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The Financial Analysis Of The Effect Of Mergers And Acquisitions In Retailing Of China

943 words - 4 pages

 
 


 
 

基于零售业并购绩效的财务报表分析

摘 要

中国零售行业在 20 世纪 90 年代初开始,经历了 20 多年的蓬勃 发展,开始进入并购时期。从财务角度,零售企业并购的动因主要是 增加利润,降低成本。因此,并购绩效也取决于企业是否最终实现了 财务和运营的优化。本文选取我国参与并购的上市零售企业,将财务 报表数据转化为财务指标。为了将多个财务指标进行比较,本文提出 新的并购绩效评价体系,利用公式转化财务指标,再比较并购前后的 数值变化,从而判断并购的结果。结果显示,国内零售企业的大部分 并购并不成功。利用该评价体系,也可以看出国美对永乐和大中收购 最终带给企业的影响。 本文给予投资者判断企业并购绩效的新视角, 并且提出如何提高 并购绩效的建议,对于零售行业加速整合,规范市场行为有很好的借 鉴和参考价值。

关键词:零售业,并购,财务指标


 
 

The Financial Analysis of the Effect of Mergers and Acquisitions in Retailing of China Abstract

China's retail industry started in the early 1990s, has experienced 20 years of vigorous development, and now begins to enter the period of mergers and acquisitions. From ...view middle of the document...

50%
  12.07%
  18.10%
  8.62%
  8.19%
  6.03%
  0.43%
  8.62%
  5.17%
  9.48%
  6.03%
  1.29%
  1.29%
  3.88%
  12.07%
  0%
 

东北经济区域 北部沿海经济区域 东部沿海经济区域 南部沿海经济区域 黄河中游经济区域 长江中游经济区域 大西南经济区域 大西北经济区域 国外

30.17%
  31.47%
  24.57%
 

5%
  10%
  15%
  20%
  25%
  30%
  35%
 

按被并购方统计

按并购方统计


 
 
 
 
 
 
 
 
 
  从图表中可以看到,沿海经济区域相比较内陆并购互活动更加频繁,尤其以北部沿海
和东部沿海区域, 这两个区域中上海和北京作为最主要的商业活动城市, 由于零售业较发达, 发生的并购数量所在比例最高。在黄河中游,长江中游,大西南和大西北地区发生并购数量 较少,但整体被并购数量大于并购数,说明零售业跨地区并购已经将触角伸向中西部地区。 除此之外,我国零售业并购还呈现出以下几个特点: 首先,并购的强强联合趋势增强。例如 2008 年联华并购华联,2006 年国美并购行业第


 

5
 


 
 

三的永乐。其次,并购主要以横向为主。零售企业并购为占领市场,同时也为利用规模经济 降低成本,可以迅速扩大企业的规模。除此之外,同业态并购依然是主流,百货店并购百货 店,超市并购超市,家电专业并购家电专业。随着国内多种零售业态开始发展,未来跨业态 并购也会逐渐增多,例如王府井百货收购著名连锁便利店 7-11 北京 25%的股份。最后,国 有资本在并购中逐渐退出零售行业,而收购退出国有资产的企业主要为民营企业。
 

2.我国零售业并购动因
短短 20 年里,中国的零售行业从无到有,风起云涌,是什么导致了近几年的并购高潮 呢?观察这些并购,虽然原因各自不同,但都可以归为以下几类: 第一,消费品市场扩张,竞争加剧。我国社会消费品零售总额从 2001 年到 2010 年增长 了 4 倍,到 2011 年消费品零售总额达到 18.1 亿元。这样一个潜力巨大的市场,吸引了国外 的零售企业投资,也创造出一大批具有竞争力的内资企业。一些企业过度扩张,经营不善, 就成为了被并购的对象。 并购方通过这个行为占据了有利网点和渠道, 也就占据了更多的市 场。 第二,增强市场势力。市场势力是指企业对市场的控制力和影响力。首先并购可以减 少竞争者数量, 保持了企业在市场中的竞争优势, 甚至是垄断, 从消费者手中获得超额利润; 其次,并购带来的垄断地位可以提升零售商的谈判地位,在供货和物流方面降低成本。 第三,扩大规模经济。零售行业规模经济效益十分明显,规模的扩大能够分摊更多的 固定成本;更大规模的进货能够在折扣和结算方式上获得更多优惠,降低进货成本;企业内 部的物流成本也会降低; 更多的门店和网点可以使得企业更灵活的变换策略, 锁定更多的顾 客;更多的门店和网点同时也帮助企业以更低的成本实现营销。 第四,合理避税。高税率的企业通过定价转移,将利润转移到低税率的被收购企业, 获得税收优惠,增加净利润。再比如并购对资产重新估值,若资产市值大于历史成本,通过 并购交易资产的价值增加,折旧计提也会增加,可以相应的减少纳税。再或者,盈利企业通 过并购亏损企业,利用亏损递延条款来合理避税,减少税收支出。 第五,取得优势资源。目标企业的人力资源,管理经验,专利技术,固定资产都可以 进行优化配置,在并购后提高本企业的盈利能力。 以上是我国并购的主要动因。在这些动因背后,是与财务紧密相关的动机。无论是为 了增强市场势力, 或是为了规模经济, 这些动因最后都会反映在利润表中。 因此从财务角度, 我们可以把以上动因分为几类:第一种,是为了增加主营业务收入;第二种,是为了增加税 后利润;第三种,是为了降低成本(包括销售和物流成本) ;第四种,降低费用。 当然,除了以上几种,零售业并购还存在一些非财务动因,这里就不做讨论了。


 

四、并购绩效评价体系
(一)并购对财务指标的影响
财务指标是反应公司运营状况和财务状况的数据指标,主要包括盈利能力指标、资产 运营能力指标、偿债指标和发展能力指标。假如并购对财务数据有影响,必然就会改变财务 指标,通过财务指标的变化,我们就能够判断出收购对公司的影响是正向或是负向。财务指 标数量和种类繁多, 如果将所有财务指标列出, 则不能看出并购对哪些关键财务因素构成影 响。因此财务指标的选取标准是能够反映零售企业综合业绩,对并购变化较敏感,同时在零


 

6
 


 
 

售行业中决策者实施决策时最看重的指标。表 3-6 是选取的财务指标: 表 3-6 指标计算与经济含义

能力

计算公式 销售利润率=净利润/销售收入

经济含义 反映了每一元收入带来的 利润是多少。数字越大,说 明收益水平越高。 表明了公司对资产的利用

盈利能力 净资产收益率=净利润/年平均资产

状况。数越大,说明公司对 资产的利用效率越高,获得 盈利的效率越高。 体现公司偿还短期债务的 能力。比率越大,偿债能力 越高。 是指公司从购入存货,储存

偿债能力

流动比率=流动资产/流动负债

资产营运能力

存货周转率=销售成本/[(期初存货+期 末存货)/2]

到销售出去需要的天数。数 值越大,存货占有水平越 低,变现能力越强 是预测企业未来销售能力 的重要参数。增长率越高, 未来收入水平就越高

发展能力

销售收入增长率=销售收入增长额/上 年销售收入收入总额

之后选取 2008-2010 年间 8 个重大并购交易,观察财务指标的变化。这些交易包括了 零售行业中销售额最大的三类业态:百货商店,超级市场和专业店,也是并购发生最活跃的 业态。在比较时以并购发生年为分界点,对比并购前一年与后两年的财务指标。由于距离并 购的时间越长,财务数据收到其他因素的影响就越大,不能体现并购带来的变化,因此并购 两年后的数据不在计算范围内。 同时, 尽管并购当年的财务指标不一定对并购事件有及时的 反映,我们也可用来进行比对参考。 下表是并购交易的相关背景: 表 3-7
宣布日期 2008-5-22 2009-10-10 2009-3-17 2009-6-29 2009-9-10 2008-5-26 2008-2-28 2009-12-30 收购公司 百盛集团 重庆百货 杭州解百 联华 物美 华润 海王星辰 苏宁

2008-2009 年重大并购交易统计
目标公司类型 百货 百货 百货 超市 超市 超市 专业店...

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