| Under the background of industrial structure upgrading,the manufacturing level,domestic market share and brand influence of household appliances enterprises in China’s manufacturing industry are growing rapidly.However,because our country is aimed at white home appliance industry to issue "home appliance goes to the countryside”and "energy-saving product benefits the people project" and so on policy document,traditional home appliance product serves as durable product,the market has been saturated,can promote development only through renewal.And at present,people’s life rhythm is getting faster and faster,intelligent electronic products are also getting richer and richer,the combination of electronic products and intelligent home appliances has become the development trend of the whole home appliance industry.There is still a big gap between China’s home appliance enterprises and the developed countries in related advanced technologies and patents.Germany was the first country to put forward the "industry 4.0" era,followed by premier li keqiang’s signature of "made in China 2025" in 2015,which also declared that China’s home appliance manufacturing industry has begun an industrial revolution and upgrading for automation and intelligence.In the past 20 years,the wave of Chinese home appliance enterprises’ overseas mergers and acquisitions has become increasingly fierce.Therefore,the motivation and financial performance of continuous overseas mergers and acquisitions of domestic appliance enterprises are worth our careful study.This paper will take the two consecutive large-scale cross-border mergers and acquisitions initiated by midea group in 2016 as an example to study the motivations and performance changes behind the continuous overseas mergers and acquisitions of Chinese household appliances enterprises.Firstly,this paper briefly introduces the background of overseas mergers and acquisitions of Chinese enterprises and home appliances industry and summarizes the theoretical basis for the research of this paper on the basis of reading a lot of Chinese and foreign literatures on overseas mergers and acquisitions.Then it introduces the relative situation and the process of m&a between the m&a party and the m&a party in detail.Then,from the perspective of promoting the implementation of the strategy of "smart home+ smart manufacturing",increasing the overseas market share,and acquiring advanced technology,this paper analyzes the motivation of midea group’s continuous overseas mergers and acquisitions.Then,the event study method is used to analyze the short-term performance before and after the merger.Longitudinal comparative analysis of the midea group before and after the merger and acquisition profit ability,debt paying ability,operating ability and growth ability of financial objective evaluation index and EVA index,using the lateral comparison analysis to midea group before and after m&a compared with the same industry average annual relevant financial indicators,thus it is concluded that the impact on financial performance of the acquisition to beauty;Finally,on the basis of the above,get some thoughts,hope to give our home appliance enterprises in the future when overseas mergers and acquisitions to provide some Suggestions.This paper finds that:first,continuous overseas mergers and acquisitions of midea group are recognized by the market in a short period of time,and market investors are less optimistic about midea group’s acquisition of Germany kuka than that of Toshiba electric appliances.Second,the long-term solvency of enterprises is expected to be correspondingly weakened due to the large amount of syndicate borrowing brought about by mergers and acquisitions,so the management should pay attention to the management of debts.Third,the result of EVA index method shows that,at present,continuous overseas mergers and acquisitions have brought a relatively positive effect on the long-term financial performance of midea group. |
PDF Full Text Request