均胜电子收购KSS协同效应的案例分析

发布时间：2018-06-19 06:07

本文选题：跨国收购 + 协同效应　；参考：《江西财经大学》2017年硕士论文

【摘要】：随着居民人均可支配收入的增加和居民生活水平的提高,汽车日益成为家家户户的首选出行工具。尤其自2016年以来,新能源汽车和智能汽车被人们普遍接受,汽车行业进入产销两旺的局面。虽然国内汽车产业得到极大地发展,但由于大部分汽车的关键核心技术掌握在国外汽车巨头手中,国内汽车主要是经营整车业务和汽车零部件业务等利润较低的领域,企业发展空间有限。汽车企业为了能够长期生存和获得旺盛的生命力,于是开始进行跨国并购,所以如何进行有效整合和发挥协同效应成为我国企业生存和发展必须研究的课题。本文通过对均胜电子收购KSS案例进行研究,采用案例分析法和财务数据法,探索收购案协同效应的实现程度。本文首先从国内外两方面介绍并购协同效应的现状,确定协同效应的理论基础,即确定以经营、管理、财务和无形协同效应四个方面来阐述该企业收购协同效应。同时研究中国汽车行业的发展现状,表明企业进行跨国并购的必要性;其次分析均胜电子收购KSS的过程,详细介绍收购事件过程和结果;接下来进一步运用协同效应理论基础,通过收购前后的数据进行对比,采取综合绩效评判法研究此次收购事件成功与否;最后通过该案例的遇到的问题进行原因分析,得出相关启示。通过本文分析,本文认为均胜电子对KSS的跨国收购的过程是顺利的。均胜电子收购后获得了汽车安全领域的相关技术,从而完善了产品布局,实现了技术协同效应;同时打开了美国汽车市场,完成了欧、美和亚三大洲基地布局,符合均胜电子全球化战略,实现了市场协同效应;最后2016年6月的报表合并,KSS和TS贡献给均胜电子上市公司股东净利润约0.68亿元,实现了局部财务协同效应。但由于该收购支付对价过高且全额支付,耗费企业大量现金流,一定程度上影响企业管理协同效应和财务协同效应的全部实现。通过本文对均胜电子收购KSS的协同效应的分析,得出该收购案短期内实现经营协同效应,但管理协同效应和财务协同效应并没有很好的体现出来,而出于对企业公司发展前景的看好,未来3-5年将会得到快速发展,这对其他汽车企业乃至中国企业跨国收购将产生深远影响。案例启示收购方要站在一定的战略高度去选择被收购方,合理定价;提高谈判话语权,选择合适的支付方式;根据收购具体情况,实施适合自己的收购模式。同时不要一味地为了获得协同效应,而忽视收购后的整合,只有事先预警、事中控制和事后防范,注重整合风险,收购的协同效应才能发挥出来,为企业带来长远利益。
[Abstract]:With the increase of per capita disposable income and the improvement of living standard, automobile is becoming the first choice for every household. In particular, since 2016, new energy vehicles and smart cars have been widely accepted, and the auto industry has entered a situation of booming production and sales. Although the domestic automobile industry has been greatly developed, because most of the key core technologies of the automobile are in the hands of foreign automobile giants, domestic automobiles are mainly engaged in low-profit areas such as vehicle business and auto parts business. The space for enterprise development is limited. In order to be able to survive for a long time and obtain strong vitality, automobile enterprises began to conduct cross-border mergers and acquisitions. Therefore, how to effectively integrate and play the synergy effect has become a subject that must be studied in the survival and development of Chinese enterprises. In this paper, we study the case of Junsheng Electronic acquisition KSS, and use case analysis and financial data method to explore the degree of synergetic effect. This paper first introduces the present situation of merger and acquisition synergy from domestic and foreign aspects, and determines the theoretical basis of synergy effect, that is, it expounds the synergy effect of enterprise acquisition from four aspects: management, finance and intangible synergy. At the same time, it studies the current situation of China's automobile industry, which indicates the necessity of cross-border M & A; secondly, analyzes the process of Junsheng Electronic acquisition of KSS, introduces the process and results of the acquisition event in detail; and then further uses the synergetic effect theory foundation. Through the comparison of the data before and after the acquisition, the comprehensive performance evaluation method is adopted to study the success of the acquisition. Finally, through the analysis of the reasons of the problems encountered in this case, the relevant enlightenment is obtained. Through the analysis of this paper, we think that the process of multinational acquisition of KSS by Junsheng Electronics is smooth. After the acquisition, Junsheng acquired related technologies in the field of automobile safety, thus perfecting the product layout and realizing the technology synergy effect. At the same time, it opened up the US auto market and completed the layout of the bases in Europe, the United States and Asia. In line with the global strategy of Juseng Electronics, the market synergy is realized. In the end, in June 2016, the combined statements of KSS and TS contributed about 68 million yuan to the shareholders' net profit of the listed company, which realized the partial financial synergy effect. However, the purchase price is too high and full payment, which consumes a lot of cash flow, and to some extent affects the realization of management synergy and financial synergy. Through the analysis of the synergetic effect of Junsheng Electronic acquisition KSS, it is concluded that the management synergy effect and the financial synergy effect are not well realized in the short term. In the next 3-5 years, the company will develop rapidly in the coming 3-5 years, which will have a profound impact on the multinational acquisitions of other auto companies and even Chinese enterprises. The case enlightens the acquirer to choose the acquired party from a certain strategic height, to set a reasonable price; to improve the bargaining power and choose the appropriate payment method; to implement the appropriate acquisition mode according to the specific situation of the acquisition. At the same time, we should not blindly ignore the integration after acquisition in order to gain synergy effect. Only by forewarning, controlling and preventing afterwards, paying attention to integration risk, can the synergistic effect of acquisition be brought into play and bring long-term benefits to enterprises.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.471;F271

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