中国零售业并购绩效研究——以王府井并购春天百货为例-a study on the performance of chinese retail mergers and acquisitions a case study of wangfujing mergers and acquisitions of spring department store.docxVIP

AbstractWith Abstract With the acceleration process of economic globalization，global industry structure facing a new round of adjustment and upgrade．for promoting market expansion and laying a leading position in retail industry,achieve the goal of resource configuration optimization around the world，the international retail giants brought about Mergers＆Acquisitions wave continuously． Our local retail industry facing the challenge from global retail giants．china’S retail industry has disadvantages of small scale，low effciency and less competitive，compare with intemational large—scale retail enterprise．Mergers and acquisitions，which can make the retail enterprise grasp new channel，enter the new market quickly and expand its market share，it is also the way to expand scale of many retail enterprise．Whether they can succeed depends on many factors，on the base of combing the performance of Chinese retail mergers and acquisitions performance，the article has carried on the analysis and evaluation of the motivation and performance of Chinese retail mergers and acquisitions，order to find the problems in mergers and acquisitions，and provide inspiration for other enterprises in the industry． This paper uses the case analysis method to study the M＆a performance in the retail industry,and take the acquisition of printemps by Wangfujing department as an example． Then use the indexs of financial performance to analyze the annual report of Wangfujing over three years，it want to observe the effects of the mergers and acquisitions to Wangfujing．The Wangfujing four indicators and with retail industry average analysis comparison，it is found that，although better than the retail industry average，but Wangfujing is the acquisition of the year,indexes were decreased and Wangfujing sales expenses and management cost is high， after the merger,and no effective improvement and integration．In addition，due to the impact of the Internet retail，Wangfujing asset turnover declined，operating capacity