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The Research of Performance Evaluation of M&A Based on the BSC Perspective

Author: LiBaiXuan
Tutor: LiuXinLin
School: Southwestern University of Finance and Economics
Course: Accounting
Keywords: Merger and Acquisition M&A Performance Evaluation
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 154
Quote: 0
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Abstract


Within an increasingly competitive market environment, Merger and acquisition has become an important way for enterprises to grow. How to determine the degree of completion of the strategic objectives of the new enterprise after the merger? How to compare the result of the M&A with the expected one? For instance, making a comprehensive and reasonable evaluation of the performance of M&A has become one of the research themes among scholars.The writer will combine the multi-aspect and index evaluation ideas of Balanced Scorecard with M&A Synergistic Theory, based on the M&A Theory and on the M&A performance research with pure financial indicators, and then built up a M&A performance evaluation system with four dimensions of Financial, Customer, Internal Business Processes, Learning and Growth. By analyzing the case of acquisition of LITTLE SWAN by MIDEA, by figuring out a series of integrated measures for achieving strategic objectives implemented by mergers companies, by building up a relationship among M&A integration, expected synergistic effect and four dimensions, by knowing the synergistic effect of financial, operations, and management aspect provided by this acquisition activity, M&A enterprises, the guidance and reference of this activity. In addition, we are going to provide a relatively comprehensive approach to evaluate the performance of M&A. In that way, the later scholars could have a dynamic perspective about this topic.Balanced Scorecard is an important contribution to the company’s performance evaluation. It is a strategic performance management system that combines strategic management and performance management, and a comprehensive performance evaluation system, including four dimensions of Financial, Customer, Internal Business Processes, Learning and Growth. The BSC could help the mergers and acquisitions businesses build up the performance evaluation index system. Therefore, investors can clearly understand the result of mergers and acquisitions whether it has achieved its target and has complied with the development strategy and the strategy implementation of the enterprise. In addition, it provides the potential M&A business with a multi-perspective index system for future M&A activities.This article combines normative research method and case study method. In the third chapter, it adopts normative research to introduce basic theory of BSC, M&A, and M&A performance. The fourth chapter uses case research on the analysis and evaluation of the M&A case of MIDEA and LITTLE SWAN from the four-dimension point of view of the Balanced Scorecard on the basic of analysis of the M&A enterprise integration measures and synergistic effect. The performance evaluation of M&A draws on multi-angle and multi-index basic thoughts of Balanced Scorecard proposing to use the BSC to judge the performance evaluation method after M&A integration which breaks through the scarcity of traditional research, it analysis and evaluates the overall enterprise performance after M&A integration from four different dimensions of Balanced Scorecard namely financing, client, internal process, learning and growth. Compared with single financial indicator system, it balanced the relationships between internal and external, long-term and short-term, financing and non-financing of new enterprises. it provides a new idea to the performance evaluation for M&A enterprise after integration. It can judge synergistic effect of M&A enterprise more completed and comprehensively whether it reaches the M&A targets and help enterprise establish dynamic M&A performance management system.

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