摘要
伴随着商品生产及销售的全球化进程，全球众多企业正以跨国并购的模式
获取本企业所需的资源。截至目前跨国并购已经历了六次浪潮，在第六次并购
浪潮中，以我国为中心，众多发展中国家在跨国并购中成为了主要力量。我国
汽车产业在最近一段时间里发展迅速，在这一大背景下，我国汽车零部件制造
行业的增长速度已经高于整车生产行业的增长速度。为了抢占汽车零部件市场
的高地，我国部分零部件制造企业决定以海外并购这一形式获取国外的先进汽
车零部件企业的控股权，从而取得其先进的管理和生产经验，进而迅速打入国
际市场。
本文通过对我国汽车行业以及汽车零部件行业发展现状以及我国零部件企
业跨国并购的介绍指出本文的研究背景并引出研究意义。采用文献研究法，梳
理了国内与国外学者关于跨国并购动因和绩效的研究成果和结论，介绍了相关
概念以及并购绩效的评价方法。通过案例分析法，以W公司并购T公司这一案
例作为研究对象，通过相关理论结合汽车零部件行业发展背景对W公司并购T
公司的主要动因及由相关动因所产生的并购绩效进行分析评价。在并购动因研
究方面，本文根据W公司并购T公司的主要形式，采用访谈法对参与并购双方
公司的相关人员就并购动因进行实证分析，并结合并购动因的分析结论选取并
购前后的相关非财务指标与财务指标对本次并购的绩效进行分析评价。根据上
述案例分析，本文得出以下结论：第一，协同效应、规模经济和资源需求等动
因的确立，可以使跨国并购产生良好的绩效表现；第二，初次进行跨国并购的
企业有必要聘请专业的第三方机构；第三，跨国并购要关注并购后企业文化、
管理方式等各种整合工作。
关键词：汽车零部件行业；跨国并购；动因分析；绩效分析
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Abstract
With the procedure of global manufacture and marketing, more and more
enterprises are acquiring the resources they need through cross-border mergers
acquisitions(M&As). Up to now, the cross-border M&As has covered six waves, in
the sixth wave, many big developing countries cored with China has gradually
become the mainstream of cross-border M&As. In the recent years, our country's
automobile industry develops very fast under the background of which the increasing
rate of the automobile part industry has been higher than that of the whole car
industry. In order to get the highland of auto part market, some Chinese auto part
suppliers choose cross-border M&As to hold the controlling interest of the foreign
auto part enterprises, so that they could get the advanced manufacture technology and
management experience to break into the international market.
This essay introduces the present developing situation of our country’s auto
industry and auto parts industry and the cross-border M&As to point out the research
background and value. Essay research method is adopted to summarize the research
outcomes and conclusions made by Chinese and foreign countries’ scholars about
cross-border M&A’s motivation and performance. Through case study, setting the
M&A of W to T as a research case, this essay makes an analysis and evaluation to the
M&A’s performance caused by the motivation through relative theories combined
with the developing background of auto parts industry. Through the case study, this
essay gets the following conclusions: 1. The setup of the motivation of coordination
effect, scale economy and resource requirement could make a positive cross-border
M&A’s performance; 2. It’s necessary for the enterprises which make M&A’s for the
first time to hire a professional third party agency; 3. After M&A, the combination
work of enterprise culture, management method and etc. should be paid special
attention to.
Key Words: automobile part industry; cross-border mergers and acquisitions;
motivation analysis; performance analysis
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目录
第一章绪论............................................. 1
1.1
研究背景和研究意义.......................................1
1.1.1
研究背景.................................................... 1
研究意义.................................................... 8
1.1.2
1.2
国内外研究现状...........................................9
1.2.1
并购动因国内外研究现状...................................... 9
并购绩效国内外研究现状..................................... 10
文献述评................................................... 12
1.2.2
1.2.3
1.3
1.4
研究内容和研究方法......................................12
1.3.1
研究内容................................................... 12
研究方法................................................... 13
1.3.2
文章创新点..............................................14
第二章相关概念与理论概述.............................. 15
2.1
2.2
相关概念界定............................................15
2.1.1
并购的定义................................................. 15
并购的分类................................................. 15
2.1.2
企业并购动因的理论分析..................................16
2.2.1
协同效应理论............................................... 16
规模经济理论............................................... 17
资源需求理论............................................... 17
2.2.2
2.2.3
2.3
企业并购绩效的评价方法..................................18
2.3.1
财务指标分析法............................................. 18
非财务指标分析法........................................... 19
2.3.2
第三章 W公司并购T公司案例简述.........................20
3.1 W公司基本情况...........................................20
3.2 T公司基本情况...........................................22
3.3
3.4
并购概况................................................24
并购风险因素............................................26
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