Research On M&A Performance Of Hazardous Waste Treatment Enterprise A From The Perspective Of BSC

The growth of Dongjiang Environmental Protection,China 's largest hazardous waste treatment company,and Clean Harbors and Stericycle,two of the world 's largest hazardous waste treatment companies,show that the growth of hazardous waste treatment companies is mainly based on the extension of acquisitions and mergers,which will Is its main growth-driven model in the future.The mergers and acquisitions in the market continue to be integrated,and the capital inflows outside the market are constantly flowing.Therefore,whether the merger and acquisition activities are successful and how to objectively and comprehensively evaluate the performance of mergers and acquisitions activities has become a key issue for M&A companies.This article starts from the M&A motivation of the efficiency theory,based on the basic theory of BSC,from the financial dimension,customer dimension,internal process dimension,learning and growth four dimensions,based on previous research and combining effect theory and hazardous waste treatment The characteristics of the industry itself,a set of multi-angle and multi-index hazardous waste treatment and treatment industry M&A performance evaluation system,and the company A and B company as an example for in-depth analysis,the BSC theory is fully applied to the company's M&A performance evaluation Among them,this system breaks the previous practice of having only universal evaluation indicators in the literature,deeply integrates the characteristics of the hazardous waste treatment industry,and establishes industry-specific indicators,which can more fully evaluate the performance of company A's mergers and acquisitions.Company A completed the merger and acquisition of Company B in December 2015.This article selects the relevant data of Company A and B from December 2014 to December 2018,and uses the analytic hierarchy process and fuzzy comprehensive evaluation method from the financial dimension,customer dimension,and internal processes.Dimensions,learning and growth dimensions,based on the synergy effect of merger and acquisition motivation,the performance of mergers and acquisitions was evaluated through specific indicators.This article scores qualitative indicators and conducts in-depth analysis of quantitative indicators.In terms of finance,Company A and Company B have significantly improved their profitability,operating capacity,and development capabilities,but their solvency is weaker than before.This is Due to the different development stages of enterprises,their own financing expansion methods are different,and the proportion of capital structure in the early stage of mergers and acquisitions is too conservative,which is not conducive to the long-term development of enterprises with a high proportion of non-current assets in the hazardous waste treatment industry.In terms of customers,internal processes,and learning and growth,Company A's performance in the later stage of M&A was significantly better than that in the earlier stage.Especially in terms of customers,Company A and Company B ranked top ten in the industry before mergers and acquisitions.Based on the good integration after mergers and acquisitions,they played a synergistic effect and rose to the sixth place in the industry in 2018.Therefore,after the acquisition of Company B by Company A,the overall performance of the company has increased.