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Mergers & Acquisitions in der Automobilzulieferindustrie

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Springer Nature
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9783835091771
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Fr Unternehmenszusammenschlsse von Automobilzulieferern findet sich in der betriebswirtschaftlichen Literatur sowie in Branchenanalysen eine Vielzahl von Argumenten. Es stellt sich allerdings die empirisch relevante Frage, ob diese Argumente tragfhig sind, Unternehmenszusammenschlsse also tatschlich zum gewnschten Erfolg fhren und wovon dieser Erfolg abhngt. Letzteres gilt insbesondere fr grenzberschreitende Zusammenschlsse, deren Erfolgspotential im betriebswirtschaftlichen Schrifttum kontrovers diskutiert wird. Anhand einer Stichprobe von mehr als 200 zwischen 1981 und 2004 durchfhrten horizontalen Unternehmenszusammenschlssen in der Automobilzulieferindustrie untersucht Markus Mentz die Auswirkungen von M&A auf die Aktienkurse von Kufer- und Zielunternehmen, Wettbewerbern und Abnehmern. Seine Analysen basieren auf dem neuesten Stand der finanzwirtschaftlichen Forschung zu Unternehmenszusammenschlssen. Durch die Arbeit von Herrn Mentz wird deutlich, dass sich Zusammenschlsse auf die bernehmenden Unternehmen durchaus (auch in den Fllen, in denen Kufer- und Zielunternehmen in verschiedenen Lndern ansssig sind) positiv auswirken, auf Wettbewerber und Abnehmer, d.h. Automobilhersteller, jedoch deutlich negativer, als aus den bisher vorliegenden empirischen Analysen hervorgeht.

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