| Under the general trend of high-speed and high-quality economic development,enterprises are also facing great challenges and pressures.In order to make their products more irreplaceable and seize a larger market,many enterprises have begun to take various ways.From previous cases,we can find that M & A can achieve this goal to a certain extent.Adopting M & A can make the scale of enterprises grow rapidly and resources are fully integrated.In the centennial development history of M&A,comparing successful and failed M&A cases,one of the key factors that affects whether or not the success of M&A is whether it can produce synergy.Based on the Harvard framework,this paper studies the synergy effect of enterprise M&A,taking Midea M&A KUKA,a successful case regarded as the combination of "made in China 2025" and German "industry 4.0",and taking the Harvard analysis framework as an analysis tool,through four parts: strategic synergy analysis,accounting synergy analysis,financial synergy analysis and prospect analysis,combined with the macro and micro environment of the enterprise,using financial and non-financial indicators and fully considering the short-term and long-term effects of M&A,this paper studies whether Midea can produce synergistic effects after the acquisition of KUKA.In the strategic dimension,it is carried out from the three aspects of motivation,resources and cultural integration,and the data analysis of strategic synergy is carried out.It is found that this M&A is beneficial to Midea and KUKA,so as to maximize the complementarity of advantages.In terms of accounting dimension,in order to enhance comparability,Midea Group unifies financial indicators and consolidates financial statements.It also discusses the accounting policies and accounting estimates of some key accounting subjects before and after the mergers and acquisitions of KUKA.The key accounting subjects followed the principle of prudence,accounting policies and accounting estimates were basically reasonable,strengthened information communication with KUKA,and realized accounting synergy.In the financial dimension,analyze the financial synergy effect by analyzing the aspects of operation ability,solvency,profitability and growth ability,and comparing the relevant data of Gree and Haier in the same industry.Besides novel coronavirus pneumonia in2020,the performance was better than usual.The overall analysis of the enterprises in the other areas basically achieved financial synergy.For the uncoordinated aspects,it puts forward some suggestions that can be used for reference,such as reducing inventory backlog and improving operation capacity;Strengthen internal control and enhance profitability.From the perspective of prospect,this paper analyzes the prospect of M&A activities from three aspects: enterprise prospect,industry prospect and risk prediction.Combined with the analysis,we can believe that Midea will not stop the pace of development and will maintain the current speed and develop steadily.Finally,this paper puts forward Midea’s suggestions and enlightenment on cross-border M&A,hoping to provide a useful reference for the large-scale M&A activities of other household appliance enterprises in China. |
