国际经济与贸易学院知识库

        随着全球经济一体化，21世纪的市场竞争日益激烈。为了提高自身的竞争实力，许多食品企业试图通过并购的方式来扩大经济规模，创造经济效益。研究食品企业跨国并购后的短期协同效应和长期协同效应，对并购双方资源整合效果、资金利用率提高与否做出综合评价，可以直观地判断并购企业是否达到预期并购目的，为其制定未来发展规划奠定基础。本文以西王食品并购加拿大Kerr公司为例，研究西王食品并购动因和并购后的短期协同效应和长期协同效应效果，对其制定“中国健康食品第一品牌”的发展战略具有重大意义，同时分析并购后其长期协同效应下降的影响因素，为其他食品企业提升跨国并购协同效应提供借鉴。

      首先，文章使用事件研究法评价西王食品并购后的短期协同效应，通过研究发现，西王食品累计超额收益率在窗口期内呈上升趋势，说明此次并购为股东带来了财富价值，短期协同效应得以实现。其次，使用财务指标法对长期协同效应进行评价，发现其经营协同效应不显著，财务协同效应不显著，管理协同效应显著；使用非财务指标法对长期协同效应进行评价，发现其技术协同效应不显著，品牌协同效应显著；使用熵值法对长期协同效应进行综合评价，发现其并购后长期协同效应整体下降。再次，文章对导致西王食品长期协同效应下降的内、外部因素进行分析，内部因素包括并购存在支付风险和企业研发投入不足，外部因素包括存在汇率风险以及并购后文化资源整合效果不佳。最后，对西王食品提升其跨国并购协同效应提出针对性建议，即合理选择支付方式、加大研发投入、合理规避外汇风险以及重视并购后文化资源的整合，并且对其他食品企业提出提升跨国并购协同效应的启示，即选择多元化的融资方式，重视并购后的整合工作，增强风险防控意识。

  With the global economic integration, the market competition in the 21st century has become increasingly fierce. In order to improve their competitive strength, many food enterprises try to expand their economic scale and create economic benefits by means of M&A. Studying the short-term synergistic effects and long-term synergistic effects of cross-border M&A of food companies, and making a comprehensive evaluation of the effect of resource integration and the improvement of capital utilization of both sides of the M&A, can intuitively judge whether the M&A companies have achieved the expected M&A purposes and lay the foundation for their future development planning. This paper takes the acquisition of Kerr Canada by Xi Wang Food as an example, and studies the motivation of Xi Wang Food's M&A and the short-term and long-term synergistic effects after the M&A, which is of great significance to its development strategy of "China's No.1 health food brand". The article also analyzes the factors influencing the decline of long-term synergy effect after M&A, and provides reference for other food companies to improve the synergy effect of cross-border M&A.

  First, the article uses the event study method to evaluate the short-term synergistic effect of Xi Wang Food's M&A. Through the study, it is found that Xi Wang Food's excess cumulative return tends to increase during the window period, indicating that the M&A brings wealth value to shareholders and the short-term synergistic effect is realized. Secondly, the long-term synergy effect was evaluated using the financial index method, and it was found that its operational synergy effect was insignificant, financial synergy effect was insignificant and management synergy effect was significant; the long-term synergy effect was evaluated using the non-financial index method, and it was found that its technology synergy effect was insignificant and brand synergy effect was significant; the long-term synergy effect was comprehensively evaluated using the entropy value method, and it was found that its overall long-term synergy effect after the M&A The long-term synergistic effect was found to decrease after the merger. The article analyzes the internal and external factors that lead to the decline of long-term synergy effect of Xi Wang Food, including the internal factors of payment risk and insufficient investment in R&D, and the external factors of exchange rate risk and poor integration of cultural resources after the merger. Finally, the article proposes targeted suggestions for Xi Wang Food to improve its cross-border M&A synergy effect, i.e., choosing payment methods reasonably, increasing R&D investment, avoiding foreign exchange risk reasonably, and paying attention to post-merger cultural resource integration, and suggests insights for other food companies to improve cross-border M&A synergy effect, i.e., choosing diversified financing methods, paying attention to post-merger integration, and enhancing risk prevention and control awareness.