基于BSC的汇川并购伊士通的绩效评价

发布时间：2018-04-25 14:28

本文选题：平衡计分卡 + 并购绩效　；参考：《湘潭大学》2017年硕士论文

【摘要】：现代国际经济形势日益复杂,很多企业已经不满足仅靠其内部水平的提升来发展自己,以谋求市场中的一席之位。企业发起并购的目的是希望并购给其带来的生产规模的扩大、效率的提高来减少单位成本,形成协同效应,进而提升其市场占有率和影响力。在众多案例中,并不是所有的并购都能达到预期的目的,甚至有些并购会适得其反。企业的并购绩效是指在并购结束之后,被并购的企业在经过并购企业的统一规划、调整之后,其并购预期的完成情况。并购是否达到了其预期效果,是否加速了企业的改革,是否形成了协同效应等都需要在对其绩效进行评价之后才能给出结论。因此,越来越多的企业和学者不断深入研究、探讨企业并购绩效的评价方法,并且将企业并购的整合过程以及最后的绩效评价相联系,为今后公司的并购整合提供宝贵的经验。文章的研究对象是发生在2013年的汇川并购伊士通的案例,该并购活动发生的时间距现在不久,且并购整合也经历了一些时日,研究其并购绩效具有现实意义。选取平衡计分卡法对汇川并购伊士通的绩效评价进行研究,针对汇川的实际情况,在原有财务维度的基础上,加入了客户、内部流程、创新和学习维度,建立起基于平衡计分卡的并购绩效评价体系,对汇川2011年~2015年的绩效进行分析、对比,全面评价汇川的并购绩效。并且将平衡计分卡评价指标体系和层次分析法相结合,通过比较并购前后汇川绩效的综合评价分值来评价汇川的并购绩效,给出明确的结论。相对于单纯的财务指标体系,该法突破了传统研究方法的不足,加入了非财务指标,综合评价汇川的并购绩效,可以更好地判断汇川的并购活动是否达到了预期的效果,帮助汇川建立起动态的并购绩效评价体系。预期主要贡献有:一是,建立起基于平衡计分卡的汇川并购伊士通的绩效评价体系,对汇川的并购绩效进行全面地评价。二是,运用层次分析法设计评价体系中各指标的权重,发挥层次分析法定性与定量结合、主观与客观结合的优势。三是,总结在研究汇川并购伊士通案例的过程中遇到的难点,并对基于平衡计分卡视角的并购绩效评价方法提出建议,为后来的研究者提供参考。
[Abstract]:Modern international economic situation is becoming more and more complex, many enterprises have not satisfied with their internal level to develop themselves, in order to seek a position in the market. The purpose of M & A is to increase the production scale and efficiency to reduce the unit cost and form the synergetic effect, and then to enhance its market share and influence. In many cases, not all mergers and acquisitions can achieve the desired purpose, even some mergers and acquisitions will be counterproductive. The performance of M & A refers to the expected completion of M & A after the merger and acquisition of the enterprise after the completion of the merger and acquisition, after the unified planning and adjustment of the M & A enterprise. Whether M & A achieves its expected effect, accelerates the reform of the enterprise, forms the synergistic effect, and so on, needs to evaluate its performance before the conclusion can be reached. Therefore, more and more enterprises and scholars continue to study the evaluation methods of corporate M & A performance, and the integration process of M & A and the final performance evaluation are linked to provide valuable experience for the future M & A integration. The research object of this paper is the case of Huichuan merger and acquisition of Easton which occurred in 2013. The time of the merger and acquisition activity is not long now and the merger integration has experienced some time. So it is of practical significance to study the performance of the merger and acquisition. Select the balanced Scorecard method to study the performance evaluation of Huichuan merger and acquisition of Easton, according to the actual situation of Huichuan, on the basis of the original financial dimension, added customer, internal process, innovation and learning dimensions, The M & A performance evaluation system based on balanced scorecard is established to analyze and compare the performance of Huichuan from 2011 to 2015 to evaluate the M & A performance of Huichuan in an all-round way. And the balanced scorecard evaluation index system and analytic hierarchy process are combined to evaluate the performance of Huichuan by comparing the comprehensive evaluation scores before and after merger and acquisition, and a clear conclusion is given. Compared with the pure financial index system, this method breaks through the shortcomings of traditional research methods and adds non-financial indicators. The comprehensive evaluation of Huichuan's M & A performance can better judge whether Huichuan's M & A activities have achieved the expected results. Help Huichuan to establish a dynamic M & A performance evaluation system. The main contributions are as follows: first, establish the performance evaluation system of Huichuan M & A based on balanced Scorecard, and comprehensively evaluate the performance of Huichuan M & A. The second is to use AHP to design the weights of each index in the evaluation system, and give full play to the advantages of the combination of qualitative and quantitative, subjective and objective combination of AHP. The third is to summarize the difficulties encountered in the study of the case of Huichuan M & A, and put forward some suggestions on the M & A performance evaluation method based on the balanced scorecard, which will provide a reference for the later researchers.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.6;F271;F406.7

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