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摘 要
经济的全球化发展，为企业“走出去”带来了很多机会和挑战。“走出去”的形式
有两种：绿地投资和跨国并购。相比较绿地投资，跨国并购所需要消耗的人、财、物更
少，因此，近些年来，很多的企业选择跨国并购的方式“走出去”，而在众多走出去的
企业中，也包括家用电器行业的企业。在国内，家电行业的竞争异常激烈，这种竞争压
力不仅有来自国内品牌的，还有来自国外品牌。面对基本饱和的国内市场，加上长久的
价格战，“走出去”是中国企业的必然选择。而跨国并购是企业国际化，扩大企业原有
规模，整合并购后的优质资源，提升企业自身的竞争力的一个重要而快速的手段
本文选择青岛海尔（股票代码：600690）并购通用电气家电，这一到目前为止中国
国内家电业最大的一起跨国并购案进行深入研究。从海尔并购通用家电电气的动因到海
尔并购成功后带来的绩效研究，都将在本文中一一阐述。本文主要分为以下几个方面：
第一章是绪论部分。正文第一部分开头通过对此次论文写作的案例发生所处的背景
和意义进行阐述；然后是文献综述，主要阐述了本文研究的理论基础，包括对并购的基
础知识介绍，动因和绩效相关研究理论，以及对于国内的企业，进行跨国并购的动因和
风险等方面的阐述；最后叙写研究并购绩效的方法和本次论文的框架结构
第二章是案例介绍。在这一章中，首先分别对青岛海尔和通用电气这两家公司的企
业概况，包括其发展历程，经营状况和财务状况进行介绍；然后介绍本次并购活动发生
的背景情况；最后对海尔并购通用电气家电的这一并购案的过程和最终的结果进行阐述
第三章是案例分析。这是本篇论文中最核心的一个部分。通过前面两章对理论基础
和案例本身的具体描述，本章将理论与实际案例相结合，先通过描述案例发生的背景和
青岛海尔并购通用电气家电的动因进行分析，并结合并购前后青岛海尔财务绩效和非财
务绩效的变化进行分析研究，深度解剖案例。得出经过一年多的整合，虽然在财务绩效
上面的表现受并购的影响不大，但是非财务绩效的整合效果显著，这也跟海尔此次并购
通用家电的动因有关。总体而言，随着此次并购后，海尔与通用家电在品牌、市场、渠
道、研发等方面的协同效应的不断释放，海尔将会在更广阔的成长空间中不断的得到提
升。因此得出，青岛海尔并购通用家电可以说是一次比较成功的跨国并购
第四章是案例启示。基于前文的分析研究，总结青岛海尔此次海外并购案的经验得
的启示，为国内企业特别是家电企业今后实施海外并购提供有意义的参考和借鉴
关键词：青岛海尔；通用电气家电；跨国并购；绩效
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Abstract
The globalization of the economy has brought many opportunities and challenges for
companies to “go global”. There are two ways to “go global”, including greenfield investment
and cross-border mergers and acquisitions. Compared with greenfield investment,
cross-border mergers and acquisitions require less people, money, and goods. Therefore, in
recent years, many companies have chosen to go abroad through cross-border mergers and
acquisitions. Among many companies which go out, there are also electrical industry
companies. In China, the competition in the home appliance industry is extremely fierce. This
competitive pressure is not only from domestic brands but also from foreign brands. In the
face of a basic saturated domestic market and a long-term price war, going out is an
inevitable choice for Chinese companies. Cross-border mergers and acquisitions are an
important and rapid means of internationalizing an enterprise, expanding its original size,
integrating high-quality resources after mergers and acquisitions, and enhancing its own
competitiveness.
This case that Qingdao Haier (stock code: 600690) acquiring GE Appliances is selected,
which is the largest cross-border M&A case in China's domestic appliance industry so far. It
will be described in this article that why Haier acquired GEA and how the performance is
after Haier acquiring GEA. This article is mainly divided into the following aspects:
The first chapter is the introduction. The beginning of the first part of the text is
explained through the context in which the case of the paper was written plus the significance
of the research and analysis; then the literature review, mainly expounding the theoretical
basis of the study, including the acquisition of, especially the theoretical study. Introduction,
including motivation and performance-related research theories and methods, as well as
domestic companies, what are the reasons for overseas mergers and acquisitions, what risks
they will encounter, etc., thus providing a theoretical basis for the study of papers; The M&A
performance method and the framework of this paper.
The first chapter is the introduction. In this part, the background of the research and the
significance of the research will be introduced; then it is the literature review which is
elaborated about the theoretical basis of the study, including the theory of mergers and
acquisitions, especially cross-border mergers and acquisitions, the motivation of mergers and
acquisitions, the motivation of the merger and acquisition and the risks it will face are
elaborated for the transnational enterprises in China. This will provide the theoretical basis for
the study of the dissertation case. Finally, it will describe the content frame of the research
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method and the dissertation.
The third chapter is case analysis. This is the most central part of this paper. Through the
specific description of the theoretical foundation and the case itself in the previous two
chapters, this chapter combines the theory with the actual case. By describing the background
of the case and Qingdao Haier, the motivation of this mergers and acquisitions was analyzed,
the changes in the financial performance and non-financial performance of Qingdao Haier
before and after the merger and acquisition were also analyzed, and the cases were deeply
anatomized. After more than a year of integration, although the performance on financial
performance is not greatly affected by mergers and acquisitions, the integration of
non-financial performance is significant. This is also related to Haier’s acquisition of general
appliances. In general, with the continuous release of Haier's and GE's synergies in brands,
markets, channels, and research and development after the acquisition, Haier will continue to
improve in a broader growth space. Therefore, from a long-term perspective, Qingdao Haier’s
acquisition of general-purpose household appliances can be considered as a successful
cross-border M&A.
The fourth chapter is case inspiration. Based on the foregoing analysis and research, the
implications of Haier’s overseas acquisitions are summarized, which provide meaningful
reference for domestic companies, especially home appliance companies, to implement
overseas M&A activities.
Key Words: Qingdao Haier; GEA; cross-border M&A; performance。