A Study On The Motive And Performance Of Mergers And Acquisitions-Taking Jiawei's Acquisition Of Huayuan New Energy As An Example

At present,with the faster development of the economy,the Chinese enterprises are facing severe challenges.Therefore,they must improve their competitiveness.M&A is one of the ways to seek development for enterprises.Efficient and reasonable m&a can help enterprises to enhance the market competitiveness,at the same time,M&A can also realize the social resources optimization allocation.With the increase of mergers and acquisitions,the social sectors also pay more and more attention to how to judge and evaluate the performance of post-merger enterprises,how to compare the results of m&a with the expected gap before m&a.In view of this situation,many scholars began to study the motivations and the performance evaluation after merger.Photovoltaic is a new type of power generation system that converts solar radiation directly into electricity by using the photovoltaic effect of solar cell semiconductor materials.Pv has the characteristics of renewable and environmental protection,which will enable many countries to develop the photovoltaic industry as a key new energy industry.By national policy encouragement,photovoltaic industry usher in rapid development,but photovoltaic industry still exists the problem of insufficient behind the excess capacity,high capacity,so it's important to accelerate the merger and reorganization and push backward production capacity to exit.On August 11,2015,JiaWei completed the acquisition of HuaYuan New Energy by paying cash and issuing shares.This article selects this case as the object through the research on its m&a motivation and the performance of the merger.After studying the relevant domestic and foreign literatures,this paper firstly introduces theory of merger motivation and the evaluation method of m&a performance.After comparing the event research method,the financial index method and the balanced scorecard,It is decided to use the balanced scorecard performance evaluation method to evaluate the post-merger performance.Secondly,based on the above theoretical knowledge,this paper analyzes the motivation of JiaWei's acquisition of huayuan new energy.Analyzing relevant data and specific indicators From the four aspects of balanced scorecard,It is believed that the performance of JiaWei's acquisition has been improved effectively.Finally,some Suggestions are put forward for other enterprises in China's photovoltaic industry which want to carry out m&a activities.