摘 要
在中国果汁市场中，汇源集团可以称得上是绝对的领军人物。市场占有率、 产品覆盖率和回购率都非常高，可能也正是因为这样，汇源集团的管理层被利益 蒙蔽了双眼，将原本踏踏实实的“慢跑”急速提升至“冲刺”。而导致汇源集团 破产重组的导火索就是 2007 年可口可乐高金额并购案，朱新礼激进错误的经济 决策和战略让整件事情开始发酵。自此以后，汇源集团表面风光，实则负债累累， 被高昂的利息费用一点一点侵蚀。最终，汇源集团宣布破产重整。从此看来，汇 源集团作为本案例研究的分析对象是具有一定代表性和较高的现实警示意义的。 本案例的研究主要从以下几个方面讨论：第一部分主要介绍公司背景。结合 数据图表，讨论了汇源集团从无到有的创业历程、经营情况以及是如何一步一步 走向破产停牌的悲惨结局。第二部分总结归纳了汇源集团所存在的财务问题，具 体分析了其财务问题形成的原因及相应的表现。第三部分提出了汇源集团不当的 战略管理措施以及企业存在的一些竞争劣势。第四部分采用横向对比的方式，将 汇源集团与同行企业进行对比分析，更能体现出其错误之处。第五部分是针对前 文提出的问题所给出的具体建议和整改措施，每段总结启示以及对其他企业的警 示，概括本文的研究结论。 本篇案例分析不仅起到警示大众的作用，还可为其他上市公司提供建议策 略，予以避免陷入相同财务危机困境的建议，有利于资本市场的良性平稳发展。
关键词：汇源集团；家族式管理；财务危机；破产重组；公司治理II
Abstract
In the Chinese juice market, Huiyuan Juice can be regarded as the absolute leader. The market share,
product coverage rate and buyback rate are all very high. Perhaps because of this, the management of Huiyuan
Juice was blinded by the interests and quickly upgraded the original steady "jogging" to "sprint". The trigger for
Huiyuan Juice's bankruptcy and reorganization was the 2007 merger and acquisition of Coca-Cola. Zhu Xinli's
radical and wrong economic decisions and strategies made the whole thing ferment. Since then, Huiyuan Juice
has been in debt, eroded by high interest charges. Eventually, Huiyuan Juice declared bankruptcy reorganization.
From this point of view, Huiyuan Juice as the analysis object of this case study has a certain
representativeness and high realistic warning significance.
This case study mainly discusses from the following aspects: The first part mainly introduces the
background of the company. Combined with the data chart, this paper discusses huiyuan juice's entrepreneurial
process, operation situation and how it went bankrupt step by step and ended in suspension. The second part
summarizes the financial problems existing in Huiyuan Juice and specifically analyzes the causes and
corresponding performance of the financial problems. The third part puts forward the improper strategic
management measures and some competitive disadvantages of Huiyuan Juice. The fourth part adopts the way of
horizontal comparison to make a comparative analysis between Huiyuan Juice and its peers, which can better
reflect its mistakes. The fifth part is the specific suggestions and rectification measures for the problems
mentioned above. Each section summarizes the enlightenment and warning to other enterprises, and summarizes
the research conclusions of this paper.
This article not only serves as a warning to the public, but also provides suggestions for other listed
companies to avoid falling into the same financial crisis, which is conducive to the benign and stable
development of the capital market.
Key words:
Huiyuan Juice; Family management; Financial crisis;Bankruptcy reorganization;Corporate
governance
12.从神坛到尘埃，汇源集团究竟怎么了？——汇源集团破产重组案例分析-时军-MPAcc案例论文.pdf
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