Research On The Performance And Integration Path Of Cross-Border M&A From The Perspective Of Global Value Chain

With the development of economic globalization,the Chinese government actively promotes national strategies such as "going global","One Belt And One Road" and "supply-side reform" to encourage Chinese enterprises to go global,and more and more Chinese enterprises begin to implement the internationalization strategy.As the main way for enterprises to invest abroad,cross-border merger and acquisition is an important way to help enterprises realize internationalization strategy in the increasingly fierce competition.Through cross-border mergers and acquisitions,enterprises can absorb foreign advanced technology,improve the research and development capacity of Chinese enterprises;Expand overseas markets and enhance the brand image of Chinese enterprises.In recent years,the number and amount of cross-border mergers and acquisitions of Chinese enterprises show a trend of rapid growth.The rise of cross-border mergers and acquisitions enables Chinese enterprises to successfully embed into the global value chain.However,there is a big gap between the core technology research and development ability and brand influence of Chinese enterprises and those of developed countries.Chinese enterprises are controlled and exploited by developed countries in the division of labor of global value chain,and most of them are in the manufacturing and assembly links of middle and low end with small profit margins.In the context of lock-in at the middle and low end of the global value chain,more and more enterprises are ascending to the high end of the global value chain through cross-border mergers and acquisitions.Traditional financial performance evaluation is not comprehensive and accurate for enterprises whose strategic goal is to move up the value chain through cross-border mergers and acquisitions.Therefore,this paper chooses Haier and GE Appliances as the specific case object,constructs the evaluation system of cross-border merger and acquisition performance from the perspective of global value chain,evaluates the performance of Haier and GE Appliances,and discusses the integration path of Chinese enterprises after cross-border merger and acquisition from the perspective of global value chain on this basis.This paper consists of six chapters.The first chapter describes the research background,significance and research methods of this paper,and reviews relevant literature,based on which a new research perspective is found.The second chapter defines the concepts of global value chain and cross-border M&A related to global value chain,and introduces the related theories of global value chain and cross-border M&A,which provides a certain theoretical basis for the follow-up research of this paper.The third chapter analyzes the environment of China’s home appliance industry,interprets the position of China’s home appliance industry in the global value chain,and points out the problems in the upgrading of China’s home appliance industry in the global value chain.The fourth chapter introduces the merger and acquisition enterprises Haier and GE Appliances,analyzes the matching degree between the merger motivation and the value chain of the two parties,and introduces the merger and acquisition process.The fifth chapter evaluates the performance of Haier and GE Appliances from three aspects: market performance,GVC promotion performance and financial performance,and on this basis discusses the integration path of cross-border M&A performance from the perspective of GVC.The sixth chapter summarizes and summarizes the research conclusion,research inspiration and research insufficiency.In the end,this paper draws the following conclusions: First,the cross-border merger is a success on the whole.From the perspective of short-term market performance,the market reaction is positive and the short-term performance is improved.From the added value of the global value chain,improve performance after the merger,Haier’s research and development personnel quantity and the rapid increase of number of patents than greatly enhance the market share,overseas accounted for,brand value and brand world rankings continue to rise,implements the upstream downstream of research and development technology and brand marketing link two high value-added links of the value chain status.From the perspective of long-term financial performance,the interests of major stakeholders have been guaranteed and long-term performance has been improved.Second,through effective integration after merger and acquisition,Haier has realized the promotion of its position in the global value chain.