Performance Evaluation Of Corporate Mergers And Acquisitions From The Perspective Of The Balanced Scorecard

Recently,the semiconductor and integrated circuit industry in our country has been rapidly improving and developing in the international market.The market demand is strong,but most of them are still dependent on imports.The manufacturing process and technology of domestic integrated circuits are not sufficiently developed,and the level of self-sufficiency is not enough.Therefore,domestic semiconductor companies started mergers and acquisitions with overseas companies to acquiring advanced international technologies and expanding overseas markets.These mergers and acquisitions supported by domestic economic development strategies and policies.As such,At the same time,China has also set up an investment fund for the integrated circuit industry to help enterprises with overseas mergers and acquisitions.Changdian Technology is the first shot to start the acquisition of overseas integrated circuit industry enterprises,this acquisition fully reflects the society and the country for the integrated circuit industry attaches great importance to and policy support,but also to the development of China's integrated circuit industry has played a role in promoting.This article selects the case of Changdian Technology's merger and reorganization of Xingke Jinpeng,analyzes the motivation of its merger and acquisition and the performance brought by the reorganization in detail,in order to put forward suggestions for the merger and acquisition of companies in the semiconductor integrated circuit industry.In this article,literature research method,case study method and comparative research method are adopted to analyze the internal motivation of Changdian Technology's M&A activities by adopting the synergistic effect theory of M&A,and to evaluate the performance of Changdian Technology's M&A of Xingke Jinpeng by using the balanced scorecard analysis.This article first introduces the relevant theory of Balanced Scorecards,and then introduces the two M&A parties in the case--Changdian Technology and Xingke Jinpeng respectively.At the same time,the process of merger and acquisition is combed and the motivation of Changdian Technology's merger and reorganization is deeply analyzed.BSC was used to analyze the performance of this merger and reorganization from four aspects:finance,customers,internal management process,learning and ability growth.According to the survey,mergers and acquisitions negatively affect the financial indicators of Changdian Technology in the short term,but in the long term,the development trend is positive and has a positive effect.It has a positive impact both short and long term in terms of customers,internal processes,and learning and growth.Therefore,the long electric technology merger and reorganization activities have achieved more ideal results.With the further integration work after the merger and acquisition,the synergies brought by the merger and acquisition will promote the further development of Long Electric Technology.After analyzing this case of M&A which is between Changdian Technology and Xingkejinpeng,has five enlightenments to the semiconductor industry mergers and acquisitions,m&a strategy should be scientific and reasonable,strengthening internal control management in mergers and acquisitions,to ensure the effective integration after merger and acquisition,to enhance investment in technology development,the fund needs to continue to play a role of supporting.This article in order to give our semiconductor industry enterprises in overseas mergers and acquisitions,for reference.