消费类电子信息企业并购绩效分析——以TCL集团为例

发布时间：2018-07-04 22:53

本文选题：并购 + 事件分析法　；参考：《管理评论》2017年11期

【摘要】：随着中国企业跨国并购战略步伐的不断加快,并购对企业的绩效影响已成为学术界热议的话题。本文选取具有多次并购经历的中国电子制造龙头企业—TCL集团为研究对象,分析其近十几年来的三次主要跨国并购行为对公司绩效的影响:2004年先后收购法国阿尔卡特手机业务和法国汤姆逊彩电业务,2015年初收购手机品牌Palm。本文首先采用事件分析法和因子分析法分别从股价、财务绩效等多个维度分析TCL集团三次并购对短期和长期经营绩效的影响;其次,采用Chow断点检验分析三次并购事件对财务指标的影响。实证结果发现TCL集团并购阿尔卡特手机业务对公司有正向效应,而并购汤姆逊彩电业务和Palm手机品牌则具有负向效应。
[Abstract]:With the rapid development of cross-border M & A strategy in China, the impact of M & A on corporate performance has become a hot topic in academic circles. In this paper, TCL Group, a leading Chinese electronic manufacturing enterprise with many mergers and acquisitions, is selected as the research object. This paper analyzes the impact of three major cross-border mergers and acquisitions on the performance of the company in the past ten years: in 2004, it acquired the French Alcatel mobile phone business and the French Thomson color TV business, and in the beginning of 2015, it acquired the mobile phone brand Palm. This paper first uses event analysis method and factor analysis method to analyze the impact of three mergers and acquisitions of TCL group on short-term and long-term business performance from the aspects of stock price and financial performance respectively. Chow breakpoint test is used to analyze the impact of three M & A events on financial indicators. The empirical results show that the acquisition of Alcatel mobile phone business by TCL group has a positive effect on the company, while the acquisition of Thomson color TV business and Palm mobile phone brand has a negative effect.
【作者单位】：中国科学院数学与系统科学研究院;中国科学院大学;中国科学院大学经济与管理学院;
【基金】：国家自然科学基金项目(71390330;71390331)
【分类号】：F271;F426.6

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