近年来随着中国经济的高速发展,我国整车销量不断上升,汽车零部件行业发展势头良好,但是目前我国汽车零部件行业主要占据中低端市场.为此许多汽车零部件企业积极寻求并购机会,希望通过并购快速提高自身的技术实力.本文以全球规模最大的汽车零部件供应商福耀集团为研究对象,首先运用事件分析法和基于因子分析的财务指标分析法从股价、财务绩效等多个维度分析了福耀集团三次典型的并购事件对其短期和中长期绩效的影响;其次结合Bai—Perron断点检验分析并购事件对于企业主要财务指标的影响.实证结果显示该企业三次典型并购事件均对企业绩效产生了正向的影响.
Recently, with the rapid economic development in China, domestic vehicle sales gradually rise, which helps a fast growth in the auto parts industry. However, China's auto parts industry is mainly in the low-end market. Therefore, several auto parts companies are actively seeking opportunities for mergers and acquisitions to quickly improve their technology. In this paper, a case study of Fuyao Group is given. Firstly, this paper combines event analysis method and financial analysis based on the factor analysis from the aspects of stock price and financial performance, to analyze the effect of the three typical mergers and acquisitions events of Puyao Group on the performance of the short term and the medium-long term. Moreover, the impact of M&A events on the main financial indicators of the enterprise is analyzed with Bai-Perron breakpoint test. The empirical results show that the three typical mergers and acquisitions events of the enterprise have a positive impact on the performance of the enterprise.