基于指标分析法和事件研究法下企业并购绩效及动因分析--以“美的”二次并购小天鹅为例  

Analysis of M&A Performance and Drivers Based on Index Analysis and Event Research:Take Midea’s Second Acquisition of Little Swan as an Example

作　　者：付玉梅[1] 吴梦琦 张丽平 FU Yu-mei;WU Meng-qi;ZHANG Li-ping(College of Economics and Management,Shihezi University,Shihezi 832000,Xinjiang,China;School of Accounting,Hebei University of Economics and Business,Shijiazhuang 050061,Hebei,China)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832003 [2]河北经贸大学会计学院,河北石家庄050061

出　　处：《石河子大学学报（哲学社会科学版）》2020年第2期77-84,共8页Journal of Shihezi University(Philosophy and Social Sciences)

基　　金：国家社科基金青年项目“高校财政性科研经费的资助力度、管理现状及其使用效率研究”(16CGL012);河北省科技计划项目“国企混改对企业创新的影响研究”(19457659D)。

摘　　要：在我国证券市场发展逐步完善的背景下,并购越来越成为企业进行资本扩张的主要手段。该文以"美的"两次并购小天鹅为研究对象,基于指标分析法和事件研究法对比分析前后两次并购的绩效差异,从并购结果入手分析"美的"在已拥有小天鹅52.67%股权的前提下,仍对小天鹅进行换股吸收合并的并购动机。研究发现:"美的"进行两次并购小天鹅的动机与其战略计划密不可分,是"美的"进行战略扩张的手段之一,希望将企业其他洗衣机品牌注入小天鹅,从而实现"美的系"产业上的整合优化,以此增强企业行业竞争力及领先地位,进而实现业绩增长。In the context of the gradual improvement of China’s securities market,mergers and acquisitions have increasingly become the main means for enterprises to expand their capital.This pape,aiming to study the M&A performance of Midea’s two acquisitions of Little Swan,compared and analyzed the performance differences between the two acquisitions based on the index analysis method and the event study method,and analyzed the M&A motivation of Midea’s merger and acquisition on the premise that Midea already owns 52.67%of the equity of Little Swan.The study found that:Media’s M&A motivation is inseparable from its strategic plan,and it is one of the means for Midea to carry out strategic expansion.It hopes to inject other washing machine brands into Little Swan so as to realize the integration and optimization of"Midea"industry and enhance the competitiveness and leading position of the enterprise in the industry.Then Media can achieve performance growth.

关 键 词：美的电器 两次并购 并购绩效 

分 类 号：F275[经济管理—企业管理]