管理评论

›› 2017, Vol. 29 ›› Issue (11): 251-260.

• 案例研究 • 上一篇    下一篇

消费类电子信息企业并购绩效分析——以TCL集团为例

崔晓杨1,2, 吕鑫1,2, 魏云捷1,2, 汪寿阳1,3, 尹红霞3   

  1. 1. 中国科学院数学与系统科学研究院, 北京 100190;
    2. 中国科学院大学, 北京 100190;
    3. 中国科学院大学经济与管理学院, 北京 100190
  • 收稿日期:2017-05-02 出版日期:2017-11-28 发布日期:2017-11-25
  • 通讯作者: 尹红霞(通讯作者),中国科学院大学经济与管理学院教授,博士生导师。
  • 作者简介:崔晓杨,中国科学院数学与系统科学研究院,中国科学院大学博士研究生;吕鑫,中国科学院数学与系统科学研究院,中国科学院大学博士研究生;魏云捷,中国科学院数学与系统科学研究院,中国科学院大学博士研究生;汪寿阳,中国科学院数学与系统科学研究院,中国科学院大学经济与管理学院教授,博士生导师
  • 基金资助:

    国家自然科学基金项目（71390330；71390331）。

An Empirical Analysis of the Post-acquisition Performance of Consumer Electronic Information Enterprises——Exemplified by TCL Group

Cui Xiaoyang1,2, Lv Xin1,2, Wei Yunjie1,2, Wang Shouyang1,3, Yin Hongxia3   

  1. 1. Academy of Mathematics and Systems Science, Chinese Academy of Sciences, Beijing 100190;
    2. University of Chinese Academy of Sciences, Beijing 100190;
    3. School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190
  • Received:2017-05-02 Online:2017-11-28 Published:2017-11-25

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摘要：

随着中国企业跨国并购战略步伐的不断加快，并购对企业的绩效影响已成为学术界热议的话题。本文选取具有多次并购经历的中国电子制造龙头企业-TCL集团为研究对象，分析其近十几年来的三次主要跨国并购行为对公司绩效的影响：2004年先后收购法国阿尔卡特手机业务和法国汤姆逊彩电业务，2015年初收购手机品牌Palm。本文首先采用事件分析法和因子分析法分别从股价、财务绩效等多个维度分析TCL集团三次并购对短期和长期经营绩效的影响；其次，采用Chow断点检验分析三次并购事件对财务指标的影响。实证结果发现TCL集团并购阿尔卡特手机业务对公司有正向效应，而并购汤姆逊彩电业务和Palm手机品牌则具有负向效应。

关键词: 并购, 事件分析法, 因子分析法, 消费类电子信息企业

Abstract:

Given that Chinese enterprises are accelerating their pace of cross-border merger and acquisition, their post-acquisition performance has naturally become a hot topic among academic researchers. This paper selects TCL, a leading Chinese electronics manufacturer active in the M&A market, as the research object. In recent years, TCL has implemented three cross-border acquisitions, including Alcatel and Thomson in 2004 and Palm in 2015, respectively. Firstly, this paper combines event analysis method and factor analysis from the aspects of stock price and financial performance, to analyze the effect of the three typical acquisitions on TCL' short-term and mid-term the performance. Moreover, impact of the M&As on its key financial indicators is analyzed through Chow breakpoint test. The empirical results show that the acquisition of Alcatel has a positive impact on TCL' performance, while the acquisitions of Thomson and Palm have a negative effect on its performance.

Key words: mergers and acquisitions, event-study analysis, factor analysis, consumer electronic information enterprises