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企业外部增长策略与企业价值实现
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摘要
通过并购、重组、联合等企业价值外部增长方式,来建立和发展一批具有核心竞争优势的食品大企业或集团,以改变我国目前食品行业中小企业数量众多、产品同质、无序竞争、产业分散的格局,是我国食品行业经济增长方式转变的重要内容。本文通过对全球市场的战略联营与并购研究,结合食品行业特征和现状分析,对国内外食品行业如何实施企业外部增长策略与企业价值评估进行系统研究,基于食品企业较准确地进行企业价值评估为着眼点,并着眼于确保“食品安全”的社会责任,研究提出了有效的选择与实施食品企业外部增长的基本策略。
     本文的主要内容如下:
     第一章,导论。阐明选题的背景和意义目的,界定本论文相关的概念,提出本论文研究的切入点以及研究思路、研究方法及创新之处。
     第二章,研究现状综述。围绕本论文的研究目标、范围和内容,对现有关于企业价值及其评估,企业外部增长策略及绩效的研究进行梳理和评述,介绍并评述本论文研究中依据的相关理论,包括资本结构理论、资本资产定价理论、企业交易成本理论、企业并购理论、联营企业理论和企业价值理论,构建本论文研究的理论分析框架提供基础。
     第三章,食品行业企业外部增长策略与价值实现理论分析。在上述研究评述和理论基础上构建本论文研究的整体理论分析框架,论述企业价值观、企业价值评估方法和体系,构建食品行业企业价值评估模型。接着,构建食品行业企业外部增长策略及其选择模型。最后,分析研究食品行业价值增值策略与外部增长策略、企业价值实现的关系,包括内部经营策略与基于企业价值实现的外部增长策略和企业价值实现与评估的关系,特别是联盟与并购等外部增长策略及其价值实现的相互作用机制。
     第四章,食品行业企业外部增长策略与价值实现实证研究。首先对我国食品行业的发展现状、特点及趋势进行分析;并对我国食品行业并购的历程进行回顾和展望。在此基础上,对具体实证分析范围进行界定,基于理论分析模型构建计量分析模型,并对食品行业进行了实证分析。
     第五章,企业外部增长、食品安全与社会责任。在分析我国食品安全面临的最突出的问题、新技术背景下面临诸多新问题的基础上,构建了适合我国的食品行业企业的食品安全可追溯体系。
     第六章,我国食品行业企业发展策略。根据理论论述和实证分析结果,给出食品行业企业价值评估、企业成长策略及其选择模型应用建议、外部增长策略选择策略性及外部策略增长选择模型等的应用建议,并以食品企业可追溯体系投资意愿为视角,基于隐马尔科夫模型(Hidden Markov Model,HMM),提出了食品行业并购中企业选择策略。
     第七章,结论和展望。对本论文的主要研究内容和创新之处进行了总结,同时指出论文的不足,分析了需进一步深入研究的地方,展望了未来的研究方向。
     本课题的主要创新之处主要是,研究了食品行业企业价值实现与外部增长策略的关系,并基于价值实现的食品行业企业外部增长策略选择模型的构建,建立了食品行业企业外部增长路径选择模型和外部增长路径、企业价值关系模型;将食品行业的外部增长策略与食品安全的社会责任有机结合起来,尝试性地应用HMM模型,通过仿真方法研究了果蔬加工企业可追溯体系投资决策意愿的形成过程与主要影响因素,并由此提出了食品行业并购中企业选择的一般原则。
For the transformation of economic growth mode in China's food industry, it is veryimportant to build leading enterprises with a diversified capital structure, high-technologyproducts and strong market competitiveness through enterprise value growth modes such asalliances, mergers and acquisitions (M&As), and to improve industry concentration and corecompetitiveness. In this paper, a systematic research was performed on how to implementexternal growth strategies of enterprise and enterprise value (EV) assessment in the foodindustry in China and around the world, by investigating strategic alliances and M&As in theglobal market, and analyzing characteristics and status of the food industry. Relativelyaccurate EV assessment in food industry, as well as social responsibility to ensure "foodsecurity"(FS) was focused. Finally, effective selection and implementation of basic externalgrowth strategies in the food enterprises were proposed.
     The main content is as follows:
     Chapter1: Introduction. The background and purpose of the topic were clarified. Theentry point, as well as research ideas, research methods and innovations of this paper were setforth.
     Chapter2: Review of research. The existing research on EV and its assessment, as wellas enterprise external growth strategies and performance was sorted out and commented on,based on the objective, scope and content of this paper. The theories on which the presentstudy are based, including monopolistic advantage theory, transaction cost theory, theory ofM&As, theory of alliances, and theory of EV, were introduced and commented on, providinga basis for the framework of theoretical analysis of this paper.
     Chapter3: A theoretical analysis of external growth strategies and value realization offood enterprises. Firstly, an overall theoretical analysis framework of this paper was builtbased on the above comments and theories. Enterprise values, and EV assessment methodsand systems were discussed, to build an EV assessment model in the food industry. Secondly,external growth strategies in food enterprises and their selection model were constructed.Finally, the relationship of value-added strategies with external growth strategies and EVrealization in food industry was analyzed and investigated, including the relationship ofinternal business strategies and EV realization-based external growth strategies with EVrealization and assessment, in particular the interaction mechanism between external growthstrategies such as alliances and M&As and EV realization.
     Chapter4: An empirical analysis of food industry. Firstly, the development status,characteristics and trends of China's food industry were analyzed. Besides, its M&As history was reviewed and the future in this field was prospected. Secondly, the concrete scope ofempirical analysis was defined on this basis, a quantitative analysis model was built based onthe theoretical analysis model, and the source of the data was stated. Finally, a quantitativeempirical analysis, direct and indirect, of the food industry was performed.
     Chapter5: Enterprise external growth, social responsibility of FS, and M&As strategies.The most prominent FS problem and new FS problems in the context of new technology inChina were analyzed. On this basis, food enterprises’ selection strategies in M&As wereproposed from the perspective of enterprises’ willingness to invest in traceability systembased on the Hidden Markov Model (HMM).
     Chapter6: Development strategy of China's food enterprise. Based on the theoretical andempirical analysis, practical suggestions were proposed for food industry EV assessment,enterprise growth strategies and their selection model, and strategies to take securityresponsibilities in food enterprises’ growth and development, and external growth strategiesand their selection model.
     Chapter7: Conclusions and outlook. The main content and innovations of this paperwere summarized, while its limitations were stated. Areas that require further studies, as wellas future research directions were presented.
     The main innovations of this study include investigation of the relationship between EVrealization and external growth strategies in the food industry, and establishment of aselection model of external growth path of food enterprises and a model of relationshipbetween external growth path and EV, based on the construction of a selection model of EVrealization-based external growth strategies of food enterprises. Furthermore, by combiningthe external growth strategies of the food industry and social responsibility to ensure FS, theformation of fruit&vegetable processing enterprises’ willingness to invest in traceabilitysystem and its main influencing factors were investigated by a simulation method using theHMM; and general principles of food enterprises’ selection in M&As were thereby presented.
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