摘 要

改革开放四十年以来，随着经济全球化的进一步发展，各个国家和企业之间的联系也愈发紧密。在此进程中，中国企业不断被卷入世界经济全球化的浪潮中。随着市场竞争演变得愈发激烈，企业不得不选择对外扩张。而海外并购作为中国企业出海发展的重要方式也开始被愈发青睐，近几年我国企业海外并购活动也相当活跃。其中家电行业因为竞争尤其激烈、企业需要开拓新市场、寻求新发展而越来越青睐海外并购。以海尔为例，从2010年到现在已经完成了三洋家电、斐雪派克、GE Appliances、Candy四次海外并购，进一步开拓日本、北美、大洋洲、欧洲市场以保证其在国内的家电出口龙头地位。

本文通过整理海尔智家2014至2019年年度报告中相关财务指标并进行分析后发现，因为海外并购GE Appliances和当年股市波动影响，海尔的营运能力在2015年有所下降，但其成长能力、偿债能力等均未受到太大影响，依旧呈现出上升趋势。从市场效应分析的角度来看，海尔宣布收购GE Appliances公告发布的一个月内，海尔股价（港股海尔电器01169）呈现上涨趋势，收购完成后直到考察期结束，其股价（A股海尔智家600690）出现较大幅度增长。由此可以说明市场对于本次并购案的反应较为乐观。

最后，本文总结以下几个结论：并购GE Appliances有助于海尔进一步开拓北美市场，布局全球战略；金融危机后家电市场增长缓慢的背景下，并购GE Appliances对海尔智家的财务绩效提高有限，但未来发展前景良好；多次海外并购经历为海尔智家和中国企业积累经验。得出以下几点启示：海外并购前应理性挑选对象，避免盲目选择；企业“走出去”的前提是明确核心竞争力、建立完善现代企业制度；海外并购是一把双刃剑，出海企业必须加强并购后的资源整合能力；完善全球化布局须提升企业国际化水平。

关键字：海尔智家；海外并购；动因；绩效

Abstract

Over the past 40 years of developing, with the development trend of globalization, the links between countries and enterprises have become closer and closer, and Chinese enterprises have been continuously involved in the wave of globalization of the world economy. Market competition is intensifying, and enterprises have chosen to expand overseas, with OMA becoming the preferred expansion method for enterprises. From the statistics, it can be seen that the number of OMAs by Chinese enterprises has increased dramatically, and the highest amount has been constantly refreshed. Overseas Mamp;A , as an important way for companies to invest overseas and extend their development, have begun to be favored by more and more Chinese companies. In recent years, Chinese companies have also been active in OMA . Among them, the home appliance industry is increasingly favoring overseas Mamp;A because of the fierce competition and the need for companies to explore new markets and seek new development. Taking Haier as an example, from 2010 until now, it has completed four overseas mergers and acquisitions of Sanyo Home Appliances, Fisher amp; Paykel, GE Appliances, and Candy, and further explored the markets of Japan, North America, Oceania, and Europe to ensure its leading position in domestic appliance export.

This article compares and analyzes the relevant financial indicator data in the Haier Group's 2014-2019 annual report. This article finds that after 2015, except for the gradual decline in operations, the Haier Group has shown an upward trend in its profitability, debt service, and growth. From the short-term market reflection, within one month after the announcement date, that is, in January 2016, the share price of Haier Group (Haier Electric 01169) gradually increased. From the perspective of the long-term market reflection, from February 2016 to February 2019, its share price (Haier Smarthome 600690) as a whole has increased significantly compared with that before the merger. The market's response to the Haier Group's overseas M amp; A incident was generally positive.

Finally, this article summarizes the following conclusions: the acquisition of GE Appliances will help Haier further expand the North American market and lay out a global strategy; the acquisition of GE Appliances has had limited improvement in the financial performance of Haier Smarthome , but The future development prospects are good; many overseas M amp; A experiences have accumulated experience for Haier Smarthome and Chinese companies. The following enlightenment is drawn: Before overseas mergers and acquisitions, rational selection of objects should be avoided to avoid blind choices; the premise of enterprises "going out" is to clarify core competitiveness and build and improve a new enterprise system; Strengthen the ability to integrate resources after mergers and acquisitions; to improve the globalization layout must enhance the level of internationalization of enterprises.

Key words: Haier Group; Overseas Merger and Acquisition; Motivation of Merger and Acquisition ; Merger and Acquisition Performance

目 录

第1章 绪论 1

1.1 研究背景 1

1.2 研究意义 1

1.3 文献综述 1

1.4 研究的思路与方法 5

1.4.1 研究思路 5

1.4.2 研究方法 5

1.4.3 本文的基本框架 6

第2章 海外并购的理论概述 7

2.1 海外并购的概念 7

2.2 海外并购的类型 7

2.2.1 横向并购 7

2.2.2 纵向并购 7

2.2.3 混合并购 8

2.3 企业海外并购的动因 9

2.4 企业海外并购绩效的评价方法 10

2.4.1 财务指标法 10

2.4.2 事件研究法 10

2.4.3 其他评价方法 10

第3章 海尔并购GE Appliances案例动因分析 11

3.1 并购背景与双方基本情况介绍 11

3.1.1 海尔情况介绍 11

3.1.2 GE Appliances情况介绍 11

3.1.3 并购背景 12

3.2 并购进程时间表 13

3.3 并购特点 13

3.3.1 横向并购方式 13

3.3.2 现金支付方式 13

3.4 动因分析 14

3.4.1 并购形成规模效应，提高市场竞争力 14

3.4.2 引进先进技术，提高自身核心竞争力 14

3.4.3 协同全球资源，加快全球化战略进程 15

3.4.4 并购经验丰富，提供信心支撑 16

第4章 绩效分析 17

4.1 海尔并购GE Appliances前后业绩比较分析 17

4.1.1 盈利能力比较分析 17

4.1.2 营运能力的比较分析 21

4.1.3 偿债能力的比较分析 24

4.1.4 成长能力比较分析 27

4.2 海尔并购GE Appliances后市场效应的分析 29

4.2.1 公告日前后短期股票价值保持稳定 29

4.2.2 并购后长期股票价值稳步上升 30

第5章 结论与启示 32

5.1 结论 32

5.2 启示 33

参考文献 35

致谢 37

第1章 绪论

1.1研究背景

随着进一步深化改革开放的进行和“一带一路”战略的发展，中国政府先后出台了多项政策、制度等鼓励中国企业“走出去”，为企业进行跨国并购提供了有利的政策环境。中国企业因此也开始积极实施国际化战略，海外并购数量也从2007年的35起发展到现在每年数千起，金额也由127亿发展到数千亿。

企业的发展离不开内部发展和外部发展。经历过改革开放前三十年的经济飞速发展之后，家电，特别是白色家电在消费者心中的地位早已不复90年代的“大四件”。现在我国家电市场已全面进入存量时代，以替代型消费为主，销售量增幅已不明显。但是中国家电行业仍然是中国制造业代表、是中国最具国际竞争力的行业之一，并拥有着在国际市场上的定价权。因此中国家电不得不寻求新的发展空间，除了面向已有市场对产品进行更新换代、服务升级，同时也需要不断开拓新的市场。其中海尔便是选择了跨国并购策略海外并购策略来寻求新的发展。

1.2研究意义

（1）实践意义