Performance Evaluation Of High Goodwill M & A Of New Energy Vehicle Company Based On EVA

Merger and acquisition refers to the merger of two or more independent enterprises and the formation of a new enterprise.The purpose of merger and acquisition is to obtain the operation control of the target enterprise and make the target enterprise directly or indirectly controlled by the enterprise under its control.So that enterprises have and give full play to the operation synergy effect,financial synergy effect and market share effect of M & A.The merger and reorganization of capital market is a hot trend.In 2019,the goodwill of listed enterprises is 1.26 trillion yuan,33.5 billion yuan less than that of the previous year,and goodwill has become an important part of enterprise assets that can not be ignored.In early2020,due to the popularity of New Coronavirus in China,the growth rate of national economy slowed down,and the number of M & A activities decreased.From the industrial point of view,China has a leading advantage in the field of new energy development.Accelerating the development of industrial integration is conducive to hedging the impact of the epidemic and economic downward pressure in the short term.In the long term,it is conducive to promoting the high-quality development of China’s energy,transportation and manufacturing industries,realizing China’s energy production revolution and consumption revolution,protecting the ecological environment,and finally building China into a world power.Through the study of new energy industry enterprises,in essence,it is one of the pillar industries in China in the future.Economic value added(EVA)refers to the surplus of net operating income after tax minus the opportunity cost of total investment capital(including capital and liabilities),which essentially reflects the theory of residual income.It emphasizes that the way of doing business and liabilities are cost sensitive.This thesis uses economic value added(EVA)to evaluate the M & a performance of * ST jiangte.By studying the vertical data comparison in recent six years and the horizontal data comparison with Ningde era of the same industry,this thesis explores the management enlightenment of * ST jiangte getting out of trouble under the EVA performance evaluation method,and truly reflects the great significance of the application of EVA performance evaluation method for * ST jiangte in financial and strategic aspects.Based on the concept of EVA,this study evaluates the performance of M & A,which is of great significance to promote the application of EVA in domestic enterprises.Based on the concept of EVA,this study evaluates the performance of M & A,which is of great significance to promote the application of EVA in domestic enterprises.To be first analyzed in the thesis is background.secondly,we analyzed purpose and significance of the research.Then,it analyzes and summarizes the impact of M & A on enterprise performance at home and abroad and the evaluation methods of M & A.This thesis analyzes the existing M & A views and commonly used M & a performance evaluation methods,and expounds their ideas.Finally,the advantages and disadvantages of EVA are compared,and the effectiveness and practicability of EVA application in China’s M & A are summarized.This article introduces the concepts,types,incentives,related theories and methods used to evaluate the effectiveness of mergers and acquisitions,which provides a theoretical basis for this study.Starting from the individual,this thesis finds out the risks existing in the operation process of China’s new energy vehicle manufacturing enterprises,so that more new energy vehicle enterprises can understand the problems existing in the financial structure.This study has a certain practical value for some new energy vehicle enterprises to carry out risk management.At the same time,based on the EVA evaluation of *ST jiangte’s M& a performance,This article analyzes the impact of the acquisition on *ST jiangte’s results and concludes with the acquisition proceedings.Finally shows that M & A has a great negative impact on *ST jiangte,including the performance regression under the condition of high goodwill impairment,the decline of business capacity caused by the change of supply and demand,and the interference of insufficient integration after M & A on the synergy effect of the company.This thesis aims to provide reference value for the future M & A activities of China’s new energy vehicle industry.