iii 摘要 最近几年，美的集团全面推动转型升级，在空调、厨电、洗衣机等传统优势 产品的基础上，不断扩展科技产品领域，为企业发展注入全新活力。随着美的集 团完成对德国库卡的收购，标志着美的集团的全球化科技转型发展进入全新阶段。 我国家电产业在全球化浪潮中实现跨越式发展，在全球市场中具有较大影响力和 号召力，在消费升级的刺激下，传统家电企业加速跨国并购，以便为企业发展增 加新的内在驱动。近年来，海尔集团、美的集团等家电行业领军企业在全球范围 内广泛开展跨国并购，为提升我国制造业发展水平，推动制造业供给侧改革提供 了新的思路。当前，我国正处于经济模式转型升级的关键时期，企业的转型升级 也势在必行，越来越多的企业开始利用政策优势，加速产业结构的调整优化，为 企业未来发展探索新的路径。国内企业在经济发展模式调整过程中，很多企业选 择并购重组作为实现战略发展目标的重要途径。但是，不可否认，在企业并购活 动开展过程中，财务风险贯穿于并购活动的各个环节，如何识别财务风险，如何 有效规避并购风险，成为学术界和实务界研究的前沿课题。 企业并购是现代市场常见的一种商业运作模式，不但可以提升资源的配置效 率，还可以增强企业的综合竞争力，以便在目标市场获得绝对的竞争优势。同时， 企业通过并购活动可以在短时间内获得核心技术，在推动产业转型升级的同时， 实现扩展市场的目标。所以，不管是国家经济发展的整体要求，还是企业自身构 建目标市场竞争优势的需求，跨国并购都是一个具有可行性的方法和路径。跨国 并购通常涉及多个主体，而并购方企业和被并购方企业位于不同的国家， 在政治、 经济、环境等方面存在巨大差异，在一定程度上提升了跨国并购的复杂度。 美的集团是我国家电领域的领军企业，对德国库卡的收购案例具有一定的代 表性。因此，本文选择美的集团为研究对象，通过分析美的集团收购库卡过程中 出现的财务分析，对相关企业的并购转型提供理论建议。本文首先对跨国并购的 概念进行了界定，并通过查阅文献资料，收集并整理相关的理论，并分别从定价、 融资、支付以及整合四种风险类型入手，对企业并购中的财务风险进行综合分析。 其次，本文以相关理论为依托，结合美的集团对库卡的并购案例，通过全面分析 整个并购过程中的财务风险，为并购企业防范并规避财务风险提供理论建议。再 次，本文以Z值模型为切入点，综合评估企业并购过程中各个环节的财务风险， 总结归纳美的集团在库卡并购案例中采取的风险评估方法和风险防范措施。同时， 本文在库卡收购案例的研究基础上，发现并识别美的集团在库卡收购案例中风险 防范方面出现的问题，旨在为我国企业的跨国并购提供理论借鉴。 北京交通大学硕士专业学位论文 摘要 iv 关键词：美的集团；跨国并购；财务风险；并购风险 北京交通大学硕士专业学位论文 ABSTRACT v ABSTRACT In recent years, the US group has been promoting transformation and upgrading, expanding the field of technology products on the basis of air conditioning, kitchen electricity, washing machines and other traditional superior products, and has injected new vitality into the development of enterprises. With the completion of the acquisition of German Kuka by the American Group, the development of the global technology transformation of the American Group has entered a new stage. China's household appliances industry has achieved leapfrog development in the tide of globalization. It has great influence and appeal in the global market. Under the stimulation of consumption upgrading, traditional household appliances enterprises accelerate cross-border mergers and acquisitions in order to add new internal driving force for the development of enterprises. In recent years, the leading enterprises in the home appliance industry such as the group and the US group have carried out cross-border mergers and acquisitions across the globe, providing new ideas for improving the level of manufacturing development in China and promoting the supply side reform of the manufacturing industry. At present, our country is in a critical period of transformation and upgrading of economic mode. It is imperative for enterprises to transform and upgrade. More and more enterprises begin to take advantage of policies to speed up the adjustment and optimization of industrial structure, and explore new paths for the future development of enterprises. In the process of adjusting the economic development model of domestic enterprises, many enterprises choose merger and acquisition as an important way to achieve strategic development goals. However, it is undeniable that in the process of M&A activities, financial risks run through all aspects of M&A activities. How to identify financial risks and how to effectively avoid M&A risks has become a frontier topic of academic and practical research. Merger and acquisition is a common business operation mode in modern market. It can not only improve the efficiency of resource allocation, but also enhance the comprehensive competitiveness of enterprises in order to obtain absolute competitive advantage in the target market. At the same time, enterprises can acquire core technology in a short time through mergers and acquisitions, and achieve the goal of expanding the market while promoting industrial transformation and upgrading. Therefore, whether it is the overall requirement of national economic development or the requirement of enterprises to build their own competitive advantage in the target 北京交通大学硕士专业学位论文 ABSTRACT vi market, cross-border M&A is a feasible method and path. Cross-border mergers and acquisitions usually involve multiple subjects, while the mergers and acquisitionees are located in different countries, there are huge differences in political, economic, environmental and other aspects, which to some extent enhance the complexity of cross-border mergers and acquisitions. Midea Group is the leading enterprise in the field of household appliances in China, and it is representative of the acquisition case of Kuka in Germany. Therefore, this paper chooses Mei Group as the research object, through the analysis of the financial analysis in the process of acquisition of Kuka by Mei Group, to provide theoretical suggestions for the transformation of mergers and acquisitions of related enterprises. Firstly, this paper defines the concept of transnational mergers and acquisitions, collects and collates relevant theories by consulting literature, and comprehensively analyses the financial risks in enterprise mergers and acquisitions from four risk types: pricing, financing, payment and integration. Secondly, based on the relevant theories, combined with the case of Mitsubishi Group's M&A of Kuka, this paper comprehensively analyses the financial risks in the whole process of M&A, and provides theoretical suggestions for M&A enterprises to prevent and avoid financial risks. Thirdly, this paper takes Z-value model as the starting point, comprehensively evaluates the financial risk of every link in the process of enterprise merger and acquisition, and summarizes the risk assessment methods and risk prevention measures adopted by American Group in the case of Kuka merger and acquisition. At the same time, on the basis of the study of the case of Kuka acquisition, this paper finds and identifies the problems of risk prevention in the case of Kuka acquisition, aiming at providing theoretical reference for the cross-border mergers and acquisitions of Chinese enterprises. KEYWORDS：Midea Group; Cross-border M&A; M&A risk 北京交通大学硕士专业学位论文 目录 vii 目录 摘要 ........................................................... III ABSTRACT ......................................................... V 1 绪论 .......................................................... 1 1.1 研究背景与研究意义 ......................................... 1 1.1.1 研究背景 .............................................. 1 1.1.2 研究意义 .............................................. 2 1.2 国内外研究现状 ............................................. 3 1.2.1 企业并购的财务风险研究 ................................ 3 1.2.2 企业并购的财务风险类型研究 ............................ 4 1.2.3 企业并购的财务风险识别研究 ............................ 5 1.2.4 企业并购的财务风险评估与防控研究 ...................... 6 1.2.5 文献评述 .............................................. 8 1.3 研究思路与研究方法 ......................................... 8 1.3.1 研究思路 .......................................