财务战略联盟 ——青岛海尔与通用电气并购案例分析精编版

财务战略联盟

——青岛海尔与通用电气并购案例分析

摘要

随着经济快速发展和市场规模的不断扩大，企业并购已成为企业谋求发展、产业升级的重要手段。自20世纪90年代中后期开始，在外资大量持续流入中国的同时，中国企业也试图开始了积累跨国经营的探索。自我国加入WTO后，在政府“走出去”战略的推动下，中国企业的海外并购不断加速，众多实力企业通过海外收购的方式参与到全球资源再配置和资产重组活动中去。然而，自上世纪80年代以来,西方发达国家逐渐意识到国际市场竞争日趋激烈，海外并购本身存在更大的风险，需要大量的资金和内部协调成本,而且随着盲目的扩张极易产生"大企业病"。随后，跨国公司在全球化经营中普遍运用联盟战略广结盟友,开展更高层次的竞争与合作。战略联盟作为现代企业从事国际化经营、提升国际竞争力的一种方式而被广泛关注。因此，战略联盟已成了不同规模的企业实施全球战略的实用手段。

进入21世纪，海尔、美的、康佳等中国家电企业纷纷采用国际战略联盟的方式，积极开展国际化经营，不断提高其品牌的世界知名度和国际竞争力。在近几年发生的诸多并购案中最为瞩目的当属今年的青岛海尔并购通用电气家电公司（GEA）案例，这是中国家电行业迄今为止最大一笔海外并购业务。海尔的此次并购将会有力提升其在全球的竞争力，并入海尔后的GE家电命名为“GE APPLIANCES a Haier company”，标志着GE家电正式成为其共创共赢生态圈的重要一员,而海尔集团在家电制造业也将成为一个全新的家电巨擘，为中国家电在海外开辟了新市场。从海尔高层的积极表态和紧跟其后的整合措施中可以看出，青岛海尔收购GE家电并不同于当年联想并购IBM PC的“蛇吞象”式的收购方式，而是更像一场“兄弟之间的联盟”，将在多个领域方面体现协同增值。2016年1月15日，海尔与通用电气公司在美国签署了合作谅解备忘录，并共同宣布将在全球开展战略伙伴合作，共同在工业互联网、医疗、制造等领域提升企业竞争力。从战略层面看，青岛海尔收购GE家电意图整合GE优质产业资源和渠道资源，将加速海尔全球化战略的进程。本文试图通过对联盟签订协议的前后一些线索的发掘和分析，对青岛海尔与GE家电公司联盟后，青岛海尔的财务绩效做一对比分析，由此发现联盟是否起到了应有的效应。然后通过对联盟的风险分析及

未来之路走向的展望，对联盟的前景进行分析并提出一些针对性设想。

本文采用理论分析及实证检验相结合的方法，通过所学的财务知识、资本市场理论及资本运作方法运用于青岛海尔与GE家电公司联盟，揭示联盟的产生背景、绩效影响及可能存在的危机与解决对策。本文共包括五部分内容。

第一章绪论。介绍论文研究背景，提出所要解决的问题。即从联盟产生的行业背景入手，揭示该联盟产生的必然性，进一步提出本文所要分析研究的问题。

第二章文献综述与理论回顾。本章内容主要分为两部分，第一部分主要是回顾当前理论界对财务战略联盟的研究状况及对本文所涉及问题已有研究所存在的优点和不足。第二部分主要是解决本论文研究的理论范畴，主要从规模经济、价值链理论、竞争理论和资源优势理论入手，构成本论文的理论基础。

第三章研究方法与思路。本部分主要是介绍青岛海尔与GE家电公司的一些基本资料及联盟的基本内容，对联盟特点做一个基本的分析，最终根据分析结果得出结论。

第四章海尔与GE联盟分析。该部分是本论文的核心。第一节青岛海尔和GE 家电战略联盟的动因和条件分析，主要从青岛海尔与GE家电战略要求的角度入手，对双方彼此的需要进行分析，说明双方发结盟是一个必然的趋势。第二节青岛海尔与GE家电联盟的形式和特点，主要说明青岛海尔与GE家电联盟选择了资本联盟而不是其他形式的联盟形式，以及为什么选择层层递升的运作手法。第三节青岛海尔和GE家电战略联盟的效果分析，对青岛海尔的分析主要从其财务绩效的角度考察，通过横向与纵向的对比分析，揭示联盟对青岛海尔财务状况的改善是否起到作用及预期的效果。对GE家电的分析主要是从投资角度入手，分析联盟是否给GE家电公司带来可观的收益回报。第四节联盟的风险分析及其防范，该部分内容主要是结合海外并购与日俱增的背景下，由于海尔是以人民币计价，而GE家电是以美元计价，财务数据并表后，本身存在较大的汇率风险，特别是现阶段正处于人民币兑美元汇率及其敏感时期，这样极易产生并购风险；还有由于两国历史文化的差异，也容易在并购后潜藏整合风险。在对其风险进行分析后，对存在的问题如何化解进行更深一步探讨。第五节青岛海尔与GE家电联盟的未来趋势，这部分内容主要是根据青岛海尔与GE家电公司的战略规划及各自在中国、美国市场的动作，对其未来的合作与发展进行预测，预测其下一步的合作将主要是渠道联合。

第五章案例启示。对本文的研究进行总结，并进一步结合写作过程当中的想

法给出建议。企业财务战略联盟虽然只是战略联盟中的一个小分支，但在实际的战略联盟并购案例中具有举足轻重的地位。财务战略联盟通过对货币、产品和服务等进行合作，利用财务战略对公司的运作和发展方向做出正确的分析，确定企业最终联盟对象，形成有效的战略联盟，保障其并购及后续整合的顺利进行。

关键词：战略联盟海外并购财务战略财务分析工业互联网

Corporate Financial Strategy Alliance

——Case Analysis on the merge and acquisition of QINGDAO HAIER Group

& GE Company

Abstract

With the rapid development of economy and the constant enlargement of the market size,enterprise merger and acquisition has become an important means for enterprises to seek development and industrial upgrading.Since the middle of 1990s,while foreign capital inflows continue to flow into China, Chinese companies are also trying to explore the accumulation of transnational operations.After China joined the WTO,under the impetus of the chinese government’s“going out”strategy,overseas mergers and acquisitions of Chinese enterprises have become accelerate steadily,and then many of the strength of enterprises through the way of overseas acquisitions to participate in global resource reconfiguration and asset restructuring activities.However, since 80s of last century, the western developed countries have gradually realized that the competition in the international market is becoming more and more fierce.Overseas mergers and acquisitions itself has a greater risk,it has not only the need for a large number of capital and internal coordination costs, but also the blind expansion is very easy to produce“large enterprise disease”.Subsequently, the multinational companies in the globalization of business strategies widely used alliance allies, to carry out a higher level of competition and cooperation.Strategic alliance as a modern enterprise engaged in international operation, improve the international competitiveness of a kind of way is widely attention. Thereforee,strategic alliances have therefore become a practical tool for companies of all sizes to implement global strategies.

Entering the 21st century, Haier, Midea, Konka and other Chinese household electrical appliance enterprises have adopted an international strategic alliance approach, and actively carry out international operations, and continuously improve

its brand's world-renowned and international competitiveness.In recent years, many of the mergers and acquisitions in the most eye-catching is the case this year's Qingdao Haier M & a GEA case, which is China's largest home appliance industry so far, a number of overseas mergers and acquisitions business.Haier's acquisition will greatly

enhance its global competitiveness, later incorporated into Haier GE named "GE APPLIANCES a home Haier company", it marks that GE officially became the home to create win-win ecosystem is an important one, and the Haier group in household appliance manufacturing industry will become a new home appliance giant, is China the appliance opened up new markets abroad.From the positive attitude of Haier executives and subsequent integration measures can be seen in Qingdao, Haier acquisition of GE appliance is different from that of Lenovo's acquisition of PC IBM's acquisition method of "snake swallow elephant", but more like a "brotherly alliance", will be in a number of areas in the collaborative value.In January 15, 2016, Haier and GE Corp signed a memorandum of understanding on cooperation in the United States, and jointly announced in the global strategic partners together in the Internet industry, medical, manufacturing and other fields to enhance the competitiveness of enterprises. From a strategic perspective,the acquisition of Qingdao Haier GE appliances intention to integrate GE quality industry resources and channel resources, will accelerate the process of Haier's global strategy.This paper attempts to explore and analyze some clues to the alliance before and after the signing of the agreement, the Qingdao Haier and GE appliances company alliance, Qingdao Haier's financial performance to do a comparative analysis, which found that the alliance will play its due effect.Next is the League of the risk analysis through strategic direction and vision of the future of the Union to make the analysis of the prospects for some specific ideas.

In this paper, theoretical analysis and empirical test methods are used,through the finance knowledge, capital market theory and capital operating methods applied Qingdao Haier and GE appliance company alliance, revealed the union background, performance and impact of the crisis and possible solutions.The paper comprises five parts.

Chapter 1 background introduction and the problem that must be resolved.From the Union’s industry background,to expose the necessity of the Union and the further study of this issue.