Analysis On Motivation And Performance Of Technology M&A In Automobile Parts Enterprises

With the rapid development of automobile industry,China’s auto parts enterprises have made great achievements in enterprise scale,collaborative industrial chain and so on.However,compared with the development of vehicle enterprises,The development of brand parts industry in our country is still in a backward stage.At present,we still have to face the lack of key technologies and the occupation of the core product market by foreign enterprises.The 18th National Congress of the Communist Party of China put forward the implementation of innovation-driven development strategy,taking scientific and technological innovation as the core of the overall development of the country.Under the circumstances,China’s auto parts industry technology mergers and acquisitions from scratch,and mergers and acquisitions occur more and more frequently,the scale and amount are also getting bigger and larger,but technology mergers and acquisitions may also have too high transaction costs,post-merger operations,culture,Human resources and other aspects of integration difficulty coefficient and other risks.What are the detailed motivations for auto parts enterprises to carry out technology mergers and acquisitions?What is the impact of technology mergers and acquisitions on the performance of enterprises?This paper first combs the research results of domestic and foreign scholars on the motivation of technology mergers and acquisitions and the impact of technology mergers and acquisitions on enterprise performance by using the literature research method,understands the current research status and theoretical basis,and then constructs the research theory system of this paper.In the process of studying the literature.it is found that scholars have less subdivision research on the motivation of technology merger and acquisition,and it is difficult to have a unified opinion on the measurement of performance.Therefore,the research direction of this paper is determined,that is,the motivation and economic consequences of technological mergers and acquisitions of auto parts enterprises,which has certain research value.In this paper,technology M&A is divided into three types:unrelated technology M&A,complementary technology M&A and enhanced technology M&A.by using the case study method,the case of Yusheng Electronic continuous M&A is selected.According to the above classification,the five typical M&A cases of Yusheng Electronics are studied,and the motivation of various types of technological mergers and acquisitions and the mechanism of creating value for enterprises are analyzed in detail.And use multi-dimensional indicators to measure the performance changes brought about by technology mergers and acquisitions.It is found that from the point of view of the whole auto parts industry,the motivation of technology merger and acquisition mainly includes realizing the transformation and upgrading of enterprises,realizing the complementary effect of advantages,improving the core competitiveness and supporting the national policy,and so on.From the continuous M&A case of Junsheng Electronics,the motivation of technology M&A is similar to that of the whole industry,in addition,it also has the characteristics of occupying the international market to realize the international layout and so on.In the research part of the value creation of technology mergers and acquisitions for enterprises,using the event research method to analyze the market reaction,it is found that the announcement day market is optimistic about the three types of technology mergers and acquisitions,but for other reasons,the public There are different fluctuations in the market after the reporting day.Using the method of financial index to study the performance of enterprises,it is found that after five years of continuous mergers and acquisitions,the operating income and net profit have continued to rise,but the rate of return on net assets has not been significantly improved.The reason is that the rapid expansion of the size of the enterprise leads to a significant increase in costs and costs.Through the analysis of EVA and Tobin Q values,it is found that continuous mergers and acquisitions do have a positive impact on the performance of enterprises.In addition,the number of patents has increased obviously,and the investment in R&D has also increased year by year.It can be seen that Yusheng Electronics has strengthened its technological innovation ability through technology mergers and acquisitions.In summary,you can.It is concluded that technology mergers and acquisitions do promote the wealth of Yusheng Electronics and achieve performance growth.Finally,the paper summarizes and analyzes the enlightenment of technology merger and acquisition of auto parts enterprises,in order to provide certain reference significance for Chinese parts enterprises to carry out technology merger and acquisition.