基于平衡计分卡的均胜电子跨境并购绩效研究
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摘要
跨境并购是企业实现转型升级的有效途径,能否实现预期目标需考察并购前后企业的绩效变化。本研究以宁波均胜电子为例,基于平衡计分卡的视角,从财务、客户、内部流程、学习与成长四个维度对跨境并购前后的绩效做了比较分析,指出其成功经验及存在的问题,并提出创新性的启示:明确并购战略,始终聚焦主业;选择并购目标,加速转型升级;加强成本管控,提升议价能力;积极推进整合,促进融合发展。
Cross-border merger and acquisition(M&A) is considered as an effective way for enterprises to achieve transformation and upgrading. The performance change of enterprises before and after M&A should be examined to clarify whether the expected target is achieved. The present paper,taking Joyson Electronics as the study object, conducts a comparative analysis of the performances before and after cross-border M&A in the light of finance, customer, internal process, learning and growth based on balanced scorecard(BSC), discusses its success story and the existing problems and puts forward the implications, i.e., making clear M&A strategy, focusing on the main business; selecting acquisition targets, accelerating transformation and upgrading; strengthening cost control, improving bargaining power, pushing for integration and promoting integrated development.
Cross-border merger and acquisition(M&A) is considered as an effective way for enterprises to achieve transformation and upgrading. The performance change of enterprises before and after M&A should be examined to clarify whether the expected target is achieved. The present paper,taking Joyson Electronics as the study object, conducts a comparative analysis of the performances before and after cross-border M&A in the light of finance, customer, internal process, learning and growth based on balanced scorecard(BSC), discusses its success story and the existing problems and puts forward the implications, i.e., making clear M&A strategy, focusing on the main business; selecting acquisition targets, accelerating transformation and upgrading; strengthening cost control, improving bargaining power, pushing for integration and promoting integrated development.
引文
[1]郭伟.三一重工跨国并购德国普茨迈斯特绩效评价——基于平衡计分卡的方法[D].南昌:华东交通大学, 2018:1-55.
[2]陈侃翔,谢洪明,程宣梅,等.新兴市场技术获取型跨国并购的逆向学习机制[J].科学学研究, 2018(6):1048-1057.
[3] MOELLER S. Performance, Slack and the Timing of Acquisitions[J]. Cademy of Management Journal, 2005(51):808-822.
[4]彭珍.中国民营企业海外并购失败的原因分析[D].长沙:湖南大学, 2017:1-65.
[5]宋维佳,乔治.我国资源型企业跨国并购绩效研究——基于短期和中长期视角[J].财经问题研究, 2014(7):98-105.
[6] AYBAR F. Corporate Serial Acquisitions:An Empiricial Test of the Learning Hypothesis[J]. Core Discussion Papers, 2009(15):543-561.
[2]陈侃翔,谢洪明,程宣梅,等.新兴市场技术获取型跨国并购的逆向学习机制[J].科学学研究, 2018(6):1048-1057.
[3] MOELLER S. Performance, Slack and the Timing of Acquisitions[J]. Cademy of Management Journal, 2005(51):808-822.
[4]彭珍.中国民营企业海外并购失败的原因分析[D].长沙:湖南大学, 2017:1-65.
[5]宋维佳,乔治.我国资源型企业跨国并购绩效研究——基于短期和中长期视角[J].财经问题研究, 2014(7):98-105.
[6] AYBAR F. Corporate Serial Acquisitions:An Empiricial Test of the Learning Hypothesis[J]. Core Discussion Papers, 2009(15):543-561.