【摘要】：過去的二十年，中國的汽車行業(yè)經(jīng)過了高速發(fā)展，各大型汽車集團(tuán)也漸漸壯大起來。但與美國和日本等成熟市場相比，目前國內(nèi)的汽車行業(yè)的生產(chǎn)與市場集中度都明顯偏低。根據(jù)產(chǎn)業(yè)發(fā)展規(guī)律，未來一段時期國內(nèi)汽車產(chǎn)業(yè)發(fā)展的主題注定會通過并購重組進(jìn)行產(chǎn)業(yè)結(jié)構(gòu)調(diào)整。國家政府部門也鼓勵通過兼并重組實現(xiàn)中國汽車產(chǎn)業(yè)的快速發(fā)展。2009年國家出臺《汽車產(chǎn)業(yè)調(diào)整和振興規(guī)劃》，2011年“十二五”期間國家將以汽車、鋼鐵、水泥和機(jī)械制造等八大行業(yè)為重點，推動優(yōu)勢企業(yè)跨地區(qū)兼并重組、境外并購和投資合作。2013年工信部發(fā)布《特別公示車輛生產(chǎn)企業(yè)(第1批)》，擬定取消48家車企新產(chǎn)品的申報資格。國家政策的陸續(xù)出臺將會積極的促進(jìn)國內(nèi)汽車產(chǎn)業(yè)并購和整合。而且隨著金融體制的改革，利率市場化，資本項目調(diào)整，一些限制的取消，中國汽車企業(yè)走出去，實現(xiàn)國際并購的道路也會越來越順暢。再從汽車銷量上看，，中國已成為世界第一汽車大國，其國際化的步伐不僅成為必然，兼并和重組也將伴隨著中國汽車產(chǎn)業(yè)的發(fā)展而進(jìn)一步加快。 本文對于汽車行業(yè)的并購，主要集中討論目標(biāo)的選擇和公司的估值。第一部分是對目前國內(nèi)外汽車并購市場、歷史及動因進(jìn)行分析。第二部分是對并購目標(biāo)選擇條件的篩選進(jìn)行闡述。第三部分旨在對估值方式進(jìn)行探討。第四部分重點講述與具體分析萬向錢潮并購美國A123成功的案例。 鑒于目前研究兼并重組的論文大多偏向兼并的風(fēng)險和兼并重組的動因分析。本文把重點放在闡述并購目標(biāo)的選擇，結(jié)合實際的產(chǎn)業(yè)指標(biāo)和產(chǎn)業(yè)歷史發(fā)展階段及國內(nèi)外不同的市場環(huán)境，深入探討中國汽車企業(yè)如何選擇最適合自己的并購對象及估值，給有能力、有意愿能走出去并購的汽車行業(yè)做一個參考與導(dǎo)向。 另外，本文也提出新能源汽車發(fā)展應(yīng)先走并購核心零部件公司的發(fā)展途徑。 總之，本文研究意義是為中國汽車企業(yè)的并購發(fā)展提出建議，對未來汽車產(chǎn)業(yè)并購發(fā)展進(jìn)行探討。
[Abstract]:Over the past two decades, China's auto industry has grown rapidly, and large auto groups have grown. However, compared with mature markets such as the United States and Japan, the production and market concentration of domestic automobile industry is obviously low. According to the law of industrial development, the theme of the development of domestic automobile industry in the future is destined to adjust the industrial structure through M & A. State government departments also encourage the rapid development of China's auto industry through mergers and reorganization. In 2009, the State issued the "Plan for Adjustment and Revitalization of the Automobile Industry." during the "12th Five-Year Plan" in 2011, the state will use automobiles and steel. The eight major industries, such as cement and machinery manufacturing, are focused on promoting cross-regional mergers and reorganization of superior enterprises, overseas mergers and acquisitions, and investment cooperation. In 2013, the Ministry of Industry and Information Technology issued "Special publicised vehicle production Enterprises (batch 1)," Proposed to cancel 48 car enterprises new product declaration qualification. The introduction of national policies will actively promote mergers and acquisitions and integration of the domestic auto industry. With the reform of the financial system, the marketization of interest rate, the adjustment of capital account and the cancellation of some restrictions, the road of international merger and acquisition will be more and more smooth. From the perspective of automobile sales, China has become the world's largest automobile country, and the pace of its internationalization is not only inevitable, but also will be further accelerated with the development of China's auto industry. This paper focuses on the choice of targets and company valuation for M & A in the auto industry. The first part is the analysis of the domestic and foreign auto M & A market, history and motivation. The second part is the selection of M & A target selection conditions. The third part is to discuss the valuation method. The fourth part focuses on the successful case of Wanxiang Qian Chao's merger and acquisition of A123. In view of the current research on merger and reorganization, most of the papers tend to analyze the risks of merger and the motivation of merger and reorganization. This paper focuses on the selection of M & A targets, combining with the actual industrial indicators and historical stages of industrial development and different market environments at home and abroad, and probes into how Chinese automobile enterprises choose the most suitable M & A object and valuation. To have the ability, willing to go out to M & A auto industry to do a reference and guidance. In addition, this paper also proposes that the development of new energy vehicles should first take the development of core parts companies. In a word, the research significance of this paper is to put forward some suggestions for the development of M & A of Chinese automobile enterprises, and to discuss the future development of M & A of automobile industry.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F426.471;F271;F406.7

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