会计学院知识库

摘 要

近年来，世界电子信息制造业受到国际形势的影响，以及国内庞大的消费电子市场吸引，我国逐渐成为世界电子信息制造业的中心，吸引着国内外资本的流入。在此背景下，我国传统制造业企业在通过内生式发展的同时考虑到电子信息制造业较高的行业壁垒，往往通过一系列并购来实现快速转型升级以谋求进入该行业。基于此，文章以东山精密在五年内四次并购事件为研究对象，通过对其连续并购绩效表现，探究东山精密连续并购对企业价值的影响。

东山精密是一家传统民营制造业企业，在国内制造业转型升级的背景下，东山精密在五年时间内发起了四起并购。本文整理了东山精密2014-2018年四起并购事及其并购过程，并以此为研究对象，通过多种绩效研究方式检验东山精密连续并购绩效表现：（1）在财务绩效方面，东山精密连续并购短期绩效总体表现较好；在长期绩效方面，通过财务指标法、熵值法、托宾Q值三种绩效方法互相验证可以得出，东山精密在长期绩效方面总体表现良好；（2）在非财务绩效方面，东山精密在客户、产业结构、科研能力以及管理能力等方面都有了较大的提升。

研究结果表明，东山精密连续并购很好地促使企业转型升级，带动企业市值增长，但多次通过股权质押方式获得现金来支付并购款极大影响了东山精密的偿债能力，因而企业在进行连续并购时应尽量依托自身已有资源，结合企业整体战略审慎选择并购标的，优化并购支付方式。

关键词：传统制造业企业 连续并购 并购绩效 东山精密

Abstract

In recent years, the world electronic information manufacturing industry is affected by the international situation, as well as China's huge consumer electronics market attraction, China gradually become the world electronic information manufacturing center, attracting the inflow of domestic and foreign capital. In this context, China's traditional manufacturing enterprises through the endogenous development of the electronic information manufacturing industry, taking into account the high industry barriers, often through a series of mergers and acquisitions to achieve rapid transformation and upgrading to seek to enter the industry. Based on this, the article examines the impact of four M&A events in five years on the corporate value of Dongshan Precision through the performance of its successive M&As.

Dongshan Precision, a traditional private manufacturing company, has initiated four mergers and acquisitions in a five-year period in the context of the transformation and upgrading of the domestic manufacturing industry. This paper collates the four M&A events of Dongshan Precision from 2014-2018 and their M&A processes, and uses them as the research object to examine the performance of Dongshan Precision's successive M&A through various performance research methods: (1) in terms of financial performance, Dongshan Precision's successive M&A short-term performance is generally good; in terms of long-term performance, the three performance methods of financial index method, entropy value method and Tobin's Q value are verified against each other It can be concluded that Dongshan Precision has generally performed well in terms of long-term performance; (2) in terms of non-financial performance, Dongshan Precision has made significant improvements in terms of customers, industrial structure, research capability and management capability.

The results of the study show that Dongshan Precision's successive mergers and acquisitions have contributed to the company's transformation and upgrading and increased its market capitalisation, but the repeated pledging of equity to obtain cash to pay for the mergers and acquisitions has greatly affected Dongshan Precision's solvency, so the company should try to rely on its own resources, choose the target of the mergers and acquisitions carefully and optimise the payment method for the mergers and acquisitions.

Keywords：Traditional manufacturing enterprises；Continuous M & A；M & A Performance；Dongshan Precision