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 financial aspect, the main motive of M&A in retailing is to increase profits, or reduce costs. Therefore, M&A performance also depends on whether the organization can finally realize the optimization, financially and operationally. This paper selects the listed retail enterprises involved in M&A, transforms the data of the financial statements into financial indicators. In order to compare these indicators, this paper puts forward a new M&A performance evaluation system which can be used to compare financial index before and after the merger activity, so as to estimate the results. The result finds that most mergers in retailing is not successful as expected. Using the evaluation system, we can also have an insight into Gome acquisition events and those effects on the organization. This paper gives the investors a new perspective to assess M&A performance, and puts forward advice on how to improve the performance of mergers and acquisitions. It is very helpful for the integration of retail industry and the regulation of market behavior.

Key words: retailing, M&A, financial indicator

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