企业并购后财务整合研究——蒙牛集团并购君乐宝公司案例

大企业、大集团大多是通过资本并购、重组、收购等资本运作手段而发展起来的,企业并购后的整合是决定并购成败的关键因素,其中财务整合更是并购整合的重要环节.本文以蒙牛集团并购君乐宝公司的实践作为案例研究对象,提出一套并购后财务整合新思路——财务整合要以公司价值最大化为目标,选择的整合时机分融合和协同两个阶段,有重点地逐步推进,印“一个目标、两个阶段、六项重点”的财务整合思路.明确了各项重点财务整合内容的具体措施及实施要点,使公司财务整合过程更加易于操作、有章可循.同时也为其他公司在财务整合以及其他方面的整合提供参考.

Research on the Financial Integration after Mergers and Acquisitions: A Case Study of the M&A of Junlebao Dairy Company by Mengniu Dairy(Group) Company Limited

Most of big enterprises and groups develop and expand by the way of capital restructu- ring, restructuring and M~A. The integration after the merger and acquisition is the key to the success of the merger and acquisition, and financial integration is an important link of the acquisi- tion integration. This paper conducts a case study of the merger of Junlebao Dairy Company （JLB） by Mengniu Dairy（Group） Company Limited（MN）, and puts forward a new idea of financial integration after merger： Financial integration should take value maximization as the goal, and carry out integration in two stages of fusion and synergy progressively, i.e. ＂one goal, two stages and six key points＂. It clarifies all the important factors of the financial integration and im- plementation guidelines, so that the integration process is rule-based and easy to operate. It also provides reference for other companies in financial integration and other aspects of the integration.