本文選題：跨國收購 + 協(xié)同效應(yīng)��； 參考：《江西財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：隨著居民人均可支配收入的增加和居民生活水平的提高,汽車日益成為家家戶戶的首選出行工具。尤其自2016年以來,新能源汽車和智能汽車被人們普遍接受,汽車行業(yè)進(jìn)入產(chǎn)銷兩旺的局面。雖然國內(nèi)汽車產(chǎn)業(yè)得到極大地發(fā)展,但由于大部分汽車的關(guān)鍵核心技術(shù)掌握在國外汽車巨頭手中,國內(nèi)汽車主要是經(jīng)營(yíng)整車業(yè)務(wù)和汽車零部件業(yè)務(wù)等利潤(rùn)較低的領(lǐng)域,企業(yè)發(fā)展空間有限。汽車企業(yè)為了能夠長(zhǎng)期生存和獲得旺盛的生命力,于是開始進(jìn)行跨國并購,所以如何進(jìn)行有效整合和發(fā)揮協(xié)同效應(yīng)成為我國企業(yè)生存和發(fā)展必須研究的課題。本文通過對(duì)均勝電子收購KSS案例進(jìn)行研究,采用案例分析法和財(cái)務(wù)數(shù)據(jù)法,探索收購案協(xié)同效應(yīng)的實(shí)現(xiàn)程度。本文首先從國內(nèi)外兩方面介紹并購協(xié)同效應(yīng)的現(xiàn)狀,確定協(xié)同效應(yīng)的理論基礎(chǔ),即確定以經(jīng)營(yíng)、管理、財(cái)務(wù)和無形協(xié)同效應(yīng)四個(gè)方面來闡述該企業(yè)收購協(xié)同效應(yīng)。同時(shí)研究中國汽車行業(yè)的發(fā)展現(xiàn)狀,表明企業(yè)進(jìn)行跨國并購的必要性;其次分析均勝電子收購KSS的過程,詳細(xì)介紹收購事件過程和結(jié)果;接下來進(jìn)一步運(yùn)用協(xié)同效應(yīng)理論基礎(chǔ),通過收購前后的數(shù)據(jù)進(jìn)行對(duì)比,采取綜合績(jī)效評(píng)判法研究此次收購事件成功與否;最后通過該案例的遇到的問題進(jìn)行原因分析,得出相關(guān)啟示。通過本文分析,本文認(rèn)為均勝電子對(duì)KSS的跨國收購的過程是順利的。均勝電子收購后獲得了汽車安全領(lǐng)域的相關(guān)技術(shù),從而完善了產(chǎn)品布局,實(shí)現(xiàn)了技術(shù)協(xié)同效應(yīng);同時(shí)打開了美國汽車市場(chǎng),完成了歐、美和亞三大洲基地布局,符合均勝電子全球化戰(zhàn)略,實(shí)現(xiàn)了市場(chǎng)協(xié)同效應(yīng);最后2016年6月的報(bào)表合并,KSS和TS貢獻(xiàn)給均勝電子上市公司股東凈利潤(rùn)約0.68億元,實(shí)現(xiàn)了局部財(cái)務(wù)協(xié)同效應(yīng)。但由于該收購支付對(duì)價(jià)過高且全額支付,耗費(fèi)企業(yè)大量現(xiàn)金流,一定程度上影響企業(yè)管理協(xié)同效應(yīng)和財(cái)務(wù)協(xié)同效應(yīng)的全部實(shí)現(xiàn)。通過本文對(duì)均勝電子收購KSS的協(xié)同效應(yīng)的分析,得出該收購案短期內(nèi)實(shí)現(xiàn)經(jīng)營(yíng)協(xié)同效應(yīng),但管理協(xié)同效應(yīng)和財(cái)務(wù)協(xié)同效應(yīng)并沒有很好的體現(xiàn)出來,而出于對(duì)企業(yè)公司發(fā)展前景的看好,未來3-5年將會(huì)得到快速發(fā)展,這對(duì)其他汽車企業(yè)乃至中國企業(yè)跨國收購將產(chǎn)生深遠(yuǎn)影響。案例啟示收購方要站在一定的戰(zhàn)略高度去選擇被收購方,合理定價(jià);提高談判話語權(quán),選擇合適的支付方式;根據(jù)收購具體情況,實(shí)施適合自己的收購模式。同時(shí)不要一味地為了獲得協(xié)同效應(yīng),而忽視收購后的整合,只有事先預(yù)警、事中控制和事后防范,注重整合風(fēng)險(xiǎn),收購的協(xié)同效應(yīng)才能發(fā)揮出來,為企業(yè)帶來長(zhǎng)遠(yuǎn)利益。
[Abstract]:With the increase of per capita disposable income and the improvement of living standard, automobile is becoming the first choice for every household. In particular, since 2016, new energy vehicles and smart cars have been widely accepted, and the auto industry has entered a situation of booming production and sales. Although the domestic automobile industry has been greatly developed, because most of the key core technologies of the automobile are in the hands of foreign automobile giants, domestic automobiles are mainly engaged in low-profit areas such as vehicle business and auto parts business. The space for enterprise development is limited. In order to be able to survive for a long time and obtain strong vitality, automobile enterprises began to conduct cross-border mergers and acquisitions. Therefore, how to effectively integrate and play the synergy effect has become a subject that must be studied in the survival and development of Chinese enterprises. In this paper, we study the case of Junsheng Electronic acquisition KSS, and use case analysis and financial data method to explore the degree of synergetic effect. This paper first introduces the present situation of merger and acquisition synergy from domestic and foreign aspects, and determines the theoretical basis of synergy effect, that is, it expounds the synergy effect of enterprise acquisition from four aspects: management, finance and intangible synergy. At the same time, it studies the current situation of China's automobile industry, which indicates the necessity of cross-border M & A; secondly, analyzes the process of Junsheng Electronic acquisition of KSS, introduces the process and results of the acquisition event in detail; and then further uses the synergetic effect theory foundation. Through the comparison of the data before and after the acquisition, the comprehensive performance evaluation method is adopted to study the success of the acquisition. Finally, through the analysis of the reasons of the problems encountered in this case, the relevant enlightenment is obtained. Through the analysis of this paper, we think that the process of multinational acquisition of KSS by Junsheng Electronics is smooth. After the acquisition, Junsheng acquired related technologies in the field of automobile safety, thus perfecting the product layout and realizing the technology synergy effect. At the same time, it opened up the US auto market and completed the layout of the bases in Europe, the United States and Asia. In line with the global strategy of Juseng Electronics, the market synergy is realized. In the end, in June 2016, the combined statements of KSS and TS contributed about 68 million yuan to the shareholders' net profit of the listed company, which realized the partial financial synergy effect. However, the purchase price is too high and full payment, which consumes a lot of cash flow, and to some extent affects the realization of management synergy and financial synergy. Through the analysis of the synergetic effect of Junsheng Electronic acquisition KSS, it is concluded that the management synergy effect and the financial synergy effect are not well realized in the short term. In the next 3-5 years, the company will develop rapidly in the coming 3-5 years, which will have a profound impact on the multinational acquisitions of other auto companies and even Chinese enterprises. The case enlightens the acquirer to choose the acquired party from a certain strategic height, to set a reasonable price; to improve the bargaining power and choose the appropriate payment method; to implement the appropriate acquisition mode according to the specific situation of the acquisition. At the same time, we should not blindly ignore the integration after acquisition in order to gain synergy effect. Only by forewarning, controlling and preventing afterwards, paying attention to integration risk, can the synergistic effect of acquisition be brought into play and bring long-term benefits to enterprises.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.471;F271

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本文編號(hào)：2038823