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电子元件是支撑整个信息技术行业健康发展的重要基础，亦是保证整个产业链稳定发展的重要关键。电子元件主要应用在智能终端、车辆电子设备、5G通讯、物联网以及航天科技、军用生产设备等领域。基于电子元件在各个领域的重要性不断凸显，国家对电子元件行业的高质量发展给予高度重视。2020年，我国电子元件产销规模都居世界首位，但是整体行业依旧“大而不强”，行业中大多为中小企业，难以形成规模效应。在这种背景下，立讯精密依托连续并购的战略布局，整合行业中优质资源，经过不断发展成为行业里的龙头企业。

首先，本文以立讯精密为研究案例，通过公开信息整合其2010年至2021年的16起并购事件，分析驱动公司进行连续并购实现规模扩张的原因。其次，依据事件研究法的相关理论及方法分析探讨立讯精密实施连续并购的短期绩效，并对其整合效果从财务绩效角度和非财务角度进行研究，总结其成功的经验。最后，总结文章的研究结论及启示，这对于行业内的其他公司实施并购提供可借鉴的经验。

经过本文的研究，发现立讯精密实施连续并购的动因是获取先进的技术、拓展业务布局以及增强协同效应。在并购实施完成后，立讯精密对并购标的进行了强有力的整合。通过对其短期并购绩效的研究可知，投资者对立讯精密70%的并购事件持乐观态度。通过财务指标分析法，发现企业发展能力以及盈利能力明显优于行业均值，营运能力持续向好，短期偿债能力略有下降。非财务绩效方面，立讯精密通过连续并购，横向拓展了产品的种类，获得了国内外的优质客户，技术研发能力得到加强。此外，总结文章的研究结论，提出充分做好并购前期的准备、依托产业需求进行并购、注重并购后期的整合这三点启示，为行业内其他企业并购提供参考。

Electronic components are not only an important foundation to support the healthy development of the whole information technology industry, but also an important key to ensure the stable development of the whole industrial chain. Electronic components are mainly used in intelligent terminals, vehicle electronic equipment, 5g communication, Internet of things, aerospace science and technology, military production equipment and other fields. Based on the increasing importance of electronic components in various fields, the state attaches great importance to the high-quality development of electronic components industry. In 2020, the production and marketing scale of electronic components in China ranks first in the world, but the overall industry is still "large but not strong". Most of the industries are small and medium-sized enterprises, which is difficult to form a scale effect. In this context, relying on the strategic layout of continuous M & A, Lixun precision integrates high-quality resources in the industry and has continuously developed into a leading enterprise in the industry.

This paper takes Lixun precision as a research case, integrates its 16 M & A events from 2010 to 2021 through public information, and analyzes the reasons driving the company to realize scale expansion through continuous M & A. Secondly, according to the relevant theories and methods of event research method, this paper analyzes and discusses the short-term performance of Lixun precision's continuous M & A, studies its integration effect from the perspective of financial performance and non-financial, and summarizes its successful experience. Finally, it summarizes the research conclusions and Enlightenment of the article, which provides reference experience for other companies in the electronic component industry who want to optimize their product structure, expand their company scale and enhance the wealth of shareholders through M & A.

Through the research of this paper, it is found that the motivation of Lixun precision's continuous M & A is to obtain advanced technology, expand business layout and enhance synergy. After the implementation of M & A, Lixun precision has carried out strong integration on the subject matter of M & A. The research on its short-term M & a performance shows that 70% of the M & A events of Lixun precision are M & A, and investors are optimistic about its market expectation. Through the financial index analysis method, it is found that the development ability and profitability of enterprises are significantly better than the industry average, the operation ability continues to improve, and the short-term solvency decreases slightly. In terms of non-financial performance, through continuous M & A, Lixun precision has horizontally expanded the types of products, obtained high-quality customers at home and abroad, and strengthened its technology R & D capability. In addition, it summarizes the research conclusions of the article, and puts forward three enlightenment: making full preparations for M & A in the early stage, relying on industrial demand for M & A, and paying attention to the integration in the later stage of M & A, so as to provide reference for M & A of other enterprises in the industry.