海螺水泥并购案例探析
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摘要
随着中国经济进入高质量发展阶段,中国企业将并购视为一种重要的投资手段。选取海螺水泥作为研究对象,阐明其并购扩张的成长模式。首先分析水泥行业并购动因;其次,介绍海螺水泥通过"T"型战略实施,有效提高了市场占有率,并从盈利能力、偿债能力、营运能力等方面分析海螺水泥通过并购取得的稳步提升业绩;之后,就海螺水泥的可持续发展提出了建议,并总结海螺水泥的并购成长经验及启示。
As the Chinese economy enters a stage of high-quality development,Chinese companies regard mergers and acquisitions as important means of investment. As the benchmark of the cement industry,Conch Cement continuously ranks first in the industry. The Consolidation Case of Conch Cement analyzes its financial performance in respect of profitability,solvency,operational capability and risk control capability. The result shows that Conch Cement M&A has good financial performance and has improved its market share. The"T"strategy has obvious first-mover advantage. However,in the face of the increasingly common situation of current M&A cooperation,it should actively deploy overseas markets and reduce business risks. And it should use the " T" type strategy to enhance its control of the whole industry chain. The new mode of enterprise cooperation should be applied in coordinated production.
As the Chinese economy enters a stage of high-quality development,Chinese companies regard mergers and acquisitions as important means of investment. As the benchmark of the cement industry,Conch Cement continuously ranks first in the industry. The Consolidation Case of Conch Cement analyzes its financial performance in respect of profitability,solvency,operational capability and risk control capability. The result shows that Conch Cement M&A has good financial performance and has improved its market share. The"T"strategy has obvious first-mover advantage. However,in the face of the increasingly common situation of current M&A cooperation,it should actively deploy overseas markets and reduce business risks. And it should use the " T" type strategy to enhance its control of the whole industry chain. The new mode of enterprise cooperation should be applied in coordinated production.
引文
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[2]王高军.水泥制造业的成本控制研究[D].苏州:苏州大学,2009.
[3]关健鑫.海螺水泥600585稳健经营与价值投资并行[J].中国建材,2017(05):74-77.
[4]刘千.并购成长:基于海螺水泥的案例研究[D].上海:上海交通大学,2014.
[5]张琰.海螺水泥:资源禀赋和成本优势下的价值重估(下)[N].中国建材报,2018-08-21(004).
[6]杨旭然.水泥产业“寡头”时代[J].英才,2018(Z1):64-65.
[2]王高军.水泥制造业的成本控制研究[D].苏州:苏州大学,2009.
[3]关健鑫.海螺水泥600585稳健经营与价值投资并行[J].中国建材,2017(05):74-77.
[4]刘千.并购成长:基于海螺水泥的案例研究[D].上海:上海交通大学,2014.
[5]张琰.海螺水泥:资源禀赋和成本优势下的价值重估(下)[N].中国建材报,2018-08-21(004).
[6]杨旭然.水泥产业“寡头”时代[J].英才,2018(Z1):64-65.