Research On Performance Evaluation Of Overseas M & A Of Family Listed Companies

With the rapid development of the global economy and China's accession to the WTO,China has fully implemented the development strategy of "opening up" and "going out".At the same time,with the industrial upgrading and "Along the way" policy of the strategic guidance,China set off a wave of overseas mergers and acquisitions,especially based on industrial upgrading,in line with market demand for cross-border investment mergers and acquisitions more and more active.At present,China has a lot of companies began overseas mergers and acquisitions process,such as HNA,Ampang,Wanda,BOE,the United States,Haier,TCL and so on.Among them,the private enterprises,especially the family business with its own strength to enhance and from generation to generation development goals,more and more Chinese enterprises overseas mergers and acquisitions of the main driving force and the M & A market in the real "force",but from past experience To see,not all enterprises of overseas mergers and acquisitions activities can be successful,to achieve better performance of mergers and acquisitions.In view of the diversity of factors affecting the performance of M & A,it is very important to make a reasonable evaluation of overseas M & A.Therefore,how to effectively carry out overseas mergers and acquisitions to expand the market,to achieve economic structure optimization and industrial upgrading,improve the enterprise performance evaluation system,thereby enhancing the performance of overseas mergers and acquisitions,especially for family companies listed companies in China has a strong practical significance.The structure of this study is as follows:Firstly,this paper expounds the theory of M & A and M & A performance,and systematically reviews the performance evaluation method from the perspective of traditional M & A performance.At the same time,the EVA evaluation method is introduced and the evaluation methods are compared.This paper analyzes the development course of China's home appliance industry and its overseas M & A,studies the background,motivation and goal of M & A,and introduces the process of M & A.Once again,This paper puts forward the evaluation method of M & A performance with EVA as the beauty.Finally,the EVA evaluation method is used to evaluate the performance of the M & A after the M & A of the M & A,which is aimed at the overseas M & The evaluation made a reasonable suggestion.Based on the analysis of theory and case,this study draws the following conclusions:(1)EVA index compared to the traditional evaluation method,EVA comprehensive consideration of the cost of debt capital and equity capital costs,better reflect the characteristics of the industry and overseas mergers and acquisitions,the performance of overseas M & A performance evaluation more objective,true,comprehensive and accurate measurement The performance of overseas mergers and acquisitions of enterprises;? the United States after the acquisition of Toshiba's overall business level has been improved,thereby enhancing the value of their own enterprises in the domestic and international markets more and more competitive.The overseas M & A for the United States is a successful M & A activities,contribute to the long-term stable development of enterprises;? by strengthening the enterprise system management,integration of mergers and acquisitions activities and improve the EVA evaluation system can be better To enhance corporate mergers and acquisitions performance.Therefore,in the United States overseas M & A performance evaluation at the same time,more companies in the same industry to better carry out overseas mergers and acquisitions and performance evaluation to provide a good reference.