【作者】 李鹏；

【导师】 张家宁；

【作者基本信息】 上海财经大学 ， 工商管理硕士（专业学位）， 2021， 硕士

【摘要】 并购和整合作为企业战略中快速实现规模扩张、扩大企业影响、提升市场地位,甚至成为企业转型和结构升级的重要方式和手段,越来越得到市场的认可。基于资源整合优化和国内汽车产业良性发展的整体考虑,我国政府对于汽车企业的并购重组和资源整合高度重视。在2010年国家工信部联合其他相关部门联合发布的《关于加快推进重点行业企业兼并重组的指导意见》中就明确提出,将汽车业作为推进兼并重组的重点行业之一,加速中小车企的兼并重组和全行业的产业结构升级,争取使得国内前十大汽车企业的产业集中度达到90%以上,并形成三至五家具有核心技术力量和国际竞争力的大型汽车集团。“十二五”规划中,更是明确把汽车行业列为推动跨地区、跨境的兼并重组和并购投资的重点行业之一。为了深入研究大型汽车集团在并购和整合中所产生的协同效应,本文以原世界五百强企业中的两大汽车集团:菲亚特(Fiat)与克莱斯勒(Chrysler)的合并案例作为研究对象,以案例研究中的绩效指标分析、整合措施分析作为分析重点,通过收集、归纳FCA近十年以来的公开披露数据,并结合企业并购整合的相关理论知识,运用财务指标分析和并购前后的业绩对比,从战略、运营、财务、企业文化等多方面对案例进行剖析。从战略维度的角度来看,两者的合并基本上的达到了预期的效果,实现了集团层面的融合,但从中长期的发展来看,仍然存在隐患。在战略方向维度上的思考,仍然是决定并购行为成败与否的关键所在。在并购绩效的方面,通过对财务数据的变动趋势分析可以看到,合并行为所产生的协同效应可以显著提升短期内的绩效指标,企业和投资者均可以获得合并所带来的红利。但如果仅寄希望于这种短期的刺激效果,并不能使企业获得长足的发展空间。因此,在整个合并整合的过程中,需要分别在前期、中期、后期三个阶段着重把握当期的关键要点,在前期慎重选择并购对象和时机;在整合阶段根据企业特点的设计有针对性的整合方案和步骤,因时制宜的推进各项整合措施,将合并所带来的协同效应发挥到最大化;同时在远期规划上,更需要脚踏实地的修炼企业内功,避免战略短视。从对菲亚特与克莱斯勒的合并研究中,通过类比国际大型汽车集团并购案例,不仅可以学习和借鉴跨国并购重组中成功的经验与失败的教训,同时也对深入探讨企业并购这种商业行为模式在不同宏观经济形式和环境下的未来发展之路。希望本文的研究内容能对中国汽车产业内的并购重组工作的相关研究和讨论有所帮助。更多还原

【Abstract】 As an important tools and measures,Merge and Acquisitions(M&A)is an easy and efficient way to achieve enterprise structural transformation and upgrading,M&A is increasingly accepted by marketing,and be recognized as an enterprise strategy for scale expansion,influence acceleration,marketing enhancement.Based on the overall consideration of resource optimization and healthy development of automobile industry,our government pays very close attention to the M&A and reorganization of the domestic automobile enterprise.In 2010,the state ministry of industry united relevant departments jointly issued the "The guidance about accelerating the key industry enterprise merger and reorganization " explicitly proposed to take the auto-industry as one of the key industries,to promote M&A and re-organization,to accelerate mergers and re-organization in automobile corporations.and to accelerate produce structure upgrade of auto-industry.The objective is the concentration in Chinese domestic topten car companies will be above 90%,and less than five world-class automotive corporations with core technology strength and international competitiveness will grow up in future.In the 12 th Five-Years National Planning of China,the automotive industry is clearly listed as one of the key industries to promote cross-regional and cross-border mergers and acquisitions and investment.In order to further study the synergistic effect in auto enterprises by M&A and integration,the research object of this thesis is the merger case between Fiat and Chrysler.Through the FCA financial statements and public disclosures analysis and combined with the relevant theories of M&A,this thesis using performance indicators and financial indicators as the key point of research.Then,from a strategic,operational,financial,sensors and actuators,corporate culture,analyzes this merger case.From the perspective of strategic dimension,the merger of Fiat and Chrysler basically achieved the desired effect.But there were still some hidden risks in medium and long term of future.The dimension of strategic direction is the key of M&A activity,which would be the determining factor.From the perspective of performance dimension,through the trend analysis of financial data,the merger of Fiat and Chrysler significantly improved the performance indicators would be positive by the synergies generated in the short term.Both of corporations and investors could get benefit from merger.However,if a corporation only focused on this kind of short-term effect,it definitely can’t obtain long-term development.In terms of post-merger integration,the formulation of reasonable integration plans and the promotion of integration measures according to local conditions,will not only effectively prevent and eliminate the hidden troubles of enterprise operation after merger,but also maximize the synergies from the merger.The case of Fiat and Chrysler is a classic case of merger and acquisition between international automobile corporations.We can not only draw lessons from the business cases study,but also deeply think about the business mode of enterprise merger under different macroeconomic and environments in future.Hoped this thesis will be helpful for the research of M&A in relevant auto enterprises.更多还原