Research On Performance Evaluation Of Shaanxi-Gudu Power's Overseas Merger And Acquisition EKOL Company

Since 2012,China's economy is facing a new situation of slowdown and transformation.Manufacturing enterprises are at the critical stage of industrial upgrading.In order to achieve industrial upgrading,improve their technological capabilities and seize more market share,from 2013 to 2017,manufacturing enterprises have implemented large-scale mergers and acquisitions in the international market.The number of mergers and acquisitions has reached 3154,an increase of 34% annually,accounting for the total number of all industries.39%.However,it can not be ignored whether overseas M&A with high risk and high investment characteristics can become a feasible channel for the transformation of manufacturing enterprises in China,and whether the enterprises implementing overseas M&A have achieved the expected goals.Focusing on the theme of performance evaluation of overseas M&A,this paper takes the actual case of Shaangu Power Company's M&A of Czech EKOL Company as the research object,clarifies the research value and significance,compares the existing research methods,and chooses to construct the performance evaluation system of overseas M&A.Using the method of excess return,we select 12 days before and after M&A as event window to evaluate short-term overseas M&A performance;using financial index method and value index method,we select Shaangu Power Company's financial statements indicators and EVA to analyze and evaluate long-term overseas M&A performance;and summarize the M&A performance under synergistic effect from the perspective of non-financial indicators.The research shows that the excess return rate of Shaanxi-Gugu power under the event analysis method is more significant,and the short-term overseas M&A performance is significant;the selected financial indicators data under the financial indicators method show an upward trend,and the overseas M&A has a positive impact on long-term performance;the spot EVA under the value indicators method is negative,and the overall EVA index of the company has not restored to the pre-merger level in 2015-2017 after the merger and acquisition,and the overseas M Negative effect;synergistic integration effect of overseas M&A under non-financial indicators is good.Based on the conclusion of performance evaluation,this paper summarizes the experience of overseas M&A in this case,in order to provide reference and suggestions for Chinese manufacturing enterprises to implement overseas M&A.