| Since 2010,a number of international traditional strong enterprises have carried out transformation and upgrading activities.In this vigorous transformation movement,these giants from developed countries choose to sell their home appliance business.However,the profound technical reserves,exquisite brand image and huge market share behind these home appliance businesses are precious resources urgently needed by Chinese home appliance enterprises.In this flood of development,Chinese home appliance enterprises choose to go abroad,which can not only promote the realization of the strategic planning of enterprises at home and abroad,but also promote a good situation of mutual complementarity and win-win.Obviously,overseas M&A can not only enhance the market influence of Chinese home appliance enterprises,but also significantly improve the international status of Chinese home appliance enterprises.However,opportunities often coexist with risks.How to grasp the opportunity of M&A and control the risks at the same time,so as to continuously create greater value,has become a topic of increasing concern of experts,scholars and consumer groups at home and abroad.Therefore,in order to analyze and evaluate the performance of M&A scientifically and reasonably,we must explore a more comprehensive and objective performance evaluation method.We should not only pay attention to the financial indicators of the enterprise,but also measure its specific performance in other aspects.Based on this,this paper takes Midea’s acquisition of Toshiba Appliance as an example,through the construction of the performance evaluation system based on the Balanced Score Card,analyzes and compares the data of Midea Group in the six years before and after the acquisition,in order to achieve the goal of comprehensive and objective evaluation of Midea’s acquisition performance.M&A performance evaluation system starts from the four dimensions of the Balanced Score Card,each dimension must be decomposed into several targeted and feasible reference indicators,and then observe and analyze its change trend in the selected research period.At the same time,the system should combine with the Analytic Hierarchy Process to determine the weight of each dimension and index through expert scoring,so as to clarify the influence of each factor on M&A performance.Next,this paper takes the average of Midea Group’s indicators in the three years before M&A as the reference value,and the average of the indicators in the three years after M&A as the actual value,so as to calculate the difference rate between the two,and then obtains the corresponding score by referring to the score classification table,and multiplies and sums the score and the corresponding weight,and the result is the total score of M&A performance.Finally,according to the score,the paper analyzes and evaluates the performance of Midea’s acquisition of Toshiba Appliance,and puts forward optimization suggestions.Comprehensive research shows that the M&A activity has played a positive role in the strategic development of Midea Group,and achieved relatively ideal M&A effect.This paper not only provides a reference for Midea Group to realize the transformation and upgrading,but also opens up a new perspective for the M&A performance evaluation method of the whole household appliance industry,and provides a reference for the industry to launch similar M&A activities. |
