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Research On The Performance Of Continuous Overseas M&A Of Zhongding Stock

Posted on:2024-05-11Degree:MasterType:Thesis
Country:ChinaCandidate:H LiFull Text:PDF
GTID:2542307142457644Subject:Accounting
Abstract/Summary:PDF Full Text Request
With the promotion and development of global economic integration,Chinese enterprises have gone abroad to participate in the international competition.As a latecomer in the international market,Chinese enterprises have disadvantages in technology and market,so they cannot be promoted quickly in the complex and changeable market environment only by internal development.Many enterprises with capital advantages begin to turn their eyes to foreign countries,and choose overseas investment and merger to enter the international market.Overseas merger and acquisition can break the existing technical barriers of enterprises,but also can obtain talent,market,brand and other strategic resources.Existing studies on overseas M&A mostly start from the perspective of single M&A event,and the research on the relationship between series M&A events is not deep enough.Therefore,this paper focuses on auto parts enterprises,takes the series of overseas M&A events represented by Zhongding Stock from 2008 to2017 as the research object,and explores the growth path and operating results of its overseas layout from the perspective of corporate strategy.It has strong reference value for overseas investment activities of other auto parts enterprises.Based on the theory of synergistic effect,market power theory and economies of scale theory,this paper builds an analysis framework.Then,through the case analysis method,it combs the process of the continuous overseas mergers and acquisitions of Zhongding Stock,and analyzes the reasons for the mergers and acquisitions.Then using event study method,financial index and factor analysis method to analyze the market reaction and financial performance of enterprises’ successive mergers and acquisitions,objectively evaluate the performance of the merger effect,and finally summarize the case analysis of Zhongding Shares and put forward relevant suggestions.The results show that industry pressure and internationalization strategy drive the continuous overseas M&A of Zhongding Shares.Its main purpose is to acquire advanced technology,expand business areas and enhance overseas market share.In terms of short-term M&A performance,the calculation results based on the daily data in the window period of event study method show that the market reaction of a series of overseas M&A events is different.In terms of long-term performance,through the study of financial indicators and factor analysis,it can be seen that the enterprise performance improved in the initial stage,but gradually declined in the later stage.It can be seen that the integration effect did not play a role during the continuous merger and acquisition events of enterprises.In the later stage,with the retreat of the epidemic tide,the integration effect began to gain strength,and the enterprise performance began to rebound.Finally,based on the research on the integration problems of management,business,culture and other aspects of the case enterprise,it is proposed that the enterprise needs to improve personnel management,enterprise structure,integration strategy and other relevant suggestions.
Keywords/Search Tags:continuous overseas mergers and acquisitions, zhongding shares, performance of mergers and acquisitions
PDF Full Text Request
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