横向并购促效与公司治理优化——以美的集团换股吸收合并小天鹅为例

Efficiency Promotion of Horizontal M&A and Corporate Governance Optimization—A Case Study of Midea Group’s Share Swap Merger with Little Swan

摘要: 随着中国家电行业进入成熟期，龙头企业利用资本运作优化治理结构并提升运营效率成为重要课题。本文以美的集团换股吸收合并小天鹅为例，探讨在已实现控股的基础上，通过吸收合并化解同业竞争并实现资源深度整合的路径。文章系统分析了合并动因、换股定价机制及异议股东保护措施，并结合财务指标与业务表现验证了交易的战略必要性。研究发现，此次合并有效推动了企业管理整合与运营效率提升，为面临类似治理困境的集团型上市公司提供了实践参考。

Abstract: As the Chinese home appliance industry enters a mature stage, optimizing governance structures and enhancing operating efficiency through capital operations has become a critical task for industry leaders. Taking Midea Group’s merger by absorption of Little Swan through a share swap as a case study, this paper explores the approach of resolving horizontal competition and achieving deep resource integration through mergers on the basis of existing control. The article systematically analyzes the merger motives, share swap pricing mechanisms, and protection measures for dissenting shareholders, while verifying the strategic necessity of the transaction through financial indicators and business performance. The findings indicate that the merger effectively promoted management integration and operational efficiency, providing a practical reference for group-style listed companies facing similar governance dilemmas.