——以昆百大A并购我爱我家为例
摘要
近年来，随着我国经济处于转型升级的关键阶段，许多传统行业进入了衰退期，产能过剩，迫切需要调整结构和改变增长方式。而并购作为资源优化配置的一种重要方式，为适应经济发展进入新常态，实现公司追求高收益的目标，很多传统企业选择打破常规，进行跨行业并购，制定业务转型的战略决策，优化产业布局，使公司走上多元化发展道路。同时，在并购模式上，我国企业也打破了“强强联合”与“以强并弱”的局面，出现了“以弱并强”的新型并购模式，从而有利于部分弱势企业获得战略资源，提高企业的核心竞争力。
跨行业并购风险错综复杂，企业由于并购过程中风险管控能力的不足而导致失败的案例屡见不鲜。因此，对于跨行业并购风险的研究十分重要。本文选取我国传统商业零售企业跨界并购房地产经纪公司的案例，对昆百大A并购我爱我家经纪公司进行深入探讨，以并购风险作为切入点，重点研究了“以弱并强”模式的风险控制。首先，在对昆百大A并购我爱我家案例介绍的基础上，利用风险管理相关理论，基于内部与外部两个层面分析了昆百大A并购我爱我家的风险，将风险主要分为跨行业并购企业内部的前期战略风险、中期交易风险、后期整合风险和跨行业并购企业外部的风险。其次，结合房地产中介行业
的合规经营与国家政策层面讨论了并购后控制风险的相关策略，以及昆百大A并购我爱我家经纪公司前后几年财务报表数据来评估并购的成效。最后，提出控制并购风险的对策与建议，为以后“弱并强”跨行业并购及其对风险控制方面的研究提供参考。
win7建立局域网昆百大A成功并购我爱我家为中国并购市场上如何“以弱并强”提供了一个典型范例，其成功的经验值得借鉴，这包括了明确的并购动机、合理的并购风险分析与风险控制。
关键词：跨行业并购；“以弱并强”；风险控制
RESEARCH ON RISK CONTROL OF"SNAKE SWALLOWING ELEPHANT"CROSS-INDUSTRY MERGER
AND ACQUISITION
李易峰35岁官宣结婚——TAKE KUNBAIDA A'S ACQUISITION OF I LOVE MY
FAMILY AS AN EXAMPLE
ABSTRACT
In recent years,as China's economy is in a critical stage of transformation and upgrading,many traditional industries have entered a recession stage with overcapacity,and it is urgent to adjust the structure and change the growth mode.In order to adapt to the new normal of economic development and realize the goal of pursuing high returns, many traditional enterprises choose to break the routine,conduct cross-industry mergers and acquisitions,make strategic decisions on business transformation,optimize the industrial layout and put the company on the road of diversified development.At the same time,in terms of the mode of merger and acquisition,Chinese enterprises have also broken the situation of"combination of strong enterprises"and "combining strong enterprises with weak ones",and a new mode of "combination of strong enterprises with weak ones"has emerged,which is beneficial for some weak enterprises to obtain strategic resources, expand business areas,and improve the core competitiveness of enterprises.
The risks of cross-industry mergers and acquisitions are complex, and the failure of risk assessment and control in the process of mergers and acquisitions is frequently seen.Therefore,it is very important to study the risk of cross-industry mergers and acquisitions.This paper selects the case of cross-border merger and acquisition of real estate brokerage companies by traditional commercial retail enterprises in China,
李建老公and makes an in-depth discussion on the merger and acquisition of I love my home brokerage company by kunbaida A.Taking the merger and acquisition risk as the entry point,the paper focuses on the risk assessment and risk control of"weak and strong"mode.First of all,based on the case introduction of the merger of kunbaida A and I love my home, the relevant theories of risk management are utilized,we evaluated the risk of acquisition by kunbaida A based on internal and external aspects. Risk is mainly divided into mid cross-industry mergers and acquisitions in the early period of the enterprise strategic risk,transaction risk, integration risk and external risk,cross-industry mergers and acquisitions again,combined with the real estate intermediary industry operation compliance with the national policy level after mergers and acquisitions risk control strategy is discussed,combined with kunbaida A merger I love my house broker company A few years before and after mergers and acquisitions financial statement data to measure the success of mergers and acquisitions.Finally,the paper proposes relevant strategies to control the risk of merger and acquisition,so as to provide reference for the future research on"weak and strong"cross-industry merger and acquisition and its risk control.
Kunbaida A's successful merger and acquisition I love my home has become A typical example of how to"be strong with weak"in the Chinese merger and acquisition market,and its successful experie
nce is worth learning,which includes clear merger and acquisition motivation, appropriate merger and reasonable risk analysis and risk control. KEYWORDS:cross-industry mergers and acquisitions;"be weak and be strong";risk control
目录
摘要....................................................................................................................................................II 第一章引言. (1)
第一节研究背景和意义 (1)
第二节文献综述 (2)
第三节研究内容与研究方法 (5)
第四节论文可能创新与不足 (7)
第二章昆百大A跨行业并购我爱我家经纪公司的案例介绍与分析 (8)
第一节昆百大A跨行业并购我爱我家经纪公司的案例概述 (8)
第二节昆百大A跨行业并购我爱我家经纪公司的动因分析 (11)
第三章昆百大A跨行业并购我爱我家经纪公司的风险分析 (14)
第一节跨行业并购内部风险 (14)光盘行动宣传标语
第二节跨行业并购外部风险 (19)
第四章昆百大A跨行业并购我爱我家经纪公司的风险控制策略及成效 (22)
何洛洛真名第一节昆百大A跨行业并购风险控制策略 (22)
第二节昆百大A跨行业并购后风险控制的成效 (26)
第五章昆百大A跨行业并购我爱我家经纪公司的结论与建议 (32)
第一节结论与启示 (32)
第二节对策与建议 (34)
参考文献 (36)
致谢 (38)
论文原创性声明 (39)
浙江工商大学硕士论文“蛇吞象”跨行业并购的风险控制研究—以昆百大A并购我爱我家为例
第一章引言
限号2022年6月最新限号时间第一节研究背景和意义
一、研究背景
随着中国房地产开发行业的高速发展，房屋需求量稳中有升，房地产发展趋势已经由“新增开发建设”转变为“存量房的交易和运营”，中国正迎来房地产经纪行业和房屋租赁经营行业的发展好时代，并催生了诸如我爱我家、链家地产、中原地产、21世纪不动产等房地产中介巨头。尤其是在存量房的交易市场方面，2017年中国一线城市的二手房交易量是新房交易量的2.1倍，未来发展空间巨大，引起许多上市公司的关注。2015年3月份，上市公司58同城发布公告称以2.67亿美元的高价并购安居客集团。除此之外，2017年1月份，融创中国选择增资的方式，以26亿元购买北京链家地产6.25%的股权。而处于房地产中介行业领先地位的我爱我家也不甘示弱，2017年2月27日，昆百大A发布公告，拟合计支付高达61.8亿元的对价，并购我爱我家经纪公司94.00%的股权。由于昆百大A主营业务为商
业零售业，受国内实体经济持续低迷影响，其营收能力远低于我爱我家经纪公司。通过这次并购交易，上市公司的经济实力和规模得到大幅度提升，主营业务从商业零售业涉入二手房经纪、资产管理、新房代理分销等地产服务领域，开始向城市综合服务提供商转型升级，实现覆盖全产业链的业务布局。
诚然，跨行业并购重组有利于企业实现多元化发展目标，使其可以更便捷的获取其他行业先进资源。但同时，企业在跨行业的并购过程中又面临较大风险，一旦风险防范不利或者是考虑不全都会导致并购失败，比如目标企业价值评估风险、支付方式选择风险、国家政策调控风险以及人力资源整合风险。此外，大多数以弱并强式的并购交易以失败告终，体现出实施这种并购模式的风险较大。因此，对于昆百大A跨行业并购我爱我家经纪公司的风险控制的研究就显得非常重要。
二、研究意义
从理论上来看，我国对跨界并购的风险控制研究较少，主要集中于同行业之间的并购研究。同时，从研究的并购类型看，大多集中于“强并强”和“强并弱”的行业并购，对“弱并强”的跨行业并购关注较少。因此，对“弱并强”的跨行业并购风险进行研究具有重要意义。本文以传统商业零售业跨界并购的风险为研究对象，利用风险管理相关理论，将跨行业并购的风险主要分为前期战略风险、
发布评论