国际经济与贸易学院知识库

在经济全球化背景下，跨国并购成为企业“走出去”获取战略资源、抢占国际市场的有效路径，也是企业实现自身长远发展的必然选择。由于跨国并购往往交易规模庞大、交易程序复杂，需要合理选择并购策略以保障并购活动顺利进行并达到预期目标。在近年来的众多跨国并购案中，我国佳沃食品公司并购智利三文鱼公司因其并购策略选择欠妥、并购效果欠佳，成为一个值得商讨的跨国并购案例。因此，本文以此案例作为研究对象并分析其并购策略选择存在的缺陷，以期对其他企业跨国并购策略的选择提供借鉴。

论文在对国内外跨国并购策略相关文献回顾总结的基础上，系统梳理了我国佳沃食品公司跨国并购智利三文鱼公司的整个过程及其相关环节所采取的并购策略，并通过事件研究法、财务指标法、熵权评价法等分析方法对并购绩效进行了检验，以便对佳沃食品公司跨国并购策略选择的科学性与合理性做出判断，并对我国其他企业开展跨国并购活动提供并购策略方面的借鉴与启示。论文研究发现：在佳沃食品公司跨国并购智利三文鱼公司的交易过程中，在并购时机的选择上，佳沃食品公司重点考虑政策因素，采取了抢抓政策机遇期并购的时机选择策略；在并购对象的选择上，佳沃食品公司考虑贴合公司战略目标、公司目标产业的实力公司并购，采取了贴合目标优先的并购对象选择策略；在估值方式的选择上，佳沃食品公司重点考虑估值信息因素，采取了以基本信息的可获得性为依据的并购对象估值方式选择策略；在并购交易结构设计的选择上，佳沃食品公司重点考虑财务风险和分业经营因素，采取了差异化的并购交易结构设计选择策略；在融资方式的选择上，佳沃食品公司重点考虑到目标公司未来盈利能力以及母公司的经营状况，采取了单一化的并购融资方式选择策略；在并购后期的资源整合方式选择上，佳沃食品公司综合考虑产业资源、文化、销售渠道以及人力资源因素，采取了全方位的资源整合选择策略。佳沃食品公司虽然较为顺利地实现了跨国并购智利三文鱼公司的目标，但其并购效果并不理想，不仅在短期内造成了股东财富价值的损失，而且长期绩效也为负数，表明佳沃食品公司所采取的并购策略虽然有抢抓政策机遇期并购的时机选择策略、贴合目标优先的并购对象选择策略、差异化的并购交易结构设计选择策略和全方位的资源整合选择策略等值得推广应用的方面，但也有不尽合理之处，主要是单一化的并购融资方式选择策略和以基本信息的可获得性为依据的并购对象估值方式选择策略。为此，论文从并购时机、并购对象、并购估值、交易结构设计、融资结构和并购后期整合方面为其他企业开展跨国并购的策略选择提出了正反两方面的启示。

Against the backdrop of economic globalization, cross-border mergers and acquisitions have become an effective means for companies to secure strategic resources and conquer international markets, and also an inevitable choice for enterprises to achieve their long-term development. Due to the large transaction scale and complex transaction procedures of cross-border mergers and acquisitions, it is necessary to reasonably select merger strategies to ensure the smooth progress of mergers and acquisitions activities and achieve the expected goals. Among the numerous cross-border mergers and acquisitions in recent years, the acquisition of Australis Seafoods S.A. Company by China's Jiawo Food Company has become a case worth discussion due to its improper selection of merger strategies and poor merger results. Therefore, this article focuses on this case study and analyses the shortcomings in the selection of M&A strategies in order to provide recommendations to other companies on how to select cross-border M&A strategies.

Based on a review of relevant literature on cross-border M&A strategies at home and abroad, this paper systematically reviews the entire process of China's Jiawo Food Company's cross-border M&A of Australis Seafoods S.A. and the M&A strategies  has adopted in relevant links. It also examines the performance of M&A through analysis methods such as event research, financial indicators, and entropy weight evaluation, In order to make a judgment on the scientificity and rationality of the cross-border M&A strategy selection of Jiawo Food Company, and provide reference and inspiration for other enterprises in China to carry out cross-border M&A activities. This paper draws the following conclusions: In the cross-border acquisition of Australis Seafoods S.A. by Jiawo Foods, in terms of the timing of merger and acquisition, Jiawo Food Company focused on considering policy factors and adopted the timing strategy of seizing policy opportunities for merger and acquisition; In terms of the selection of acquisition targets, Jiawo Food Co., Ltd. focuses on connecting high-quality industries and enterprises, and adopts a strategy of selecting acquisition targets that fits the target first; In terms of the selection of valuation methods, Jiawo Food Company focuses on the factors of valuation information and adopts a strategy of selecting valuation methods for acquisition targets based on the availability of basic information; In the selection of merger and acquisition transaction structure design, Jiawo Food Co., Ltd. focuses on financial risks and business division factors, and adopts a differentiated merger and acquisition transaction structure design selection strategy; In terms of financing method selection, Jiawo Food Co., Ltd. mainly considers the future profitability of the target company and the operating status of the parent company, and adopts a simplified strategy of financing method selection for mergers and acquisitions; When deciding how to integrate resources in the later stages of a merger and acquisition, Jiawo Food Company has taken a comprehensive strategy of resource integration selection, taking into account industrial resources, culture, sales channels, and human resources factors. Although Jiawo Food Company has successfully achieved the goal of cross-border merger and acquisition of Chilean Salmon Company, its merger and acquisition effect is not ideal, not only causing a loss of shareholder wealth value in the short term, but also a negative long-term performance, indicating that the merger strategy adopted by Jiawo Food Company includes the timing strategy of seizing policy opportunities, the target priority strategy of merger and acquisition Differentiated M&A transaction structure design and selection strategies, as well as comprehensive resource integration and selection strategies, are worth promoting and applying, but there are also unreasonable aspects, mainly including a single M&A financing method selection strategy and a M&A target valuation method selection strategy based on the availability of basic information. For this reason, the paper provides positive and negative implications for other enterprises in terms of merger timing, merger targets, merger valuation, transaction structure design, financing structure, and post merger integration in conducting cross-border mergers and acquisitions.