Object Selection,Optimization And Integration And M&A Performance

For auto parts companies in developing countries,cross-border mergers and acquisitions are an effective way to upgrade the value chain,and can quickly obtain the required resources and capabilities such as technology,brand,and marketing channels.But in reality,less than half or even less than one-third of successful mergers and acquisitions.The reasons for the failure of most enterprises are: unclear M&A strategy,wrong selection of M&A targets,and improper integration measures,so that subsequent synergies cannot be exerted,and corporate performance cannot be improved,which ultimately leads to the failure of M&A.This thesis builds a theoretical analysis framework based on the smile curve theory and synergy theory,and uses literature research,case study,and financial index analysis to propose strategies for the selection of M&A targets,relevant measures for effective integration,and the impact of M&A integration on corporate performance.In the case analysis part,Joyson Electronics was selected as the research object.Through the analysis of the external environment and the internal value chain,it understood the difficulties,opportunities,and gaps in resources and capabilities that Joyson faced,so as to clarify the direction of mergers and acquisitions in different stages of cross-border mergers and acquisitions through development strategies.Then,the correctness of Joyson Electronics’ continuous cross-border M&A target selection is analyzed from the aspects of the strategy of both parties,the matching degree of resources in key links of the value chain,and the compatibility of organizational resources;according to the relationship between value chain resources,culture,etc.The differences between organizational resources are analyzed to select an appropriate integration model;indicators such as the number of R&D personnel,changes in the number of patent applications,and industry rankings are selected to analyze the effect of adding value at both ends of the Joyson value chain.At the same time,the financial data before and after the Joyson M&A and so far are selected for analysis and evaluation,so that the evaluation results are as complete and reasonable as possible,so as to verify the rationality of the selection of Joyson objects and the integration strategy;finally,the research is summarized,and the Joyson M&A Some deficiencies in the process are put forward relevant suggestions.The main results obtained through the analysis of Joyson’s continuous cross-border mergers and acquisitions are as follows:(1)Joyson’s cross-border mergers and acquisitions have selected the correct acquisition targets;(2)The effectiveness of the integration measures has enabled Joyson to complete the climb to high value-added links at both ends of the value chain;(3)The effectiveness of the integration measures has enabled Joyson improves corporate performance.Joyson Electronics has selected M&A targets in line with the current development strategy at different stages of M&A,and the M&A targets have strategic linkages,and the integration measures also have linkages and differences.Paying attention to its continuous value creation process in the course of many years of mergers and acquisitions will serve as a reference for the cross-border mergers and acquisitions of other auto parts companies in my country.