Study On Performance Evaluation Of Overseas Mergers And Acquisitions Of Qingdao Haier Co.,Ltd.

Under the call of the national “going out” strategy and the “One Belt,One Road” policy,more and more Chinese enterprises go abroad,with unique advantages,involved in the open to foreign investment and competition,especially in 2016,Chinese enterprises transnational M&A transaction has increased by 147.76% to $20 billion,the number of deals increased 20.95% to 400.At the same time,with the advent of economic globalization and industry 4.0,China’s home appliance enterprises are facing a critical period of upgrading and transformation.Transnational mergers and acquisitions have become an important way for home appliance enterprises to acquire technology and market resources and enhance their competitiveness.As a leading enterprise in the home appliance industry,Qingdao Haier Co.,Ltd.,in order to maintain its dominant position in the domestic home appliance industry and expand the international market,has carried out a number of cross-border mergers and acquisitions in recent years,including the acquisition of general home appliances,which has become the largest transaction amount of home appliances in history.Therefore,how to quantitatively evaluate the long-term and short-term impact of relevant M&A events on the performance of Qingdao Haier Co.,Ltd.has important reference significance for the home appliance industry and domestic enterprises to formulate overseas expansion strategies suitable for their own development stage.In this paper,Qingdao Haier Co.,Ltd.group’s three overseas mergers and acquisitions as the main research object,on the basis of a systematic review of relevant theories and literature,respectively,the use of event analysis and factor analysis on the impact of overseas mergers and acquisitions on shareholder value and business indicators.On the analysis of the impact of shareholder value,this paper selects the 200 trading days before the three mergers and acquisitions as the estimation period,and the 10 days before and after the mergers and acquisitions as the window period.Taking the Shanghai composite index and the stock price data of Qingdao Haier Co.,Ltd.as the benchmark,it USES the event research method to evaluate and analyze the short-term performance of multinational mergers and acquisitions.On the analysis of the influence of business indicators,this paper selected the financial indicators of 14 listed home appliance enterprises from 2010 to 2017,and used factor analysis method to evaluate and analyze the long-term performance of transnational mergers and acquisitions.It is found that the acquisition of Sanyo Electric by Qingdao Haier Co.,Ltd.improves the short-term and long-term performance of the enterprise.Acquisition of Fisher & Paykel improves short-term performance and reduces long-term performance;Acquisition of GEA appliances reduced short-term performance.