湖南财政经济学院学报

随着2008年运动热潮的来袭，许多国有体育品牌都趁着行业红利时期快速发展起来，并试图通过并购来增强企业的竞争力。安踏在2015—2019年基于品牌和技术等方面的缺陷连续并购了斯潘迪、迪桑特、可隆、小笑牛与亚玛芬。通过搜集及整理财务数据，结合主成分分析法发现安踏连续并购绩效是先升后降的，说明连续并购确实给安踏带来正面效应但该效应并不持久，进一步分析发现这个现象是由于安踏并购节奏过快、支付方式单一以及多品牌发展后劲不足造成的。根据这些问题，提出通过合理安排并购节奏、采取多种支付方式相结合以及因地制宜式的整合措施等对策，可以有效化解安踏连续并购带来的问题，从而更好地搭建多品牌矩阵，提高品牌价值以及获取技术资源。

With the arrival of the sports boom in 2008, many state-owned sports brands have taken advantage of the industry dividend period to develop rapidly and tried to enhance their competitiveness through mergers and acquisitions. From 2015 to 2019, Anta successively acquired Sprandi, Descente, Kolon, Kingkow and Amer Sports based on brand and technology defects. Through collecting and sorting financial data, combined with principal component analysis, it was found that Anta's performance of successive mergers and acquisitions rose first and then fell, indicating that successive mergers and acquisitions did bring positive effects to Anta, but the effect was not lasting. Further analysis shows that this phenomenon is caused by Anta's too fast pace of merger and acquisition, the single payment method and the lack of potential for multi-brand development. According to these problems, this paper puts forward countermeasures such as reasonable arrangement of M&A pace, combination of various payment methods and integration measures according to local conditions, which can effectively solve the problems caused by Anta's continuous M&A, so as to better build multi-brand matrix, improve brand value and obtain technical resources.