本文選題：平衡計分卡 + 并購績效　； 參考：《湘潭大學》2017年碩士論文

【摘要】：現代國際經濟形勢日益復雜,很多企業(yè)已經不滿足僅靠其內部水平的提升來發(fā)展自己,以謀求市場中的一席之位。企業(yè)發(fā)起并購的目的是希望并購給其帶來的生產規(guī)模的擴大、效率的提高來減少單位成本,形成協同效應,進而提升其市場占有率和影響力。在眾多案例中,并不是所有的并購都能達到預期的目的,甚至有些并購會適得其反。企業(yè)的并購績效是指在并購結束之后,被并購的企業(yè)在經過并購企業(yè)的統一規(guī)劃、調整之后,其并購預期的完成情況。并購是否達到了其預期效果,是否加速了企業(yè)的改革,是否形成了協同效應等都需要在對其績效進行評價之后才能給出結論。因此,越來越多的企業(yè)和學者不斷深入研究、探討企業(yè)并購績效的評價方法,并且將企業(yè)并購的整合過程以及最后的績效評價相聯系,為今后公司的并購整合提供寶貴的經驗。文章的研究對象是發(fā)生在2013年的匯川并購伊士通的案例,該并購活動發(fā)生的時間距現在不久,且并購整合也經歷了一些時日,研究其并購績效具有現實意義。選取平衡計分卡法對匯川并購伊士通的績效評價進行研究,針對匯川的實際情況,在原有財務維度的基礎上,加入了客戶、內部流程、創(chuàng)新和學習維度,建立起基于平衡計分卡的并購績效評價體系,對匯川2011年~2015年的績效進行分析、對比,全面評價匯川的并購績效。并且將平衡計分卡評價指標體系和層次分析法相結合,通過比較并購前后匯川績效的綜合評價分值來評價匯川的并購績效,給出明確的結論。相對于單純的財務指標體系,該法突破了傳統研究方法的不足,加入了非財務指標,綜合評價匯川的并購績效,可以更好地判斷匯川的并購活動是否達到了預期的效果,幫助匯川建立起動態(tài)的并購績效評價體系。預期主要貢獻有:一是,建立起基于平衡計分卡的匯川并購伊士通的績效評價體系,對匯川的并購績效進行全面地評價。二是,運用層次分析法設計評價體系中各指標的權重,發(fā)揮層次分析法定性與定量結合、主觀與客觀結合的優(yōu)勢。三是,總結在研究匯川并購伊士通案例的過程中遇到的難點,并對基于平衡計分卡視角的并購績效評價方法提出建議,為后來的研究者提供參考。
[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.
【學位授予單位】：湘潭大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.6;F271;F406.7

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