A Research On The Motivation And Influence Effect Of Midea Group Acquisition Of KUKA

Since joining the world trade organization,China has actively participated in global economic construction,adhered to mutually beneficial development with global trading partners,and has become a leading manufacturing country in the world.However,in the worldwide,the overall technical level of China’s manufacturing industry is still backward.In order to realize the development from a large manufacturing country to a powerful manufacturing country,since the global financial crisis in 2008,the number and amount of overseas mergers and acquisitions of many manufacturing enterprises in China have increased significantly.In the manufacturing industry,the robot industry,as a subdivision industry focused on the development of China in recent years,has a huge market prospect all over the world.However,because the advanced technologies in the robot field are controlled by overseas companies,some domestic enterprises choose to acquire the global robot market and learn advanced robot production and R ＆ D technology through overseas mergers and acquisitions.This thesis selects Midea Group,a leading enterprise in China’s household appliance industry,to acquire KUKA,a veteran enterprise in the field of industrial robots and automation in Germany in 2016,and makes an in-depth study and analysis of this case.Firstly,starting from the background of M ＆ A,this thesis analyzes the basic situation and financial situation of Midea Group and KUKA group,and believes that this M ＆ A can meet the development needs of both sides.Then,it summarizes and analyzes the M ＆ A cases.Firstly,this thesis analyzes the M ＆ a motivation of Midea Group and the reasons for choosing KUKA group as the target enterprise,and believes that this M ＆ A belongs to a strategic M ＆ A of Midea Group.Then,the event study method is used to study the short-term effect of the case.In the window period set in this thesis,the cumulative excess return is negative.Then,the performance of this M ＆ A is studied by using the synthetic control method.The empirical results show that this M ＆ A has a positive effect on the market value of Midea Group and a negative effect on the economic added value of Midea Group.Furthermore,this thesis analyzes the effect of this M ＆ A from the perspective of non-financial performance evaluation.First,Midea Group has strengthened the brand’s technology image through this merger and acquisition,which has a positive impact on the market value of the enterprise.Second,the acquisition helped Midea Group gain market share in the field of robotics.Third,the participation of KUKA group has helped many production lines within Midea Group complete the automation transformation,and made up for the weak links in the digital transformation strategy of Midea Group.Fourth,after the merger,Midea Group expanded the business of smart medicine and smart logistics with the help of the two brands of ruishige and ruishige medical under KUKA group,combined with other mergers and acquisitions and internal resource integration of Midea Group.Fifth,Midea Group strengthened exchanges and cooperation among its business units after the merger and acquisition,established and established KUKA China R ＆ D team,and greatly improved its R ＆ D capacity in the fields of household robots and industrial robots through the localization R ＆ D of Chinese team,the joint R ＆ D of KUKA China and KUKA Germany team,the joint R ＆ D of KUKA and Midea Group’s Central Research Institute and other departments.Sixth,in the medium and long-term cooperation,Midea Group and KUKA set up a new joint venture in Foshan to build a new production base.Through the spillover effect of leading enterprises in the industry,it attracted other companies in the robot industry and promoted the transformation and upgrading of the manufacturing industry in Foshan.Finally,this thesis gives relevant suggestions according to the research conclusions.