1基于财务视角的企业并购协同效应研究——以海尔并购通用家电为例内容摘要目前，全球市场经济发展迅速，发达国家愈发需要通过并购增强核心竞争能力，企业通过实施并购增大发展规模，高度集中资源、资本，延伸企业外界环境发展目标。伴随着市场经济的飞速增长，以及经济全球化进程的不间断前进，国内更多企业纷纷投身并购队伍。现如今，根据国内、海外成功并购案例可知，并购协同效应直接决定企业实施并购的成败与否，怎样深度理解、辨识、发展、实现协同效应，妥善解决这部分问题，将会促进国内企业并购发展，极具现实意义、实践意义、价值意义。本文基于财务分析的视角上，重点研究各项财务指标，深入分析协同效应，以供国内企业评定并购协同效应时借鉴、学习。本文采取会计指标定性定量评价法、个案研究法、文献分析法，对海尔并购通用家电进行案例研究，总结发现，企业实施并购能否形成与之相对应的协同效应，决定因素在于财务、管理、经营三方面的协同效应，然而，协同效应又是评定企业实施并购能否成功的核心点。文章可分成五个模块，第一模块是绪论，绪论主要描述了背景、目的、架构、创新点、文献综述等内容。第二模块阐述并购领域内的专业理论，介绍并购常见种类及协同效应。第三模块设立用于评定企业并购协同效应的指标模型。第四模块做了个案研究分析，选择了海尔并购通用家电并购案。第五模块为总结，提出结论。关键词：经济全球化并购协同效应ResearchonSynergyEffectofM&ABASEDonFINANCIALPERSPECTIVE——ACaseStudyofHaierM&AofGEAppliances2AbstractAtpresent,therapiddevelopmentoftheglobalmarketeconomy,developedcountriesincreasinglyneedtoenhancethecorecompetitiveabilitythroughmergersandacquisitions,enterprisesthroughtheimplementationofmergersandacquisitionstoincreasethescaleofdevelopment,ahighconcentrationofresources,capital,extendingthedevelopmentgoalsoftheexternalenvironmentofenterprises.Alongwiththerapiddevelopmentofthemarketeconomyandthecontinuouspromotionofeconomicglobalization,moredomesticenterpriseshavejoinedtheM&Ateam.Nowadays,accordingtothesuccessfuldomesticandoverseasM&Acases,itisknownthatM&AsynergydirectlydeterminesthesuccessorfailureofenterprisesimplementingM&A.Howtodeeplyunderstand,identify,developandrealizesynergyeffectandproperlysolvethispartoftheproblemwillpromotethedevelopmentofdomesticenterprises'M&A,whichisofgreatpractical,practicalandvaluesignificance.Inthispaper,wefocusonthefinancialindicatorsfromtheperspectiveoffinancialanalysis,andanalyzethesynergyeffectindepth,sothatdomesticenterprisescanlearnfromitwhenevaluatingthesynergyeffectofM&A.Thispaperadoptsthequalitativeandquantitativeevaluationmethodofaccountingindicators,casestudymethod,andliteratureanalysismethodtoconductacasestudyofHaier'sM&AofGeneralElectricAppliances,andconcludesthatthedeterminingfactorsofwhetheranenterprisecanformsynergyeffectscorrespondingtoitsM&Aarefinancial,management,andoperationalsynergyeffects.Thearticlecanbedividedintofivemodules.Thefirstisintroductionwhichmainlydescribesthebackground，purpose，structure，innovationandliteraturereview.ThesecondmoduledescribestheprofessionaltheoriesinthefieldofM&AandintroducesthecommontypesofM&Aandsynergyeffects.ThethirdmoduleestablishestheindexmodelusedtoevaluatethesynergyeffectofM&A.Thefourthmodulepresentsacasestudyanalysis,selectingtheHaierM&AofGeneralAppliance.Thefifthmodulesummarizesandpresentsconclusions.Keywords:economicsglobalization,Mergers&Acquisitions,Synergisticeffect3目录一、绪论1（一）研究背景和目的1（二）研究思路和方法1（三）文献综述2（四）本文的创新之处3二、并购协同效应理论概述3（一）并购理论概述3（二）并购协同效应理论概述4三...
