The Performance Evaluation Of The Enterprises’ Mergers&Acquisitions Integration Based On The Balanced Scorecard

In the western developed countries, the merger and acquisition (M&A), as one of theimportant way of corporate governance, has been more than100years of history and nowmoves toward maturely. On the basis of past experience, M&A is developing to a highlevel. M&A is divided into three stages: preparation and design stage, negotiation andimplementation stage, integration stage. In all three stages, if the enterprise did not taketimely and effective integration measures after the merger, it tends to make the mergerended in failure. Because many companies did not deal with merger integration stage, theydid not receive the real benefits. Therefore, the success or failure of M&A integrationphase is directly related to the success of mergers and acquisitions.In this paper, it analyzes performance of M&A integration by introducing theBalanced Scorecard and discusses the evaluation system about the performance of M&Aintegration in the framework of the BSC by combining the relational theories of the M&Aand performance evaluation. We also research the performance indicators of M&Aintegration from the following four perspectives: finance, stakeholder, competitiveperformance and innovation and growth. Furthermore we have quantitative analysis aboutthe relationship between the objective and the key performance index by utilizing the fuzzycomprehensive evaluation method. The final chapter provides the conclusion, deficiency ofthe study and the extensions of future research.This paper based on the formers’ studies to extend in the following aspects:(1)tointroduce the theory of the BSC into the analysis of the performance of M&A integrationand survey the performance of M&A integration from another angle of view;(2)to studythe performance of M&A integration systematically, and to study the internal causality ofthe merger integration performance by the indicator system and the Fuzzy comprehensiveevaluation method. This study aims at providing a method and tool for the dynamic andcomplicated corporate real-time control over the process of performance of M&Aintegration, so as to achieve the purpose of optimizing the asset allocation. Theinsufficiency of this paper is that it lacks of the effective financial data on the performanceanalysis of enterprise integration, thus we can not calculate and analyze the relationships between the performance of M&A integration and indicators by the actual data, which needto obtain further survey in the future.