Strategic Perspective Of Mergers And Acquisitions Of Companies Performance Evaluation Research In Our Country

With the adjustments of industrial structure in the word and the faster pace of international economic integration, a new round of merger and acquisition(M&A) wave has swept through all kinds of enterprises of our country, especially the listed company. M&A is not only a kind of important means to implement the strategic adjustment of state-owned economic layout and structure in China, but also the inevitable approaches for enterprise to survival and development under the condition of market economy. What’s more, it also opens a window of exchange and cooperation between domestic and foreign enterprises. Since 2013, the record of M&A in our country has been continually refreshed both in quantity and amount, and the M&A presents the characteristics of strategic mergers and acquisitions. In the future of a period of time, the passion of company mergers and acquisitions will last under the action of national policy guidance and market economy. But, M&A is a chance as well as a challenge for enterprise. In most cases of M&A, there are both successful cases and failing lessons, and there are rational M&A as well as cases just for blindly following the trend. The performance evaluation of mergers and acquisitions can not only measure the results of M&A, but also helps enterprises to find out and correct the problems in progress of merger and acquisition. Therefore, the paper is aimed at evaluating the performance of company comprehensively perspective from the nature of M&A, and constructing a performance evaluation system.This paper firstly teased and summarized the related researches on M&A performance evaluation of scholars at home and abroad, concluding that due to different methods and samples selected, there is still no unified conclusion whether M&A creates value in academia. Secondly, the article clarified the concepts of M&A and M&A performance, defining M&A performance evaluation as the performance of the operation and effect of merger and acquisition activity itself. At the same time, this paper introduced M&A motivation theories of efficiency, agency, market force and transaction cost, BSC theory and strategic management theory, laying the theoretical foundation for the study. Then, the paper described the present situation of M&A and the performance evaluation of M&A in our country, and pointed out that the current two main methods which include Event Study method and Accounting Study method have still exist limitation, indicating the necessity of evaluating M&A performance in the perspective of strategy. On the basis of the characteristics of evaluating M&A performance in the perspective of strategy, this article constructed a system of performance evaluation of M&A on the basis of BSC. On the one hand, this paper constructed a strategic performance evaluation index system of M&A around synergistic effect of M&A from four dimensions: financial, customers, internal process and learning and growth. On the other hand, the paper carried out qualitative analysis and quantitative analysis of all factors by using fuzzy comprehensive evaluation in order to make a comprehensive evaluation for M&A performance. Finally, this paper applied the evaluation system to the specific case, trying to build the platform between theoretical framework and practice.