本文選題：平衡計(jì)分卡 + 并購(gòu)績(jī)效��； 參考：《湘潭大學(xué)》2017年碩士論文

【摘要】：現(xiàn)代國(guó)際經(jīng)濟(jì)形勢(shì)日益復(fù)雜,很多企業(yè)已經(jīng)不滿足僅靠其內(nèi)部水平的提升來(lái)發(fā)展自己,以謀求市場(chǎng)中的一席之位。企業(yè)發(fā)起并購(gòu)的目的是希望并購(gòu)給其帶來(lái)的生產(chǎn)規(guī)模的擴(kuò)大、效率的提高來(lái)減少單位成本,形成協(xié)同效應(yīng),進(jìn)而提升其市場(chǎng)占有率和影響力。在眾多案例中,并不是所有的并購(gòu)都能達(dá)到預(yù)期的目的,甚至有些并購(gòu)會(huì)適得其反。企業(yè)的并購(gòu)績(jī)效是指在并購(gòu)結(jié)束之后,被并購(gòu)的企業(yè)在經(jīng)過(guò)并購(gòu)企業(yè)的統(tǒng)一規(guī)劃、調(diào)整之后,其并購(gòu)預(yù)期的完成情況。并購(gòu)是否達(dá)到了其預(yù)期效果,是否加速了企業(yè)的改革,是否形成了協(xié)同效應(yīng)等都需要在對(duì)其績(jī)效進(jìn)行評(píng)價(jià)之后才能給出結(jié)論。因此,越來(lái)越多的企業(yè)和學(xué)者不斷深入研究、探討企業(yè)并購(gòu)績(jī)效的評(píng)價(jià)方法,并且將企業(yè)并購(gòu)的整合過(guò)程以及最后的績(jī)效評(píng)價(jià)相聯(lián)系,為今后公司的并購(gòu)整合提供寶貴的經(jīng)驗(yàn)。文章的研究對(duì)象是發(fā)生在2013年的匯川并購(gòu)伊士通的案例,該并購(gòu)活動(dòng)發(fā)生的時(shí)間距現(xiàn)在不久,且并購(gòu)整合也經(jīng)歷了一些時(shí)日,研究其并購(gòu)績(jī)效具有現(xiàn)實(shí)意義。選取平衡計(jì)分卡法對(duì)匯川并購(gòu)伊士通的績(jī)效評(píng)價(jià)進(jìn)行研究,針對(duì)匯川的實(shí)際情況,在原有財(cái)務(wù)維度的基礎(chǔ)上,加入了客戶、內(nèi)部流程、創(chuàng)新和學(xué)習(xí)維度,建立起基于平衡計(jì)分卡的并購(gòu)績(jī)效評(píng)價(jià)體系,對(duì)匯川2011年~2015年的績(jī)效進(jìn)行分析、對(duì)比,全面評(píng)價(jià)匯川的并購(gòu)績(jī)效。并且將平衡計(jì)分卡評(píng)價(jià)指標(biāo)體系和層次分析法相結(jié)合,通過(guò)比較并購(gòu)前后匯川績(jī)效的綜合評(píng)價(jià)分值來(lái)評(píng)價(jià)匯川的并購(gòu)績(jī)效,給出明確的結(jié)論。相對(duì)于單純的財(cái)務(wù)指標(biāo)體系,該法突破了傳統(tǒng)研究方法的不足,加入了非財(cái)務(wù)指標(biāo),綜合評(píng)價(jià)匯川的并購(gòu)績(jī)效,可以更好地判斷匯川的并購(gòu)活動(dòng)是否達(dá)到了預(yù)期的效果,幫助匯川建立起動(dòng)態(tài)的并購(gòu)績(jī)效評(píng)價(jià)體系。預(yù)期主要貢獻(xiàn)有:一是,建立起基于平衡計(jì)分卡的匯川并購(gòu)伊士通的績(jī)效評(píng)價(jià)體系,對(duì)匯川的并購(gòu)績(jī)效進(jìn)行全面地評(píng)價(jià)。二是,運(yùn)用層次分析法設(shè)計(jì)評(píng)價(jià)體系中各指標(biāo)的權(quán)重,發(fā)揮層次分析法定性與定量結(jié)合、主觀與客觀結(jié)合的優(yōu)勢(shì)。三是,總結(jié)在研究匯川并購(gòu)伊士通案例的過(guò)程中遇到的難點(diǎn),并對(duì)基于平衡計(jì)分卡視角的并購(gòu)績(jī)效評(píng)價(jià)方法提出建議,為后來(lái)的研究者提供參考。
[Abstract]:Modern international economic situation is becoming more and more complex, many enterprises have not satisfied with their internal level to develop themselves, in order to seek a position in the market. The purpose of M & A is to increase the production scale and efficiency to reduce the unit cost and form the synergetic effect, and then to enhance its market share and influence. In many cases, not all mergers and acquisitions can achieve the desired purpose, even some mergers and acquisitions will be counterproductive. The performance of M & A refers to the expected completion of M & A after the merger and acquisition of the enterprise after the completion of the merger and acquisition, after the unified planning and adjustment of the M & A enterprise. Whether M & A achieves its expected effect, accelerates the reform of the enterprise, forms the synergistic effect, and so on, needs to evaluate its performance before the conclusion can be reached. Therefore, more and more enterprises and scholars continue to study the evaluation methods of corporate M & A performance, and the integration process of M & A and the final performance evaluation are linked to provide valuable experience for the future M & A integration. The research object of this paper is the case of Huichuan merger and acquisition of Easton which occurred in 2013. The time of the merger and acquisition activity is not long now and the merger integration has experienced some time. So it is of practical significance to study the performance of the merger and acquisition. Select the balanced Scorecard method to study the performance evaluation of Huichuan merger and acquisition of Easton, according to the actual situation of Huichuan, on the basis of the original financial dimension, added customer, internal process, innovation and learning dimensions, The M & A performance evaluation system based on balanced scorecard is established to analyze and compare the performance of Huichuan from 2011 to 2015 to evaluate the M & A performance of Huichuan in an all-round way. And the balanced scorecard evaluation index system and analytic hierarchy process are combined to evaluate the performance of Huichuan by comparing the comprehensive evaluation scores before and after merger and acquisition, and a clear conclusion is given. Compared with the pure financial index system, this method breaks through the shortcomings of traditional research methods and adds non-financial indicators. The comprehensive evaluation of Huichuan's M & A performance can better judge whether Huichuan's M & A activities have achieved the expected results. Help Huichuan to establish a dynamic M & A performance evaluation system. The main contributions are as follows: first, establish the performance evaluation system of Huichuan M & A based on balanced Scorecard, and comprehensively evaluate the performance of Huichuan M & A. The second is to use AHP to design the weights of each index in the evaluation system, and give full play to the advantages of the combination of qualitative and quantitative, subjective and objective combination of AHP. The third is to summarize the difficulties encountered in the study of the case of Huichuan M & A, and put forward some suggestions on the M & A performance evaluation method based on the balanced scorecard, which will provide a reference for the later researchers.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.6;F271;F406.7

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