会计学院知识库

随着我国近年来经济从高速发展转入平稳发展，汽车市场萌发了新的发展趋 势，汽车零部件制造企业处于面临转型的历史性时刻。企业转型即意味着企业的 资源需要重新配置，越来越多的企业选择并购作为进行资源整合的手段，同时并 购能够优化行业的资源配置，帮助完善产业链变革。国务院在 2016 年发布了《“十 三五”国家战略新兴产业发展规划》，其中提出要推动新能源汽车、新能源和节 能环保等绿色低碳产业成为支柱产业。2019 年的《政府工作报告》在工作任务中 提到的要培育新一代新能源汽车产业群，目前，新能源汽车是我国汽车行业的主 要发展趋势之一。 本文选取了绵阳富临精工机械股份有限公司并购湖南升华科技有限公司的 并购交易作为研究汽车零部件制造企业并购新能源企业的案例。文章先对并购动 因理论和并购绩效评价研究进行了梳理，对本文涉及的理论基础、并购绩效评价 方法进行了阐述。然后本文对汽车零部件行业、新能源行业、汽车零部件行业并 购情况、富临精工和升华科技的各自情况、并购过程进行了介绍，分析了企业并 购动因。从财务层面、非财务层面和价值创造层面对并购绩效进行了分析，针对 富临精工收购升华科技的案例给出结论：并购后富临精工相关财务指标整体呈下 降趋势；在非财务层面，企业市场份额提升，没有产生明显的协同效应，研发能 力增强，人力资源方面有所优化；在价值创造层面，股东财富在并购后有巨大波 动。对富临精工给出了三点建议：一是加强自身的融资能力，二是适时调整经营 战略，三是应加强对升华科技的资源共享和文化整合。 通过研究，本文提出了汽车零部件制造企业在当前汽车发展趋势下进行并购 时的建议：要适应产业结构变革，适时做出并购决策；要谨慎选择符合企业发展 战略的并购对象；混合并购前加强可行性分析，做好评估工作，避免盲目并购； 制定并购方案时选择合适的支付方式，优化资本结构；加强并购后各方面的整合。

In recent years, with China's economy moving from rapid development to stable development, a new development trend has emerged in the automobile market. Enterprise transformation means that resources of enterprises need to be redeployed. More and more enterprises choose merger and acquisition as a means of resource integration. In addition, merger and acquisition can optimize the resource allocation of the industry and help to improve the transformation of the industrial chain. In 2016, the state council released the 13th five-year national strategic plan for the development of emerging industries, which calls for promoting green and low-carbon industries such as new-energy vehicles, new energy, energy conservation and environmental protection as pillar industries. In the government work report of 2019, it is also mentioned in the task of cultivating a new generation of new energy vehicle industry group that new energy vehicles are one of the main development trends of China's automobile industry. In this paper, the merger and acquisition of Hunan Sublimation Technology Co., Ltd by Mianyang Fulin Seiko Machinery Co., Ltd. is selected as the case study of the merger and acquisition of new energy enterprises by automobile parts manufacturing enterprises. Firstly，this paper combs the theory of M & A motivation and the research of M & A performance evaluation. Then this paper introduces the auto parts industry, new energy industry, auto parts industry M & A situation, Fulin Seiko and Sublimation Technology, the M & A process, and analyzes the M & A motivation. This paper analyzes the performance of M & A from financial level, non-financial level and value creation level respectively, and gives a conclusion on the case of Fulin Seiko acquiring Sublimation Technology: after the M & A, Fulin Seiko's related financial index as a whole shows a downward trend; in the non-financial level, the market share of the enterprise increases, the R & D ability has been enhanced, and the human resources have been optimized; in the value creation level, the shareholder wealth has a huge fluctuation after the M & A. Three suggestions are given to Fulin Seiko: one is to strengthen its own financing ability, the other is to adjust the management strategy in time ,the third is to strengthen the resource sharing and cultural integration of Sublimation Technology. Through the research, this article puts forward some suggestions for automobile parts manufacturing enterprises which are about to carry out mergers and acquisitions under the current trend of automobile development: it is necessary to adapt to the change of industrial structure and make timely M & A decision; select the M & A object in line with the enterprise development strategy carefully; strengthen the feasibility analysis before the mixed M & A, do a good job of evaluation and avoid blind M & A; choose the appropriate payment method and optimize the capital structure when making the M & A plan; strengthen the integration of all aspects after M & A.