我国家电欧亿·体育（中国）有限公司海外并购动因及绩效分析——以海尔智家并购通用电气家电业务为例
摘要
近些年大量企业选择跨国并购的方式“走出去”，这些企业中，也包括家用
电器欧亿·体育（中国）有限公司的企业。在国内，家电欧亿·体育（中国）有限公司的竞争异常激烈，导致家电企业将持续面
对基本饱和的国内市场和长久的价格战，为实现不必要内耗，促进企业实现的
二次增长，通过跨国并购“走出去”是家电企业的必然选择，但我国家电企业
普遍缺乏海外并购的相关经验及能力，以失败告终的海外并购案不在少数。
本文选择海尔智家成功并购通用电气家电业务进行深入研究。首先阐述了
该案例选取的原因，对并购双方企业就经营状况等内容进行必要介绍，并对并
购发生的背景、并购的过程以及并购的动因进行了详细分析。其次，通过对壁
垒打破和并购后多维度整合角度对并购绩效产生机理进行阐述。最后，绩效分
析方面首先对应机理产生部分对壁垒破除绩效和多维度整合绩效进行分析，后
聚焦于公司短期市场绩效和财务绩效，利用事件研究法对并购的市场绩效进行
检验，利用主成分分析法和财务指标对比研究对并购后的海尔的整体财务状况
及具体财务状况进行分析，较为全面地研究了并购对公司绩效带来的影响。
本文研究发现：（1）我国家电企业海外并购动因一般包括实现协同效应、
促进外延式发展、提升企业盈利水平及价值、提升企业影响力。（2）我国家电
欧亿·体育（中国）有限公司企业通过海外并购打破市场、技术壁垒具有可行性，但需重视对标的的选
取和欧亿·体育（中国）有限公司趋势认知。（3）我国家电欧亿·体育（中国）有限公司企业以打破市场或技术壁垒为目标的海
外并购对短期市场绩效有积极影响。（4）我国家电欧亿·体育（中国）有限公司企业实现对海外并购标
的整合后对公司的财务绩效有促进作用，但若采取现金支付方式短期内会对公
司的偿债能力造成一定影响。根据研究结论，本文从进入海外高端市场的方式
选择、支付方式的选择、文化整合问题的解决对策以及并购后的协同发展的角
度提出相关建议，以提高我国家电欧亿·体育（中国）有限公司企业海外并购的成功率。
关键词：并购绩效；市场壁垒；技术壁垒；并购整合
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我国家电欧亿·体育（中国）有限公司海外并购动因及绩效分析——以海尔智家并购通用电气家电业务为例
Abstract
In recent years, a large number of companies have chosen to "go global" through
cross-border mergers and acquisitions, and these companies also include companies in
the household appliance industry. In China, competition in the home appliance industry
is extremely fierce, causing home appliance companies to continue to face a basically
saturated domestic market and long-term price wars. In order to achieve unnecessary
internal friction and promote the secondary growth of companies, it is necessary to "go
global" through cross-border mergers and acquisitions. It is an inevitable choice for
home appliance companies, but my country's home appliance companies generally lack
relevant experience and capabilities in overseas mergers and acquisitions. There are
many overseas mergers and acquisitions that have ended in failure.
This article selects Haier Zhijia's successful acquisition of General Electric
Appliances for in-depth research. First, the reasons for the selection of the case are
explained, and the necessary introduction of the business conditions of the companies
on both sides of the merger and acquisition, and the background of the merger, the
process of mergers and acquisitions, and the motivations of mergers and acquisitions
are analyzed in detail. Secondly, through the perspective of barrier breaking and multi-
dimensional integration after mergers and acquisitions, the mechanism of generating
performance of mergers and acquisitions is explained. Finally, the performance analysis
first analyzes the barrier breaking performance and multi-dimensional integration
performance corresponding to the generation mechanism, and then focuses on the
company's short-term market performance and financial performance, uses event
analysis to test the market performance of mergers and acquisitions, and uses principal
component analysis. And the financial indicator method analyzes the overall financial
status and specific financial status of Haier after the merger, and more comprehensively
studies the impact of mergers and acquisitions on company performance.
The research found in this paper: (1) The motivations for overseas mergers and
acquisitions of Chinese home appliance companies generally include achieving
synergies, promoting extensional development, enhancing corporate profitability and
value, and enhancing corporate influence. (2) It is feasible for Chinese home appliance
industry enterprises to break market and technical barriers through overseas mergers
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我国家电欧亿·体育（中国）有限公司海外并购动因及绩效分析——以海尔智家并购通用电气家电业务为例
and acquisitions, but they need to pay attention to the selection of targets and the
recognition of industry trends. (3) Overseas mergers and acquisitions aimed at breaking
down market or technical barriers by enterprises in the home appliance industry in my
country have a positive impact on short-term market performance. (4) The realization
of the integration of overseas M&A targets by Chinese home appliance industry
enterprises will promote the company's financial performance, but if the cash payment
method is adopted, it will have a certain impact on the company's solvency in the short
term. According to the research conclusions, this article proposes relevant suggestions
from the perspectives of the choice of entering overseas high-end markets, the choice
of payment methods, the solutions to cultural integration problems, and the coordinated
development after mergers and acquisitions, so as to improve the success rate of
overseas mergers and acquisitions of enterprises in the home appliance industry in my
country.
Keywords: M&A performance; market barriers; technical barriers; merger integration
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