张国富 余晓晓

【摘  要】近年来，人工智能的话题热度不断攀升，引领着时代朝智慧生活的方向发展，人工智能带来的变革，也在推动各个行业的转型。美的在没有并购库卡之前，一直是一家传统的家电制造企业，在家电行业中名列前茅。然而，在激烈的竞争中，辉煌的传统家电行业已经成为过去式，进入衰退期，利润空间被不断挤压。同时，互联网企业向传统行业的渗透，为传统家电制造企业带来空前的压力。美的集团作为传统的家电企业，深刻意识到向人工智能转型的重要性，也开始进行转型升级。2015年，美的的管理层就宣布人工智能正是美的的转型方向。于是出现了美的的“双智”战略，先与小米达成合作，之后收购德国库卡（KUKA）机器人有限公司。

【Abstract】In recent years， the topic of artificial intelligence continues to climb in popularity， leading the era towards the direction of intelligent life. The changes brought by artificial intelligence are also promoting the transformation of various industries. Before the merger and acquisition of KUKA， Midea has always been a traditional household appliance manufacturing enterprise， ranking among the top in the household appliance industry. However， in the fierce competition， the glorious traditional home appliance industry has fallen behind， entering a recession， the profit space is constantly squeezed. At the same time， the penetration of internet enterprises into traditional industries has brought unprecedented pressure to traditional home appliance manufacturing enterprises. As a traditional household appliance enterprise， Midea Group is deeply aware of the importance of the transformation to artificial intelligence， and also began to carry out the transformation and upgrading. In 2015， Midea's management announced that artificial intelligence is Midea's transformation direction. As a result， Midea's "dual intelligence" strategy emerged. Firstly， it reached cooperation with Xiaomi， and then acquired Germany KUKA Robot Company Limited.

【关键词】人工智能;并购绩效;事件研究法;主成分分析

【Keywords】artificial intelligence; merger and acquisition performance; event study method; principal component analysis

【中图分类号】F275                                             【文献标志码】A                                                 【文章编号】1673-1069（2021）07-0102-03

1 并购动因

美的并购库卡的主要动因有2点：

第一，实现产业转型升级，提供智能化产品。美的集团为实现自身发展，在智能制造和智能家居领域提出了“双智”战略。通过“智能家居+服务机器人”模式，使公司的智能家居和生态建设快速发展，并利用服务机器人带动人工智能、传感器、智能家居业务的延伸，从而实现从传统家电行业向人工智能领域的跨越。

第二，获得技术优势，打造全球品牌力。作为全球领先的机器人供应商——库卡集团，已经在中国申请了许多新技术专利，通过并购后，美的可以使用库卡的先进技术，也可以共享供应商资源、客户资源。……