国际经济与贸易学院知识库

随着全球化不断加深，中国海外投资的规模持续增大，由于本土高级生产要素相对匮乏，进入国际市场的限制较多，中国企业多借用跨国并购的方式使自身能够更加快捷有效地吸收先进技术，获取产品优势，立足于国际市场。特别是家电行业面临国内家电市场高度饱和，消费潜力不足，产品的质量需求更高，竞争力不断加大等各种问题，想要扩大自身规模并突破发展的瓶颈，进行海外并购无疑是最有效的途径之一。在中国家电行业加速开展外海并购的热潮中，企业一方面在内部进行整合优化，提高经营效率，积极开发新品类和新功能，坚守国内市场；另一方面着眼海外，制定国际化发展战略规划，确定目标市场，选择合适的国外企业进行国际商务合作。海信视像便是家电行业里极具代表性的家电企业，通过跨国并购日本东芝电视，整合完成后成功将日本东芝电视从破产边缘拉回，并且做到化亏损为盈利，还使得海信视像在全球家电市场的激烈竞争中稳居前列。
首先，本文对海信视像与日本东芝电视的基本信息进行概括，简述了双方的经营状况和并购的相关背景，并对跨国并购的交易过程和吸收整合过程进行描述，再结合理论概括出海信视像此次并购的三个主要动因。其次，针对此次并购案件，采用了事件研究法对海信视像的短期绩效进行计算分析，结果表明在并购后的一段时间内投资者对于此次并购消息保持乐观的态度，资本市场对海信视像并购日本东芝电视的消息表现出积极的反映。但随着时间的推移，累计超额收益率的逐步下降说明随着并购的热点冷却，投资者也冷静下来，理性处理海信视像的投资活动。随后，通过财务与非财务的相关指标和EVA经济增加值来对海信视像并购案件的长期并购绩效开展进一步的分析，发现财务指标中除了应收账款周转率和速动比率持续下降其他指标的表现均有提升，非财务指标长期来看都有改善，EVA值短期下降之后开始回升。最后，根据研究结果可以看出海信视像并购的三个主要目标得以实现，强化了经营效率并获取了成本优势，实现新技术的融合与发展，在海外市场的开拓取得明显进步。同时根据并购过程和结果得出三点启示：进行跨国并购时企业需要选择符合自身发展战略的并购目标，注意跨国并购的交易风险，并购之后要注意双方差异进行整合优化。

With the deepening of globalization, China's overseas investment is increasing. Due to the relative scarcity of local high-level production factors, access to the international market is more limited, Chinese companies borrow more than cross-border mergers and acquisitions, so that they can absorb advanced technology faster and effectively, gain product advantages, based on the international market. In particular, the home appliance industry faces the domestic home appliance market is highly saturated, the consumption potential is insufficient, the product quality demand is high, the competitiveness of such issues, want to expand the scale to break through the development bottleneck, overseas M&A is undoubtedly one of the most effective ways. In China's power industry to accelerate overseas M&A boom, enterprises on the one hand in the internal integration optimization, improve business efficiency, actively develop new categories, new functions, adhere to the domestic market; On the other hand, focusing on overseas, formulating international development strategic plans, identifying target markets and selecting suitable foreign enterprises for international business cooperation. Hisense Video is a representative home appliance company in the home appliance industry, integrated after Toshiba TV successfully pulled back from the brink of bankruptcy. In order to make a profit, Hisense Video is also in the forefront of fierce competition in the global home appliances market.

First of all, this paper summarizes the basic information of Hisense Video and Toshiba TV of Japan, briefly describes the business conditions of both sides and the relevant background of the merger, describes the transaction process and absorption and integration process of cross-border merger, and then summarizes the three main reasons for the merger of Hisense Video based on the theory. Secondly, for this merger case, the event study method is adopted to calculate and analyze the short-term performance of Hisense Video. The results show that investors remain optimistic about the merger news for a period of time after the merger, and the capital market shows a positive response to the news of Hisense Video's merger with Toshiba TV. However, with the passage of time, the gradual decline of cumulative excess return indicates that as the hot spot of mergers and acquisitions cools, investors have also calmed down and rationally handled Hisense Video's investment activities. Subsequently, the long-term M&A performance of Hisense video M&A case was further analyzed through financial and non-financial related indicators and EVA. It was found that the performance of other indicators in financial indicators had improved except for the continuous decline of accounts receivable turnover rate and quick ratio, while non-financial indicators had improved in the long run, and EVA began to rise after a short-term decline. Finally, according to the research results, it can be seen that the three main objectives of Hisense video merger and acquisition have been achieved, the operation efficiency has been strengthened, the cost advantage has been obtained, the integration and development of new technologies have been realized, and the development of overseas markets has made significant progress. At the same time, according to the process and results of M&A, three enlightenments are drawn: enterprises should select M&A targets in line with their own development strategies, pay attention to the transaction risks of cross-border M&A, and pay attention to the differences between the two sides for integration and optimization after M&A.