企业跨国并购对财务绩效的影响研究——以海尔并购Candy为例

Research on the Impact of Enterprise Cross-Border M&A on Financial Performance—A Case Study of Haier’s Acquisition of Candy

摘要: 制造业作为国民经济的重要支柱行业，它的发展良好与否影响着整个国民经济。随着“中国制造2025”的提出，国家正不断改进发展战略，制造业企业也愈加重视产品的改革创新。家电业也不例外，越来越多的家电企业选择跨国并购来进一步拓展市场，提升自身竞争力。然而，跨国并购往往难度较大，企业能否通过并购实现预期的绩效提升仍是学术界与实务界共同关注的焦点。因此，本文选取2019年海尔对意大利Candy的并购的案例，通过事件研究法对海尔并购前后的财务绩效进行系统性分析，为我国制造业企业跨国并购提供参考与借鉴。

Abstract: As a key pillar industry of the national economy, the development of the manufacturing sector significantly impacts the overall national economy. With the introduction of “Made in China 2025”, the nation continues to refine its development strategies, and manufacturing enterprises increasingly prioritize product reform and innovation. The home appliance industry is no exception, as a growing number of home appliance companies opt for cross-border mergers and acquisitions (M&As) to further expand their markets and enhance competitiveness. However, cross-border M&As often present substantial challenges, and whether enterprises can achieve their expected performance improvements through such acquisitions remains a focal point for both academia and practitioners. Therefore, this paper selects the case of Haier’s acquisition of Italy’s Candy in 2019. Using the event study methodology, we conduct a systematic analysis of Haier’s financial performance before and after the acquisition, aiming to provide a reference and guidance for Chinese manufacturing enterprises engaging in cross-border M&As.