The Research Of SF Holding's Continuous M&A Performance Based On The Balanced Scorecard

With the rapid development of social economy,the market competition is becoming increasingly fierce.Encountered with the threat from competitors,many enterprises cannot maintain its market share in the market competition in reliance on their own strength and resources.Instead,more and more enterprises choose to improve their competitiveness through M&A or being merged or acquired.The government has successively promulgated policy documents such as the Restructuring and Revitalization Plan for Logistics Industry,which promote the development of the logistics industry and encourage the logistics enterprises to carry out restructuring through M&A,joint ventures,etc,so as to grow the main operations bigger and stronger.National policies have become an important impetus for the integration of the logistics industry.In order to maintain a position in such a competitive logistics industry and better serve the needs of customers,it is necessary for enterprises to continuously improve their competitive advantages,quickly grasp the core technology and seize the market share.In such context,M&A will be an imperative,important step.The questions studied in this paper are: What are the motives of SF Holding's continuous M&A? What is the performance of SF Holding's continuous continuous M&A? To deal with these problems,this paper will conduct a detailed study on the cases of continuous M&A of SF Holding,analyze its M&A motives and process,build a continuous M&A performance evaluation system based on the balanced scorecard,make quantitative and qualitative analyses on the performance of SF Holding after continuous M&A,and discuss whether continuous M&A has added value to SF Holding.This paper intends to explore the effect of SF Holding's continuous M&A from four dimensions of the balanced scorecard,i.e.finance,customer,internal process,learning and growth,compare the performance of SF Holding before and after continuous M&A,calculate the performance evaluation results of SF Holding's continuous M&A by using the method of combining The Analytic Hierarchy Process(AHP)and entropy weight method as well as method of efficacy coefficient,and put forward recommendations about management and M&A with respect to the existing problems,thus providing reference for the M&A actions in China's logistics industry and evaluating the rationality of the balanced scorecard as a tool of M&A performance evaluation more scientifically.Based on the case study of continuous M&A performance evaluation of SF Holding,this paper puts forward the enlightenment based on this case and the recommendations for applying the balanced scorecard to other companies.Upon M&A,the enterprise conducting the M&A should formulate M&A strategy according to the enterprise strategy,choose flexible M&A payment methods,and pay attention to the integration after M&A,including business strategy integration,human resources integration,organization and system integration,asset and debt integration,financial integration and cultural integration.When using the balanced scorecard to evaluate the performance of M&A,the evaluation indicators and system should be combined with the enterprise strategy of the acquirer,accord with the characteristics of the enterprise that conducts M&A,and the evaluation indicators should be comprehensive,objective and segmented;the evaluation indicators should be weighted taking into account both subjectivity and objectivity;according to the actual situation,evaluation dimensions relating to stakeholders,including government departments,suppliers,creditors,etc,and social responsibility,may be added appropriately.