Study On Synergistic Effect Of M&A Of Yashili By Mengniu Dairy Industry

M&A is not only the booster of industrial adjustment,but also an effective way to optimize the allocation of resources.With the development of the times,facing the sluggish market performance of the dairy industry and the squeezing of the market share of domestic dairy products,the state issued the 13th Five-Year Plan to encourage dairy enterprises to merge and acquisition and devote themselves to building the brand of domestic dairy products.Mengniu's merger and acquisition of Yashili,as the first major case of local dairy enterprises,belongs to the merger and reorganization of domestic dairy enterprises.From the perspective of the motivation of merger and acquisition,it is of great significance for the future development of enterprises to study whether merger and acquisition has synergistic effect.It not only provides a reference for the future M&A of dairy enterprises in China,but also provides a positive significance for building the brand of domestic dairy enterprises.Firstly,this paper introduces the background and significance of the topic,discusses the domestic and foreign literature on the motivation of M&A and the synergistic effect of M&A,briefly describes the research content,research methods,research purposes and innovation points of the article,and draws out the technical roadmap of the article;secondly,it summarizes the related theories such as the identification and testing of synergistic effect of M&A,and briefly introduces the "value chain analysis method","Bosch".The analysis methods of Dun Matrix,Accounting Index Method and Cash Flow Discount Measurement Model are introduced.Then,the general situation,motivation and process of M&A of Mengniu Dairy and Yashili are introduced.Thirdly,the synergistic effect of operation,finance and management of M&A of Yashili by Mengniu is analyzed,and the financial index method is used to analyze whether the financial indicators are issued before and after M&A.Make significant changes,whether there is synergistic effect,use cash flow discount measurement model to judge whether the intrinsic value of the enterprise increases or not;finally,draw a conclusion.Through the analysis of the synergistic effect of Mengniu's merger and acquisition of Yashili,the main conclusions are as follows:in terms of business synergy effect,Mengniu Dairy succeeded in opening up the southern market through the merger and acquisition of Yashili,filling up the shortcomings of Mongolian milk powder business,obtaining sales channels,Yashili brand and sales market in a short time;in terms of financial synergy effect,allocating idle funds rationally In terms of management synergy effect,through the sharing of management resources,the operation cost can be reduced and the synergy effect can be achieved.To sum up,the merger and acquisition for Mengniu Dairy Industry,through integrating Yashili's technology,brand,marketing channels and marketing resources,has made up for the shortcomings of business milk powder and shortened the gap with the same industry enterprises.The M&A has realized the synergistic effect of "1+1>2" on the whole.