摘要我国经济发展越来越快，残酷的淘汰机制让企业不得不寻找可行的方法。并购就是一种快速有效并被大多数企业选择的其中一种办法。研究青岛海尔并购通用家电这一案例对于研究并购有着重要的意义。本文在国内外学者的研究背景下，通过文献研究、数据对比等方法，研究对比了青岛海尔并购前后的企业获取利润的能力、企业的营运能力、企业的市场反应等，研究发现，青岛海尔在并购后的盈利能力主要表现为主营业务利润率与并购前相比有所增长，净资产收益率、总资产收益率和销售净利率在并购之后有所下降。原因可能是并购后青岛海尔的销售收入有所增长，但其资产总额和并购后产生的财务费用都有所增长。营运能力主要表现在应收账款周转率在并购后出现下滑后又迅速上升。存货周转率、固定资产周转率和总资产周转率在并购后出现数据下滑的现象。主要原因可能是并购后青岛海尔的主营业务能力有所提升，但并购后的整合工作比较复杂从而导致海尔集团汇款不利等。市场反应主要表现在每股收益在并购后处于稳步上升的趋势。主要是因为企业投资人都对此次并购呈积极态度，认为此次并购能给他们带来利润。针对以上问题，分别就并购前和并购后提出建议，并购前要进行资金整合工作；在并购后要就双方企业进行整合，主要包括文化整合、人力资源整合以及资源整合等以实现利益最大化。关键词：企业并购；财务绩效；青岛海尔；通用家电1AbstractChina'seconomicdevelopmentisfasterandfaster,andthecrueleliminationmechanismmakesenterpriseshavetofindfeasiblemethods.M&Aisoneofthefastandeffectivemethodschosenbymostenterprises.QingdaoHaier'sacquisitionofgeneralhouseholdappliancesisalarge-scalecaseinthehistoryofM&A,whichhasgreatresearchsignificance.Undertheresearchbackgroundofscholarsathomeandabroad,thispaperstudiesandcomparestheprofitability,operationabilityandmarketreactionofQingdaoHaierbeforeandafterthemergerandacquisitionbymeansofliteratureresearchanddatacomparison.ItisfoundthattheprofitabilityofQingdaoHaierafterthemergerandacquisitionmainlyshowsthattheprofitrateofthemainbusinesshasincreasedcomparedwiththatbeforethemergerandacquisition,thereturnonnetassets,thereturnontotalassetsandsalesAfterthemergerandacquisition,thenetsellingratedecreased.Thereasonmaybethatafterthemergerandacquisition,thesalesrevenueofQingdaoHaierhasincreased,butitstotalassetsandfinancialexpensesincurredafterthemergerandacquisitionhaveincreased.ThemainperformanceofoperatingcapacityisthattheturnoverrateofaccountsreceivablehasdeclinedandthenincreasedrapidlyafterM&A.Thedataofinventoryturnoverrate,fixedassetturnoverrateandtotalassetturnoverratedecreaseafterM&A.ThemainreasonmaybethatthemainbusinesscapacityofQingdaoHaierhasimprovedafterthemergerandacquisition,buttheintegrationworkafterthemergerandacquisitionismorecomplex,whichleadstotheunfavorableremittanceofHaierGroup.MarketreactionismainlyreflectedinthesteadyriseofearningspershareafterM&A.ThemainreasonisthattheM&Ahasincreasedtheconfidenceofinvestors.Inviewoftheaboveproblems,thepaperputsforwardsuggestionsbeforeandafterM&Arespectively.BeforeM&A,capitalintegrationshouldbecarriedout;afterM&A,enterprisesofbothsidesshouldbeintegrated,mainlyincludingculturalintegration,humanresourceintegrationandresourceintegrationtomaximizebenefits.Keywords:Enterprisemergerandacquisition,Financialperformance,QingdaoHaier,generalhouseholdappliances目录摘要............................................................................................................1Abstract........................................................................................................21.绪论....................................
