邁向第一之路：康師傅購併百事中國裝瓶廠股份的財務分析

Abstract

大陸的食品產業成長穩健，而軟性飲料更是其中的一支勁旅。康師傅在從方便麵產品立足，如今市場佔有率高達50%；接著在軟性飲料業茁壯，在許多品項上都名列前茅。處於製造業中的食品飲料業，需要經濟規模；更有許多市場的資源、消費者與投資者關愛的眼神，只會給行業裏的龍頭。 康師傅借由內部的自我增長做大、做強、做精之後，更積極的借由購並，以快速拉開與競爭對手的距離。對以成為「全球最大中式方便食品及飲品集團」為目標的頂新集團而言，方便面已經遙遙領先（按2012年銷售額計算，在大陸的市場佔有率為56.4%）。而且方便麵主要盛行於華人市場，說康師傅在方便面上是世界第一，相信沒有人會反對。但是在品項眾多的飲料市場中，品牌已經是百家爭鳴，而且隨時有可能有新的對手加入戰場。若不拉開與對手的距離，隨時可能會變天。康師傅與可口可樂互相爭奪產業之牛耳，因此康師傅與百事可樂在飲料事業上的策略聯盟（Strategic Alliance）可能成為產業版圖改寫的分水嶺，因此本論文以此做為個案（Case Study）討論。 在購併（Mergers and Acquisitions）實務上，企業經營常由策略著眼，探討購併對事業版圖的影響，再從財務著手，探討價格是否合宜。本論文所分析的康師傅購併百事中國裝瓶廠股份的財務分析也符合這個思路。藉由策略與財務兩處著手，探討康百聯盟背後真正決策之關鍵，並從財務面分析購併的架構（Structures），購併的條件（Terms and Conditions），綜效（Synergies）的分析等檢視策略的可行性與合理性。 本文認為康師傅與百事聯盟定位明確， 整合措施完整。在財務面透過購併條件與架構設計，與聯盟夥伴共榮，分享增長，也讓康百聯盟於後端整合上目標一致，以確實能發揮預期的綜效共同努力。康師傅在購併與跨文化整合上已有多次經驗，也讓本論文對於康百聯盟的成功有著高度的期待。

Tingyi (Cayman Islands) Holding Corp. (also known as its widely recognized brand “Master Kong”) is one of the market leaders in the fast growing food and beverage industry in China. With the vision of becoming “the largest Chinese convenient food and beverage group in the world”, Master Kong expands not only through organic growth, but also through mergers and acquisitions (M&A) in order to meet its strategic plan. We often see market leaders outperform its peers as it can be benefited in many prospects including (1) economies of scale, (2) brand awareness, (3) market positioning and (4) support from investors and financial markets. As Master Kong is already the dominant player in the instant noodle sector with 56.4% market share in terms of 2012 sales, its current focus is in beverage sector - which is more diversified and competitive in terms of product categories. Although Master Kong leads in several key beverage segments (e.g. water, tea, etc.), carbonated beverage segment has long been dominated by Coca-Cola and PepsiCo. Master Kong filled this missing piece in its product coverage spectrum by acquiring PepsiCo’s stakes in franchise bottlers in China. Hence, Master Kong becomes the sole partner of PepsiCo in China and the champion in soft drink sector - ahead of its major rival Coca-Cola. Given the synergies of Master Kong and PepsiCo, it is believed that this strategic alliance is well-positioned. Master Kong has abundant experiences in dealing with cross-border M&A. With a thoughtful integration plan and well structured terms and condition for the strategic alliance, I believe Master Kang is marching towards its target as a market leader in the Chinese convenient food and beverage sector.