国际经济与贸易学院知识库

       得益于经济繁荣，中国汽车工业，包括制造业和汽车消费，正在迅速增长，不断扩大的市场也推动了中国汽车公司的快速增长。吉利，作为中国汽车公司的一员，在自身缺乏先天资源和技术条件的情况下，不断的寻求超越自我，以跨境并购为杠杆实现能力跨越，凭借多次的海外并购，成功跨越了技术创新差距，推动战略转型，通过全球布局和资源整合，将自己推向世界级舞台。本文选取吉利收购戴姆勒的案例，对其财务绩效进行研究和分析，旨在揭示海外并购的过程及问题，为我国企业的海外并购提供借鉴，同时丰富理论成果。
　　本文在吉利跨国并购戴姆勒的案例研究中，首先，对并购的投资环境背景、汽车行业背景与吉利本身特定的背景进行了分析，并且结合该案例的具体情况分析了其并购的动因，对并购过程中的债务风险、盈利风险、定价风险、融资风险和支付风险等财务风险进行了研究。其次，运用事件研究法，构建市场模型，通过回归分析建立线性方程式，且对结果进行单样本T检验，从而对吉利的短期财务绩效进行实证的研究和评析。接下来，采用杜邦分析法和因素分析法，并加入了现金流量表的分析，从净资产收益率、生产经营能力、资产的运营及盈利能力、资本结构四个方面全面综合地研究了吉利并购戴姆勒的长期财务绩效。最后，得出了该案例的结论与启示。
　　本文的研究发现，吉利并购戴姆勒最大的特点在于使用了领子期权策略，其主要动因在于扩大市场规模、寻求战略布局、获取技术创新、追求协同效应，并且其在并购戴姆勒之后面临着一定程度的流动性风险和定价风险。对于财务绩效方面，吉利并购戴姆勒之后，不仅在短期内为市场带来了积极的反应，更为企业带来了长远的发展机遇与市场前景。其长期财务绩效表现卓越，呈现出良好的发展态势，这主要得益于其在生产经营能力、资产的运营及盈利能力和资本结构三方面的持续优化和提升。具体体现在并购之后的生产规模和技术水平有所提升，且实现了资产的优化配置和高效利用，增强了偿债能力和抵御风险的能力。可以说，吉利并购戴姆勒是一项明智的战略决策。未来，随着双方更深层次的融合和协同发展，吉利有望在激烈的市场竞争中继续保持领先地位。

    Thanks to the economic boom, China's auto industry, including manufacturing and auto consumption, is growing rapidly, and the expanding market has also driven the rapid growth of China's auto companies. Geely, as a member of China's auto companies, constantly seeks to surpass itself in the absence of innate resources and technical conditions, and uses cross-border mergers and acquisitions as leverage to achieve capability leapfrog. With multiple overseas mergers and acquisitions, Geely has successfully crossed the technological innovation gap, promoted strategic transformation, and pushed itself to the world-class stage through global layout and resource integration. This paper selects the case of Geely's acquisition of Daimler, studies and analyzes its financial performance, reveals the process and problems of overseas M&A, provides references for Chinese enterprises' overseas M&A and enriches theoretical achievements.
　In the case study of Geely's transnational acquisition of Daimler, this paper first analyzed the investment environment background, automotive industry background and the specific background of Geely itself of the merger, and analyzed the motivation of the merger in combination with the specific situation of the case, and studied the financial risks such as debt risk, profit risk, pricing risk, financing risk and payment risk in the merger process. Secondly, the event study method was used to build a market model, establish a linear equation through regression analysis, and conduct a single sample T test on the results, so as to conduct empirical research and evaluation on Geely's short-term financial performance. Next, using DuPont analysis method and factor analysis method, and adding the analysis of cash flow statement, the long-term financial performance of Geely's acquisition of Daimler was comprehensively and comprehensively studied from four aspects: return on equity, production and operation capacity, asset operation and profitability, and capital structure. Finally, the conclusion and enlightenment of this case are drawn.
　The research in this paper finds that the biggest feature of Geely's acquisition of Daimler is the collar option strategy, which is mainly motivated by expanding market scale, seeking strategic layout, obtaining technological innovation and pursuing synergies. Moreover, Geely is faced with a certain degree of liquidity risk and pricing risk after the acquisition of Daimler. In terms of financial performance, Geely's acquisition of Daimler not only brought a positive response to the market in the short term, but also brought long-term development opportunities and market prospects for the enterprise. Its long-term financial performance is excellent and shows a good development trend, which is mainly due to its continuous optimization and improvement in three aspects: production and management capacity, asset operation and profitability, and capital structure. After the acquisition, the production scale and technical level have been improved, and the optimal allocation and efficient use of assets have been realized, and the ability to pay debts and resist risks has been enhanced. It can be said that Geely's acquisition of Daimler is a wise strategic decision. In the future, with the deeper integration and collaborative development of the two parties, Geely is expected to continue to maintain its leading position in the fierce market competition.