Research On Performance Analysis Of Overseas Mergers And Acquisitions Of Household Appliances Enterprises In China

China is the world’s largest household appliance market and manufacturer.As an important part of Chinese manufacturing,the household appliance industry is one of Chinese few internationally competitive industries.However,in recent years,the slow recovery of the global economic development has led to the deterioration of the international market environment.At the same time,Chinese economy has entered a new normal.Under the combined effects of multiple factors,Chinese household appliance market’s demand has fallen and the growth has been sluggish.In 2015,China comprehensively promoted the implementation of the "Made in China 2025" strategy to promote the transformation of the manufacturing industry from big to strong."Intelligent manufacturing" is the core of development,and industrial robots are one of its ten key areas of focus.In response to the national strategic plan,Chinese household appliance manufacturing enterprises have begun to transform and upgrade,and laid out the "intelligent manufacturing" development strategy.Robots are the key tool for "intelligent manufacturing".However,most of the core advanced technologies for robot manufacturing are currently owned by foreign manufacturers.In order to achieve corporate transformation and upgrading in a short period of time,Chinese household appliance manufacturers have begun to carry out cross-border mergers and acquisitions,and performance evaluation is of great significance for measuring the value creation of corporate mergers and acquisitions,and judging whether the investment decisions of mergers and acquisitions are correct and reasonable.First of all,this paper uses the even study method and balanced score card combining the characteristics of Chinese household appliance manufacturing,and it select cross-border M&A performance evaluation indicators from two different perspectives and three dimensions;Secondly,this paper uses the case study method,taking Midea M&A KUKA as a case.It evaluates the impact of this merger and acquisition incident on Midea;Finally,aiming at the problems existing in the cross-border mergers and acquisitions of domestic appliance manufacturing enterprises,this article provides corresponding suggestions for Chinese household appliance manufacturing enterprises.The research in this paper finds that the case was recognized by the market in the short term and brought wealth growth to shareholders;in the long run,the improvement of Midea’s financial performance was not significant,but it showed a trend of improvement;Midea has increased brand awareness,enhanced technology and R&D capabilities,and improved innovation capabilities.