| Automobile is a pillar industry of our country and plays a very important role in China's economic development.Due to the late development of China's auto industry,core technologies are still in the hands of foreign companies.In order to obtain relevant advanced technologies,patents and mature brands,and promote industrial transformation and upgrading,China's auto and auto parts companies have conducted a large number of cross-border mergers and acquisitions.The premium rate of mergers and acquisitions is also getting higher and higher,and whether high premium mergers and acquisitions can produce good performance has become the focus of attention of all parties.This dissertation takes the example of Joyson Electronics premium M&A KSS and analyzes the performance of the premium M&A.First of all,this article introduces the related theories of mergers and acquisitions and the status of the mergers and acquisitions company,and then summarizes M&A plans and valuation methods.Second,analyze the characteristics of this premium merger.It mainly analyze the factors that affect the premium level and premium level.In terms of the premium level,through comparative analysis of mergers and acquisitions with similar levels of similar mergers and acquisitions and auto parts industry mergers and acquisitions,it is concluded that the merger premium level is in what kind of position in the same mergers and acquisitions.According to the relevant M&A premium theory and scholars' related research results,the factors that influence the premium are analyzed from the angles of expected synergies of M&As,scarcity of underlying companies,and bargaining power of M&A parties.Thirdly,the analysis of the impact of premium mergers and acquisitions on Joyson's electronic performance is mainly based on short-term performance and long-term performance.Short-term performance is analyzed from two aspects: financial performance and market performance.The financial performance is mainly analyzed by the financial index analysis method and factor analysis method.The effect of the preliminary integration is verified through the analysis of the financial indicators before and after the Junsheng Electronics M&A,and then the financial indicators of the 64 companies in the auto parts industry are analyzed by the factor analysis method.Perform factor dimension reduction and measure the comprehensive financial performance score.The market performance mainly uses the event analysis method to measure the cumulative abnormal return(CAR)of short-term market performance.Long-term performance is analyzed in terms of market integration effects and technology integration effects.The market integration effect is mainly measured by the newly acquired order quantity and the newly-developed customers,and the R&D integration effect is mainly measured by the amount of R&D investment and its proportion,and the newly developed products.Finally,based on the previous analysis,the conclusions are drawn and related recommendations are made.This case study finds that as long as the mergers and acquisitions have strategic synergies and good integration after mergers and acquisitions,high premiums will not be a barrier to successful mergers and acquisitions. |
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