The Study On The Performance Of Enterprises M&A Based On Combination Of EVA And Non-Financial Indicators

With the continuous economic development of China,the competition among food enterprises has become increasingly fierce.More and more traditional food enterprises realize that they can’t deal with the complicated competition environment only by themselves.Especially in today’s market environment with the continuous rise of e-commerce,the traditional operation mode and sales channel can not meet the market demand,and is not conducive to the sustainable development of enterprises.Therefore,In order to realize the long-term development of enterprises,many food enterprises have expanded their scale and business scope,strengthened their strength and seized market share through M&A.In August,2016,under the condition of years of depression in jujube market and continuous losses of enterprises,HaoxiangNi Health Food Co.,Ltd.(hereinafter referred to as HaoxiangNi)completed the merger and acquisition of Hangzhou BaiCaoWei Enterprise Management Consulting Co.,Ltd.(hereinafter referred to as BaiCaoWei),a famous snack e-commerce company under Holmes,and quickly realized the "grafting" of Internet and officially entered the capital market,known as BaiCaoWei." The first case of domestic snack e-commerce M&A is of great significance in the development of China’s food enterprises.First of all,this paper describes the research background and significance,reviews the relevant research of domestic and foreign scholars,summarizes the theory of M&A and M&A performance.And The case study,literature study and comparative analysis are used to study the case of HaoxiangNi’s M&A of BaiCaoWei.Based on the theory of M&A performance evaluation and the characteristics of the food industry,this paper constructs a M&A performance evaluation system with EVA combining quantitative and qualitative methods,calculate the EVA value of HaoxiangNi in 2014-2018 for a total of five years,compare and analyze the changes of EVA value,core indicators and value driven indicators before and after the M&A,reveal the real performance of HaoxiangNi M&A BaiCaoWei,and then put forward countermeasures and suggestions for improvement.Through research and analysis,HaoxiangNi didn’t improve it’s performance in the year of M&A.But after M&A,synergies are gradually brought into play,profitability is improved,and there is the potential for continuous improvement.The conclusion is summarized as follows:EVA based M&A performance evaluation index can be well applied to the research of M&A performance of food enterprises.Through the analysis of the M&A evaluation system,I think that the M&A of BaiCaoWei is relatively successful.Finally,some suggestions are put forward for HaoxiangNi and other similar food enterprises:Rational merger and acquisition,strengthen innovation,attach importance to integration,establish EVA consciousness,introduce non-financial indicators.