| With the advancement of science and technology and the acceleration of economic globalization,manufacturing enterprises have higher and higher requirements for technical specialization and product intelligence.Although the scale of my country’s manufacturing industry has ranked first in the world for many years,its own technology research and development capabilities and manufacturing level are far less than developed countries,which brings new challenges to Chinese manufacturing enterprises that are going global.Although my country has repeatedly emphasized the strategic goal of accelerating the pace of building a strong manufacturing country,promoting high-quality development in the manufacturing field,and actively participating in global market competition,in the process of transformation and upgrading,my country’s manufacturing enterprises must solve their own technology research and development capabilities.Insufficient,backward modernization level of the industrial chain,low production efficiency and other problems.Based on this background,most companies often choose to acquire some companies with advanced technology through market behavior,or even go abroad to select suitable M&A targets,so as to achieve the goal of improving corporate value.Therefore,an in-depth study of the impact of mergers and acquisitions on enterprise value will play a vital role in enhancing enterprise value,exploring new business models,and establishing a global industrial layout for my country’s manufacturing enterprises in the future.The author takes Midea Group’s acquisition of KUKA Group as the research object,according to the relevant theories of value creation of corporate mergers and acquisitions,constructs a TOE framework composed of technology(T),organization(O)and environment(E),through in-depth analysis of corporate mergers and acquisitions.A series of influences of its value,as well as the reflection of the value it creates for the enterprise,supplemented by the event research method,traditional financial indicator method and EVA analysis method,and finally pointed out that the M&A activities have indeed helped Midea to a certain extent and improved its own enterprise.value.Firstly,based on the merger background,merger process and merger motivation of this case,the analysis is carried out;secondly,based on the TOE framework,the main factors affecting value creation are summarized,namely technical factors,organizational factors and environmental factors,and two factors after mergers and acquisitions are analyzed.The synergy effect between them is embodied in: the synergy between technology and organization,Midea Group systematically analyzes the competitive advantages and disadvantages of the enterprise at the technical level,and combines the enterprise’s "dual intelligence strategy" to expand the production and operation scale of the enterprise;The coordination of environment,Midea Group actively responded to national policies,promoted the development of robotics and other technology industries,and effectively dealt with social and political issues;the coordination of environment and technology,Midea Group strengthened investment in technology research and development,effectively enhancing the core technology strength of the enterprise,further expanded the market share of the company,and then obtained the value creation transmission path of Midea’s acquisition of Kuka;finally,the event research method,traditional financial indicator method and EVA analysis method were used to quantify the impact of this merger on enterprise value from the perspective of quantitative analysis.,obtained the conclusion that "from a short-term perspective,the M&A activity has created a certain value for Midea Group,and from a long-term perspective,a cautious attitude is still required",and from the "technological competitiveness,resource complementarity and coordination and adaptation to environmental changes" three aspects Facing the Midea Group and making suggestions. |
