中联重科并购意大利CIFA公司效应分析

发布时间：2018-01-05 18:25

本文关键词：中联重科并购意大利CIFA公司效应分析　出处：《中南大学》2013年硕士论文　论文类型：学位论文

【摘要】：摘要：我国工程机械行业在基础设施与房地产建设双重拉动下从2005年开始实现跨越式增长,2007年实现增长率45.8%,是工程机械最为辉煌的一年。但随着2008年金融危机的爆发,房地产投资降温,国内奥运场馆等基础设施建设基本完工,工程机械面临需求下降,增速放缓,产能过剩的局面。在国内市场需求不足的情况下,国际市场的巨大容量成为我国工程机械企业关注的重点,拓展海外市场加速国际化进程成为主要的战略利器。本文以中联重科并购CIFA公司实施国际化战略为案例,对其并购效应进行研究。首先从并购背景、并购实施过程和并购后的整合方面概述整个并购事件；其次从并购动因出发以并购效应理论为依据分析本宗并购预期产生的效应,并结合中联重科与CIFA实际情况设计和选取相应的评价指标对并购效应进行具体分析,综合评判并购CIFA的成败,总结经验与启示,并提出进一步发展的建议。通过对并购效应的分析可知,中联重科并购CIFA的短期股东财富效应不理想,但长期效应显著,尤其是在经营协同效应、技术和品牌协同效应、市场份额效应和企业战略动机效应方面更加突出,管理和销售渠道方面的协同效应也得到一定的发挥,但仍有很大的发展空间,有待进一步提升。因此,从长期来看中联重科并购意大利CIFA公司可以称得上是一次成功的海外并购。面对当前全球工程机械行业不景气的现状,本文总结成功并购CIFA的经验与启示,从并购前的准备、并购实施和并购后的整合三个阶段对中联重科日后的海外并购提出建议,同时对并购后CIFA的管理和发展也提出相应的建议：加强信息化建设、加快技术创新和开拓海外市场,期望中联重科的并购效应得以长效发挥。
[Abstract]:Absrtact: the construction machinery industry of our country has realized leapfrog growth since 2005 under the dual pull of infrastructure and real estate construction, and achieved a growth rate of 45.8% in 2007. Construction machinery is the most brilliant year, but with the outbreak of the financial crisis in 2008, real estate investment cooling, domestic Olympic stadiums and other infrastructure construction is basically completed, construction machinery is facing a decline in demand. In the situation of insufficient domestic market demand, the huge capacity of the international market has become the focus of our construction machinery enterprises. Expanding overseas markets to speed up the process of internationalization has become the main strategic weapon. This paper makes a case study on the effect of CIFA merger and acquisition by Zoomlion. Firstly, it summarizes the whole M & A event from the aspects of M & A background, the process of M & A implementation and the integration after M & A. Secondly, based on the theory of M & A effect, this paper analyzes the expected effects of M & A from the perspective of M & A motivation. And combined with the actual situation of CIFA and the design of the relevant evaluation indicators for the specific analysis of M & A effect, comprehensive evaluation of the success or failure of M & A CIFA, summing up experience and inspiration. Suggestions for further development are also put forward. Through the analysis of M & A effect, the short-term shareholder wealth effect of CIFA is not ideal, but the long-term effect is significant, especially in the management synergy, technology and brand synergy. Market share effect and corporate strategic motivation effect are more prominent, management and sales channels of synergy effect is also given play to a certain extent, but there is still a lot of room for development, to be further improved. In the long run, Zoomlion's merger and acquisition of Italy's CIFA can be described as a successful overseas acquisition. Facing the current global construction machinery industry recession. This paper summarizes the experience and inspiration of successful M & A (CIFA), and puts forward some suggestions on the future overseas M & A from three stages: preparation before M & A, implementation of M & A and integration after M & A. At the same time, the management and development of CIFA after M & A are also proposed: strengthening the construction of information, speeding up technological innovation and opening up overseas markets, hoping that the M & A effect of Zoomlion will be brought into full play for a long time.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.4;F406.7

【共引文献】