摘要
近年来,随着我国白酒行业行业调整不断深化,市场集中程度高以及市场竞争强度逐渐加大,越来越多的白酒企业在对外扩张中选择并购重组的方式扩大企业规模,提高企业竞争力。以老白干酒并购丰联酒业为案例研究对象,通过事件研究法和财务指标法对其并购绩效进行分析,研究结论得出:此次并购有效提升了老白干酒的短期财务绩效,对老白干酒的盈利能力、营运能力和长期偿债能力产生了正向影响,促进了老白干酒短期发展,未显著提升长期并购绩效。
In recent years,with the deepening of the industrial adjustment of China’s liquor industry,the high degree of market concentration and the increasing intensity of market competition,more and more liquor companies have chosen to expand their scale and improve their competitiveness by means of mergers and acquisitions in their external expansion.Taking Laobaigan Liquor merger with Fenglian Liquor Industry as the case study object,the event study method and financial index method is used to analyze its merger performance.The results show that the acquisition has effectively improved the short-term financial performance of Laobaigan liquor,profitability,operation and long-term solvency had a positive impact,promoting the short-term development of Laobaigan liquor,but did not significantly improve long-term merger and acquisition performance.
作者
张国富
闫姣
宋子康
ZHANG Guo-fu;YAN Jiao;SONG Zi-kang(School of Economics and Management,Heilongjiang Bayi Agricultural Reclamation University,Daqing 163000,China)
出处
《价值工程》
2023年第3期4-6,共3页
Value Engineering
基金
国家社科基金,东北地区乡村振兴主体利益共享的形成机制研究,编号:19BJL054。
关键词
并购绩效
事件研究法
财务指标法
merger and acquisition performance
event study method
financial index method
