资源描述：
《我国酿酒行业并购价值创造问题探究》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、-------我国酿酒行业并购价值创造问题探究RESEARCHONTHEM&AVALUECREATIONISSUESOF
DOMESTICBREWINGINDUSTRYABSTRACTInrecentyears,alongwiththeprosperityofbrewingindustryinourcountry,thetraditional
industryhaswinthegoodgracesofthecapitalsfromthetradeandindustry,andtheM&A
businesshasachievedvigorousdevelop
2、ment.Firstly,thebeerindustryfrequentlyoperated
theM&A,thusrealizingtheconfigurationoftheresourcestotheadvancedenterpriseand
greatlyimprovingtheconcentrationratiooftheindustry.Atpresent,theM&Ainthebeer
industryhasenteredanewstage.TaketheM&AthatYanjingbeerparticipatinginthe
Kingwayb
3、eerasanexample,theselectedtargethaschangedfromtheprevioussmallwine
industrytothemedium-sizedregionalqualifiedcapital;Inaddition,withtherepresentativeof
whitewine,thetraditionalindustryhasglowedanewvitality.Thesharp-nosedLenovo
Group,HNAGroupandothersareinterestedinpurchasingthequa
4、lifiedlocalwhitewine
resourcesineachplace.AnothergreatexamplesaretheforeignwinegiantDiageomerging
SwellfunandYanghemergingShuanggou.Behindtheseriesofintegration,itmeansthatthe
brewingindustryinourcountryisundergoingprofoundchanges,whilehowistheM&A
efficiencyinthetraditionalindustr
5、y?Whetheritcancreatethesynergisticeffectof1+1>2?
WhichfactorsareinfluencingthevaluecreationofM&A?Howistheinfluence?Aimingatthesequestions,theEVAmodelinthispaperhasresearchedtheM&A
performanceofthedomesticlistedcompaniesinthebrewingindustry.Accordingtothe
featuresofbrewingindustry,
6、ithasmadetheaccountingadjustmentbeforethe-----------corresponding
EVAcalculation.Onthebasis,ithascalculatedtheEVAvaluesatthefiveyearsaroundthe
M&A.Withthecomparison,ithasmadetheempiricalanalysisonthechangingtrendofthe
economicprofit.TheadvantageofEVAliesinthebehindlogic:nomatterit
7、comesfromthe
equityfinancingordebtfinancing,eachcapitalappliedintheenterprisehasthecost.EVA
methodhascalculatedthecostsignoredbythetraditionalaccountingresearchmethod,which
ismoreclosetothetruth.Onlywhentheaccountingprofitscreatedintheenterprisesurpass
thesecosts,itcanreallycreate
8、thewealth.Theempiricalresultcansh
