潍柴动力并购德国凯傲公司动因和绩效分析

发布时间：2018-06-21 22:42

本文选题：潍柴动力 + 海外并购　；参考：《合肥工业大学》2017年硕士论文

【摘要】：海外并购被看做是企业快速占领市场、创新技术、走向国际的最佳可选途径之一。近年来我国企业海外并购热情异常高涨,许多企业将海外并购作为企业迈向国际化的一条捷径。但不少研究表明我国企业参与海外并购的虽多,成功的却不多,能为企业带来财富收益的更少。2012年末潍柴动力并购德国凯傲公司,创造了当时中国赴德的最大一笔直接投资,不仅又一次延伸了企业的产业链条,更使企业一步迈入全球液压行业的顶尖行列,同时也将有助于改变我国高端液压产品长期依赖进口的局面。在海外并购被我国企业激烈追捧的当下,潍柴的并购经验具有一定启示意义。本文以潍柴动力并购德国凯傲公司的动因和绩效分析为研究内容。在梳理相关研究文献,理论成果以及总结行业并购现状的基础上,对潍柴并购凯傲公司的全过程进行了详细分析,包括并购产生的动因、过程、资金来源、后期整合等。然后利用事件分析法、财务指标分析法和经济增加值分析法从短期和长期两个方面详细分析海外并购对潍柴动力绩效产生的影响,研究发现海外并购一定程度上为潍柴打开了海外市场,给企业带来经济效益,尤其是在国内市场不景气的情况下,成为潍柴利润的主要增长点。最后,建议我国汽车企业要基于企业发展战略理性对待海外并购,注重并购后的整合,并且要不断提高自身核心竞争力。
[Abstract]:Overseas M & A is regarded as one of the best ways for enterprises to quickly occupy the market, innovate technology and go international. In recent years, the enthusiasm of overseas M & A of Chinese enterprises is very high, many enterprises regard overseas M & A as a shortcut to internationalization. However, many studies have shown that although more Chinese enterprises are involved in overseas mergers and acquisitions, there are not many successful ones, and fewer of them can bring wealth to enterprises. In late 2012, Weichai's merger and acquisition of Germany's Keao Company created the largest direct investment by China to Germany at that time. It not only extends the industrial chain of the enterprise once more, but also makes the enterprise step into the top rank of the global hydraulic industry, and will help to change the situation of our country's high-end hydraulic products relying on imports for a long time. At present, Weichai's M & A experience has some enlightening significance at a time when overseas M & A has been pursued by Chinese enterprises. This paper focuses on the motivation and performance analysis of Weichai Power M & A. On the basis of combing relevant research literature, theoretical results and summarizing the current situation of M & A in the industry, this paper makes a detailed analysis of the whole process of Weichai's merger and acquisition of Kaiao Company, including the causes, processes, sources of funds, late integration and so on. Then, by means of event analysis, financial index analysis and economic added value analysis, the impact of overseas M & A on the dynamic performance of Weichai is analyzed in detail in the short and long term. It is found that the overseas M & A has opened up the overseas market for Weichai to some extent and brought economic benefits to the enterprises, especially in the domestic market, which has become the main growth point of Weichai profit. Finally, it is suggested that Chinese automobile enterprises should treat overseas mergers and acquisitions rationally based on the development strategy of enterprises, pay attention to the integration after mergers and acquisitions, and constantly improve their core competitiveness.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.4;F271

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