The Research Of Strategic Merger And Acquisition Match And Performance

Under the background of economic development,enterprise operation is no longer a closed self-operation state.Fierce competition in resources,talents and other aspects have risen to an important height in the development of enterprises,and merger and acquisition is just an important way to help enterprises quickly realize the acquisition of core resources.In recent years,the market for mergers and acquisitions(M&A)has become increasingly hot.In strategic M&A,the primary problem for the management of the acquirer is to find a satisfactory target party.The matching between the two parties is the premise and foundation of whether a merger can obtain synergistic effect and realize value creation.Therefore,it is of great importance to identify the internal driving factors for the matching of merger and acquisition parties,evaluate the matching of merger and acquisition parties,and then systematically analyze the impact of the matching of merger and acquisition.This paper tries to use a set of systematic methods and systems to analyze the matching between merger and acquisition parties and the value creation,so as to provide guidance and reference for the selection of ideal target enterprises and the realization of merger and acquisition.In view of the rapid development of rail transport industry in recent years,the increasing number of merger and acquisition events,the rising status of the industry and the relevant typicality,this paper selects CSR's merger and acquisition of CNR as a typical case for research.Based on system theory,resource-based theory and synergistic effect theory,this paper organically combines strategic M&A,M&A matching and M&A performance.Then,the matching evaluation system and the matching performance evaluation system of strategic M&A are respectively established.Among them,the matching evaluation system includes operational matching and resource matching.Operation matching will be based on the distance function,which mainly analyzes the matching of merger and acquisition parties from the four dimensions of industry,region,scale and profitability.The matching of resources will be based on the matching matrix of mergers and acquisitions,mainly from the four aspects of tangible,strategic,organizational and relational resources.M&A of fit between dynamic ran through the entire process of mergers and acquisitions.Mergers and acquisitions both sides of the fit is the basis and premise of a mergers and acquisitions to achieve synergies.Therefore,after the analysis of suitability,the paper combines the thought of the balanced scorecard and M&A performance,then set up the balanced scorecard M&A fit based on the improved performance evaluation system,which is conducive to a more comprehensive to evaluate the performance of M&A.Finally,the thesis takes CSR's acquisition of CNR as a practical case,and evaluates the operation matching and resource matching of CSR and CNR by using the system established previously.Combined with the relationship between matching and M&A performance,this paper analyzes the matching performance of M&A through the improved balanced scorecard from the dimensions of financial coordination,operation coordination,management coordination and market development,and finally summarizes the full text,and obtains the corresponding suggestions and enlightenment in order to provide reference for enterprises that want to conduct M&A in the future:the first point is that companies which want to make strategic M&A need to consider the industry environment rather than follow the trend;the second point is that the matching between the two parties is the basis for achieving synergy;and the last one is that the resources after M&A are organic integration is the guarantee of value.