汽车行业选择并购及估值方法研究
发布时间：2018-11-28 08:39
【摘要】：过去的二十年，中国的汽车行业经过了高速发展，各大型汽车集团也渐渐壮大起来。但与美国和日本等成熟市场相比，目前国内的汽车行业的生产与市场集中度都明显偏低。根据产业发展规律，未来一段时期国内汽车产业发展的主题注定会通过并购重组进行产业结构调整。国家政府部门也鼓励通过兼并重组实现中国汽车产业的快速发展。2009年国家出台《汽车产业调整和振兴规划》，2011年“十二五”期间国家将以汽车、钢铁、水泥和机械制造等八大行业为重点，推动优势企业跨地区兼并重组、境外并购和投资合作。2013年工信部发布《特别公示车辆生产企业(第1批)》，拟定取消48家车企新产品的申报资格。国家政策的陆续出台将会积极的促进国内汽车产业并购和整合。而且随着金融体制的改革，利率市场化，资本项目调整，一些限制的取消，中国汽车企业走出去，实现国际并购的道路也会越来越顺畅。再从汽车销量上看，，中国已成为世界第一汽车大国，其国际化的步伐不仅成为必然，兼并和重组也将伴随着中国汽车产业的发展而进一步加快。 本文对于汽车行业的并购，主要集中讨论目标的选择和公司的估值。第一部分是对目前国内外汽车并购市场、历史及动因进行分析。第二部分是对并购目标选择条件的筛选进行阐述。第三部分旨在对估值方式进行探讨。第四部分重点讲述与具体分析万向钱潮并购美国A123成功的案例。 鉴于目前研究兼并重组的论文大多偏向兼并的风险和兼并重组的动因分析。本文把重点放在阐述并购目标的选择，结合实际的产业指标和产业历史发展阶段及国内外不同的市场环境，深入探讨中国汽车企业如何选择最适合自己的并购对象及估值，给有能力、有意愿能走出去并购的汽车行业做一个参考与导向。 另外，本文也提出新能源汽车发展应先走并购核心零部件公司的发展途径。 总之，本文研究意义是为中国汽车企业的并购发展提出建议，对未来汽车产业并购发展进行探讨。
[Abstract]:Over the past two decades, China's auto industry has grown rapidly, and large auto groups have grown. However, compared with mature markets such as the United States and Japan, the production and market concentration of domestic automobile industry is obviously low. According to the law of industrial development, the theme of the development of domestic automobile industry in the future is destined to adjust the industrial structure through M & A. State government departments also encourage the rapid development of China's auto industry through mergers and reorganization. In 2009, the State issued the "Plan for Adjustment and Revitalization of the Automobile Industry." during the "12th Five-Year Plan" in 2011, the state will use automobiles and steel. The eight major industries, such as cement and machinery manufacturing, are focused on promoting cross-regional mergers and reorganization of superior enterprises, overseas mergers and acquisitions, and investment cooperation. In 2013, the Ministry of Industry and Information Technology issued "Special publicised vehicle production Enterprises (batch 1)," Proposed to cancel 48 car enterprises new product declaration qualification. The introduction of national policies will actively promote mergers and acquisitions and integration of the domestic auto industry. With the reform of the financial system, the marketization of interest rate, the adjustment of capital account and the cancellation of some restrictions, the road of international merger and acquisition will be more and more smooth. From the perspective of automobile sales, China has become the world's largest automobile country, and the pace of its internationalization is not only inevitable, but also will be further accelerated with the development of China's auto industry. This paper focuses on the choice of targets and company valuation for M & A in the auto industry. The first part is the analysis of the domestic and foreign auto M & A market, history and motivation. The second part is the selection of M & A target selection conditions. The third part is to discuss the valuation method. The fourth part focuses on the successful case of Wanxiang Qian Chao's merger and acquisition of A123. In view of the current research on merger and reorganization, most of the papers tend to analyze the risks of merger and the motivation of merger and reorganization. This paper focuses on the selection of M & A targets, combining with the actual industrial indicators and historical stages of industrial development and different market environments at home and abroad, and probes into how Chinese automobile enterprises choose the most suitable M & A object and valuation. To have the ability, willing to go out to M & A auto industry to do a reference and guidance. In addition, this paper also proposes that the development of new energy vehicles should first take the development of core parts companies. In a word, the research significance of this paper is to put forward some suggestions for the development of M & A of Chinese automobile enterprises, and to discuss the future development of M & A of automobile industry.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.471;F271;F406.7
本文编号：2362374
[Abstract]:Over the past two decades, China's auto industry has grown rapidly, and large auto groups have grown. However, compared with mature markets such as the United States and Japan, the production and market concentration of domestic automobile industry is obviously low. According to the law of industrial development, the theme of the development of domestic automobile industry in the future is destined to adjust the industrial structure through M & A. State government departments also encourage the rapid development of China's auto industry through mergers and reorganization. In 2009, the State issued the "Plan for Adjustment and Revitalization of the Automobile Industry." during the "12th Five-Year Plan" in 2011, the state will use automobiles and steel. The eight major industries, such as cement and machinery manufacturing, are focused on promoting cross-regional mergers and reorganization of superior enterprises, overseas mergers and acquisitions, and investment cooperation. In 2013, the Ministry of Industry and Information Technology issued "Special publicised vehicle production Enterprises (batch 1)," Proposed to cancel 48 car enterprises new product declaration qualification. The introduction of national policies will actively promote mergers and acquisitions and integration of the domestic auto industry. With the reform of the financial system, the marketization of interest rate, the adjustment of capital account and the cancellation of some restrictions, the road of international merger and acquisition will be more and more smooth. From the perspective of automobile sales, China has become the world's largest automobile country, and the pace of its internationalization is not only inevitable, but also will be further accelerated with the development of China's auto industry. This paper focuses on the choice of targets and company valuation for M & A in the auto industry. The first part is the analysis of the domestic and foreign auto M & A market, history and motivation. The second part is the selection of M & A target selection conditions. The third part is to discuss the valuation method. The fourth part focuses on the successful case of Wanxiang Qian Chao's merger and acquisition of A123. In view of the current research on merger and reorganization, most of the papers tend to analyze the risks of merger and the motivation of merger and reorganization. This paper focuses on the selection of M & A targets, combining with the actual industrial indicators and historical stages of industrial development and different market environments at home and abroad, and probes into how Chinese automobile enterprises choose the most suitable M & A object and valuation. To have the ability, willing to go out to M & A auto industry to do a reference and guidance. In addition, this paper also proposes that the development of new energy vehicles should first take the development of core parts companies. In a word, the research significance of this paper is to put forward some suggestions for the development of M & A of Chinese automobile enterprises, and to discuss the future development of M & A of automobile industry.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.471;F271;F406.7
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