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Optimize enterprise merger and reorganization, printing and packaging industry, will big fish eat small fish

Recently, the State Council issued the opinions on further optimizing the market environment for enterprise mergers and acquisitions. Securities companies will see the opportunity to hype the theme of mergers, banks will see the differentiated credit policy of focusing on the large and letting go of the small, capital will see another round of state-owned enterprise reform feast, and the interpretation from all walks of life is not lively

what can printing and packaging entrepreneurs smell? Today, we take this opportunity to talk with you about whether there will be a phenomenon of big fish eating small fish in the packaging and printing industry under this opinion

the structure of the printing and packaging industry is small, scattered, chaotic and weak

small refers to the average monomer size of the enterprise, scattered refers to the industrial concentration, disorderly refers to the industrial order, and weak refers to the bargaining power of the whole industry compared with the upstream and downstream

especially since 2004, the whole industry has entered a stage of continuous decline in capital gains. Up to now, most enterprises only maintain meager profits, and there are many hidden dangers in the security of the capital chain. From a financial perspective, it is an investment field with high risk and low return, and the capital market does not pay much attention to it

the formation of such a structure can not be explained clearly by a simple sentence of overcapacity. Its background is that the entire Chinese industrial system bears the hard injury of the planned economy era, and the reconstruction of the industrial system structure under the condition of distorted allocation of financial resources

merger and reorganization is just an important way to resolve the contradiction of serious overcapacity, adjust and optimize the industrial structure, and improve the quality and efficiency of development. Since 2008, the integration trend of the packaging industry has become more and more obvious. It mainly benefits from the following two aspects:

first, the downstream industrial concentration

the downstream of packaging is mainly food and beverage, household appliances, household chemicals, 3C and other industries. The industry concentration of these industries has increased significantly in the past decade

the profit margins and terms of trade that packaging and printing enterprises have been squeezed in the past two years are the result of price negotiation by downstream major customers. However, the improvement of downstream concentration forces the integration of upstream industrial chain, which is inevitable in other mature economies. In China, it is only because the problems of market mechanism and resource allocation are delayed as long as the corresponding experimental scheme is selected during the experiment

secondly, the concentration of upstream paper industry

packaging and printing enterprises are now squeezed at both ends, which is very clear from our recent research on the supply chain

the pressure and capital cost of credit sales are mainly in the two links of dealers and packaging enterprises. Paper enterprises have a certain ability to adjust and control the risk of terms of trade. For printing enterprises, the core role of dealers has changed from trade services to financial support. In fact, dealers have become the most vulnerable link in the industrial chain, and this round of industrial integration will determine their fate

although the upstream and downstream of the industrial chain have accumulated enough strength to promote the merger and reorganization of the printing and packaging industry, the actual situation is that the case of big fish eating small fish is still rare in this industry. Far east horizon believes that the main reasons may be:

1. There are few listed companies, and the leading enterprises in various regions are not large enough to obtain sufficient bank resources to support mergers and acquisitions. Therefore, the horizontal merger (i.e. interbank merger) that should first occur at the lower end of the specimen in traditional economic theory has not formed a climate

2. Due to the low value of the whole industry, it cannot obtain the favor of capital outside the industry, so there are very few opportunities for cross industry mergers and acquisitions

3. The lack of business resources after mergers and acquisitions magnifies the risk of industrial integration. In the first round of industrial mergers and acquisitions in the United States, the transformation from family business model to manager control model is accompanied by integration. The lack of management talents and the ability of export management in the packaging and printing industry has amplified the business risks after mergers and acquisitions, making entrepreneurs with ideas ambiguous about mergers and acquisitions, and new construction is undoubtedly a more secure management practice

in the past two years, with Xi Li's accelerated pace of deepening system reform, the external factors of the integration of the printing and packaging industry will continue to increase pressure, and the change of internal factors is a problem sooner or later

entrepreneurs cannot simply survive the winter with an ostrich mentality and expect to replicate the success of ten years ago. Entrepreneurs with long-term strategic goals and industry integration thinking will stand out, and economies of scale is the inevitable idea of these entrepreneurs

the law of traditional manufacturing industry will definitely lead the development of this industry, that is, only large enterprises can attract enough capital, enterprises with capital can lead the reorganization of the market, and people with market share can redefine the market order and repair the industrial value

for more information, please pay attention to international information

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