Suning M&A Based On Performance Prism Model Carrefour China Performance Evaluation Study

The development of information technology has driven the Internet wave to sweep the world,and traditional retail enterprises have turned to the e-commerce model.However,with the gradual saturation of the online retail market,encouraged by national policies,retail enterprises have once again sought changes and begun to explore the "online + offline" new retail model.In September 2019,Suning International,a wholly-owned subsidiary of Suning.com,invested 4.8 billion yuan to acquire 80% of Carrefour China’s shares to improve the strategic layout of full-scenario retail.As a representative enterprise of active transformation under the background of new retail,Suning.com’s acquisition of Carrefour China has certain research significance.At present,the evaluation methods of M&A performance are mainly financial indicator method and balanced scorecard,the former is easy to ignore the impact of non-financial indicators on performance,and is more suitable for short-term performance evaluation;The latter takes into account more non-financial indicators,but only stakeholder contributions.The performance prism model considers the two-way role of stakeholders in enterprise operation,ensures the interests of stakeholders,closely integrates them with corporate strategy,and effectively avoids the shortcomings of traditional evaluation methods.This paper takes the acquisition of Carrefour China by Suning Tesco as a case study,constructs the evaluation system of M&A performance based on performance prism model,and makes a comprehensive evaluation of its M&A performance.First of all,the literature of domestic and foreign scholars in the field of M & A is reviewed,leading to research questions.At the same time,it introduces the theory and method of merger and acquisition as the theoretical basis of this paper.Then,major stakeholders are selected,and indicators are selected from five dimensions,namely stakeholder satisfaction and contribution,enterprise strategy,business process and organizational ability,according to the performance prism model.According to the annual report and quarterly report data of Suning Tesco from 2017 to 2021,the principal component analysis method is used to analyze the changes in the overall performance of Suning Tesco,and the influence of M&A activities on the performance of Suning Tesco and Carrefour China is analyzed from various dimensions.Finally,the M&A performance is analyzed from the non-financial perspective.Through the research,it is found that this merger has some success in non-financial perspective,but overall the merger effect is not as expected.This paper summarizes the success and shortcomings of the merger and acquisition case,and puts forward suggestions from the aspects of payment method,merger and acquisition process,integration means and cultural integration,hoping to provide corresponding help for the healthy development of the enterprise and offer suggestions for the merger and acquisition of other enterprises.To some extent,this paper provides support for the introduction of performance prism model into M & A performance evaluation,and supplements the existing research data of retail M & A performance evaluation,enriching the theoretical research on the method of M & A performance evaluation of retail enterprises.