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改革开放以来，基于相关政策的扶持，我国家电企业不仅在国内市场上取得了长足的发展，而且在国际家电市场上的地位也日渐提升，但不可否认伴随着发展接踵而来的是家电市场日益激烈的竞争，激烈的市场竞争给不少企业带来了负面影响。为了克服竞争给企业带来的负外部性，提升企业的整体实力，许多有实力的家电企业开始借助自身以及外在的有利条件，试图通过并购来规避当前市场的竞争，巩固企业的市场地位，提升企业的整体实力。海尔作为我国家电行业的龙头企业，早在2019年并购意大利Candy之前就已经开展了数次的跨国并购，且从并购以后的绩效表现来看都取得了不同程度上的成功。数次成功经历并非偶然，与其在并购过程中所积累的丰富经验密不可分，这些积累的经验在此次并购活动的开展中也发挥了积极作用，故本文研究海尔并购意大利Candy的并购协同效应具有一定的现实意义。

基于以上考虑，本文依托哈佛分析框架这一理论基础，在对理论内容、并购双方情况交代清楚的前提条件下，对海尔跨国并购意大利Candy的协同效应，根据哈佛分析框架的四个层面进行了定性与定量的分析说明，其中在分析财务协同效应的过程中除了分析企业传统的四大能力以外还引入了EVA指标以及熵值法来进行更加详细的分析，从分析的结果来看，海尔并购意Candy 之后基本取得了并购协同效应，其盈利能力、运营能力、发展能力以及市场地位都得到了进一步的提升，从 EVA指标角度的分析计算结果也证实此次并购提升了企业价值，结合熵值的计算结果更进一步说明了海尔并购意大利Candy之后的多维度协同效应。在本文最后针对此次并购协同效应分析的有关结果，对海尔实现并购之后的整合活动提出了一些具体的建议，希望在帮助海尔优化整合的同时，带给其他意图实施跨国并购的同行业企业启示。

本文使用哈佛分析框架对海尔并购意大利Candy的并购协同效应进行研究，补充了哈佛分析框架在家电行业的应用案例，同时对此次并购协同效应进行了多维度的综合分析评价，希望为海尔未来的发展提供更加行之有效的建议，实现企业的长远发展。

Since the reform and opening up, with the support of relevant policies, China's home appliance enterprises have not only made significant progress in the domestic market, but also gradually improved their position in the international home appliance market. However, it cannot be denied that with the development, the increasingly fierce competition in the home appliance market has brought negative impacts to many enterprises. In order to overcome the negative externalities brought by competition and enhance the overall strength of enterprises, many powerful home appliance companies have begun to use their own and external favorable conditions, attempting to avoid current market competition through mergers and acquisitions, consolidate their market position, and enhance their overall strength. Haier, as a leading enterprise in China's home appliance industry, had already carried out several cross-border mergers and acquisitions before its acquisition of Candy, Italy in 2019, and achieved varying degrees of success in terms of performance after the merger. Several successful experiences are not accidental, and they are closely related to the rich experience accumulated during the merger and acquisition process. These accumulated experiences have also played a positive role in the development of this merger and acquisition activity. Therefore, this article has certain practical significance to study the synergistic effect of Haier's acquisition of Candy in Italy.

Based on the above considerations, this article relies on the theoretical foundation of the Harvard analysis framework, and under the premise of clear explanation of the theoretical content and the situation of both parties in the merger and acquisition, conducts a qualitative and quantitative analysis of the synergistic effect of Qingdao Haier's cross-border acquisition of Candy, Italy. According to the four levels of the Harvard analysis framework, in the process of analyzing the financial synergistic effect, in addition to analyzing the traditional four capabilities of the enterprise, EVA indicators and entropy method are also introduced for more detailed analysis. From the analysis results, it can be seen that after Haier's acquisition of Candy, Italy, the merger and acquisition synergy effect has been basically achieved, and its profitability, operational ability, development ability, and market position have been further improved. The analysis results from the perspective of EVA indicators also confirm that this merger and acquisition has enhanced the enterprise value, The calculation results combined with entropy further illustrate the multidimensional synergistic effect of Haier's acquisition of Candy, Italy. At the end of this article, based on the results of the analysis of the synergies of this merger and acquisition, some specific suggestions are proposed for Haier's integration activities after the merger and acquisition. It is hoped that while helping Haier optimize integration, it can provide inspiration to other industry peers who intend to implement cross-border mergers and acquisitions.

This article uses the Harvard analysis framework to study the synergy effect of Haier's acquisition of Candy, Italy, and supplements the application case of the Harvard analysis framework in the home appliance industry. At the same time, a multidimensional comprehensive analysis and evaluation of the synergy effect of this acquisition are conducted, hoping to provide more reasonable suggestions for Haier's future development and achieve long-term development of the enterprise.