The Case Study Of Cross-border M&A Of Jifeng

At this stage,due to the late start of China’s auto parts industry,most of the leading domestic auto parts companies have a foreign background,while local enterprises have insufficient technology accumulation,lack of experience and other problems,the development is relatively slow,and the domestic auto market growth rate has gradually slowed down in recent years,so more and more local parts companies gradually carry out cross-border M&A activities,in order to obtain the leading foreign companies brand,technology and other advantages To improve their competitive position in the market.As a dominant enterprise in China’s auto parts industry,Jiefeng has applied the hybrid payment method of "PE+listed company" M&A fund and "cash+stock+convertible bond+contingent payment clause" in its cross-border M&A activities,which makes the whole M&A activities typical.The whole M&A activity has certain typicality and innovation.Therefore,this thesis takes the M&A fund and payment method as the entry point to analyze the case,which is innovative in terms of topic and perspective,and can enrich the research on cross-border M&A and give some reference ideas to other enterprises that want to conduct cross-border M&A.Through a combination of theoretical and case studies,this thesis analyzes the motivation,operation mode,and operational effects of M&A funds,and draws the following conclusions:(1)"PE+listed company" M&A funds have positive effects on cross-border M&A activities of enterprises;(2)compared with a single payment method,the appropriate hybrid payment method can better meet the needs of all parties.Based on the above findings,four insights are proposed:(1)actively apply M&A funds for cross-border M&A;(2)pay attention to the structure design of M&A funds;(3)flexibly use hybrid payment instruments;(4)select appropriate PE institutions.