吉利公司并购沃尔沃的整合绩效研究
发布时间：2018-08-02 20:09
【摘要】：近几年来,国内企业自身的发展及国内经济发展的放缓使得它们开始向海外扩张。从2004年到2015年,中国跨境交易金额增加了十倍。2016年上半年,民营企业海外并购的金额也首次超越了国有企业,成为中国海外并购的主力。然而并购后整合活动却是中国企业并购最为突出的问题,大部分企业把并购当作目的,往往忽视了并购之后的整合工作,以至于无法形成协同效应,发挥种种资源优势。而并购整合的考虑层面不仅涉及到财务与股价,从大的范围上更应该考虑并购对企业长期发展潜力,甚至对企业外部顾客、社会的影响,所以需要综合地衡量并购整合效应。为深入研究并购后整合及整合绩效问题,本文以吉利公司并购沃尔沃汽车为对象,从财务整合过程、财务绩效指标、销售业绩等诸多方面,采用文献研究法、个案研究法、数量研究法对整合及绩效问题进行分析。文中首先对并购整合问题的文献进行综述,然后对于吉利并购沃尔沃整合活动中的财务整合过程等进行分析,再通过对吉利并购沃尔沃前后几年财务指标与销售业绩的变化进行分析,阐述吉利的并购整合活动的得与失。海外并购整合活动最为困难的部分是企业文化的整合,中国企业跨国并购失败的案例多在于文化的融合失败,为此国内企业在进行海外并购的时候一定需要着重注意这一方面。在本文的研究中,财务指标主要侧重于企业盈利能力与营运能力两大维度,销售业绩则分为吉利自有品牌的销售及沃尔沃品牌的销售,同时本文还运用了主成分分析法对财务指标进行综合分析。通过上述研究分析,本文从短期效果及长期效应两个角度得出了结论与建议。从短期效果来看,吉利对于沃尔沃的并购整合卓有成效。虽然在这一过程中困难重重,也有着管理决策的失误,但最终吉利还是获得了市场的好评及丰厚的利润回报。企业也需要根据自身的实际情况做好并购的战略准备工作,选定合适的并购对象,并制订完善的并购整合工作计划。从长期效应来看,吉利对于沃尔沃的并购整合还在进行中,甚至只处于前半阶段。海外并购的平稳整合是一项长期的工作,无论是从管理理念还是企业文化上,并购方和被并购方都需要一个很长的时间进行磨合,同时整合双方的资源为企业和社会创造价值和财富。
[Abstract]:In recent years, domestic companies have begun to expand overseas because of their own growth and slowing domestic economic growth. The amount of cross-border deals in China increased tenfold between 2004 and 2015. For the first time in the first half of 2016, private companies overtook state-owned enterprises to become the main force of overseas mergers and acquisitions in China. However, the post-merger integration is the most prominent problem in Chinese M & A. Most enterprises regard M & A as the purpose, and often ignore the integration work after M & A, so that they can not form a synergy effect and play a variety of resource advantages. The consideration level of M & A integration involves not only finance and stock price, but also the impact of M & A on the long-term development potential of enterprises, even on external customers and society, so it is necessary to comprehensively measure the effect of M & A integration. In order to deeply study the problem of integration and integration performance after M & A, this paper takes Geely Corporation M & A Volvo car as the object, from the aspects of financial integration process, financial performance index, sales performance and so on, adopts literature research method, case study method, etc. Quantitative analysis of integration and performance issues. This paper first reviews the literature on merger and acquisition integration, and then analyzes the financial integration process of Geely's merger and acquisition of Volvo. Through the analysis of the changes of financial index and sales performance before and after Geely's merger and acquisition of Volvo, this paper expounds the gains and losses of Geely's merger and integration activities. The most difficult part of overseas M & A integration is the integration of corporate culture. The failure of cross-border M & A of Chinese enterprises lies in the failure of cultural integration. Therefore, domestic enterprises must pay attention to this aspect when undertaking overseas mergers and acquisitions. In this paper, the financial indicators mainly focus on the two dimensions of corporate profitability and operational ability, sales performance is divided into Geely's own brand sales and Volvo brand sales. At the same time, this paper also uses the principal component analysis method to analyze the financial index synthetically. Through the above research and analysis, this paper draws conclusions and suggestions from two aspects: short-term effect and long-term effect. From the short-term effect, Geely for Volvo merger and acquisition integration is fruitful. Despite the difficulties in this process, there are also management decisions, but ultimately Geely won the market praise and rich profit returns. Enterprises also need to do a good job according to their own actual situation of M & A strategic preparation, select the appropriate M & A object, and formulate a sound M & A integration work plan. In the long run, Geely's merger and acquisition of Volvo is still in progress, even in the first half. The smooth integration of overseas mergers and acquisitions is a long-term work, whether from the management concept or corporate culture, the merger and acquisition parties need a long time to run in. At the same time, the integration of both sides of the resources for enterprises and society to create value and wealth.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.471
本文编号：2160588
[Abstract]:In recent years, domestic companies have begun to expand overseas because of their own growth and slowing domestic economic growth. The amount of cross-border deals in China increased tenfold between 2004 and 2015. For the first time in the first half of 2016, private companies overtook state-owned enterprises to become the main force of overseas mergers and acquisitions in China. However, the post-merger integration is the most prominent problem in Chinese M & A. Most enterprises regard M & A as the purpose, and often ignore the integration work after M & A, so that they can not form a synergy effect and play a variety of resource advantages. The consideration level of M & A integration involves not only finance and stock price, but also the impact of M & A on the long-term development potential of enterprises, even on external customers and society, so it is necessary to comprehensively measure the effect of M & A integration. In order to deeply study the problem of integration and integration performance after M & A, this paper takes Geely Corporation M & A Volvo car as the object, from the aspects of financial integration process, financial performance index, sales performance and so on, adopts literature research method, case study method, etc. Quantitative analysis of integration and performance issues. This paper first reviews the literature on merger and acquisition integration, and then analyzes the financial integration process of Geely's merger and acquisition of Volvo. Through the analysis of the changes of financial index and sales performance before and after Geely's merger and acquisition of Volvo, this paper expounds the gains and losses of Geely's merger and integration activities. The most difficult part of overseas M & A integration is the integration of corporate culture. The failure of cross-border M & A of Chinese enterprises lies in the failure of cultural integration. Therefore, domestic enterprises must pay attention to this aspect when undertaking overseas mergers and acquisitions. In this paper, the financial indicators mainly focus on the two dimensions of corporate profitability and operational ability, sales performance is divided into Geely's own brand sales and Volvo brand sales. At the same time, this paper also uses the principal component analysis method to analyze the financial index synthetically. Through the above research and analysis, this paper draws conclusions and suggestions from two aspects: short-term effect and long-term effect. From the short-term effect, Geely for Volvo merger and acquisition integration is fruitful. Despite the difficulties in this process, there are also management decisions, but ultimately Geely won the market praise and rich profit returns. Enterprises also need to do a good job according to their own actual situation of M & A strategic preparation, select the appropriate M & A object, and formulate a sound M & A integration work plan. In the long run, Geely's merger and acquisition of Volvo is still in progress, even in the first half. The smooth integration of overseas mergers and acquisitions is a long-term work, whether from the management concept or corporate culture, the merger and acquisition parties need a long time to run in. At the same time, the integration of both sides of the resources for enterprises and society to create value and wealth.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.471
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