| Global economic trends and international development strategies have forced domestic companies to speed up their "going out" strategic steps,while greenfield investment and cross-border mergers and acquisitions are the two most basic "going out" strategies.Among them,cross-border mergers and acquisitions have lower costs and resource requirements in these two strategies,so they have become the preferred“going out” model of most domestic enterprises in recent years,as are large domestic appliance manufacturers.At present,domestic household appliance manufacturing enterprises are facing an unprecedentedly tough market environment.On the one hand,they have increasingly fierce competition with their domestic counterparts.On the other hand,they are also greatly affected by well-known home appliance brands from abroad.Considering that the domestic home appliance market is nearly saturated,and the marketing model that gains market share through price wars has not been effective after many years of implementation,"going out" has become an inevitable trend for domestic home appliance companies to seek new development.select.Multinational mergers and acquisitions,as an effective means to achieve rapid expansion,share excellent enterprise resources,and realize enterprise diversification,provide a feasible way for home appliance manufacturers to "go out".This article selects the largest multinational merger and acquisition case in the home appliance industry,namely the case of Haier’s merger and acquisition of general household appliances as the research object,discusses the motivation of this merger and acquisition,and analyzes the performance of this merger and acquisition in detail,and hopes to propose that it is beneficial for home appliance companies to carry out overseas merger and acquisition activities and improve Related suggestions for overseas M&A performance.The main research contents of this article are as follows: Chapter 1 is the introduction.This part mainly discusses the background of the subject research and the necessity and value of analyzing the motivation and performance of Haier’s multinational merger and acquisition of general household appliances.At the same time,it analyzes the existing literature from the two dimensions of M&A motivation and M&A performance,and gives a literature review.The literature review clarifies the theoretical cornerstone and main research content of this study,and finally summarizes the macroscopic ideas and main methods of the research.The second chapter is an overview of the theory of corporate mergers and acquisitions,which is mainly used tocomplete the definition of relevant concepts supporting research and to sort out important theories.It focuses on the evaluation methods of M&A performance and the theoretical basis of M&A motivation analysis,including the theory of synergy effects..The third chapter is the introduction part of the case of Haier’s merger and acquisition of general household appliances.First,it briefly describes the specific conditions of the two parties in the case from the macro level,including the development history and operating conditions of the two main participants;it focuses on the background of this merger and acquisition and the main course and behavior of the merger and acquisition process.Based on this At the beginning,the qualitative discussion on the motives of Haier’s acquisition of general household appliances was carried out in detail.The fourth chapter is the performance analysis of Haier’s acquisition of general household appliances.Based on the two dimensions of financial indicators and non-financial indicators,make full use of the financial indicators analysis method and comprehensive evaluation method to systematically and comprehensively analyze the performance of this M&A case.The analysis results show that within one year after the merger and acquisition,although the financial indicators have not changed much before and after the merger and acquisition,the non-financial indicators have been significantly improved due to the one-year merger and acquisition integration.This is closely related to the motivation of this merger.From the overall point of view,through this merger and acquisition,Haier has achieved ideal merger and acquisition synergies in terms of brand influence and technological innovation strength,and its self-growth space and development potential have been further expanded and tapped.Therefore,this cross-border M&A is generally successful.Chapter 5 is the conclusion.According to the conclusion of the case analysis,combing and summarizing the beneficial experience of cross-border M&A of home appliance companies,it aims to provide a valuable reference for the cross-border M&A of other domestic home appliance manufacturers and even the entire traditional manufacturing companies. |
