Research On Synergy Of Merger And Acquisition Of HX Company Based On Five Dimensional BSC

At present,the technology and various aspects of China’s color TV industry have entered a mature stage,and the competition among enterprises is intensifying.In order to continuously strengthen their own strength,many enterprises choose overseas mergers and acquisitions to extend the industrial chain overseas,so as to enhance brand awareness and market share.Enterprises hope to achieve resource integration with the acquired party through M &A,so as to obtain synergy effect.However,whether and how to achieve synergy effect are worthy of further study.In this regard,the theoretical circle has carried on the unremitting discussion.There are many ways to evaluate the synergy effect of M &A.at present,Chinese scholars mainly use the event study method and financial index method to study the synergy effect of M&A.the limitation is that they only analyze the financial performance of enterprises,and can not objectively and comprehensively evaluate the synergy effect after M &A.this paper intends to use the Balanced Scorecard to study the synergy effect from the aspects of finance,customer,social responsibility,internal process and management In order to provide a new perspective for the study of the synergy effect of M &A in China,this paper makes a more comprehensive analysis of the synergy effect of M &A from the five dimensions of learning and growth.This paper mainly uses the case study method to study the synergy evaluation system of HX’s merger and acquisition of TVs.The article consists of six parts.Firstly,it introduces the background,research significance,research content,research methods and innovation of domestic enterprises’ overseas M &A,and through combing the relevant literature,it leads out the writing ideas for the construction of the following index system and the evaluation of synergy effect,and clarifies the research purpose and significance of this paper;secondly,it introduces the relevant theories of Balanced Scorecard and the synergy effect of enterprise M &A,so as to provide reference for the next research This paper establishes the theoretical foundation of index system construction and synergy effect evaluation;third,case introduction and analysis,describes the background of HX’s merger and acquisition of TVs,the brief introduction of both parties,the motivation and process of merger and acquisition;fourth,based on the construction of BSC’s synergy effect index system,combined with the characteristics of the industry,analyzes the correlation between the five dimensional Balanced Scorecard and synergy effect index,focusing on the construction of the balanced scorecard The fifth is the application of the synergy evaluation system of HX Company based on BSC.Based on the three-level index system,combined with index analysis and horizontal comparison,this paper evaluates the financial synergy,operation synergy and management synergy of HX Company after the merger and acquisition,and strives to more comprehensively reflect the enterprise in the merger and acquisition The realization of the synergy after the completion of the purchase activity.Finally,on the basis of summing up the realization of synergy effect after merger and acquisition of HX Company,this paper puts forward corresponding suggestions for enterprises to better realize synergy effect from three aspects of synergy effect.Through the analysis,it is found that HX Company’s operation synergy is obvious,while the financial synergy and management synergy need to be further enhanced.Generally speaking,it is a relatively successful merger and acquisition,which basically realizes the merger and acquisition synergy.In order to further enhance the synergy effect,HX Company needs to strengthen the daily management of accounts receivable and inventory in the level of financial synergy;in the level of operational synergy,it needs to further explore the overseas market,enhance brand value,and strengthen the performance of responsibilities to stakeholders;in the level of management synergy,it needs to strengthen the control of sales cost,improve the utilization rate of assets,and make decisions before future mergers and acquisitions Choose the right merger object.