Research On M & A Performance Of Traditional Auto Parts Manufacturing Enterprises

In recent years,with China's economy moving from rapid development to stable development,a new development trend has emerged in the automobile market.Enterprise transformation means that resources of enterprises need to be redeployed.More and more enterprises choose merger and acquisition as a means of resource integration.In addition,merger and acquisition can optimize the resource allocation of the industry and help to improve the transformation of the industrial chain.In 2016,the state council released the 13 th five-year national strategic plan for the development of emerging industries,which calls for promoting green and low-carbon industries such as new-energy vehicles,new energy,energy conservation and environmental protection as pillar industries.In the government work report of 2019,it is also mentioned in the task of cultivating a new generation of new energy vehicle industry group that new energy vehicles are one of the main development trends of China's automobile industry.In this paper,the merger and acquisition of Hunan Sublimation Technology Co.,Ltd by Mianyang Fulin Seiko Machinery Co.,Ltd.is selected as the case study of the merger and acquisition of new energy enterprises by automobile parts manufacturing enterprises.Firstly,this paper combs the theory of M & A motivation and the research of M & A performance evaluation.Then this paper introduces the auto parts industry,new energy industry,auto parts industry M & A situation,Fulin Seiko and Sublimation Technology,the M & A process,and analyzes the M & A motivation.This paper analyzes the performance of M & A from financial level,non-financial level and value creation level respectively,and gives a conclusion on the case of Fulin Seiko acquiring Sublimation Technology: after the M & A,Fulin Seiko's related financial index as a whole shows a downward trend;in the non-financial level,the market share of the enterprise increases,the R & D ability has been enhanced,and the human resources have been optimized;in the value creation level,the shareholder wealth has a huge fluctuation after the M & A.Three suggestions are given to Fulin Seiko: one is to strengthen its own financing ability,the other is to adjust the management strategy in time,the third is to strengthen the resource sharing and cultural integration of Sublimation Technology.Through the research,this article puts forward some suggestions for automobile parts manufacturing enterprises which are about to carry out mergers and acquisitions under the current trend of automobile development: it is necessary to adapt to the change of industrial structure and make timely M & A decision;select the M & A object in line with the enterprise development strategy carefully;strengthen the feasibility analysis before the mixed M & A,do a good job of evaluation and avoid blind M & A;choose the appropriate payment method and optimize the capital structure when making the M & A plan;strengthen the integration of all aspects after M & A.