Based On The EVA Merger And Acquisition Performance Study Of Lanzhou Minbai

In a wave of mergers and acquisitions,capital markets in various m&a happened every day,but not every merger is successful,and m&a performance is the main indicators of the success of mergers and acquisitions.On the one hand,the m&a performance can reflect the enterprise m&a target,and the strategic goal to realize it or not.On the other hand the m&a performance can observe whether m&a is promoted the value of the company.Take Lanzhou Minbai m&a Nanjing HuanBei as an example,analyzing the financial data of Lanzhou Minbai after m&a,through traditional financial metrics,Lanzhou Minbai m&a target-"play scale effect,greatly enhance the company's business scale and profitability",and the effect is not significant.Further analysis found that,on the one hand,the purpose of mergers and acquisitions do not meet and Lanzhou Minbai development setback ability decline;On the other hand,Lanzhou Minbai solvency and operation ability has a better performance.What about Lanzhou Minbai m&a is successful,the m&a performance just by traditional financial indicators are difficult to explain.Based on the comparison to the traditional financial indicators with the method of EVA performance evaluation method,the method on the basis of,from the perspective of enterprise value,EVA is chosen as the evaluation of Nanjing HuanBei and Lanzhou Minbai m&a performance evaluation indicators,through the Lanzhou Minbai before and after the merger of EVA value,and the longitudinal and transverse comparison,concluded that also makes up for the defects oftraditional financial indicators for performance appraisal.By comparing the Lanzhou Minbai EVA value changes before and after m&a and Lanzhou Minbai in the industry and relative value,of the absolute value of EVA value found that: first,the high premium makes enterprises do big but doesn't have to do strong,medium and long term value to the company promotion very limited.Second,corporate profits have risen sharply,but limited to bring value for shareholders.Third,the short-term performance improvement is apparent,but would be sustainable.At the same time,on the basis of the use of EVA evaluation,some Suggestions for research case,including measured high premium m&a,pay attention to the integration of the protection of rights and interests of employees after the merger,the combination of traditional financial indicators and EVA performance evaluation system and so on three aspects.