Performance Evaluation Of High-tech Enterprises After Transformation And Upgrading

With the development of China's market economy,market competition is becoming increasingly fierce,especially among high-tech enterprises.The cruelty of survival of makes enterprises try their best to improve their own strength.For the development of high-tech enterprises,the impact of macro-economy and external market environment is very large.Therefore,in the face of internal and external challenges,many companies have chosen to upgrade in order to continue their healthy existence.Among them,diversified mergers and acquisitions is one of the important ways for enterprises to achieve strategic transformation.As a typical high-tech enterprise,VRTON developed rapidly after its listing in 2009,but its performance declined significantly in the following years due to the impact of the external market environment.For this reason,VRTON established a dual-main business-driven development strategy in 2014,and officially embarked on the road of strategic transformation and upgrading in 2015.This paper mainly studies the performance of its enterprises under the transformation and upgrading.Firstly,taking VRTON as an example,it introduces its development history from the perspectives of strategic development,business development,equity change and mergers and acquisitions.On this basis,it comprehensively analyzes the performance of VRTON's strategic transformation from strategic performance,operational performance,market performance and financial performance.Among them,the strategic performance and operational performance analysis adopts qualitative analysis method,which mainly analyzes the implementation of corporate strategic objectives and changes in business operations;market performance analysis uses event study;financial performance analysis uses economic value added to research the financial performance.The calculation results of the event study shows that the short-term performance of the three acquisition activities of VRTON has not shown obvious good performance.The calculation results of economic value added shows that the financial performance of VRTON has been significantly improved after the transformation and upgrading..The management effect of VRTON's strategic transformation and upgrading has been improved,and its performance evaluation has reference significance for other high-tech enterprises.Through case studies,it can be found that high-tech enterprises should make strategic planning and clear strategic goals before strategic transformation.In the strategic transformation through acquisition activities,we must pay attention to the financial planning and high-quality talent reserve.When evaluating the performance after transformation and upgrading,the objectives of performance evaluation should be clarified,and the content of performance evaluation should be reasonably determined.The research in this paper not only provides experience for similar high-tech enter:prises in the strategic transformation and upgrading in the face of market risks,but also puts forward reasonable and effective suggestions for the performance evaluation after transformation and upgrading,and is of great significance to the development and management of high-tech enterprises.