The Evaluation Of The Financial Efficiency Of Enterprise M&A

Along with our country market economy gradually developed and improved, M&A has become one of effective mechanism to allocate capital. Enterprise merger and acquisition, an important link in the whole market economy also is most can manifest the market efficiency and innovation of economic activity. What evaluation method can more effectively analyze and evaluate mergers and acquisitions of financial efficiency, find the influence factors of the enterprises from the financial efficiency, and actively take effective measures to improve the financial efficiency of M&A, is a more realistic and important significance. The main purpose of this paper is on the basis of theoretical analysis, establishment of mergers and acquisitions of financial efficiency of enterprise evaluation index system, evaluation and analysis of financial efficiency changes before and after the merger and acquisition of Chinese enterprises, find out the existing problems, in order to improve the efficiency of M&a financial enterprise to provide the basis.This paper first analysis of the enterprise merger and acquisition and financial efficiency evaluation research background, significance and the theory and method of financial efficiency evaluation of enterprise merger and acquisition through the review of domestic and abroad, combined with the current financial situation of enterprise merger and acquisition in China, theory and evaluation method of the evaluation of the advantages and disadvantages, and appropriate means that the financial efficiency evaluation method of merger and acquisition of existing enterprises, through the comparison and analysis of these evaluation methods, and then with previous experience, the influencing factors of financial efficiency of M&A of enterprises, selected thirteen financial efficiency evaluation index, the thirteen index response capability evaluation index of financial efficiency by using the factor analysis method defined four factors:profitability, operating capacity, solvency, capacity development, establishment of mergers and acquisitions of financial efficiency of enterprises the evaluation index system, using the factor analysis statistical method, principal component analysis was performed before and after M&A analysis of financial efficiency of merger and acquisition of enterprises, based on the analysis of the overall financial efficiency change, in-depth analysis of factors related to the financial efficiency of the merger and acquisition, and then establish the factor function of each year and the comprehensive score model and data processing. Found that enterprise merger financial efficiency rises in this analysis, one year after the acquisition of financial efficiency decreases, but after the merger second years financial efficiency rise, generally speaking, M&A on the merging party financial efficiency is improved.The innovation of this paper lies in:Based on the previous research results on the construction of comprehensive evaluation of financial efficiency of the M&A of enterprises system, the evaluation system considering the four aspects of enterprise operation, including corporate profitability, operating capacity, solvency and development ability, with a view to a comprehensive team of enterprise merger and acquisition financial efficiency evaluation. In research methods, we are taken from the local to the whole, the analysis of single index to comprehensive factor to promote the multi-dimensional analysis. Then from the whole to the individual, enterprise M&a selected sample of ar, pay attention to the combination of theory and practice in the actual research, make the research conclusion accords with the actual situation.