Research On Financial Risk Control Of Overseas M&A In China's Home Appliance Manufacturing Industry

In the wake of the financial crisis in 2008,countries all over the world began to pay attention to the manufacturing industry again in order to find a new way to stimulate economic growth.In 2014,China put forward the "Made in China 2025" strategy.Faced with increasingly fierce international competition,Chinese home appliance manufacturers have initiated "going global" strategy.But in the course of mergers and requisitions(M & A),many companies failed to achieve the purpose of strategic expansion,and even fell into the financial crisis.This thesis summarizes and concludes the relevant articles at home and abroad from the point of view of the financial risk of overseas M & A.Based on the basic concepts and financial risk theory of overseas M & A.,this thesis selects Haier as a case.In the case of Haier's acquisition of Fisher & Paykel,this thesis identifies and analyzes the financial risks existed in the M & A and focus on the specific analysis of possible risks of valuation,financing,payment and integration.Then,the fuzzy comprehensive evaluation method is used to quantitatively analyze the financial risk of Haier's acquisition of Fisher & Paykel.Finally,it summarizes the financial risk control measures of Haier overseas mergers and acquisitions.Through the research of Haier's M & A case,it could be concluded: Before the action of M & A,the M & A enterprises should scheme appropriate M & A plans according to its own development strategy evaluate the target companies at the same time;in the implementation process of overseas M & A,Mergers and acquisitions companies should choose appropriate financing methods and payment methods on the basis of their own assets and liabilities;in the integration stage of overseas mergers and acquisitions,the companies should enhance the ability of comprehensive integration and effectively increase the success rate of overseas mergers and acquisitions.