会计学院知识库

 “走出去”战略和“一带一路”倡议鼓励我国企业走出国门，参与国际化进程，中国制造2025对制造业的发展提出更高要求，在此背景下，汽车行业智能化、全球化变革不断深入，迫使上游零部件企业加速转型升级。而我国汽车零部件企业存在规模小、产业分散的特点，诸多资源依赖进口，整体竞争实力较弱，

仅靠内生发展无法在短时间内实现技术突破，众多实力雄厚的企业将目光投向海外市场，以期通过并购的方式将国外先进技术引入国内，那么企业并购后的效果如何？现有关于海外并购的研究多从单次并购事件出发，鲜少挖掘各并购事件间的联系，基于此，本文聚焦汽车零部件行业，以中鼎股份2011年至2017年系列海外并购事件为研究对象，从战略目标出发，探究其成长方式和经营成果，对其他汽车零部件企业的国际化进程有较强的现实意义。

  本文梳理了连续并购和海外并购相关文献，在已有研究基础上，分析中鼎股份海外并购背景，理清其并购历程，在此基础上，归纳并购特点和动因，最后从短期和长期两个维度分析企业连续海外并购后的绩效变化。

  研究结果表明，中鼎股份进行海外并购主要以获取先进技术，拓宽业务版图为契机，实现客户和市场资源质的飞跃，通过整合双方资源，达到协同效应。并购后的绩效表现分为短期和长期，短期绩效采取事件研究法，结果表明投资者对每起海外并购事件反应不同，其中对并购法国FM的抵触最为显著，最终导致从整体上来看系列海外并购事件损害了股东财富。长期绩效研究主要从财务和非财务两个角度进行评价，采用全局因子分析法和EVA研究发现连续海外并购能够改善企业财务绩效，但从长期来看，绩效有所下滑。基于非财务角度发现企业的研发能力、客户群体等都获得了质的提升，非财务效果显著。最后，基于对案例企业的研究，对中鼎股份和其他零部件企业的海外投资活动提出相关建议。

      The "Going Out" strategy and the "One Belt, One Road" initiative encourage Chinese enterprises to go abroad and participate in the process of internationalization. Made in China 2025 puts forward higher requirements for the development of the manufacturing industry. In this context, the intelligent and globalization of the automotive industry continues to deepen, forcing upstream parts companies to accelerate transformation and upgrading. However, our country's auto parts enterprises have the characteristics of small scale and scattered industries, many resources rely on imports, and the overall competitiveness is weak.

Endogenous development alone cannot achieve technological breakthroughs in a short period of time. Many powerful companies have turned their attention to overseas markets, hoping to introduce foreign advanced technologies into China through mergers and acquisitions. What is the effect of corporate mergers and acquisitions? Existing research on overseas mergers and acquisitions mostly starts from a single merger and acquisition event,and seldom explores the connection between mergers and acquisitions. Based on this, this paper focuses on the auto parts industry,and takes the series of overseas mergers and acquisitions of Zhongding from 2011 to 2016 as the research. Starting from the strategic goal, exploring its growth mode and operating results has strong practical significance for the internationalization process of other parts and components enterprises.

    This paper sorts out the literature related to continuous mergers and acquisitions and overseas mergers and acquisitions. On the basis of existing research, it analyzes the background of Zhongding's overseas mergers and acquisitions, and clarifies its merger and acquisition process. On this basis,summarizing  the characteristics and motivations of mergers and acquisitions. The dimension measures the performance changes of enterprises after successive overseas mergers and acquisitions.

     The research results shows that Zhongding's overseas mergers and acquisitions mainly take the acquisition of advanced technology and the expansion of business territory as an opportunity to achieve a leap in the quality of customers and market resources, and to achieve synergy effects by integrating the resources of both parties. The performance performance after M&A is divided into short-term and long-term performance. The short-term performance adopts the event study method. The results show that investors have different reactions to each overseas M&A event. Among them, the resistance to the acquisition of French FM is the most significant,which ultimately leads to a series of overseas M&As as a whole. The incident damaged shareholder wealth. Long-term performance research is mainly evaluated from two perspectives, financial and non-financial. First, global factor analysis and EVA research have found that continuous overseas mergers and acquisitions can improve corporate financial performance, but in the long run, performance has declined. From a non-financial point of view, it is found that the R&D capabilities and customer groups of the company have been qualitatively improved, and the non-financial effect is remarkable. Finally, based on the study of case companies, relevant suggestions are put forward for the overseas investment activities of Zhongding and other parts and components companies.