摘要
As a well-known dairy company in China, Yili officially completed the acquisition of infant formula goat milk powder head company Ausnutria Dairy in 2022. This acquisition has become the largest merger in the dairy industry in recent years. This paper analyzes the motivation and integration process of Yili’s merger and acquisition of Ausnutria Dairy, and uses event research method and accounting research method to measure the market performance and financial performance of the merger and acquisition, and on this basis, the effect of the merger and acquisition is systematically evaluated. The study found that after the merger, the market responded positively, shareholder wealth increased, and mergers and acquisitions had a positive impact on profitability, growth ability and solvency in addition to a slight reduction in Yili’s operating capacity. Finally, the research puts forward the enlightenment of enterprise merger and acquisition, and provides experience for enterprise horizontal merger and acquisition.
摘要译文
作为中国一家著名的乳制品公司，Yili在2022年正式完成了对婴儿配方奶粉奶粉公司Austria Dairy的收购。这项收购已成为近年来奶牛业最大的合并。本文分析了Yili合并和收购Austria Dairy的动机和整合过程，并使用事件研究方法和会计研究方法来衡量合并和收购的市场绩效和财务绩效，并在此基础上进行合并的效果并采集进行了系统评估。该研究发现，在合并后，市场做出积极反应，股东财富增加了，并合并和收购对盈利能力，增长能力和偿付能力产生了积极影响，此外除了Yili的运营能力略有下降外。最后，研究提出了企业合并和收购的启蒙，并为企业水平合并和获取提供了经验。
Yalan Wan;Mengjin Niu. Performance Analysis of Yili’s Acquisition of Ausnutria under the Background of ‘New Consumption’[J]. SHS Web of Conferences, 2023,163