【作者】 王阳；

【导师】 陈睿； 陈晓东；

【作者基本信息】 华中师范大学 ， 工商管理（专业学位）， 2019， 硕士

【摘要】 随着全球经济的逐步复苏,以及中国自主品牌车企产品竞争力的提升、海外布局的加速,最近两年中国汽车制造行业出口形势较好。汽车产业整车业务在海外的发展,带动了汽车零部件企业走出去,近年来中国汽车制造零部件企业正以跨境并购的方式快速发展,均胜电子就是其中的典型代表。目前学术界对企业并购特别是对国有企业海外并购的研究较多,并且研究主要是依据西方传统的并购理论。但是由于中国的经济成长阶段、企业发展状况、资本市场成熟度与欧美等西方国家有很大差异,直接引用国外的相关并购理论来分析中国市场的问题就会有失偏颇,同时也不全面客观。本文首先对企业并购的相关研究文献进行综述,并以上市公司均胜电子的并购案例为切入点,基于协同效应理论、市场势力理论等成熟理论对均胜电子并购的动因进行分析,本文认为:均胜电子并购的主要动因是拓展海外市场、追求协同效应、获取资源优势;从并购绩效来看,短期市场绩效非常明显,但是财务绩效和EVA变化并不显著。在分析了均胜电子并购的经验及需要改进之处后,本文最后对企业并购中可能存在的一些问题给出政策建议,希望能够对均胜电子未来的发展有所帮助。更多还原

【Abstract】 With the gradual recovery of the global economy,the improvement of product competitiveness of self-owned brands and the acceleration of overseas distribution,the export form of China’s automobile manufacturing industry has been relatively good in the past two years.The overseas development of the whole vehicle business of the automobile industry drives the automobile parts enterprises to go out.In recent years.Chinese automobile manufacturers are developing rapidly through cross-border mergers and acquisitions.Joyson electron is a typical representative of them.At present,there are many researches on mergers and acquisitions,especially on overseas mergers and acquisitions of state-owned enterprises in the academic circle.However,due to the great difference between China’s economic growth stage,enterprise development status and capital market maturity and western countries such as Europe and the United States,it will be biased to directly cite relevant foreign merger and acquisition theories to analyze the problems in China’s market,and it is also not comprehensive and objective.This article first to the enterprise merger and acquisition of related research literature review,and with all wins the electronic case of mergers and acquisitions as the breakthrough point,based on the synergy theory,and the theory of market forces in the mature theory to analyze Joyson electronic M&A motivation,this paper argues that:Joyson electronic main motivation of M&A is to expand overseas markets,the pursuit of synergies,access to resources superiority;From the perspective of M&A performance,the short-term market performance is very detailed,and the changes of financial performance and EVA are not significant.After analyzing the experience of merger and acquisition and the improvement to be made,this paper finally gives some policy suggestions on the problems existing in the merger and acquisition of enterprises,hoping to be helpful for the future development of Joyson electronic.更多还原