从万达并购的战略类型来看,万达不仅实施了横向并购、纵向并购,还大面积实施了多元化并购。多元化并购战略是指企业进入与现有产品和市场不同的领域。不同的并购方式阐释着万达不同的并购动机。

(一)谋求国际市场,获得规模经济

全球化经济的快速发展带来企业的迅速扩张,中小企业都在通过各种方式实现自身规模的扩大,即使是万达这样的大企业,想保持持久竞争的优势也必须进一步扩张。当然扩张可以单靠自己的力量实现,也可以通过并购的方式。事实上,世界500 强企业都需要依靠不断并购才能达到如今的规模。万达凭借其巨大的财富在国内市场已占据重要地位,如今,其正向着国际化的方向发展,然而要想迅速成为一流的跨国公司,其在海外的发展只能通过并购这一方式。

(二)应对竞争,保持竞争优势

近两年来,互联网的大力普及带来了团购网的盛行,网上选购电影票具有方便且实惠的优势,这一创举不仅促进了电影的消费,也极大地推动了电影行业的发展,并渐渐改变着整个电影行业的格局。资本市场里,资金总是流向盈利性行业,越来越多企业家将视线投向电影这块大蛋糕,并纷纷开始涉足电影业,其中势头最强的当属阿里巴巴。阿里巴巴早在2014 年中旬就完成了其对阿里影业的收购,并迅速扩张,如今阿里影业已经将触角伸向院线并开始抢占万达院线的客流。在线上票务方面,阿里影业布局的线上票务淘宝电影已经成为一股不可忽视的力量,万达院线虽然一直保持着线下票务优势,线上却几乎没有竞争力。再者,在国内市场达到饱和后,为了做大电影产业,国际化发展路线成为必然,阿里影业积极筹备与国外影业的合作,在阿里影业的潜在竞争压力下,万达也不得不加紧其院线国际化的进程。

(三)实现企业转型,调整产业结构

如今,中国房地产行业利润率的下滑迫使该行业的转型,万达的产业重心也开始偏向文化、旅游产业,试图实现轻资产化运营的顺利转型。按照王健林的规划,2018 年万达将全面转型为服务型企业,服务业收入、净利润占比超过65%,形成万达商业、文化产业、金融产业、电子商务四大支柱产业。为了实现这一万达“帝国”的构想,万达在并购对象的选择上也进行了仔细的斟酌,并购AMC使得万达横跨中、美两个世界上最重要的电影市场,而澳大利亚第二大电影院线运营商Hoyts更是使万达在国际电影院线上的地位如虎添翼。王健林称万达的目标是:到2020 年, 占世界电影市场的份额力争达到20%。当然,要实现这一目标, 海外并购成为首要手段。除了电影院线,万达在2015 年在体育版块也发起了三起并购,在王健林看来, 中国体育产业还是一块处女地, 成长空间巨大。万达看准了体育产业在中国的发展前景,但是体育产业资源特别是上游产业资源,基本被欧美国家瓜分,要想获得体育产业的控制权,光靠自身的努力使行不通的,必须通过并购。

Wanda mergers and acquisitions from the strategic point of view, Wanda has not only implemented horizontal mergers and acquisitions, vertical mergers and acquisitions, but also large-scale implementation of a diversified mergers and acquisitions. Diversification strategy refers to the merger of enterprises with existing products and markets in different areas. Different ways of M & A explain Wanda's different motives for M & A.

to seek the international market, access to economies of scale

With the rapid development of the global economy, the rapid expansion of enterprises has brought about the rapid expansion of SMEs. SMEs are expanding their scale through various means. Even large enterprises like Wanda must further expand their competitive advantages in order to maintain lasting competition. Of course, expansion can be achieved only by its own strength, but also through the way of mergers and acquisitions. In fact, the world's top 500 companies need to rely on continuous mergers and acquisitions in order to reach today's scale. With its huge wealth in the domestic market has occupied an important position, Wanda nowadays is moving toward internationalization. However, to rapidly become a top-ranking multinational corporation, its overseas development can only be achieved through mergers and acquisitions.

to cope with competition and maintain competitive advantages

In the past two years, the popularization of the strong group of prevalence, the choose and buy the movie tickets online with the advantages of convenience and benefit, this initiative not only promoted the consumption of film, also greatly promote the development of the film industry, and gradually changing the pattern of the entire film industry. In capital market, money always flow to the non-profit world, more and more entrepreneurs will be attention to film the big cake, and began to set foot in the film industry, which is strongest when belong to alibaba. Alibaba, which completed its acquisition of alibaba pictures in mid-2014 and expanded rapidly, is now reaching out to theaters and starting to grab the flow of the wanda cinema line. Online ticketing, ali pictures, layout of online ticketing, taobao has become a force to be reckoned with in the movie, wanda cinema line though kept offline ticketing advantages, online almost no competitiveness. Furthermore, after reaching saturation in the domestic market, in order to make the movie industry, internationalization development route become inevitable, ali pictures, preparing to cooperate with foreign films, under pressure from ali pictures, potential competition, wanda has to intensify its internationalization of the process.

to achieve business restructuring, industrial restructuring
Today, the decline in the profit margin of China's real estate industry has forced the transformation of the industry. Wanda's industrial center of gravity has also begun to favor the cultural and tourism industries, trying to achieve the smooth transformation of asset-light operations. According to Wang Jianlin's plan, Wanda will be fully transformed into a service-oriented enterprise in 2018, with service revenue and net profit accounting for over 65%, forming the four pillar industries of Wanda's commercial, cultural, financial and e-commerce businesses. In order to realize this vision of Wanda "Empire," Wanda has also carefully considered the choice of M & A targets. The acquisition of AMC made Wanda span two of the world's most important movie markets in China and the United States, while Australia's second largest Hoyts, the cinema operator, is even more influential in Wanda's international cinema chain. Wang Jianlin said Wanda's goal is: by 2020, accounting for the world movie market share strive to reach 20%. Of course, to achieve this goal, overseas mergers and acquisitions as the primary means. In addition to the cinema line, Wanda launched three mergers and acquisitions in the sports section in 2015. According to Wang Jianlin, China's sports industry is still a virgin territory with huge growth potential. Wanda spotted the development prospects of the sports industry in China. However, the resources of the sports industry, especially the upstream industries, are basically divided up by the countries in Europe and the United States. To gain control of the sports industry, Wanda does not work through its own efforts,