The Research Of Performance Evaluation Of M&A Based On The BSC Perspective

In recent years,the sustained growth of domestic automobile ownership and the rapid development of transportation industry have made the important component industry in the automobile-the tire industry obtain a huge development potential.However,due to the historical development problems,the competitiveness of China's tire enterprises is seriously inadequate,and the bankruptcy of tire enterprises occurs frequently.In order to improve this situation,intra-industry mergers and acquisitions have become the best choice for small enterprises to survive and large enterprises to expand their scale and increase their market share.But mergers and acquisitions,like coins,have two sides,choosing the right enterprise for merger and acquisition can improve the management level and bring about various synergies,while choosing the wrong enterprise for merger and acquisition will bring operational risks and economic losses.Therefore,it is necessary to study the case of mergers and acquisitions of tire enterprises in order to analyze the problems and experience of mergers and acquisitions among tire enterprises.After studying the relevant theories and literature of M&A performance evaluation,it is found that most scholars prefer to use empirical research methods to study M&A performance,while few scholars use case studies.Therefore,the author decides to study the performance of M&A by case study,and chooses the first tire company listed in A-share market in our country.At present,the tire production and sales of Sailun Group are in the forefront of the domestic industry.The case of its M&A of Jinyu Industry is taken as the case of this study.After deciding to use the Balanced Scorecard to evaluate the M&A performance of case enterprises,the social responsibility dimension is added to the traditional balanced scorecard as the fifth dimension,the corresponding indicators are designed,and the index system of the Balanced Scorecard suitable for tire enterprises is constructed.At the same time,an evaluation model is constructed by using the analytic hierarchy process,which combines qualitative and quantitative methods for the long-term after M&A of enterprises.A systematic evaluation of short-term,internal and external,financial and non-financial performance is conducted to comprehensively analyze theproblems and experiences in tire mergers and acquisitions.Through the case study,we find that the M&A event has improved the profitability,operation and growth ability of Sailun Group in the long and short term,but has no impact on the solvency,and the overall score of financial dimension is general.The indicators of customer dimension and internal process dimension have obtained higher scores,but in the learning and growth dimension,R&D ability has improved in the short term.And long-term decline,its score is general;social responsibility dimension overall performance and score are good.Generally speaking,the acquisition of Jinyu Industry by Sailun Group has achieved good results,but the R&D investment and solvency still need to be improved.Through the analysis of this M&A case,we can find that the selection of the target of M&A and the integration after M&A of tire enterprises need to formulate a scientific strategic plan.