企业成长理论视角下的企业并购动因分析——基于蒙牛收购雅士利案例

M&A Motivation Analysis from the Perspective of Enterprise Growth Theory:a Case Study of the Acquisition of Yashili by Mengniu Diary

基于企业成长理论的视角分析蒙牛收购雅士利的动因显示:蒙牛收购雅士利是一次双赢的收购案。并购作为企业重要且普遍的成长方式之一,是其实现成长和战略发展的一种外部途径,可有效解决企业存在的问题,发挥企业家精神,实现纵向一体化下的协同作用。目前,蒙牛在发展自身奶粉品牌上存在短板,同时面临着管理和需求上的约束,而雅士利也面临着管理和竞争的瓶颈,遏制了向行业的进军。蒙牛对雅士利兼并重组后,应加快资源整合与互补,实施多元化经营战略,真正培育起自己的品牌,加快国产奶粉行业整体升级的速度。

The motivation of the acquisition of Yashili by Mengniu Diary is analyzed based on the perspective of enterprise growth theory, which proves that it is a case with win-win resnlts. As a key and popular development approach for enterprises, M＆A is the external approach for the strategic development of enterprises, efficient in solving problems, inspiring entrepreneurship, and realizing vertical integration. Mengniu group now has short slabs in developing its milk powder brand and faces constraint of management and demand; Yashili also encounters a bottleneck of management and competition, curbing its growth. After the merger and reorganization, Mengniu should accelerate the resource integration and undertake diversified operation strategies, so as to build its own brands and speed up the upgrade of the overall milk powder industry.