Industrial Evolution?Motivation Of Merger And Acquisition Of M&a Performance Evaluation In China Home Appliance Industry

Mergers and acquisitions have always been a hot topic and one of the most active events in the world economy.Frequent practice,mergers and acquisitions and the development also has promoted the study on m&a theory,motivation theory of m&a research is relatively mature,many research results are also recognized by the theoretical circle,providing a strong theoretical guidance for mergers and acquisitions practice.However,mergers and acquisitions performance evaluation research has not yet reached an agreement,in particular,the performance of m&a empirical study results show that most of the mergers and acquisitions is not considered a success,but he couldn't explain m&a events continues to happen in practice.Merger and acquisition activity has never stopped even if m&a performance is not satisfactory.So we need explore the problem and find the ways and methods to solve the problem is the research background of this article.Based on 2002 management consulting firm a.t.Kearney industry evolution theory as the theoretical foundation,proposed to Zhou Shaoni 2013 m&a performance evaluation system in the study of "industry evolution stage-m&a motivation-m&a performance evaluation" of logic as paths,one by one comprehensive systematically analysis the industry evolution stages of the industry,each stage corresponding m&a motivation,and according to the m&a motivation design in different stages of the corresponding index system to measure the implementation of m&a motivation,to build industry evolution perspective,based on the m&a motivation implementation degree of evaluation system for enterprise mergers and acquisitionsIn this paper,Qingdao Haier co.,LTD.,in the home appliance industry with better industrial integration,has been selected for example in the past 25 years,and analyzed the merger and acquisition events that occurred between 1993 and 2016.The analysis results show that the enterprise can really take in different stages of different types of m&a mode,gain market share,in the start-up phase adopt diversified m&a scale stage is given priority to with horizontal mergers and acquisitions to expand enterprise scale,gathered in the early period of the phase is given priority to with vertical mergers and acquisitions and diversified mergers and acquisitions,in order to improve enterprise core competitiveness.