国际经济与贸易学院知识库

随着经济全球化的发展，跨国并购逐渐成为中国上市企业快速融入国际市场 的主要途径。中鼎集团作为中国汽车非轮胎橡胶零部件行业的领军企业，通过多 次海外并购，积累了相对丰富的经验，取得了显著的成果。目前大多数学者对跨 国并购研究主要从风险和绩效方面展开，对并购策略涉及较少，故本文以中鼎集 团规模最大的一次并购案——并购德国 TFH 为例，针对并购策略进行全面研究。 本文通过对跨国并购案例的介绍，首先，从并购前的目标选择、并购类型； 并购中的估值、融资和支付；并购后的整合，这几个方面对策略进行全面剖析。 其中，对于并购目标的选择，综合考虑目标国的发展状况和政策环境，选择符合 集团发展战略、拥有先进技术并处于行业领先地位的公司；基于获取汽车冷却技 术和拓展欧洲市场的并购目的，将并购类型确定为横向并购；在估值的方式上， 使用收益法将 TFH 公司的品牌效应、客户资源、核心技术等充分地反映出来；在 融资策略上，考虑集团的资本结构和偿债能力，选择债务融资方式；为了增加并 购成功率，获得确定的现金收益，集团在自身可承受能力范围内选择现金支付； 在并购后的整合策略上，集团吸收 TFH 公司先进技术、优秀供应渠道，派驻管理 及财务专员实施财务数据整合，保留其原有的高级管理层人员。其次，运用事件 研究法和财务指标法对策略实施的效果进行评价，分析得出集团股东财富在短期 内增加；营运能力和发展能力有所上升，但是偿债能力和盈利能力略有下降。说 明并购策略发挥了一定的积极作用，但是依然存在问题。再次，通过分析存在的 问题和成因得出：国内跨国并购的中介机构服务能力有限导致对目标公司的尽职 调查缺乏深度；估值能力的不足引起商誉未来的减值风险大；举债融资方式加大 了融资风险；单一的现金支付方式加重集团资金流动的压力；并购后期整合效率 低下导致协同效应不乐观。最后，针对中鼎集团在并购策略实施过程中出现的问 题，提出以下优化建议：合理安排并购前的准备工作；提高集团对目标公司价值 的评估能力；拓宽并购融资渠道；采取多种支付手段；重视对并购后的有效整合。 同时，对同行业的跨国并购策略制定提出启示：加强对跨国并购专业人才的培养； 发展多元化融资渠道；慎重选择并购目标；提高对并购后的整合质量。

With the development of economic globalization, cross-border mergers and acquisitions have gradually become the main way for Chinese listed companies to quickly integrate into the international market. As a leading company in China's automotive non-tire rubber parts industry, Zhongding Group has accumulated relatively rich experience and achieved remarkable results through many overseas mergers and acquisitions. At present, most scholars' research on cross-border mergers and acquisitions is mainly from the aspects of risk and performance, and less involved in mergers and acquisitions strategies. Therefore, this article takes Zhongding Group's largest merger and acquisition case-the German TFH merger as an example, and conducts in-depth research on mergers and acquisitions strategies. This article introduces cross-border mergers and acquisitions cases, first, from the target selection before mergers and acquisitions types; valuation, financing and payment in mergers and acquisitions; integration after mergers, these aspects of the comprehensive analysis of the strategy. Among them, for the selection of M&A targets, comprehensive consideration of the development status and policy environment of the target country, selection of companies that are in line with the Group's development strategy, possess advanced technology, and are in a leading position in the industry; based on the acquisition of automotive coolingVI technology and the expansion of the European market, the type of merger is determined as horizontal merger; in the way of valuation, the income method is used to reduce TFH's Brand effect, customer resources, core technology, etc. are fully reflected; in terms of financing strategy, the Group's capital structure and solvency are considered, Choose debt financing methods; in order to increase the success rate of mergers and acquisitions and obtain certain cash benefits, the group chooses cash payments within its own affordability; in the post-merger integration strategy, the group absorbs TFH's advanced technology and excellent supply channels and assigns management And the financial commissioner implements the integration of financial data and retains its original senior management personnel. Secondly, using event research method and financial indicator method to evaluate the effect of strategy implementation, the analysis shows that the wealth of group shareholders will increase in a short period of time; operational capacity and development capacity have increased, but solvency and profitability have declined slightly. It shows that the M&A strategy has played a positive role, but there are still problems. Third, by analyzing the existing problems and causes, it is concluded that the limited service capabilities of domestic intermediary agencies for cross-border mergers and acquisitions have led to a lack of depth in due diligence on the target company; insufficient valuation capabilities have caused a large risk of VII future impairment of goodwill; increased debt financing methods Increased financing risks; a single cash payment method aggravated the pressure on the Group's capital flow; low integration efficiency in the later stage of mergers and acquisitions led to a lack of optimism in synergies. Finally, in response to the problems encountered by Zhongding Group in the implementation of the merger strategy, the following optimization suggestions are put forward: reasonable arrangements for pre-merger preparation; improving the Group's ability to assess the value of the target company; rationally choosing merger financing channels; adopting multiple payment methods ; Attach importance to effective integration after mergers and acquisitions. At the same time, it provides inspiration for the formulation of cross-border mergers and acquisitions strategies in the same industry: strengthen the training of cross-border mergers and acquisitions professionals; develop diversified financing channels; carefully choose merger targets; improve the quality of post-merger integratio