Research On Evaluation Of Central Enterprises' Merger Integration

Mergers and Acquisitions play an important role in the growth of enterprises. The enterprises can access the technology, market, human and other resources quickly Some excellent enterprises make merger and acquisition activities time after time in arousing of the potential superiority of merger. The merger tide in the range of the world has surged forward, rise one after another. In recent years, the Chinese SASAC hopes the central enterprises to be larger and stronger through the acquisition. In such a context, the central enterprises have set off a wave of mergers and acquisitions, but whether the central enterprises achieve the purpose through M&A? How to evaluate the post-merger integration of the central enterprises? These questions are very important to the central enterprises which have completed or star to M&A.The passage reviewed a lot of literature, studied a number of enterprise performance evaluation theory, especially I spent much time study our existing central business performance evaluation indicators and the system, then I build a merger integration of the evaluation system to Evaluation of China's central enterprises'merger Integration, the system includes financial indicators and non-financial indicators. Then I use the case study method, using the indicators analyzed the case of COFCO how to integrated Xinjiang Tunhe.Based on case studies, I find that the Central Enterprises value the market and the growth of sales revenue, so the companies perform well in the market. However, they don't pay attention to the improvement of management efficiency, not to consider the long term integration, lack of predictability of the crisis. When the acquired enterprise faced the external changed environment, the ability of the enterprise to respond to crises improved little.