The Research On The Appraises Of Enterprises' M&A Efficiency

Since US has had the first M&A since 19 century's ends or the beginning of 20th century, M&A has always fierily running. But, the success ratio of M&A is lower than 50% in the world at present. The success ratio of M&A in our country is lower than this standard, due to the history of M&A are short and M&A is lack of experience and good outer circumstance. The problems asked to solve in our internal enterprises' M&A are how to avoid the M&A risks and increase M&A efficiency. The paper discusses well some M&A efficiency in order that the appraises of M&A efficiency are scientific and aseptic, that it leads to carry on effectively M&A, that M&A becomes an important developing track.This article utilizes the research technique mainly including the method of the combine of quantitative and qualitative, the method of the combine of theory and case analysis, and the method of the combine of short-run and long-term appraises measures. On the basis of practical conditions about our internal enterprises M&A efficiency, the paper applies the correlative theories to research our internal enterprises M&A efficiency, such as: the M&A theories, the M&A efficiency theories, the appraises theories of M&A efficiency. And it analyzes the factors influencing the enterprises M&A efficiency; it designs some non- finance indexes that valuate suitably enterprises M&A efficiency; it establishes appraising system of the coalition finance indexes and non- finance indexes; it appraises enterprises performances of the front and rear M&A using EVA-B model; and it establishes the multistage and dynamic appraising clue including the prophase, the short-run, the long-run.With the pass of research and analyses, it considers that analyzing efficiency of enterprises M&A should discuss separately from three stages: the prophase, the short-run, the long-term. Firstly, it is feasible if synergy of M&A is larger than premium value of M&A. Secondly, it should make sure what the strategic M&A and the short-run and the long-run targets are. If it obtains expectant targets, M&A is effective from the short-run. Finally, whether the enterprises' performances...