Evaluation And Analysis Of Merger Effect Based On Enterprise Ability

With the continuous deepening of enterprise restructuring in China,M&A has become an important way for modern companies to develop rapidly.At the same time,the issue of corporate M&A performance has also attracted more and more attention in the financial and financial fields at home and abroad.However,due to the limitations of research methods,research samples,etc.,whether or not to improve the performance of listed companies,which evaluation method can more accurately reflect the merger effect?So far in the academic community has not reached an agreed conclusion,but to further demonstrate.According to this,this paper constructs the evaluation system of merger and acquisition effect based on enterprise ability.Firstly,this paper analyses the research status of M&A effect evaluation at home and abroad,and finds that the existing system is mainly controversial and deficient in three aspects:the selection of methods,the selection of indicators and the determination of the weight of indicators.Relying on the theory of stakeholders and the theory of enterprise capabilities,using the capabilities of enterprises,and based on the previous research and the principles of constructing an index evaluation system,an attempt is made to establish an evaluation model based on the capabilities of enterprises based on the three dimensions of integrated operational efficiency,industry potential energy,and development potential.The objective assignment method is used to determine the weights of each measurement index,to analyze the effects of the merger and acquisition from the perspective of the application of enterprise capability theory,and to verify the rationality of the data of the listed industry.On this basis,this paper applies the M&A effect evaluation model to pharmaceutical manufacturing industry and electrical machinery and equipment manufacturing industry,and chooses listed companies that merged in 2014 to conduct industry research.The research finds that:(1)In the long run,the stable improvement of corporate performance depends more on the improvement of the core competence of the company itself.It is difficult to achieve the goal of greatly improving business performance through mergers and acquisitions.Mergers and acquisitions restructuring can not bring significant improvement to the business performance of Listed Companies in electrical machinery and equipment manufacturing industry.The index of corporate competence before and after mergers and acquisitions is not particularly obvious.(2)From the point of view of different dimensions of enterprise capability,after M&A,the average value of industry potential energy of pharmaceutical manufacturing enterprises has increased significantly,while the average value of comprehensive operation efficiency has decreased significantly in the long run,while the average value of development potential has decreased slightly,and the change is very small.After the completion of M&A,the average value of comprehensive operation efficiency of equipment manufacturing enterprises has increased significantly,while the average value of industry potential and development potential has declined significantly in the long run.(3)Mergers and acquisitions in pharmaceutical and electrical machinery and equipment manufacturing industries,we analyze them from the perspective of mergers and acquisitions types.The effect of vertical M&A is better than that of horizontal M&A,while the effect of mixed M&A is the worst.Finally,this paper selects a typical case from the above sample-Shanghai Lace merger and acquisition of the same way creatures,using the model to measure the corporate capabilities before and after the 2014 acquisition of Shanghai Lace,and analyzes the specific reasons for the decline in performance based on the changes in the capabilities of the three dimensions.And put forward corresponding improvement suggestion.