Performance Evaluation Of The Vertical Integration Strategy Of The New Energy Automobile Industry Chain

The capital demand of automobile manufacturing industry is big,the industry technical barriers high,the m & a is an important way of automobile enterprises to do fast,and the automobile industry is a wave of mergers and acquisitions.However,most of the automobile enterprises often ignore the guiding role of the strategy in mergers and acquisitions,mergers and acquisitions only meet short-term development needs of enterprises,ignoring the guidance of long-term strategy,mergers and acquisitions do not serve the long-term development strategy of enterprises.Some enterprises lack of timely evaluation of m & a performance after m& a,timely adjust m & a strategy,the enterprise cash flow becomes tense,the asset-liability ratio rises,the problem is heavy.Moreover,at present,most of the use of financial indicators in the evaluation of m & a performance,ignoring the guiding role of enterprise m & a,and not evaluating the internal business process,learning and growth,customer dimension,and not combining the enterprise performance evaluation and enterprise development strategy.According to the theory of vertical integration of industrial chain,based on the existing performance and property rights theory,performance and enterprise capability theory,strategic performance evaluation theory,using the event study method,accounting index analysis,balanced scorecard,BYD to implement the vertical integration of BYD,and use event research,financial index analysis,balanced scorecard analysis.This paper first analyzes the realization of the strategic motivation of BYD merger;Then use the event study to analyze the stock price volatility of BYD new energy automobile industry chain vertical integration strategy of different strategic stages;Then,this paper uses the financial index analysis to analyze the financial performance of BYD's different strategic stages;Finally,this paper uses the balanced scorecard analysis method from the financial dimension,internal business processdimension,customer dimension,learning and growth dimension to analyze the performance driving factors.Through a series of analysis,BYD in the new energy automotive industry chain vertical integration strategy acquisition of economies of scale,BYD through the new energy automotive industry chain vertical integration innovation,diversification,priority occupy the new energy automotive market.However,in the process of vertical integration of the new energy automobile industry chain,the inventory turnover rate of enterprises decreases and the operating ability of the company decreases.With the increase of the cost of enterprises,the increase of administrative cost,the cost of business continues to rise.At the same time,BYD used the financial levers and operating leverage in the process of the vertical integration strategy,expanding the risk of debt and operational risk of the enterprise.Byd needs to further integrate internal business processes,improve the management ability after mergers and acquisitions.Finally,the article draws the relevant enlightenment.Byd can develop the vertical integration strategy of the new energy automobile industry chain through the " listed company + fund" model,to alleviate the enterprise cash flow,the pressure of the asset-liability ratio,and improve the ability of mergers and acquisitions.Under the background of the rapid development of the new energy vehicle market,the paper hopes to provide reference value for the vertical integration strategy of the new energy automobile enterprises.