国际经济与贸易学院知识库

随着经济全球化浪潮的持续推进，跨国并购已成为当代国际投资的一种主流形式，同时，科技的迅速发展给企业带来了前所未有的挑战，部分大型企业由于技术能力滞后，转而采取合作共赢的策略，积极寻求与掌握先进技术的企业进行合作，以期在激烈的市场竞争中保持优势。美的集团作为家电行业的领军企业，正是以其前瞻性的战略眼光，较早地认识到技术变革的重要性并为此制定了“双智战略”，利用跨国并购全球四大机器人企业之一的库卡集团顺利推进“智能家居”＋“智能制造”战略，作为2016年以来家电行业规模最大的一次并购事件,为我国其他企业在全球化背景下进行并购活动提供了有益的参考和启示。
本文以此典型案例为研究对象，主要采用文献资料研究法和案例分析法梳理出整体写作框架，首先对选题背景以及研究意义进行探讨，对涉及的一系列理论和方法进行归纳与梳理并且对国内外关于跨国并购的动因及并购绩效进行了述评；接着介绍了关于企业并购动因及绩效评价方法的相关概念；再对美的集团和库卡集团进行了详细的介绍，并对并购的过程进行了梳理；然后结合美的集团的发展战略，深入剖析了美的并购库卡的动机；随后借助事件研究法、因子分析法、财务指标法对美的并购绩效进行纵向分析，再与家电行业其他头部企业的财务指标进行横向分析，全面评估了此次事件对美的并购绩效的影响；最后借鉴美的并购措施提出了对家电行业并购行为的启示。
 

With the continuous promotion of the wave of economic globalization, cross-border mergers and acquisitions have become a mainstream form of contemporary international investment. At the same time, the rapid development of technology has brought unprecedented challenges to enterprises. Some large enterprises, due to their lagging technological capabilities, have turned to adopting a win-win cooperation strategy, actively seeking cooperation with enterprises that master advanced technology, in order to maintain their advantages in fierce market competition. As a leading enterprise in the home appliance industry, Midea Group recognized the importance of technological change early on with its forward-looking strategic vision and formulated the "dual intelligence strategy" for this purpose. It successfully promoted the "smart home"+"smart manufacturing" strategy through cross-border mergers and acquisitions with KUKA Group, one of the world's four major robotics companies. As the largest merger and acquisition event in the home appliance industry since 2016, it provides useful reference and inspiration for other Chinese enterprises to carry out merger and acquisition activities in the context of globalization.
　　　This article takes this typical case as the research object, mainly using literature research method and case analysis method to sort out the overall writing framework. Firstly, the background and research significance of the topic are discussed, and a series of theories and methods involved are summarized and sorted out. The motives and performance of cross-border mergers and acquisitions at home and abroad are also evaluated; Then, the relevant concepts about the motives and performance evaluation methods of enterprise mergers and acquisitions were introduced; A detailed introduction was given to Midea Group and Kuka Group, and the process of mergers and acquisitions was sorted out; Then, based on the development strategy of Midea Group, the motivation for Midea's acquisition of Kuka was analyzed in depth; Subsequently, longitudinal analysis of Midea's M&A performance was conducted using event study method, factor analysis method, and financial indicator method. Horizontal analysis was then conducted with the financial indicators of other leading enterprises in the home appliance industry to comprehensively evaluate the impact of this event on Midea's M&A performance; Finally, drawing inspiration from Midea's merger and acquisition measures, this paper proposes insights into the merger and acquisition behavior of the home appliance industry.