Research On The Performance Of Joyson Electronics Overseas M&A KSS

Globalization and intellectualization is gradually highlighted in the world economy.Accompanied by the high professional segmentation,the processes are carried out in factories all over the world.Chinese Automobile Parts Industry has started relatively late,due to lack of high-tech elements,the main products are low-end basic automotive parts.With promotion of "one belt,one road" in China,some enterprises grasp opportunities and choose cross-border mergers and acquisitions to enhance enterprise strength by achieving technology,market and other advanced production factors.So the number and the scales of cross-border mergers and acquisitions of Chinese enterprises have increased dramatically in recent years.We takes private enterprises as the key research group and choose Joyson Electronics as the main case.Joyson Electronics M&A KSS in 2016 and enter automobile safety industry,we introduce the background,process and motivation driven by the strategic objectives of enterprises of M&A and construct an evaluation system of M&A performance based on previous literature.Analysis on short-term performance by means of event study shows that Joyson Electronics M&A has been responded well in the capital market and brought about the short-term shareholder value.Then,the long-term performance of cross-border merger and acquisition is measured by BSC.It is comprehensively evaluated from four dimensions of finance,customer,internal proces.and learning and growth.From the perspective of finance,with the resistance of mass production climbing,the profitability is slightly lower than before,however other dimensions have improved.For customers,Joyson Electronics increases its sales channels and market share.From the internal proces,R&D,procurement,production and sales models make improvements and there is no significant change regarding the ratio of all expenses to opera ting income,showing the good cost management of Joyson Electronics.In regard to the learning and growth dimension,the increased investment on R&D shows that Joyson Electronics pays more attention to the innovation ability of enterprise.Meanwhile,great achievements have been made in human resources management.Next,on the basis of performance evaluation,we refine the key success factors of this overseas M&A.From the perspective of M&A Strategic Planning and Resource Integration,we would like to provide directional experience guidance and make targeted recommendations for other domestic companies,especially those private enterprises.