The capital dance of mergers and acquisitions in t
As the evolution of the market, the enterprise became one of the main means of developing capital operation, merger and purchase and become the most important way of large enterprises through to the other enterprise merger, the expansion of scale and sales growth.Data show that the operation of the capital and the development of the global economy presents the positive correlation, in the Internet after the crisis, the global merger and purchase and the amount involved is obviously drop, but as the economy develops, merger and purchase amount and gradually pick up, until the happening of the subprime crisis, and makes this trend downward.But it is foreseeable that the pace of mergers and acquisitions will grow again in the slow recovery of the global economy.
The global industrial mergers and acquisitions analysis
Industry is one of the fundamental industry for the development of global economy, while the industry merger and purchase is affected by the financial crisis, but is affected by economic characteristics is not particularly clear, and reached a peak in 2007, the total amount of $3, 50 billion, for the record.In the wake of the subprime crisis, industrial mergers and acquisitions have fallen, but the proportion of all mergers and acquisitions has risen, to nearly 12%, the highest level in history.
Obviously, mergers and acquisitions are getting more and more attention from industrial enterprises, and the speed of mergers and acquisitions is accelerating, which indicates that scale has become the main direction of enterprise development.In industry analysis, there is a very important dimension is the degree of market concentration, the mature industry and market, the industry's top three generally occupies 70% ~ 80% of market share (the balance of the broken, need to innovate, or is the new revolutionary technology, or is the new change of demand).In 2009, the top six companies in global engineering machinery accounted for 54% of sales.In the future to participate in the competition, the enterprise must through scale advantage gradually to the front of the seats, to obtain the stable income and profits, and to become the final winner, merger and purchase has become one of the inevitable choice of enterprise finally win.
The process of merger and purchase of domestic engineering machinery enterprises
The engineering machinery industry has only been developed in China for 50 years, and the market of each product is basically in the development stage, including loader, excavator and road roller.Although there is a certain scale of enterprises in these products, the whole market is still in an unstable state, and there is a trend of further integration or change.Although through the elements of demographic dividend and national support for industry policy, domestic enterprises on the import substitution showed certain advantages, but the disappearance of the demographic dividend and future market further opening up, will make the competition more complex.
Throughout the development of the domestic enterprise merger and purchase frequency is not high, a lot of engineering machinery enterprises are state-owned property, the displacement and the back of the DPP, there are many private enterprises, also gives a lot of foreign enterprises to enter the Chinese market.Foreign investors have entered China through joint ventures or mergers and acquisitions. In this situation, more changes have taken place in the domestic market.
At present, domestic enterprises are still in the initial stage of merger and acquisition.
Sany is hardly involved in mergers and acquisitions.Founded in 2003, sany group purchase shaoyang automobile factory trinity car company, enter the large-scale passenger car industry, acquisition of huayuan kai ma hunan automobile manufacturing company, and form a trinity of hunan automobile products involving heavy card, bus, truck crane, little m&a news then."The sany group is mainly thinking about independent development, so we haven't made any acquisitions, so we haven't done anything about it," said xiang wenbo, President of sany.
Anhui fork as domestic forklift industry leading enterprises, in 1996 conducted before and after the listed three merger, acquisition of anqing person, bengbu hydraulic machinery factory and baoji forklift factory, since the basic did not carry out capital operation.In 2009, its annual report showed that the monetary fund reached 600 million yuan, accounting for 350 million yuan, accounting for 1/3 of its operating income. Obviously, its capital utilization efficiency was not fully utilized.
If you look at the two companies mergers and acquisitions, will find that with its time to market, this is because the IPO of listed company operation, will be listed before restructuring, to create a good competitive in the market, management and growth potential of the company, one of the important consideration is to eliminate competition, which is easy to understand why these acquisitions occurred near the location of the company.
For global public companies, according to a survey of those who focus only on a product's market leader, the survival rate is low, the enterprise or to broaden the product line into a large enterprise, or by large enterprises merging.If domestic companies want to build in the industry, standardization and collectivization have become inevitable.The diversification of products and expansion of industrial chain, without relying on capital means, it is difficult to have a big breakthrough.
It should be said that the domestic enterprises in the company's development, the level of competition in the industry will merger and purchase, there are few as main means, even if the calderon called capital representative, also in positioning itself as a industrial development company, rather than capital investment company.The development of the basic industry is the basis for the sustainable development of enterprises, but it is still worth considering whether it is the best mode of development in the current market situation.
Liugong group and zoomlion have been pioneers in this regard.In the 12th five-year development plan, liugong group focuses on the merger and purchase, seek to acquire object, in the industry and has reduced the hon gain, jintai, extend product series, if the use of financial leverage is reasonable, then the next platform and resource integration will make liugong group get stronger competitiveness.And CIFA, the CIFA acquisition, looks very successful today.