The Research On The Enterprises' Post-Mergers & Acquisitions Integration Based On The Balanced Scorecard

The market transaction, organization mode (internalization) and strategic alliance are the three strategic alternatives for business. The merger and acquisition (M&A), as the most familiar mode of market transaction, can create market value for the business that implements substantial capital reorganization. Unfortunately, most performances of the M&A are not as favorable as expected, almost 67% are failed. The results of numerous researches in the M&A indicate that the critical success factor is integration, and the integration risk account for 53% in all the risks. Consequently, studying integration helps to achieve the success of the M&A. At present, there short of the systematical studies about the process of M&A. Besides, very few studies investigate the causality between the factors of key driving forces and performance as well as the qualitative and quantitative analysis of various factors. Therefore, it is difficult to monitor the process of integration in real-time way, which is very insufficient for holding the dynamic and complicated process of the M&A. So we need to survey the M&A from another angle of view.In this paper, we try to establish the analysis model of the M&A by introducing the theory of the Balanced Scorecard (BSC) and discuss the process of the M&A in the framework of the BSC by combining the relational theories about the M&A. We also survey the content, principle and interrelated measures of the M&A from the following four perspectives: finance, stakeholder, business process and staff. Furthermore, we have qualitative analysis about the causality between each perspective and performance of the M&A by the model of value tree and strategic map, whilst we have quantitative analysis about the relationship between the objective and the key performance index by utilizing the Analytic Network Process (ANP). The final chapter provides the conclusion and deficiency of the study, the extensions of future research, along with the suggestions for Chinese's enterprises.This paper based on the formers' studies to extend in the following aspects: (1) to introduce the theory of the BSC into the analysis of the M&A and survey the M&A from another angle of view; (2) to study the M&A by the numbers and explore the internal causality of it by describing the strategic map along with other methods; (3) to combine the qualitative strategic map with the quantitative the ANP so as to identify the causality of the M&A. This study aims at providing a method and tool for the dynamic...