The Performence Evaluation Of Merger And Acquisition

Recent years,large-scale mergers and acquisitions have been more and more frequent in the global market.Only appliance industry,Haier acquired SANYO,Whirlpool bought Italian Dai Xi,as well as Bosch Group takeover Siemens Boshi appliances.M & A has become an important way to expand the scale of enterprises and enhance their competitiveness.But whether the merger can produce great performance,increase the value of the enterprise,there is no unified conclusion.As one of the top 10 mergers and acquisitions in 2008,the M & A of Little Swan has come to an end,but how can the performance of M & A be provided for future mergers and acquisitions in the home appliance industry and even the nationwide M & A,which we need to explore in depth.M & A is diverse and complex,and its success depends on many factors.The evaluation of M & A performance includes the consideration of short-term market reaction,financial performance,management and so on.Therefore,it is necessary to evaluate the performance of M & A from multiple angles,rather than simply one-sided.In this paper,case analysis,quantitative analysis and qualitative analysis are used to evaluate the performance of the acquired Little Swan.On the basis of understanding the concept of M & A and M & A performance,this paper introduces the main theory of M & A motivation,and applies it to the merger and acquisition process.Then introduces the background,the motivation of the case and so on.When evaluate of the performance of mergers and acquisitions,using of a wide range of methods,including event study,accounting indicators and non-financial indicators analysis.The event study method mainly uses the CAR method to find out the cumulative abnormal returns of the stock price in the event period to evaluate the short-term performance of M & A events.The accounting research method is from the main business development,solvency,operating capacity,profitability and growth ability,five aspects of the selection of appropriate financial indicators to build evaluation index system.Non-financial indicators mainly from the technical level,market position,management model changes,three aspects of qualitative evaluation of mergers and acquisitions activities to evaluate the improvement of the Little Swan.Put forward some suggestions to the problems found when evaluating the performance.Finally comes the conclusion of this paper,the performance evaluation of enterprise merger,not only the indexes before and after the merger and acquisition in a short time,but also from different angles,comprehensive and thorough evaluation of short-term and long-term performance of mergers and acquisitions.