Research On Financial Performance Evaluation Of Xingke Jinpeng Of Changdian Technology Acquisition Company Based On EVA Method

In the era of economic globalization,foreign direct investment is one of the most strategic international economic activities for both enterprises and countries.At present,China's economy is in a transitional period,and national policies encourage and support listed companies to conduct market value management.Under this background,enterprises should adopt the form of merger and acquisition if they want to achieve better development quickly.Successful m & a requires an appropriate m&a approach.Mergers and acquisitions can enable enterprises to achieve rapid expansion of scale at a lower cost.For enterprises,this approach can also realize the effective allocation of resources.Changdian technology is a representative of high-tech semiconductor industry,a key industry supported by the state.For changdian technology in this paper,its rapid development has reached the "bottleneck period",and merger and acquisition is the best choice to improve its financial performance and expand its enterprise scale.However,one of the criteria to judge whether m&a can bring the expected effect to an enterprise is whether it can bring the improvement of financial performance and the increase of enterprise value.In the evaluation method of financial performance,traditional financial indicators are difficult to accurately and effectively reflect the financial performance of m&a.At present,the most widely used one in the world is economic added value(EVA),which effectively provides new ideas and methods for the evaluation of m & a performance.Therefore,this paper adopts EVA evaluation method to evaluate the financial performance of changdian technology's acquisition of Xingke jinpeng.Based on the long telegram science and technology as the research object,by the method of EVA as the main evaluation method,on the basis of the integration of the related literature at home and abroad were reviewed,the financial performance of mergers and acquisitions of defining the relevant theory,and using the synergistic effect theory,efficiency theory,firm growth cycle theory as a guide,analysis enterprise m&a motivation mainly divided into operational efficiency,management efficiency and financial efficiency from three aspects;At the same time,the concept,calculation principle and characteristics of EVA evaluation method are studied,which shows that EVA evaluation method has more authenticity for the evaluation results of financial performance evaluation compared with other evaluation methods.In the case of the introduction in this paper,the mergers and acquisitions subject: long telegram,star chippac science and technology andintroduces the industry funds,combined with the enterprise mergers and acquisitions,the analysis of long telegram of m&a motivation mainly to improve the efficiency of management of science and technology,expanding the size of the market,improve technical level and profitability,etc.,and in this section introduces long telegram technology scheme and process of mergers and acquisitions,financial situation before and after the brief analysis of the long telegram technology mergers and acquisitions,select the part of the financial data before and after m&a trend comparison,for EVA evaluation method of calculation and evaluation to lay a certain foundation.The calculation results of EVA evaluation system show that the financial performance of changdian technology after the merger is significantly improved compared with that before the merger,indicating that the merger is an effective decision to improve the financial performance of changdian technology.However,the calculation results also show that there are big risks in its financial situation,such as excessive debt repayment pressure and insufficient operating capacity.Based on this result,this paper puts forward the enlightenment gained from the case of changdian technology from the three aspects of selecting merger target,formulating merger plan and post-merger integration,and puts forward Suggestions on improving capital structure,optimizing financing plan and strengthening post-merger integration according to the existing problems.