Analysis Of Capital Operation Strategy Based On Scale Competition

Currently, Chinese beer trade has already basically completed the strategic development stage of trade scale merged and integrated .consequently produced three greatest beer tycoons ,which is Qingdao beer,Yanjing beer, Huayun beer . from then on ,three greatest beer tycoons have been in the vehement competition all the time. All the experts in the beer trade pay their attentions on the changes of strategic development of them . Especially strategy of the capital of the Qingdao beer which is the number one of the beer trade has been focused on so much attention.From 1993 to 2006 , Qingdao beer has carried on three times more typical capital operating strategy ,which is strategy of scale merged and integrated of beer trade, internationalization strategy, the strategic choice of reforming project of the stockholder's ownership .the research for the strategic development project of QingDao beer that above mentioned ,has provided very and important finance practice sample for the research and the development of theories of capital operating practice in Chinese enterprise .This is the reason and purpose of this papers that want to research and study.This article studies the question is the company capital operation effect is by little controls much or the scale competitive advantage? The paper research technique as studies the sample take the QingDao beer joint-stock company's three capitals operations event, as mainly studies the tool take the real diagnosis analysis method, strictly according to by fact proof theory rule development capital operation research.The this article main content and the structure divide into six chapters. First chapter is introduced the research background and the research question, the second chapter is the literature commentary ,the third chapter is the research technique explanation. Fourth chapter is the paper core, in this chapter, the paper quite thoroughly analyzed three events inner links and the development agent, discusses positive and negative coordination effect as well as negative question production reason which in the Qingdao beer profession internal gauge simulation strategy implementation process produces. After that the paper has carried on the depth analysis to the Qingdao beer and the American AB Corporation's strategic cooperation question, the subject of《Strategic Investment Agreement》studies the superiority and the theory skill about the bond that might transform, the Private Placement and the development of the financial contract that has carried on the discussion and the research. What is most prominent was systematically elaborated the Private Placement is one kind of revolutionary financial tool superiority and the characteristic, simultaneously to the development of the financial contract the concurrently debt and the stockholder's rights superiority carries on the elaboration. Further set at the reform success through the stockholder's rights minute to complete, analyzes《Strategic Investment Agreement》center regarding "to purchase H limit" as well as "the right to vote shift arrangement", thus discussed concludes the question which in the financial contract process should pay attention. Finally, under the environment which in the trade three big beer tycoons competes,the analysis discusses the QingDao beer and the American AB Corporation's in certain time competition cooperation unified question. Fifth chapter is further analyzes the Qingdao beer capital operation using the SWOT method the strategic environment and the effect, proved the Qingdao beer capital operation strategy forerunner,as well as competes, the cooperation validity to the QingDao beer and AB Corporation and the scientific nature. Finally sixth chapter is proposes the conclusion and the suggestion. Hoped this article the research will be able carries on the capital operation well to the next Qingdao beer and even the Chinese beer profession, thus rapidly will promote the enterprise value, the core competitive ability and the promotion enterprise's development provides the reference.