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Corporate mergers and acquisitions are an important path for enterprises to enhance core competitiveness, integrate advantageous resources, and achieve strategic expansion. This paper conducted a case study on the acquisition of Ausnutria by Yili, a leading enterprise in the dairy industry. It systematically analyzed the motives behind Yili's acquisition and used financial indicator analysis to evaluate Yili's acquisition performance, aiming to provide practical inspiration for mergers and acquisitions of dairy enterprises. The research found that: firstly, the motives for Yili's acquisition of Ausnutria are to seize market share, build a global network, enhance innovation capabilities, and achieve strategic goals; secondly, after Yili's acquisition of Ausnutria, its profitability and growth capacity have improved, indicating that the acquisition has enhanced the company's economic benefits; thirdly, Yili's debt repayment capacity and operational capacity have declined, indicating that Yili's integration capacity needs to be improved and the synergistic effect of the acquisition has not been fully realized; fourthly, this paper only evaluated Yili's acquisition performance based on short-term financial data, which made it difficult to fully capture the long-term performance and strategic synergies of the acquisition, thus having certain limitations.

, authors=Sutian WEN, authorsList=Sutian WEN, authorCompany=null, correspAuthors=null, authorNote=null, correspAuthorsNote=null, copyrightStatement=null, copyrightOwner=null, extLink=null, articleAbsUrl=null, sourceXml=null, magXml=null, pdfUrl=null, pdf=null, pdfFileSize=null, pdfExtLink=null, richHtmlUrl=null, mobilePdfUrl=null, reviewReport=null, pdfFirstPage=null, abstractGraph=null, abstractGraphContent=null, abstractVideo=null, citation=null, cebUrl=null, magXmlContent=null, mapNumber=null, fund=null), CN=ArticleExt(id=1297134108681990500, articleId=1297134106291237218, tenantId=1146029695717560320, journalId=1296801528146919473, language=CN, title=伊利并购澳优的动因及绩效案例研究——基于财务指标的分析, columnId=1297134029577409188, journalTitle=中国乳业, columnName=营销管理, runingTitle=null, highlight=null, articleAbstract=

企业并购重组是企业实现资源整合、提升核心竞争力、整合优势资源以实现战略扩张的重要路径。本文以乳制品行业龙头企业伊利并购澳优为案例,系统分析伊利进行并购的动因,并采用财务指标分析法评价伊利并购绩效,旨在为乳制品企业并购提供一定的实践参考启示。研究发现:第一,伊利并购澳优的动因包括抢占市场份额、构建全球网络、提高创新能力和实现战略目标;第二,伊利并购澳优之后,盈利能力和成长能力有所提升,表明并购提升了企业的经济效益;第三,伊利的偿债能力和营运能力有所下降,表明伊利的整合能力有待提升,并购的协同效应尚未完全发挥;第四,本文仅基于短期财务数据对伊利的并购绩效进行评价,难以充分捕捉并购的长期绩效和战略协同效应,因此存在一定的局限性。

, authors=文粟田, authorsList=文粟田, authorCompany=null, correspAuthors=null, authorNote=

文粟田(2002-),女,河南新乡人,在读硕士,初级会计,研究方向为碳会计理论与实务。

, correspAuthorsNote=null, copyrightStatement=发表在《中国乳业》上的论文,视为将本论文的数字化复制权、发行权、汇编权及信息网络传播权许可给《中国乳业》使用。本刊已许可中国学术期刊(光盘版)电子杂志社、北京万方数据股份有限公司等多家单位在其相关数据库产品中以数字化方式复制、汇编、发行、信息网络传播本刊全文。作者向本刊提交文章发表的行为即视为同意我刊授权使用该文著作权。, copyrightOwner=null, extLink=null, articleAbsUrl=null, sourceXml=u377b8+63dANHo5qFFw6LA==, magXml=UTAi8T6xocz/9r7/IDZ3Gg==, pdfUrl=null, pdf=EBOlWLqzdvYpSIwiYl+trg==, pdfFileSize=3253127, pdfExtLink=null, richHtmlUrl=null, mobilePdfUrl=null, reviewReport=null, pdfFirstPage=null, abstractGraph=null, abstractGraphContent=null, abstractVideo=null, citation=null, cebUrl=null, magXmlContent=LgGfPv5/LY4StRQHyBo6uA==, mapNumber=null, fund=null)}, authors=[Author(id=1297134109072060777, tenantId=1146029695717560320, journalId=1296801528146919473, articleId=1297134106291237218, orderNo=0, firstName=null, middleName=null, lastName=null, nameCn=null, orcid=null, stid=null, country=null, authorPic=null, dead=0, email=null, emailSecond=null, emailThird=null, correspondingAuthor=0, authorType=1, ext={EN=AuthorExt(id=1297134109160141163, tenantId=1146029695717560320, journalId=1296801528146919473, articleId=1297134106291237218, authorId=1297134109072060777, language=EN, stringName=Sutian WEN, firstName=Sutian, middleName=null, lastName=WEN, prefix=null, suffix=null, authorComment=null, nameInitials=null, affiliation=null, department=null, xref=null, address=Lanzhou University of Finance and Economics, Lanzhou Gansu 730020, bio=null, bioImg=null, bioContent=null, aboutCorrespAuthor=null), CN=AuthorExt(id=1297134109244027244, tenantId=1146029695717560320, journalId=1296801528146919473, articleId=1297134106291237218, authorId=1297134109072060777, language=CN, stringName=文粟田, firstName=null, middleName=null, lastName=null, prefix=null, suffix=null, authorComment=null, nameInitials=null, affiliation=null, department=null, xref=null, address=兰州财经大学,甘肃 兰州 730020, bio={"content":"

文粟田(2002-),女,河南新乡人,在读硕士,初级会计,研究方向为碳会计理论与实务。

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文粟田(2002-),女,河南新乡人,在读硕士,初级会计,研究方向为碳会计理论与实务。

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伊利并购澳优的动因及绩效案例研究——基于财务指标的分析
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文粟田
中国乳业 | 营销管理 2026,(1): 21-28
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中国乳业 |营销管理 2026 , (1) : 21 -28
伊利并购澳优的动因及绩效案例研究——基于财务指标的分析
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文粟田
作者信息
  • 兰州财经大学,甘肃 兰州 730020
作者简介:

文粟田(2002-),女,河南新乡人,在读硕士,初级会计,研究方向为碳会计理论与实务。

Research on the Motivation and Performance of Yili's Acquisition of Ausnutria--Analysis Based on Financial Indicators
Sutian WEN
Affiliations
  • Lanzhou University of Finance and Economics, Lanzhou Gansu 730020
出版时间: 2026-01-25 doi: 10.12377/1671-4393.26.01.04
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企业并购重组是企业实现资源整合、提升核心竞争力、整合优势资源以实现战略扩张的重要路径。本文以乳制品行业龙头企业伊利并购澳优为案例,系统分析伊利进行并购的动因,并采用财务指标分析法评价伊利并购绩效,旨在为乳制品企业并购提供一定的实践参考启示。研究发现:第一,伊利并购澳优的动因包括抢占市场份额、构建全球网络、提高创新能力和实现战略目标;第二,伊利并购澳优之后,盈利能力和成长能力有所提升,表明并购提升了企业的经济效益;第三,伊利的偿债能力和营运能力有所下降,表明伊利的整合能力有待提升,并购的协同效应尚未完全发挥;第四,本文仅基于短期财务数据对伊利的并购绩效进行评价,难以充分捕捉并购的长期绩效和战略协同效应,因此存在一定的局限性。

伊利  /  澳优  /  并购  /  动因  /  绩效  /  协同效应  /  婴幼儿配方乳粉  /  全球化布局

Corporate mergers and acquisitions are an important path for enterprises to enhance core competitiveness, integrate advantageous resources, and achieve strategic expansion. This paper conducted a case study on the acquisition of Ausnutria by Yili, a leading enterprise in the dairy industry. It systematically analyzed the motives behind Yili's acquisition and used financial indicator analysis to evaluate Yili's acquisition performance, aiming to provide practical inspiration for mergers and acquisitions of dairy enterprises. The research found that: firstly, the motives for Yili's acquisition of Ausnutria are to seize market share, build a global network, enhance innovation capabilities, and achieve strategic goals; secondly, after Yili's acquisition of Ausnutria, its profitability and growth capacity have improved, indicating that the acquisition has enhanced the company's economic benefits; thirdly, Yili's debt repayment capacity and operational capacity have declined, indicating that Yili's integration capacity needs to be improved and the synergistic effect of the acquisition has not been fully realized; fourthly, this paper only evaluated Yili's acquisition performance based on short-term financial data, which made it difficult to fully capture the long-term performance and strategic synergies of the acquisition, thus having certain limitations.

Yili  /  Ausnutria  /  merger and acquisition  /  motivation  /  performance  /  synergistic effect  /  infant formula milk powder  /  global layout
文粟田. 伊利并购澳优的动因及绩效案例研究——基于财务指标的分析. 中国乳业, 2026 , (1) : 21 -28 . DOI: 10.12377/1671-4393.26.01.04
Sutian WEN. Research on the Motivation and Performance of Yili's Acquisition of Ausnutria--Analysis Based on Financial Indicators[J]. China Dairy, 2026 , (1) : 21 -28 . DOI: 10.12377/1671-4393.26.01.04
  • 甘肃省哲学社会科学规划项目阶段性研究成果(2023YB021)
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doi: 10.12377/1671-4393.26.01.04
  • 首发时间:2026-08-20
  • 出版时间:2026-01-25
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甘肃省哲学社会科学规划项目阶段性研究成果(2023YB021)
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    兰州财经大学,甘肃 兰州 730020
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2种不同金属材料的力学参数

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鹅膏菌科Amanitaceae 2 11 5.26 鹅膏菌属 Amanita 10 4.78
小菇科 Mycenaceae 2 12 5.74 丝盖伞属 Inocybe 5 2.39
多孔菌科 Polyporaceae 8 14 6.70 蜡蘑属 Laccaria 5 2.39
红菇科 Russulaceae 3 23 11.00 小皮伞属 Marasmius 6 2.87
小菇属 Mycena 11 5.26
光柄菇属 Pluteus 5 2.39
红菇属 Russula 17 8.13
栓菌属 Trametes 5 2.39
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