我国体育用品业并购效应的财务分析
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摘要
我国是世界体育用品生产与出口的第一大国,目前国内有体育用品企业300多万家,但我国大部分企业产品同质化竞争的问题较为突出,陷入竞相压价的恶性循环。与此同时,耐克和阿迪达斯等国际体育用品巨头加速扩张中国市场,使得国内体育用品企业的发展步履维艰,在这种情况下,采取并购是实现国内体育用品企业跳跃式发展的有效途径之一。近几年,我国本上体育用品业并购逐渐增多,产生了一些成功的案例。但是相关的研究较少,滞后于实践的发展,即使现有的研究也缺少研究成果向实践应用领域转化的机制。本研究从理论和实践的角度形成了提高体育用品业并购效应的发展思路,具有现实的指导意义。
研究采用文献资料法、财务分析法,采用定性分析和定量分析相结合的方法,肯定体育用品业并购带来的效应,指出并购中可能面临的风险,界定了并购效应的内涵,构建体育用品业并购的财务分析模型,运用模型到李宁公司的并购实例中,分析李宁公司在并购的不足和改进建议,最后理论与实践相结合,提出了我国体育用品业并购效应的提升策略。研究结论如下
第一,并购是指并购是兼并和收购两词的合称,泛指兼并和收购活动,其基本含义是公司控制权转移为标志的产权交易活动。
第二,并购能够带来协同效应,实现规模经济；虽然并购有巨大的收益,但是我们也应该看到并购有很多潜在的风险,高昂的税收费用、税负加重、融资风险等,本文对并购效应的分析同时考虑了这两个方面。
第三,以财务分析方面为突破口对体育用品企业并购效应进行研究。财务分析用一系列的财务指标为手段,反映企业自身的偿债能力、盈利能力、营运能力以及发展能力。根据我国体育用品上市公司的特点,综合国内外学者的研究和并购效应影响因素,本文主要研究的是以下8个定量财务指标,涉及14个财务数据。偿债能力：速动比率、流动比率、资产负债率；盈利能力：总资产利润率、净资产收益率、每股收益；营运能力：存货周转天数、应收账款周转天数；成长能力：经营利润增长率。
第四,将构建的模型应用到李宁公司中进行并购前后的对比分析时,发现并购能给公司带来短期的财务效应,拉动股票上涨,但是公司长期的发展主要还是看李宁主品牌,因此,并购后的李宁应采取如下措施：一是做好李宁主品牌,二是实施品牌差异化策略,三是品牌协同发展,四是打造综合专业的形象。
第五,从国家和企业两个角度提出了体育用品企业并购效应的提升策略,从国家角度来讲主要是制定相关产业政策、明确政府在并购中的行为规范、健全企业并购法律体系、规范产权交易市场；从企业的角度来讲主要是并购的目标、时机、模式的战略选择以及并购后的战略整合。
Sports goods is the earliest evolving and the most mature sports physical product market in our country's sports market. Nowadays we have nearly3millions sports goods enterprises, but most of them produce the similar goods, in case to win the competition, they sell at the reduced price, and this has become a vicious circle. At the same time, Nike and Adidas the foreign capitals expending with higher speed on the Chinese market, considering this situation, merger and acquisition(M&A) is one of the efficient ways to make a leaped development. Recently, more and more M&A happen in our country, some of which made success. But the fact is that the study are few, which is far behind the practice, even the few study are lack of the mechanism to made the study results used in the practice. This study forms the develop thoughts for the sports goods M&A from both the theatrical and the practical view, has greater usage value and realistic directive significance.
This study used documentation method, financial analysis method and the method of combining quantitative analysis with qualitative analysis, affirm the effect of the sports goods M&A, decompose the characteristics of sports goods M&A in our country, indicate the risks, structure the financial analysis model for the sports goods M&A effect, use the model in LI-NING M&A practice, analyze the shortage and the promotion ways, at last, combining the theory and the practice, make suggestions to promote the sports goods M&A effect in china.
Firstly, M&A refer to merger and acquisition, it is a property right trading activity which means the transfer of company's control power.
Secondly, horizontal M&A is the mainly form for the sports goods M&A, alliance between giants is the major method, of course, there are also some dangers, they are transaction expenses,the heavy tax burden, and financing risk.
Thirdly, using financial analysis method to make the study on the effect of M&A, the financial analysis method uses a series of financial index to reflect the debt paying ability, profitability, operation ability and development ability of an enterprise. Based on the characteristics of our country's sports goods, considering the study of scholars and the influencing factors of the M&A effect, this study use the following8financial index, which including14financial data, they are paying ability:quick ratio, liquidity ratio, asset-liability ratio; profitability:return on assets, net assets income rate, earnings per share; operation ability:days sales of inventory, account receivable turnover; development ability:profit growth rate.
Fourthly, when using the model in LI-NINQ we find that the M&A has a short time financial effect, make the stocks rise, but for the long run, the major brand LI-NING has the most important effect. So after the M&A, LI-NING should take the following measures:making LI-NING the best; using differentiation strategy; developing in tandem; forging an image of comprehensive and professional.
Fifthly, giving suggestions from both government' view and enterprise's view, the duty for government is making industrial policy, explicit the code of conduct of government in M&A, perfect the M&A law system, standard property rights exchange market; as for the enterprises, the should choose the best target, the right time the proper way, and make strategic integration.
研究采用文献资料法、财务分析法,采用定性分析和定量分析相结合的方法,肯定体育用品业并购带来的效应,指出并购中可能面临的风险,界定了并购效应的内涵,构建体育用品业并购的财务分析模型,运用模型到李宁公司的并购实例中,分析李宁公司在并购的不足和改进建议,最后理论与实践相结合,提出了我国体育用品业并购效应的提升策略。研究结论如下
第一,并购是指并购是兼并和收购两词的合称,泛指兼并和收购活动,其基本含义是公司控制权转移为标志的产权交易活动。
第二,并购能够带来协同效应,实现规模经济；虽然并购有巨大的收益,但是我们也应该看到并购有很多潜在的风险,高昂的税收费用、税负加重、融资风险等,本文对并购效应的分析同时考虑了这两个方面。
第三,以财务分析方面为突破口对体育用品企业并购效应进行研究。财务分析用一系列的财务指标为手段,反映企业自身的偿债能力、盈利能力、营运能力以及发展能力。根据我国体育用品上市公司的特点,综合国内外学者的研究和并购效应影响因素,本文主要研究的是以下8个定量财务指标,涉及14个财务数据。偿债能力：速动比率、流动比率、资产负债率；盈利能力：总资产利润率、净资产收益率、每股收益；营运能力：存货周转天数、应收账款周转天数；成长能力：经营利润增长率。
第四,将构建的模型应用到李宁公司中进行并购前后的对比分析时,发现并购能给公司带来短期的财务效应,拉动股票上涨,但是公司长期的发展主要还是看李宁主品牌,因此,并购后的李宁应采取如下措施：一是做好李宁主品牌,二是实施品牌差异化策略,三是品牌协同发展,四是打造综合专业的形象。
第五,从国家和企业两个角度提出了体育用品企业并购效应的提升策略,从国家角度来讲主要是制定相关产业政策、明确政府在并购中的行为规范、健全企业并购法律体系、规范产权交易市场；从企业的角度来讲主要是并购的目标、时机、模式的战略选择以及并购后的战略整合。
Sports goods is the earliest evolving and the most mature sports physical product market in our country's sports market. Nowadays we have nearly3millions sports goods enterprises, but most of them produce the similar goods, in case to win the competition, they sell at the reduced price, and this has become a vicious circle. At the same time, Nike and Adidas the foreign capitals expending with higher speed on the Chinese market, considering this situation, merger and acquisition(M&A) is one of the efficient ways to make a leaped development. Recently, more and more M&A happen in our country, some of which made success. But the fact is that the study are few, which is far behind the practice, even the few study are lack of the mechanism to made the study results used in the practice. This study forms the develop thoughts for the sports goods M&A from both the theatrical and the practical view, has greater usage value and realistic directive significance.
This study used documentation method, financial analysis method and the method of combining quantitative analysis with qualitative analysis, affirm the effect of the sports goods M&A, decompose the characteristics of sports goods M&A in our country, indicate the risks, structure the financial analysis model for the sports goods M&A effect, use the model in LI-NING M&A practice, analyze the shortage and the promotion ways, at last, combining the theory and the practice, make suggestions to promote the sports goods M&A effect in china.
Firstly, M&A refer to merger and acquisition, it is a property right trading activity which means the transfer of company's control power.
Secondly, horizontal M&A is the mainly form for the sports goods M&A, alliance between giants is the major method, of course, there are also some dangers, they are transaction expenses,the heavy tax burden, and financing risk.
Thirdly, using financial analysis method to make the study on the effect of M&A, the financial analysis method uses a series of financial index to reflect the debt paying ability, profitability, operation ability and development ability of an enterprise. Based on the characteristics of our country's sports goods, considering the study of scholars and the influencing factors of the M&A effect, this study use the following8financial index, which including14financial data, they are paying ability:quick ratio, liquidity ratio, asset-liability ratio; profitability:return on assets, net assets income rate, earnings per share; operation ability:days sales of inventory, account receivable turnover; development ability:profit growth rate.
Fourthly, when using the model in LI-NINQ we find that the M&A has a short time financial effect, make the stocks rise, but for the long run, the major brand LI-NING has the most important effect. So after the M&A, LI-NING should take the following measures:making LI-NING the best; using differentiation strategy; developing in tandem; forging an image of comprehensive and professional.
Fifthly, giving suggestions from both government' view and enterprise's view, the duty for government is making industrial policy, explicit the code of conduct of government in M&A, perfect the M&A law system, standard property rights exchange market; as for the enterprises, the should choose the best target, the right time the proper way, and make strategic integration.
引文
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