国际经济与贸易学院知识库

最近几年，中国的科技能力和经济水平都有了长足的发展，各行各业也都发展迅猛，尤其以家电制造行业最为突出。良好的发展态势也导致了我国家电行业产能过剩，各家电企业在有限的市场内追逐利润，增加了行业间的竞争压力，造成行业同质化越来越严重。因而大批国内家电企业为了解决这一问题以及适应市场的变化，把目光转向国外，进行海外投资。海尔作为中国家电行业最大的家用电器制造商之一，也正在积极并购国外企业。美国通用家电公司拥有全球先进的技术、广阔的北美市场以及品牌影响力，正是海尔进行跨国并购的理想企业。基于此，本文以2016年海尔并购通用家电公司为例，深入研究了海尔的并购绩效。

本文通过并购理论同企业全球化并购的案例结合的方式，归纳回顾了国内外学者关于跨国并购的理论和文献，随后选用海尔跨国并购通用家电公司的案例进行研究分析。在对我国家电行业发展现状以及并购现况研究的基础上，分析了青岛海尔跨国并购的动因，再从多个方面评价并购后的绩效。在研究短期绩效方面，本文通过事件研究法，证明海尔并购通用家电公司后增加了其股东财富价值。在研究长期绩效方面，本文采用了财务与非财务指标分析法相结合的方式。从财务角度研究，本文选取了盈利、营运、偿债以及发展能力四个指标，通过并购前后的数据对比以及与同行业数据的对比，发现其财务绩效得到了改善；从非财务角度研究，本文从客户、内部流程、学习与创新这些维度评价海尔并购后的营运情况及绩效，同样得出绩效提升明显。最后，本文综合以上研究角度，得出了此次并购后海尔的绩效为正的结论，并总结此次成功的经验，为其他家电企业进行跨国并购提供合理的建议。

In recent years, China's technological capabilities and economic level have developed by leaps and bounds.Rapid development can be witnessed in industries of all varieties, especially in the domestic appliance manufacturing industry.The good development trend has also led to overcapacity in the domestic appliance industry.Various home appliance companies are chasing profit in a limited market, which increases the competitive pressure between industries, aggravating the industrial homogeneity. Therefore, in order to solve this problem and adapt to changes in the market, a large number of domestic appliance companies have shifted their focus on foreign countries and made overseas investments. As one of the giants in China's domestic appliance manufacturing industry, Haier is actively acquiring companies.In particular, General Electric Appliances is an ideal company for Haier to conduct cross-border mergers and acquisitions, characterized by possessing top advanced technology, broad North American market and brand influence. Based on this, this paper takes the case of Haier's acquisition of General Electric Appliance Company in 2016 as an example to deeply explore Haier's acquisition performance.

This paper summarizes and recaps the theories and documentations of domestic and foreign scholars on cross-border mergers and acquisitions by combining theory and case studies of corporate globalization mergers and acquisitions. Then, the case of Haier's cross-border mergers and acquisitions of General Electric Appliance Company was selected for research and analysis. On the basis of research on the development status of my country's home appliance industry and the current situation of mergers and acquisitions, this paper analyzes the motivation of Qingdao Haier's cross-border mergers and acquisitions, and then evaluates the performance after mergers and acquisitions from many aspects. With respect to short-term performance, this paper, through the case study method, proves that Haier's merger and acquisition of GE increased its shareholder wealth value. With respect to long-term performance, this paper adopts a combination of financial and non-financial indicators. In terms of research on financial affairs, four indicators are selected: profitability, operation, debt repayment and development ability. Evidenced by the data before and after the merger and comparison with the data of the same industry, the financial performance has been improved. In terms of research on non-financial affairs, this paper focuses on customers, internal process, learning and innovation. By evaluating Haier's post-merger operations and performance, it can also conclude that the performance has improved significantly. Finally, based on the above research perspectives, this paper draws the conclusion that Haier's performance is positive after the merger, and summarizes the successful experience of this time to provide reasonable suggestions for other domestic appliance companies to conduct cross-border mergers and acquisitions.