| In the era of rapid development of the Internet industry,each industry is going to improve the degree of integration with the Internet for forming a new business model,the auto parts industry is one of them.At present,the auto parts industry is changing into the era 4.0,which is the era of combination of automobile and electronic communication.However,most of the Chinese enterprises in auto parts industry lack advanced technologies,high-end technical talents and related patents,which can be collectively referred to as creative assets.Therefore,in order to quickly acquire creative assets,most enterprises in the auto parts industry choose the way of cross-border mergers and acquisitions,which can be called creative asset-seeking cross-border mergers and acquisitions.Could creative asset-seeking cross-border mergers and acquisitions create value for the auto parts industry? Could it improve the wealth of shareholders in the short term or the long term?The thesis will select Joyson Electronics,an excellent supplier representative of the auto parts industry,as the case,and focuses on the Joyson Electronics mergering Techni Sat Digital Dmb H,Dresden in 2016,so as to add practical significance to the performance theory of that.Firstly,the concept and characteristics of creative asset-seeking M&A are introduced.Secondly,the situation of Chinese auto parts industry and its relationship with creative assets are expounded.Then,the introduction of the two enterprises and the analysis of the acquired creative assets.Then,the event study method and financial index method are used to evaluate the short-term,long-term and innovative performance of the merger.Finally,based on the above analysis,the author concludes that the vision of improving profitability after the merger of Joyson Electronics failed to be realized,and the short-term market performance was not good,but the creative asset-seeking merger can quickly improve the innovation ability and growth ability of enterprises. |
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