| Due to the trend of world economic integration and economic globalization,coupled with the continuous upgrading of China's industry,in order to expand their own strength,reduce production costs,and improve the influence of enterprises,enterprises have focused on the global market,and formulated the development strategy of cross-border M & A.In 2001,with China's accession to the WTO,China's automobile market continued to adjust its scale and expand its industry,maintaining a rapid development trend.By January 2018,affected by the exit of preferential policies of automobile purchase tax and the reduction of import tariff,the transformation and upgrading of automobile has not ended,and the overall sales volume of automobile in China has slowed down.But the excellent independent brands still maintain a rapid growth rate,among which Geely,as the representative of national automobile enterprises,has obvious advantages.Therefore,based on the above background,this paper selects Geely Automobile as the research object,aiming to provide some reference for the transnational M & A of independent brand enterprises.Based on the basic theory of synergy effect of cross-border M & A,this paper uses the method of qualitative and quantitative analysis,mainly using the event research method and financial index analysis method to study whether Geely Automobile cross-border M & A of Daimler group has achieved the four synergy effects.First of all,this paper summarizes the current situation of the motivation,success or failure factors and synergy of cross-border M &A at home and abroad.Then,it expounds the theoretical basis and evaluation method of cross-border M & A and synergy effect.In this part,the concepts of M & A,cross-border M &A and synergy effect are explained.On this basis,the theories of cross-border M & A and synergy effect are summarized.These basic concepts and theories are the basis of this paper.Then introduce the case.First of all,it introduces the basic situation of merger and acquisition enterprises(Geely Auto)and the merged enterprises(Daimler group);then it expounds the macro background of cross-border merger and acquisition of China's automobile industry and the micro background of cross-border merger and acquisition of automobile industry;finally,it analyzes the causes of cross-border merger and acquisition of Daimler of Geely Automobile.Next is the key content of this paper,that is,case analysis.The analysis is divided into two parts.The first part mainly uses the financial index analysis method to analyze whether Geely Automobile Company has realized the synergy effect in the three aspects of operation,management and intangible assets when it merges Daimler company;the second part analyzes the financial synergy effect from the two aspects of short-term and long-term economic consequences after the merger.Finally,the research conclusion and enlightenment.According to the overall analysis results of this case,we can draw a conclusion,and then draw the relevant enlightenment on the synergy effect of cross-border M & A of Chinese enterprises.The results show that Geely's cross-border M & A of Daimler group has achieved the synergy effect of operation,finance and intangible assets,while the synergy effect of management is not obvious.According to the event of Geely's cross-border merger and acquisition of Daimler,the following enlightenment can provide reference for China's automobile industry to carry out cross-border merger and acquisition.How to better learn from each other's strengths and make use of the brand and market advantages of the merged enterprises to improve the strength of the enterprises,so as to achieve the synergy effect:(1)selecting complementary target enterprises is the premise to achieve the synergy effect of merger and acquisition;(2)improving the capital utilization ability Strength is the main way to realize the synergy effect of M &A;(3)paying attention to avoiding the integration risk is the guarantee to realize the synergy effect of M & A. |
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