| From macroscopic view, enterprise merger and acquisition (M&A) is proceeds reorganization of an industry, in reason of allocation resource. From microscopic view, enterprise merger and acquisition (M&A) is the certainty path in condition of market economy. It is the efficient path to government facility property right system transitional either.The performance of Merger & Acquisition which also means the achievement and efficiency of it is the standard to estimate whether it is succeed or not. At present, there are three popular methods to evaluated the performance of M&A, the share price change method which is based on the trend of alteration of the share price, the finance method, which is based on change of the finance index, such as, each share profit, main earning, net profit, net asset yield, to evaluate the performance of M&A, the value creation methods, which based on synergy phenomenon that compared the sum of the value of the two company before M&A with the value of new company.These methods are all based on the condition of the maturely modern market economical society, in which the enterprise is the really main body of the market the action of the enterprise is determined by their selves. However, in our country the market economy is not very maturely, in witch the state owed enterprise is not being the really free body of the market that is influenced by the government. So did the collectivity enterprise. In this way, the performance evaluation of M&A in our country should take the society value into account.In this thesis we analyzes the objective of the M&A in our country, discusses the building of the performance evaluation system, compares the popular methods to evaluate the performance of M&A, and provides the more target performance evaluation model that based on the mutlicriteria analysis method.The thesis is of 6 chapters. The first chapter introduces the background and essential of this study. The second chapter is the concept, character, type, objective and pattern of M&A. The third chapter analyzes building of the performance evaluation system. The fourth chapter is the comparing of the popular methods to evaluate the performance of M&A. The fifth chapter provides the more target performance evaluation model that based on the mutlicriteria analysis method. The sixth chapter is a real case analysis. |
