会计学院知识库

摘 要

  随着社会主义市场经济的快速发展，人口的不断增长，企业之间的竞争也愈加激烈，并购已成为推动一个企业长期发展、提升自身价值的重要发展方式之一。乳制品行业作为充分竞争的行业，目前整体处于高质量发展阶段，然而在发展过程中仍面临奶源供给不足、乳制品产量增长缓慢和产品质量难以保证等问题。因此，乳制品企业急需寻找合理方式来提升自身发展，而合理的并购能提髙企业的核心竞争力，从而有效地解决这些问题。

  本文以甘肃农垦并购庄园牧场的动因及效果进行研究，首先简要地介绍了甘肃农垦和庄园牧场两个企业的背景以及乳制品行业现状，并对并购的过程进行详细描述，从并购双方的角度深入分析此次并购的动因。其次，通过事件研究法、财务指标法以及非财务指标方面对甘肃农垦并购庄园牧场后的短期效果、协同效果、综合效果进行评价研究，在非财务指标方面的分析上根据并购动因和企业发展情况选择了企业品牌价值、创新能力、市场份额等指标来评价并购的综合效果。最后，根据以上的分析概括本文的研究结论，并总结并购活动带来的启示以及本文存在的不足之处。

  通过对甘肃农垦并购庄园牧场的动因及效果研究发现，并购使得甘肃农垦加强了自身竞争优势，健全了全产业链发展，寻找到了新的增加利润的方式，很好地发挥了并购带来的协同效果，也会对乳制品行业中具有相同情形的其他企业提供一定的参考价值。

关键词：企业并购 并购动因 庄园牧场 事件研究法 财务指标法 

Abstract

 With the rapid development of the socialist market economy, the continuous growth of the population, and the increasingly fierce competition between enterprises, mergers and acquisitions have become one of the important development methods to promote the long-term development of an enterprise and enhance its own value. As a fully competitive industry, the dairy industry is currently in the stage of high-quality development, but in the process of development, it still faces problems such as insufficient milk supply, slow growth of dairy production and difficulty in ensuring product quality. Therefore, dairy companies urgently need to find reasonable ways to improve their own development, and reasonable mergers and acquisitions can improve the core competitiveness of enterprises, so as to effectively solve these problems.

This paper studies the motivation and effect of Gansu Agricultural Reclamation's acquisition of Manor Ranch, firstly briefly introduces the background of Gansu Agricultural Reclamation and Manor Ranch and the current situation of the dairy industry, and describes the process of the merger and acquisition in detail, and deeply analyzes the motivation of the merger and acquisition from the perspective of both parties to the merger. Secondly, the short-term effect, synergistic effect and comprehensive effect of Gansu Agricultural Reclamation after the acquisition of manor ranch were evaluated through the event research method, financial index method and non-financial indicators, and the comprehensive effect of mergers and acquisitions was evaluated according to the factors of mergers and acquisitions and the development of enterprises according to the factors of mergers and acquisitions and the development of enterprises. Finally, based on the above analysis, the research conclusions of this paper are summarized, and the enlightenment brought by M&A activities and the shortcomings of this paper are summarized.

Through the research on the motivation and effect of Gansu Agricultural Reclamation's acquisition of manor ranch, it is found that the merger and acquisition has strengthened Gansu Agricultural Reclamation's own competitive advantage, improved the development of the whole industrial chain, and found a new way to increase profits, which has played a good role in the synergistic effect brought by the merger and acquisition, and will also provide a certain reference value for other enterprises in the dairy industry with the same situation.

Keywords：Mergersandacquisitions；Motivationofmergerandacquisition；Manor Ranch；Event study；Financial index method