| Under the background of the development of economic globalization,cross-border mergers and acquisitions have gradually become an important means for enterprises to expand overseas.On the one hand,the competition in China's domestic market has become fiercer and the profit margin has been squeezed.Through cross-border mergers and acquisitions,the company obtains overseas advanced technology and a broad overseas market to seek strategic transformation and industrial chain upgrade,and ultimately enhance the comprehensive competitiveness of the company and realize the economic benefits of 1+1>2.On the other hand,since 2013,the state has proposed the construction of the “One Belt,One Road” strategic concept,providing policy support for Chinese companies' cross-border mergers and acquisitions,and the enthusiasm of Chinese enterprises for cross-border mergers and acquisitions is unstoppable.It is undeniable that Chinese enterprises have made certain achievements in cross-border mergers and acquisitions,such as Geely's successful acquisition of Volvo and Hong Hai Group's acquisition of Sharp Corporation of Japan.However,compared with the success stories,China's cross-border M&A situation is not optimistic,behind the high M&A rate,it is a lower M&A success rate.According to McKinsey's statistics in recent years,less than 40% of Chinese companies' overseas mergers and acquisitions can be successful.The reason is that some Chinese enterprises are indifferent to risk before the cross-border mergers and acquisitions,the risk control in the transaction is insufficient,and the integration after mergers and acquisitions is not in place,resulting in a high failure rate of cross-border mergers and acquisitions of Chinese enterprises.Therefore,the author collects the classic cases of Chinese companies' successful cross-border mergers and acquisitions,and conducts detailed risk control analysis to draw relevant conclusions and inspirations.These conclusions and inspirations are of great significance for avoiding risks and improving the success rate of Chinese companies' cross-border mergers and acquisitions.This paper combines the theoretical knowledge with the case of the successful acquisition of KUKA by applying the questions,analyzing the problems and solving the problems.This paper first introduces the research background and significance,summarizes and reviews the relevant research results at home and abroad,and clarifies the research ideas,methods and framework of this paper.Secondly,this paper expounds the related concepts of cross-border M&A and M&A risks,and focuses on theprocedures and methods of risk control in cross-border M&A,which provides a theoretical basis for case analysis.Thirdly,the author takes the case of Midea acquisition of KUKA as a representative,through the review of the merger process of Midea acquisition of KUKA,to understand the four major merger risks in the process of mergers and acquisitions,and to analyze the corresponding measures taken by Midea to deal with the risks of mergers and acquisitions.Midea takes risk control measures to address the effectiveness of risk.In the long run,this merger and acquisition case played a positive role in the development of Midea,and played a synergistic effect of 1+1>2mergers and acquisitions.Finally,on the basis of summarizing the previous article,the author draws four conclusions of this paper.To implement successful cross-border mergers and acquisitions,it is necessary to effectively control the major risks faced:active communication with the host country is the premise;clear strategic positioning of mergers and acquisitions is the core;assessment of funds required for mergers and acquisitions is the guarantee;appropriate integration is the focus.At the same time,based on the above conclusions,the author proposes four inspirations related to this.This paper adopts the case analysis method and uses the typical case“Midea M&A KUKA”as the material.By expounding,analyzing and summarizing the risks faced by M&A in this case,the risk control measures and the reasons for the success of M&A,the conclusions are finally obtained.At the same time,the author supplements the literature review method,fully reviews relevant literature at home and abroad,and summarizes the risks and risk control related to cross-border M&A,which lays a solid theoretical foundation for this paper.In addition,in order to evaluate the implementation effect of the Midea M&A KUKA risk control measures,this paper adopts the method of financial indicator analysis.The author hopes to provide reference for China's planned cross-border M&A company from the perspective of comprehensive risk control. |
PDF Full Text Request