| M&A is a common behavior of contemporary enterprises,It can not only expanding the scale of the market,but also effectively adjusting the business structure for enterprises to inject new vitality.Many traditional manufacturing companies choose to complete the transformation of the main business through mergers and acquisitions.In the field of large manufacturing,automobile has higher capital rate of return,growth and operation efficiency compared with traditional manufacturing industry such as home appliances and machinery.China's auto industry ushered in the development of gold ten years during 2001-2010.After 2010,due to high level of per capita car ownership,the domestic auto sales growth goes downwards.Domestic auto companies are facing the pressure of globalization,the value chain transfer,scientific and technological progress brought about by the new intruders,etc.Essentially,mergers and acquisitions are investing in high-growth,high-margin new industries through years of accumulation in the automotive sector.Throughout the 15 years,China 's M&A in auto industry comes into two small peak(2008,2010-2011).This article would like to explore since 2001 1)Can China's auto M&A be classified into several models? 2)Has China's auto industry M & A strategy and preference been consistent over the past sixteen years,and is the M & A strategy differentiated? 3)What are the preferences of different M & A subjects in the choice of strategy,and what are the causes of different preferences?By collating all the mergers and acquisitions cases in China's automobile industry from 2001 to 2016,371 cases of mergers and acquisitions were divided according to the(Wester)M & A theory.It was found that the acquisition of China's automobile industry in 16 years could be divided into 3 types: the Geely model,Lifan model and the Junsheng model.These three models are discussed in detail.At the same time,this paper explores the merging of M & A in China's automobile industry through time-series data in the period of 2001 to 2016,and analyzes the M & A strategy preference of M & A in panel data.After the reference to a large number of papers,this paper did the following three innovative research:(1)Qualitative classification of mergers and acquisitions model,through finishing the 2001-2016 years of China's auto industry,the case of all mergers and acquisitions,according to(Weston)M & A theory 371 acquisition(Horizontal M&A),represented by Lifan as the representative of the industrial chain integration(Vertical M&A),to win as the representative of the(Mixed M&A),the merger and acquisition of China's auto industry mergers and acquisitions in 16 years,);(2)Quantitative analysis of the model differentiation,through the 2001-2016 model of the classification of 16 years,statistics from 2001 to 2016 years,the number of three types of models and the proportion of three types of model,the time series data,The acquisition of the automobile industry mergers and acquisitions pathways;panel data to analyze the M & A strategy preferences of the M & A;(3)Exploring the causes of differentiation: through quantitative analysis found that 2001-2016 mergers and acquisitions did occur differentiation,National policy and other aspects of the reasons for the further study of differentiation.The shortcomings of this paper are limited by the length of the three major cases of research around the fundamentals,did not make a quantitative assessment of the value of the target company,in the evaluation of mergers and acquisitions have a certain degree of subjectivity;part of the enterprise mergers and acquisitions Behavior time is not long(such as Lifan),the development model has yet to be verified. |
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