当今社会，经济全球化发展的大门已经打开，越来越多的企业不再满足于本 国市场，想要领略国际市场的风景。兼并与收购的出现，让企业发现了快速开拓 市场的办法。但是纵观并购发展史，海外并购的成功率并不高，国内并购失败的 报道屡见不鲜，这说明这种方法并不稳定，这种不稳定源于诸多风险，财务风险 是其中之一，也是本文的主要研究目标。本文以青岛海尔并购美国通用电气家电 业务为例，分析海尔在并购中的一系列举措，并针对财务风险控制对策总结启示。 本文将财务风险按并购流程划分为三个阶段四种风险：并购前的规划阶段存 在定价风险；并购中的存在融资风险和支付风险；并购结束存在整合风险。全文 以四种风险为基础，通过查阅相关资料对风险的识别、成因、控制措施和效果进 行分析，并列举出大量数据加以说明。最后提出相应启示，如企业要科学制定发 展战略，全面考量内外部环境和财务状况，选择合理支付方式分散融资风险，根 据自身实际情况进行整合等，希望能够对其他企业提供一定参考价值。 关键词：青岛海尔；通用电气；海外并购；财务风险；风险管理 II Abstract In today's society, the door of economic globalization has been opened. More and more enterprises are no longer satisfied with the domestic market and want to enjoy the scenery of the international market. With the emergence of mergers and acquisitions, enterprises have found the way to quickly develop the market. However, throughout the history of MERGERS and acquisitions, the success rate of overseas mergers and acquisitions is not high, and the failure of domestic mergers and acquisitions is often reported, which indicates that this method is not stable, the source of instability is a lot of risks, among which financial risk is the main research objective of this paper. This paper takes Qingdao Haier's acquisition of American General Electric appliance business as an example, analyzes a series of measures taken by Haier in the acquisition, and summarizes the inspiration for financial risk control countermeasures. In this paper, financial risks are divided into three stages and four kinds of risks according to the process of merger and acquisition: pricing risks exist in the planning stage before merger and acquisition; There are financing risks and payment risks in m&a; There are integration risks at the end of m&a. Based on the four kinds of risks, this paper analyzes the identification, causes, control measures and effects of risks by referring to relevant materials, and lists a large number of data to illustrate the risks. Finally, the corresponding enlightenment is proposed. For example, enterprises should formulate development strategies scientifically, comprehensively consider internal and external environment and financial status, choose reasonable payment methods to spread financing risks, and conduct integration according to their own actual situation, hoping to provide certain reference value for other enterprises. Key words: Qingdao Haier; GE; Overseas m&a; Financial risk; Risk management III 目录 中文摘要 ........................................................................................................................... I Abstract ............................................................................................................................. II 绪论 .............................................................................................................................. - 1 - 一、研究的背景 ................................................................................................... - 1 - 二、研究的目的和意义 ....................................................................................... - 1 - （一）研究目的 ............................................................................................ - 1 - （二）研究意义 ............................................................................................ - 2 - 三、国内外研究现状 ........................................................................................... - 2 - （一）国外研究现状 .................................................................................... - 2 - （二）国内研究现状 .................................................................................... - 4 - （三） 国内外研究现状评述 ...................................................................... - 5 - 四、研究内容和研究方法 ................................................................................... - 5 - （一）研究内容 ............................................................................................ - 5 - （二）研究方法 ............................................................................................ - 7 - 第一章 相关概念与理论基础 .................................................................................. - 8 - 第一节 并购和财务风险相关概念 ..................................................................... - 8 - 一、并购及海外并购 .................................................................................... - 8 - 二、财务风险 ................................................................................................ - 8 - 第二节 并购相关理论 ......................................................................................... - 8 - 一、协同效应理论 ........................................................................................ - 8 - 二、市场势力理论 ........................................................................................ - 9 - 三、规模经济理论 ...................................................................................... - 10 - 第三节 并购财务风险种类 ............................................................................... - 10 - 一、定价风险的种类及成因 ...................................................................... - 10 - 二、融资风险的种类及成因 ...................................................................... - 11 - IV 三、支付风险的种类及成因 ...................................................................... - 12 - 四、整合风险的种类及成因 ...................................................................... - 14 - 本章小结 ............................................................................................................. - 15 - 第二章 青岛海尔并购美国通用家电案例简介 ...................................................... - 17 - 第一节 并购双方公司简介 ............................................................................... - 17 - 一、青岛海尔简介 ...................................................................................... - 17 - 二、美国通用家电简介 ................................................................................. - 18 - 第二节 并购动因 ............................................................................................... - 19 - 一、海尔动因 .............................................................................................. - 19 - 二、 美国通用家电动因 ............................................................................... - 22 - 第三节 并购方案、过程与结果 ....................................................................... - 24 - 一、并购方案 .............................................................................................. - 24 - 二、并购过程 .............................................................................................. - 25 - 三、并购结果 .............................................................................................. - 25 - 本章小结 ............................................................................................................. - 26 - 第三章 青岛海尔并购美国通用家电财务风险识别及成因 .................................. - 27 - 第一节 财务风险识别 ....................................................................................... - 27 - 一、定价风险识别 ...................................................................................... - 27 - 二、融资风险识别 ...................................................................................... - 27 - 三、支付风险识别 ...................................................................................... - 28 - 四、整合风险识别 .....................