Research On The Performance Of Orbita In The Merger And Acquisition Of The New Third Board Company

As known to all,the current market environment is being competitive,so many companies choose to broaden their operation field and take a more multivariate and effective strategies,seek a bigger development space.In recent years,the new third board market has developed rapidly and expanded to the whole country and has become an important part of China's capital market system.With the continuous development of the new third board market,a large number new third board enterprises with high-quality have been cultivated.Interestingly,the capital market set off a wave of M&A of new three board companies by many listed companies in China in 2015.In this way,the listed companies hope to scale up,seek new profit growth point,improve the innovation ability,realize synergies,perfect its own industrial chain and implement strategic transformation.Therefore,it is worth noting that whether the merger and acquisition achieves its purpose and how the performance after the merger and acquisition is in the end.In this study,firstly,we sorted out the relevant theoretical basis of M&A and introduced the performance evaluation methods used in M&A as well as their advantages and disadvantages,especially for the balanced scorecard way which is used recently.Secondly,we elaborated the background,process,scheme and motivation of the M&A of Poya by Orbita.Then,from the perspective of balanced scorecard,we constructed the performance evaluation system to analyze the effects of M&A using four indicators,namely,dimensions of finance,customer,internal process and learning and growth.Finally,we summarized the M&A performance and put forward some suggestions on the M&A for listed companies in terms of the strategies,targets,payment methods and integration of the M&A in the future.On the one hand,it has been found that the M&A increased the profitability,operational capacity and development capacity of Orbita except for the solvency when considering the financial dimension,but the change is not stable.On the other hand,after the M&A,the brand image and market share have been constantly improved and the security industry has developed a new market based on the customers dimension,the internal operation ability has been effectively strengthened and the per capita output has increased based on the internal processes dimension,and the company's talent team is growing and the research and development capability is also improving based on the learning and growth dimension,respectively.In summary,the M&A improved the company's profitability,exploited new markets and new technology innovation,performed a synergistic effect and basically achieved the purpose of the M&A.But,more attention need also to be paid to further strengthen the integration after M&A in business management.In this paper,the M&A performance of listed company Orbita which merged and acquired new third board companies Poya Information co.,ltd was selected as the research object and the balanced scorecard was introduced to comprehensively and systematically analyze and evaluate the M&A performance from multiple dimensions.