influencing factors,that is,the main method of improving the performance of liquor companies through mergers and acquisitions,which is the merger and acquisition of liquor companies.Provide reference suggestions for restructuring activities.Through theoretical and empirical analysis,this article has obtained the following main conclusions.1.The influence mechanism and result of the M&A and reorganization of liquor enterprises on the operating performance.According to the analysis,the main motivations of liquor companies to implement mergers and acquisitions are to seize market share,obtain superior resources in winemaking,amplify synergistic effects and obtain control rights.M&A and reorganization of liquor companies have different M&A motivations,as well as the pros and cons of the four main operating dimensions of market and business,talents and core capabilities,operational risk management,and cultural construction management,which have varying degrees of impact on corporate operating performance.In the short term,the impact results are related to restructuring and integration policies and measures,and in the long term,the impact is neutral.2.The influence mechanism and intensity of the M&A and reorganization of listed liquor companies on business performance in four business dimensions and11 specific measures.The impact of mergers and acquisitions on operating performance is mainly reflected in the market and business,talents and core capabilities.The impacts reached 0.89 and 0.88 respectively,reflecting the focus of financial investment activities on the market and talent factors.From the perspective of M&A motives,the market and business are the biggest directions for the M&A motives of listed baijiu companies,with an impact of 0.94,which corresponds to the nature of enterprises’ pursuit of profit and investment returns.Judging from the specific performance of the four business dimensions,the impact of market scale and market management on the market and business dimensions has reached more than 0.9,indicating that the new product business itself of the listed company of liquor by mergers and acquisitions is not as good as reorganization.The effective integration of brand culture and market channels in the integration process has a great impact on business performance.The adjustment and integration of talent structure and core competence has an impact of 0.90 and 0.88 on the dimensions of talents and core competence,respectively,indicating that the mergers and acquisitions and integration of listed liquor companies are more from a human perspective and promote the improvement of corporate core competence.,Which in turn contributes to the improvement of business performance.The impact of comprehensive risk and financial risk management on the business risk management and control dimensions of the company has reached 0.85 or more,indicating that the mergers and acquisitions of listed liquor companies have made companies pay more attention to risk issues,especially the mergers and acquisitions themselves bring about legal,market and management levels.The timely identification and disposal of risk issues,and the timely identification and disposal of risk issues,have played a role in improving the business performance of the company.3.The particularity of the M&A and reorganization of the liquor industry that affects operating performance.Due to the historical and cultural characteristics of liquor products,the non-replicability of the advantages of liquor brewing,the high-yield and strong supervision characteristics of liquor industry enterprises,the M&A and reorganization activities of liquor enterprises mainly solve the diversification of their product business,the increase of regional market share,and the brewing.Development issues such as the creation of advantages,the enhancement of brand influence,and the enhancement of anti-risk capabilities.The key to the improvement of business performance of mergers and acquisitions is in the stage of reorganization and integration.In-depth government participation is an important feature,but the pros and cons of participation depend on specific cases.And each is different.The main features of this paper are as follows.1.The research perspective is innovative.M&A and reorganization are important financial activities in the capital market,and it is of great practical significance to use it as the main line to discuss the impact on the operating performance of liquor companies.The thesis uses finance and management theories to establish a more systematic and comprehensive factor analysis system.From the motivations before mergers and acquisitions and the integrated management after mergers and acquisitions,according to the behavioral demands of both parties and the government,this paper analyzes the characteristics of liquor companies after mergers and acquisitions,combined with the changes in operating performance indicators after mergers and acquisitions,and analyzes mergers and acquisitions from four main dimensions.The mechanism of reorganization’s impact on business performance and its pros and cons have established an important basis for understanding how to effectively carry out mergers and acquisitions of liquor companies.2.In the empirical analysis,the construction model has a clear pertinence.In order to analyze the impact mechanism and results of mergers and acquisitions and reorganizations on business performance,this article is based on the public financial data of listed liquor companies and internal statistical investigations,using relevant data that affects the business process,status and results of mergers and acquisitions to conduct research and use structure The empirical method of the equation group model effectively integrates the quantitative data of the financial and the qualitative data of the process,and better reflects the various factors after the merger and reorganization in the impact mechanism on the business performance of the company,and more fully reflects the non-operations in the operation process after the merger.Quantitative factors make the analysis results more convincing and at the same time improve the reliability of the analysis.3.Actively explored the factors influencing the performance of the liquor enterprises after the merger and reorganization of liquor enterprises.On the basis of relevant theoretical analysis,the paper analyzes and explores the key(pros and cons)factors of the impact of mergers and acquisitions and reorganizations on business performance based on the constructed empirical analysis model,and establishes an important foundation for fully understanding the role of mergers and acquisitions and reorganization in the development of liquor enterprises.Although this article has certain novelty in selecting research industries and methods,there are still certain problems and deficiencies in the specific research process.Mainly,there is no clear distinction between qualitative and quantitative indicators.At present,the processing of various indicators in statistical investigations is ultimately processed through the Likert constant analysis method,and some similar data cannot reflect the characteristics of differentiation.The data obtained from statistical surveys based on questionnaires is more subjective,and the representativeness of the data has certain limitations.Through the analysis of recovered statistical data and sample comparison data items,some discrepancies and inaccuracies were found,which are mainly reflected in the lack of understanding of the company’s own operation and management by some employees.更多还原