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近年来,随着酿酒行业的繁荣景气,这一传统行业受到了业内业外资本亲睐,并购业务蓬勃发展,先是啤酒行业频繁地进行并购重组,实现了资源向优势企业的配置,使得产业集中度大幅提升。目前啤酒行业并购进入了新的阶段,选择的标的由之前的小型酒企变为中型的区域性优质资产;此外,白酒这一传统行业焕发了新的活力。以嗅觉灵敏的联想集团、海航集团为代表,纷纷热衷于购买各地优质的地方白酒资源。再如外资酒业巨头帝亚吉欧并购水井坊、洋河并购双沟等。在这一系列整合背后是我国酿酒行业正在发生着深刻的变革,而这一传统行业的并购整合效率又是如何呢?本文选取2009年酿酒行业发生并购的19家上市公司为样本,根据EVA模型计算并购当年、并购前一年、并购前两年及并购后一年、并购后两年,通过分析以上5年中相关上市公司的EVA值变动趋势来探究酿酒行业企业并购的绩效到底如何并提出意见建议。希望能够为国内酿酒行业的发展和实务中企业并购问题的研究贡献一份力量。
In recent years, with the prosperous prosperity of the brewing industry, the traditional industry has been favored by the industry outside capital, and the merger and acquisition business has boomed. First, the beer industry frequently conducts M & A and reorganization to realize the allocation of resources to the superior enterprises and concentrate the industries Degree increased dramatically. At present, the beer industry mergers and acquisitions has entered a new phase, the choice of the subject from the former small-scale enterprises into a medium-sized regional quality assets; In addition, the liquor industry has rejuvenated the traditional vitality. Sensitive sense of smell of the Legend Group, represented by HNA Group, have been keen to buy around the high-quality local liquor resources. Another example is the acquisition of foreign liquor giant Diageo Square Shuijingfang, Yanghe merger and so on. In this series of integration behind the brewing industry in our country is undergoing profound changes, and the efficiency of mergers and acquisitions in this traditional industry is how? This article selected 2009 brewing industry mergers and acquisitions of 19 listed companies as a sample, according to the EVA model To calculate the performance of M & A in brewing industry in the year before M & A, the two years before M & A, the year after M & A and the year after M & A and the two years after M & A suggestions. Hoping to contribute to the research of M & A in the development and practice of domestic wine industry.