| With China's entry into the WTO,China's M & A market has entered a stage of rapid growth.According to statistics,the probability of successful mergers and acquisitions of Chinese enterprises is low,lower than that of developed countries.Some scholars have found after long-term research that financial integration after mergers and acquisitions is an important cause of merger and acquisition failures.Compared with developed countries,China's dairy industry started late and is an emerging industry in China,but it has developed rapidly.In recent years,some dairy product quality and safety issues have emerged,so the state has issued a series of rules and regulations,requiring dairy companies to strengthen product quality management,promote structural adjustment of the industry,increase industrial concentration,and encourage mergers and acquisitions among enterprises..As a result,the dairy industry has seen a surge in mergers and acquisitions.However,after mergers and acquisitions,it is not uncommon for financial integration and improper financial integration to occur.Dairy companies have problems such as insufficient understanding of the importance of financial integration,improper integration of the capital structure,and financial risks.Therefore,it is imminent to study financial integration,which is not only conducive to reducing the financial risks of corporate mergers and acquisitions and exerting financial synergies,but also beneficial to the healthy development of the entire dairy industry.This article starts from the specific industry of China's dairy industry,and introduces the case of Mengniu Dairy's acquisition of Yashili,focusing on its financial integration after the acquisition.This article first sorts and summarizes the relevant literature at home and abroad,and then starts from the relevant theories of mergers and acquisitions,mergers and acquisitions integration,and financial integration.It sorts out the current situation of mergers and acquisitions and financial integration in China's dairy industry,and then proceeds with the financial integration of Mengniu Dairy's acquisition of Yashili The case analysis found that it has formulated a detailed financial integration plan,carried out financial integration in various aspects such as the financial management system,existing assets and liabilities,and internal control of cash flow.It has certain merits in financial integration methods,but There are also some problems,and then some countermeasures are proposed.Finally,from the perspective of the dairy industry,countermeasures are proposed for the entire industry.I hope that other companies can promote strengths and avoid weaknesses,conduct financial integration in an orderly and scientific manner,and reduce the rate of merger and acquisition failure.Through case studies,this article draws the following conclusions: not paying attention to financial integration will directly affect the integration effect,lack of professional guidance,and improper integration will affect the performance of the company;in the process of integration,the company must have a clear strategy and a clear business development direction;A scientific and reasonable financial integration plan is conducive to achieving financial synergies.A detailed and reasonable financial integration plan helps companies monitor and adjust in real time to obtain financial synergies;incomplete financial integration can easily affect sales performance,and multiple integration efforts should go hand in hand..With the support of national policies,national demand for dairy products has increased,and the dairy industry's merger and acquisition activities have intensified.This article analyzes the case of Mengniu Dairy's merger and acquisition of Yashili's financial integration.It is hoped that other companies in the industry can "take the essence of financial integration"."Remove its dross",actively advocate the concept of supply-side reform,and orderly promote the healthy development of the dairy industry. |
PDF Full Text Request