| Iron and steel industry is a pillar industry of our country, the deepening of the reform and opening up, along with our country iron and steel industry is developing rapidly, both enterprise scale and technology innovation has the very big enhancement.However, influenced by the international financial crisis, China’s steel industry is huge impact, companies face bigger pressure, compared with the rapid growth in steel production, industry sales profits continue to decline, in the process of the development of steel industry, excess capacity, industry concentration degree is low, environmental pollution problems, China’s iron and steel enterprise production and operation situation is very grim.Mergers and reorganization is the enterprise to seek their own development, important way through the crisis, the weak link for enterprises to implement more effective improvement, thus make more scientific and reasonable industrial structure, promote the expansion of the scale, through the way such as scale effect improve enterprise’s core competitiveness, which can have a higher market share in the market;At the same time, around the development of the global steel industry status to adjust the direction of the enterprise strategy, to cater to steel industry development trend.Can assert that China’s steel industry will enter a period of great development, merger, acquisition and reorganization will become the main melody of The Times.Enterprise M&A performance is presented in this paper, based on the related theory, the essay analyzes the status quo of our country iron and steel industry development and mergers and acquisitions, through the perspective of the balanced scorecard idea to build a four-dimensional evaluation system, in bayi iron and steel, baosteel M&A, for example, the merger integration process, the financial and non-financial indicators before and after the merger of quantitative qualitative analysis, comparison and analysis of the profitability after M&A and synergy degree, to improve China’s iron and steel enterprises mergers and acquisitions results put forward several policy Suggestions, draw the conclusion:after the merger and acquisition in the short term profitability instead rise to drop, but as the resources effective integration after enterprise M&A, profitability increase gradually, the synergistic effect of highlight enterprise M&A.Theory of economies of scale and market power in China’s iron and steel industry mergers and acquisitions has proved through practice.After the implementation of merger and acquisition of enterprises, on the adjusting internal resources continuously, especially in the improvement of the human resources and enterprise culture, has become an effective integration is the key to the success of the iron and steel enterprise merger, acquisition and reorganization.Is the main content of the article firstly combed the M&A performance related literature at home and abroad, this paper based on the balanced scorecard theory of M&A performance, including mergers and acquisitions performance related theory and the balanced scorecard theory and enterprises using the balanced scorecard to evaluate enterprise performance this way for the practical application of research, which can be based on the balanced scorecard to the level of our country iron and steel enterprises or even iron and steel industry involved in constructing performance evaluation system to provide theoretical support, the next in the perspective of the balanced scorecard to build the performance evaluation system of our country iron and steel enterprises mergers and acquisitions, finally analyze the iron and steel industry development in our country, in the iron and steel enterprises mergers and acquisitions motivation as a starting point, the study of case of m&a bayi iron and steel, baosteel group, for the construction of the M&A performance evaluation system implementation and verification and get enlightenment. |
