The Research Of Performance Evaluation Of M&a Based On The BSC Perspectiye

With the continuous development of our economy, the competition of companies fromvarious fields becomes more and more fierce. Based on the basic regulation: Superior baddiscard, the survival of the fittes. Some companies chose M&A to survive and develope. So far,scholars evaluated the performance of M&A by event study method or financial index method.Because of the difference of these research methods, scholars make different conclusions.However, what the performance of M&A is, how to evaluate it is still uncertain. To do a good job,we must first sharpen his device. The purpose of this study is how to evaluate the performance ofM&A more scientific，and how to improve the performance of M&A.Based on the basic idea of balanced score card (BSC), this paper study the performance ofM&A by analyzing the case of acquisition of China shanghai airlines by China Eastern airlines.This paper think the cause of this M&A is as follows:(1)Acquiring financial synergy, justlike taking full advantage of financial resources to increase profitability, reducing the financingcost and improving the solvency, expanding the purchase quantity to increase bargaining power.(2)Acquiring administration synergy, just like improving the management level and improvingthe efficiency of management.(3)Acquiring business synergy, like achieving economies of scale.(4)realizing market advantage.Because the success or failure of M&A is decided by whether the goal of M&A is achieved,and BSC combine multi-aspects and indexes to evaluate the performance of M&A. So this paperevaluate the performance of this M&A from four different angles: weather achieving financialsynergy, business synergy, administration synergy, market advantage.From these four angles, this paper build comprehensive, strong operability and industrycharacteristics evaluation system. After comparing the data before M&A to the data after M&A,we draw conclusion: China eastern airlines mergers and acquisitions China shanghai airlinesachieve financial synergy, business synergy, administration synergy, market advantage, so it issuccessful.