The Research Of Evaluation Performance Of M&A Based On The BSC Perspective

With the implementation of the Chinese " Belt and Road " initiative,the pace of Chinese enterprises "going out" is gradually accelerated,especially large state-owned enterprises,have become the main force of China's the strategy of " Belt and Road ".As the overseas market developing step by step,large state-owned enterprises have not solve the lack of international competitiveness and business practices "politicization",but have also encountered the problem of mutual competition and internal consumption of similar homogeneous state-owned enterprises.In order to enhance the core competitiveness and promote the healthy development of the industry,State-owned Assets Supervision and Administration Commission of the State Council(SASAC)is promoting the integration of state-owned giants in energy,heavy machinery and steel industry.Because state-owned enterprises,especially state-owned enterprises,are large in size and market share,foreign media have called the merger of state-owned enterprises "super merger".Based on CNR and CSR merged into CRRC Corporation Limited as a case study,mainly because this case is a typical field of single case and a representative study of "super merge" of the state-owned enterprises,and has certain reference significance for the future super merge state-owned enterprises as coal,electricity and other fields.This paper mainly adopts the research method combining literature research and case analysis.To objectively reflect the effect of the merger,in full consideration of state-owned enterprises "super merge" history,politics,status,the premise of the market and the external environment,based on a large number of domestic and foreign literature studies,the author proposes to use balanced scorecards to analyze and construct a reasonable evaluation index system.Through the data and data of authoritative organizations and open markets,combined with cases for data analysis and systematic research,performance evaluation of mergers and acquisitions is conducted.Considering that the main purpose of SASAC to promote the reform of large-scale state-owned enterprises is to improve the competitiveness of enterprises,the main incremental market for state-owned enterprises after the reform is the international market.Therefore,in building the balanced scorecard,the author increased the "international competitiveness" dimension after the four dimensions of finance,customers,internal processes,learning and growth,enhanced the pertinence and effectiveness of performance evaluation,and improved the index system.