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The Construction of M&A Performance Evaluation System of Listed Companies Based on EVA

Author: BaoLiMin
Tutor: ChenKeXi
School: Shanghai University
Course: Accounting
Keywords: Company M&A EVA M&A Performance Evaluation
CLC: F275
Type: Master's thesis
Year: 2012
Downloads: 2
Quote: 0
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Abstract


With the deepening of China’s enterprise restructuring, merger and acquisition(M&A) is increasingly becoming an important way to the papid development andexpansion of the modern company, at the same time, M&A performance increasinglycauses great concern of the domestic and international financial fields.However,dueto the limitations of the research methods, samples and so on, the problem “if M&Acan improve the performance of listed companies?” in academia doesn’t reach aunanimous conclusion and should be further proofed.Accordingly, the paperconstructs M&A performance evaluation system based on EVA, so as to highlightthe guiding ideology of the value management and contribute to a better measure ofthe substantive impact that M&A generates.The paper analyzes the situation of M&A performance evaluation system inChina and found three aspects of defects in evaluation method selected, evaluationdata measured and evaluation weight determined.Based on the above defects, thestakeholder’s theory and the characteristics of EVA, the paper builds theperformance evaluation system, including M&A financial quantitative analysisindicators and non-financial qualitative analysis.In the financial quantitative modelbuilding process, the paper collects and calculates financial quantitative indicators of40listed companies, and uses factor analysis to objectively determine the weightbetween the various indicators, so as to establish a total score model of thecomprehensive evaluation for analysising firm M&A performance, and complete thebuilding work of EVA financial quantitative model. In order to evidence theapplicability of the M&A performance evaluation system the article builds, the paperselects the acquisition of Yunsheng and Rixing Electric machinery as an M&Asuccessful case and Yaxing Chemical bought Peng chemical plant as the failed case,in which the results show that this model has better applicability and should bepromoted. Finally, the paper advises on how to implement the M&A performance evaluation system based on EVA, in order to promote the use of EVA in companyM&A performance evaluation.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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