国际经济与贸易学院知识库

  伴随着国家“走出去”战略的深入推进与实践，越来越多的中国企业通过跨国并购的方式推进自身的国际化发展进程。跨国并购可以让企业在短时间内获取优势资源、迅速开拓海外市场并且能够更直接的减少材料、人工成本费用，因此是企业进入国际市场最有效的途径之一。对于企业跨国并购是否成功，并购后的经营是否能够获得满意的绩效，并购整合是关键性的衡量因素。选择适合的整合模式对于企业提升并购绩效非常重要，但是企业能否清晰评价和判断影响整合模式选择的因素和条件则是决定其选择正确性的核心问题。改革开放以后，中国居民生活水平改善，对奶类产品的需求不断提升，由此拉动诸多乳品企业纷纷进入的同时也使得国内的乳品市场面临着更为激烈的竞争。随着乳品国内供需趋于均衡，产品质量提升的同时品牌集中度也进一步加强，一些领先的乳品企业为寻求更多的市场机会并提升自身竞争力，相继通过跨国并购的形式开始国际化经营。然而，并购后的整合模式选择严重影响和制约着这些企业的并购绩效，并且他们在并购模式选择方面的经验和教训也为后续中国企业提供了重要的参考价值和经验启示。

  本文通过对伊利、蒙牛、光明三个乳品企业所进行的典型跨国并购案例进行比较分析，探究国内乳品企业海外并购的动因并对跨国并购后的整合模式与绩效进行研究，进而总结影响乳品企业跨国并购整合模式选择的因素与经验，以期为其他本土企业国际化发展提供启示与借鉴。文中主要依据Haspeslagh和Jemison（1991）提出的2×2矩阵模型理论，从战略、技术、品牌、人力资源以及文化等五个方面做对比，研究乳品企业跨国并购所面临的环境与风险中的共性问题及异质性。并分析得出三个经典乳品企业跨国并购案例的整合模式分别属于保持型、共生型和控制型整合模式。再通过财务和非财务指标对比评价三个案例的整合效果。在此基础上得出研究结论：对于同行业的横向海外并购，其整合模式应选择整合程度较小的温和型整合模式，如保持型和共生型整合，减少冲突。基于此，本文进一步针对同类型乳品企业就跨国并购后的整合模式选择提出选择判断的依据及整合建议。

       With the in - depth advancement and practice of the country's "going global" strategy, more and more Chinese companies have promoted their international development process through multinational mergers and acquisitions. Transnational mergers and acquisitions allow enterprises to obtain advantageous resources in a short time, quickly develop overseas markets, and can more directly reduce materials and labor costs. Therefore, it is one of the most effective ways to enter the international market. Whether the company's multinational mergers and acquisitions are successful, whether the operation of the merger and acquisition can achieve satisfactory performance, the integration of mergers and acquisitions is a key measurement factor. Choosing a suitable integration model is very important for enterprises to improve mergers and acquisitions, but whether enterprises can clearly evaluate and judge the factors and conditions that affect the selection of integration models are the core issues that determine their choice of correctness. After the reform and opening up, the living standards of Chinese residents improved, and the demand for dairy products continued to improve. As a result, many dairy companies have entered while making the domestic dairy market face more intense competition. With the domestic supply and demand of dairy products tending to be balanced, while the product quality is improved, the brand concentration has also been further strengthened. In order to seek more market opportunities and enhance their competitiveness, some leading dairy companies have successively started international operations through the form of multinational mergers and acquisitions. However, the selection of integration models after mergers and acquisitions seriously affects and restricts the performance of the mergers and acquisitions of these enterprises, and their experience and lessons in the selection of M&A models also provide important reference value and experience revelation for subsequent Chinese companies.

       This article compares and analyzes typical cross-border M&A cases of three dairy companies, Yili, Mengniu, and Guangming, explores the motives behind domestic dairy companies' overseas M&A, and studies the integration mode and performance after cross-border M&A. It then summarizes the factors and experiences that affect the selection of cross-border M&A integration mode for dairy companies, in order to provide inspiration and reference for the international development of other local enterprises. It mainly uses the 2×2 matrix model theory proposed by Haspeslagh and Jemison (1991) to compare and study the common and heterogeneous issues in the environment and risks faced by dairy companies in cross-border mergers and acquisitions from five aspects: strategy, technology, brand, human resources, and culture. And it was analyzed that the integration models of three classic cross-border mergers and acquisitions of dairy enterprises belong to the maintenance, symbiosis, and control integration models, respectively. Compare and evaluate the integration effect of the three cases through financial and non-financial indicators. On this basis, the research conclusion is drawn that for horizontal overseas mergers and acquisitions in the same industry, the integration mode should choose a mild integration mode with a lower degree of integration, such as maintenance and symbiosis integration, to reduce conflicts. Based on this, this article further proposes the basis and integration suggestions for the selection and judgment of integration models for similar dairy companies after cross-border mergers and acquisitions.