摘 要 伴随着经济全球化的不断深入，越来越多的企业开始采取并购这一形式来实现企业扩张，提升企业竞争力。在2017年，中国并购市场共发生了8000多起并购案，同比增涨34%。家电行业的迅猛发展使得市场竞争环境逐步成熟，行业竞争异常激烈。近几年，各家电巨头如美的、海信更是纷纷进行大规模的并购活动。然而，家电行业在并购活动中不可避免会存在并购财务风险。因此，对并购过程进行有效的财务风险识别与分析，制定出针对家电行业并购财务风险的控制策略是很有必要的。 本文以文献调查及案例分析为主要研究方法，对家电行业并购的财务风险进行研究。首先，通过查阅大量文献，对国内外研究现状进行综述。在此基础上，对企业并购及并购财务风险的相关理论进行了阐述；其次，本文分析了家电行业发展现状，同时结合大量案例总结出家电行业并购情况及并购特征，再通过对家电行业并购整个过程的财务风险进行识别与分析，选取合理指标建立了家电行业并购财务风险评价体系，构建了基于家电行业财务风险的模糊综合评价模型；再次，结合青岛海尔并购GE家电这一案例，进行了具体的并购财务风险分析与评价。研究表明：青岛海尔并购GE家电案例中，财务风险是影响并购成败的关键因素。从整个并购过程来看，此次并购活动的财务风险处于风险等级的中等风险水平，说明此次并购活动是一次较为成功的并购案，其采取的有效财务风险防控措施可以被后续家电行业并购案借鉴；最后，结合上述分析，提出了针对家电行业并购的财务风险防控措施，以期提高家电行业并购财务风险的控制能力。

ABSTRACT With the developing of economic globalization, more and more enterprises have expanded and become more competitive by the form of mergers and acquisitions. In 2017, there were more than 8000 mergers and acquisitions in China's M&A market and increased its year-on-year segment volumes by 34%. Household appliance industry has formed a mature market competitive environment and the competition is fierce. M&A has become an inevitable trend of strategic development of the appliance industry. In recent years, the various home appliances enterprises such as the Midea, Hisense is also a large-scale overseas M&A. However, Appliance industry has inevitable acquisition and merger risks in M&A. Therefore, it is necessary to effectively identify and analyze the financial risks in the M&A process, and formulate the control strategy for the financial risks in the M&A in the appliance industry. This paper studies the financial risk of the acquisition of home appliance industry, mainly adopting the research methods such as literature investigation and case study. First of all, the research status at home and abroad is summarized by referring to a large number of literatures. On this basis, the related theories of M&A and M&A financial risks are expounded. Secondly, this paper analyzes the current situation of the development of the appliance industry, and sums up the merger and acquisition characteristics of the appliance industry with a large number of cases, and then by identifying and analyzing the whole process of M&A financial risks of the appliance industry, the reasonable indexes were selected to set up M&A financial risk evaluation system of the appliance industry, and established a fuzzy comprehensive evaluation model of the financial risk; Next, this paper makes a concrete analysis and evaluation of this paper by combining with the case of GE appliances in Qingdao Haier. The research shows that the financial risk is the key factor that affects the success or failure of the merger and acquisition. From the perspective of the whole M&A process, M&A financial risk is in the medium risk level , which shows that the M&A is a more successful M&A, and the effective measures to prevent and control the financial risks can be used for reference in the M&A cases of the follow-up appliance industry. Finally, This paper puts forward some feasible suggestions on the prevention and control of the financial risk in the appliance industry in combination with the above analysis, with a view to improving the prevention and control ability of the financial risk in the home appliance industry.