联建光电连续并购的经济后果案例研究

A Case Study of the Economic Consequences of Shenzhen LianTronics Co.,Ltd.Serial M&A

联建光电在进行一系列的连续并购后,陷入了被并购方业绩承诺未完成、业绩造假、商誉减值、股价大跌、市值缩水、大股东质押股权被爆仓等困境中,研究表明管理者的过度自信,并购战略的重复,整合能力的不足是造成这些后果的主要原因。

Shenzhen LianTronics Co.,Ltd.encountered many difficulties after serial M&A because of acquired firms’unfulfilled performance commitments,financial fraud,goodwill impairment,stock price decline,market value shrinkage,and pledged shares of the large shareholder being liquidated.The study shows that the main reasons of these consequences includes managers'overconfidence,duplication of M&A strategies,insufficient integration capabilities,etc.