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

Abstract

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

Cui Xiaoyang, Lv Xin, Wei Yunjie, Wang Shouyang, Yin Hongxia. An Empirical Analysis of the Post-acquisition Performance of Consumer Electronic Information Enterprises——Exemplified by TCL Group[J]. , 2017, 29(11): 251-260.

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