Research On The Performance Evaluation Of DK Company's Merger And Acquisition Based On EVA

Merger and acquisition of enterprises occurs every day in the capital market.In the process of development,it is an inevitable trend for the industry to expand its scale and increase its concentration.Not all M&A activities can bring "1 +1>2" effect to enterprises.There are many failure cases in the M&A activities of enterprises in the information security industry.Whether M&A can achieve the goals of M&A and development strategy,whether it has a positive impact,whether it has improved the value of the enterprise,this requires an analysis and evaluation of M&A behavior from the perspective of M&A performance.At present,most domestic enterprises use the traditional financial index evaluation method to evaluate the performance of M&A,which can not comprehensively consider all the capital cost invested by shareholders,and there are many problems in the evaluation method with accounting profit as the main index,which is easy to cause the managers to manipulate the profit artificially,in order to achieve a considerable profit To make short-sighted decisions.EVA evaluation system has been widely used in the world,and its advantages are more and more obvious.EVA evaluation system has also attracted more and more scholars and enterprises' attention in China.In this paper,DK company M&A GY company as the research object to study the M&A performance evaluation of this M&A event.Firstly,this paper combs the performance evaluation of M&A,the methods of performance evaluation of M&A and the related theories of EVA,summarizes the domestic and foreign literature on the performance evaluation of M&A from the perspective of research methods,and analyzes the advantages and disadvantages of traditional M&A performance research methods and EVA performance evaluation methods.Secondly,it introduces the basic situation and events of both sides of M&A,analyzes the financial situation of DK company before and after M&A,the existing problems of current performance methods and the necessity of EVA in the M&A performance evaluation of DK company,introduces the EVA evaluation system into the M&A performance evaluation of DK company,then establishes the EVA evaluation system,selects the accounting adjustment items suitable for the characteristics of DK company and determines the basis Based on the quantitative and qualitative indexes of EVA,six quantitative financial indexes and three qualitative non-financial indexes are selected to analyze and evaluate the performance of this M&A.At the same time,we join in the comparative analysis of EVA indexes between DK company and the same industry.Through the horizontal and vertical comparative analysis of EVA indexes before and after the merger of DK company and the comparative analysis of EVA indexes and traditional accounting indexes,we find that through this merger,DK company's capital use efficiency has not been greatly improved,its profitability and company value have been improved to a certain extent,and this merger has brought DK company positive impact,but in the late transformation of the enterprise exploration and overseas expansion also has a certain challenge to the performance improvement.Finally,based on the analysis and evaluation of M&A performance,this paper puts forward some measures and suggestions for DK company to improve M&A performance,including paying attention to the integration of upstream and downstream industrial chain resources after M&A,paying attention to improving the use efficiency of capital after M&A,strengthening the degree of accounting information disclosure,standardizing the EVA evaluation system,and establishing the performance evaluation system with EVA as the core within the enterprise,so as to rationally select for the company select M&A and improve M&A performance to provide reference.