Evaluation Of M&A Performance Based On Improved Balanced Score Card

Recently,along with the gradual implementation of the medical insurance policy for serious diseases in China,the state has made the pharmaceutical science and technology industry develop rapidly through the protection and support of innovation guidance,policy perfection,industrial environment optimization and other aspects.However,in the process of development,many enterprises often encounter technical bottlenecks and product centralization problems,and eventually face the risk of enterprise bankruptcy.Therefore,when enterprises face this kind of situation,they often choose mergers and acquisitions(M&A)in the industry to open up new vitality for enterprises.However,M&A do not necessarily mean that they can help enterprises tide over difficulties.Some successful M&A can help enterprises improve their overall operating level and produce positive synergy effects.Unsuccessful M&A may also aggravate the operational risks of enterprises and worsen the problems of enterprises.After analyzing the relevant literature on M&A activities,it is found that most scholars will choose case studies and few thematic studies when exploring M&A activities.Therefore,the author decided to choose the M&A activities of medical equipment enterprises as the thematic studies in this paper,and at the same time to provide relevant experience for other enterprises in the same industry.Company B is a medical equipment company listed on A shares in China,and the sales volume of medical equipment is currently in the forefront of the domestic industry.So,the case in this paper is a good typicality.With the continuous development of relevant theories of M&A performance evaluation,a large number of documents show that the Balanced Score Card performance evaluation theory is the preferred theory for many M&A performance evaluation.Some scholars no longer use the Balanced Score Card theory invariably and begin to try to change the traditional Balanced Score Card performance evaluation system to make it more in line with the characteristics of different M&A performance evaluation.Therefore,when using the Balanced Score Card theory to construct the performance evaluation system of M&A,it also tries to improve the traditional Balanced Score Card performance evaluation system combined with the stakeholder theory with the Balanced Score Card theory,and the specific situation of Company B and the index design principles to construct the performance evaluation index system of Company B's M&A.Through the qualitative evaluation of the M&A performance of Company B by the established index system and the quantitative analysis by using AHP and fuzzy comprehensive scoring method,the problems existing in the M&A process of Company B are found out and reasonable improvement suggestions are put forward.