| The M&A of enterprise is an inevitable event as the market economy develops. There have been five extensive climaxes of corporate M&A all over the world since the end of 19 centuries. The market competition become more and more fierce, in order to survive long-term, enterprises must continuously grow and develop. Generally speaking, there are two ways for the enterprises to develop, one is from their own accumulation and another is through mergers and acquisitions. Modern large-scale enterprises, especially for the multinational corporations, many of which developed from the acquisition. It just same as that said by the Nobel prize owner, famous American economics George J Stegerler :" Watching famous American giant enterprise, almost everyone adopt merger and acquisition to grow up by a way or to extend. " In China, M & A activity has become more and more frequently, particularly in the recent years, in order to obtain foreign companies'advanced core technology, horizontal mergers and acquisitions in overseas are gradually on the rise.Corporate mergers and acquisitions activity has been very frequently, but the survey results show that the success rate of mergers and acquisitions is not high, the performance is not good as expected, 67% of the M & A is considered to be a failure. The high costs which caused by both the enterprise culture and business philosophy of the conflict is the important reason for its failure. The performance of M & A, as an important aspect of M & A has aroused everyone's attention. Many scholars at home and abroad use empirical methods research on the mergers and acquisitions performance and form four theories. However, these studies are from the macro aspects, they can not be used to judge a specific enterprise merger performance.There are three modes of mergers and acquisitions, horizontal mergers and acquisitions, longitudinal mergers and acquisitions, mixed mergers and acquisitions. Each mode because of the value of mergers and acquisitions comes from different sources, the construction of the performance evaluation system will be different. Horizontal Merger refers to the production of similar products or similar production processes to the merger between enterprises. It is the first acquisition mode, even today, it is still occupies a very important position in the acquisition. At this stage,Some Chinese industries have entered a period of maturity or a recession, which have the possibility of large to horizontal mergers and acquisitions, Moreover, China's overseas acquisitions are mostly horizontal merger,Therefore, this paper only rampant M & A performance appraisal system for research. Its value comes from three sources: the increase in revenue, cost reduction, the new growth opportunities.We build the performance evaluation system for horizontal mergers and acquisitions through the quotation from the theory of strategic map. The assessment defined as the time for the integrate time. The entire assessment system is divided into the target system and the scorecard system two small system. Target system is established in the planning phase, is divided into learning and growth level, the internal business level, the level of customer and financial level four dimensions,which play the role of guide in the whole M & A activity. Scorecard system by the general cultural integration of the card, human resources integration points cards, financial integration of the card, technical resources integration points cards, suppliers integration points cards, sales channels and the integration of the card brand integration points Card composition,Plays the role of assessment of performance. Target System and scoring card system interaction, performance appraisal system which will always be in dynamic equilibrium.The performance appraisal system constructed in this paper is an open system. In real applications under the actual circumstances, the integration of the system changes in the factors change. |
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