| With the development of economic globalization,the market competition pressure of household appliance enterprises increases gradually.In recent years,with the transformation and sophistication of consumer preference and the gradual improvement of consumption level,household appliance enterprises are facing more diversified market demands.As a means to integrate resources quickly and efficiently,Merger and reorganization have received more and more attention from enterprises.China is currently undergoing an important phase of industrial structure improvement and economic modernization.As the development of the real economy further accelerates,adjustments to the industrial structure are also making progress.Most enterprises have shifted their attention to M&A and restructuring in order to accelerate the development of their companies,enhance the allocation of resources and achieve their corporate strategies,and some enterprises will also choose to implement M&A and restructuring in order to reverse their business difficulties and improve their business performance in order to turn losses into profits.China’s structural reform strategy is deepening,the consumer electronics industry is also facing a stage of industry transformation,sophistication,and consumer change.Home appliance industry is also adapting to consumer demand to become more intelligent,energy-saving,personalized transformation.Although the current competition is very fierce,and opportunities and challenges coexist,the overall growth of the home appliance industry is slowing down.In 2019,the heads of home appliance enterprises are also frequently carrying out mergers and acquisitions.Home appliance enterprises still have a large market share in the high-end electrical appliance market,and should continue to develop.Beginning with the synergies of M&A,the paper first describes the current economic environment under the current epidemic situation,the current status of M&A of companies in the consumer electronics industry and the research results of national and international academics on M&A.Then,relevant theories and concepts of M&A are introduced.The case of Midea absorbing and merging cygnet is selected to study the synergistic effect,and the process of Midea merging and merging cygnet is analyzed according to the previous theoretical foundation.Considering that the synergistic effect not only includes the evaluation of financial indicators but also involves the evaluation of some non-financial indicators.On this basis,the balanced scorecard has been chosen as the method for constructing evaluation indicators to establish the relationship between financial dimensions and financial synergies,customer dimension and business synergy,internal process dimension and learning growth dimension and management synergy.After analysis,the conclusions are as follows: 1.In terms of financial synergies,it reflects the value-added effect in the stock market,but lacks sustainability.Short-term debt paying ability is significantly improved,effectively increasing cash flow,but longterm debt paying ability is not significantly improved.2.The improvement of operating synergies is not significant,the improvement of profitability is limited,the growth rate of revenue slows down,and market control has always been in the forefront.After the acquisition of Cygnet,it will serve the strategic layout of the enterprise in the later stage,and the performance of operating synergies is not very obvious at present.3.The synergistic ef fect of management has increased.After the merger,Midea Group’s accounts receivable turnover has increased significantly and fixed assets turnover has increased slightly,but current assets turnover and total assets turnover have slightly decreased,which is related to the slowdown of operating revenue growth,while R&D investment has steadily increased.In view of the above analysis results,the paper puts forward relevant suggestions to provide reference for related mergers and acquisitions between industries. |
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