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DOI: https://doi.org/10.34069/AI/2023.62.02.10
How to Cite:
Liu, K. (2023). Measuring corporate M&A performance from a two-dimensional perspective of economic and social
benefits. Amazonia Investiga, 12(62), 124-131. https://doi.org/10.34069/AI/2023.62.02.10
Measuring corporate M&A performance from a two-dimensional
perspective of economic and social benefits
以经济效益与社会效益二维视角衡量企业并购绩效
Received: February 27, 2023 Accepted: March 25, 2023
Written by:
Kui Liu1
https://orcid.org/0000-0002-8523-0918
Abstract
With the development of digital economy,
Chinese companies have set off waves of M&A
boom. The current mainstream methods of
measuring corporate M&A are based on
corporate finance level such as event study
method and financial analysis method. Based on
the literature research method, this paper points
out the problems of the relatively single
perspective and narrow scope of the
measurement of M&A based on corporate
finance. To this end, this paper uses the
hierarchical analysis method (AHP) to
comprehensively measure the economic and
social benefits of M&A enterprises from the
perspective of corporate finance and social
contribution, constructs a corporate M&A
performance evaluation model, and establishes a
corresponding evaluation index system to
promote a more comprehensive, scientific and
reasonable measurement of M&A enterprise
performance and promote sustainable
development of enterprises.
Keywords: economic benefits, social benefits,
mergers and acquisitions, performance,
hierarchical analysis.
Introduction
As a kind of autonomous corporate behavior in
the market economy, M&A is the choice of many
companies to optimize resource allocation and
achieve strategic goals, especially in the market
environment with fierce competition and high
uncertainty factors. With the development of
China's economy and the improvement of its
international status, the M&A boom has been
1
Lecturer, PhD candidate of Philippine Christian University, Manila.
long lasting, with more and more cross-border
and domestic M&A events. Information from
China's Ministry of Commerce shows that the
global M&A scale exceeded US$5 trillion for the
first time in 2021, with 9,464 M&As occurring in
China and US$622 billion in M&A value,
including such influential M&A events as Byte
Jump's US$4 billion acquisition of Mu Hit
Liu, K. / Volume 12 - Issue 62: 124-131 / February, 2023
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Technology and High Tide Investment's €4.4
billion acquisition of Philips Home Appliances.
The main internal motivation for enterprises to be
keen on M&A is to gain competitive advantage
and create more value. Studies have found that
M&A enables enterprises to give full play to the
advantages of management synergy, operational
synergy and financial synergy, which can reduce
operating costs through the effect of economies
of scale, achieve resource complementarity and
improve the competitive strength of enterprises.
However, the actual operation of enterprises after
M&A is not optimistic, as some enterprises
achieve their strategic goals and many more do
not. According to McKinsey & Company, the
percentage of successful M&A is only 30-40%.
There are many successful cases, typical of
which is the acquisition of Volvo by Geely
Automobile, which acquired 100% of Volvo for
US$1.8 billion on March 28, 2010. With the
technical advantages of Volvo, Geely
Automobile has significantly improved its
technology and industrial chain, and embarked
on a high-speed development path, growing from
a little-known regional enterprise to the most
influential domestic automobile enterprise.
Volvo has also opened up sales in the Chinese
market with Geely, giving the brand a new life
and vitality. More cases of failure, high visibility
and influence is the acquisition of Time Warner
by America Online.
There are many factors affecting the success or
failure of M&A, such as government policies,
market environment, technological progress,
management level, cultural integration, etc. So, is
there any method to scientifically and rationally
measure the quality of operation of enterprises
after M&A, and to serve as a warning and guide
for enterprise management operation?
Based on the research results of experts and
scholars, this paper attempts to explore a new
method or structure to provide a new path for
measuring corporate M&A performance and
promote the healthy and orderly development of
enterprises with reference to the existing
methods for measuring corporate M&A
performance.
Literature Review
As a management tool, performance evaluation
has several functions such as planning assistance,
forecasting judgment, monitoring support,
incentive constraint and resource optimization
(Qingjun, 2012, 25-27). In the case of M&A
firms, the mainstream performance measurement
methods are event study method, financial
analysis method, economic value added method
and balanced scorecard (Yuxi, 2020, 26-28).
Event study method
The event study method is based on stock price
analysis, selecting a specific event according to
the purpose of the study, studying the changes in
the sample stock returns before and after the
event, and then explaining the impact of the
specific event on the price changes and returns of
the sample stocks. Jiujiu Men (2016) empirically
analyzed the consecutive M&A performance of
Huadian International during the period of 2010-
2014, and concluded that M&As were able to
gain excess returns in the short term and the long-
term performance of M&As kept improving.
Yaoxin et al., (2021) showed that cross-border
M&As can gain market recognition in the short
term. Cross-border M&As are more recognized
by the market when the buyer is a state-owned
enterprise, and the market recognizes this type of
M&As when the listed companies have less
financing constraints.
Financial analysis method
The financial analysis method measures M&A
performance by comparing the changes in
corporate financial indicators before and after
M&A. However, because of the different
situations of the firms, the differences in the
research samples, and the various research
methods, the final conclusions of the studies are
also quite different, and the conclusions reached
do not have a general reference value. For
example, Tang Gongshuang, & Liu Mingzhi
(2007) concluded that performance improved in
the year of M&A and one year after M&A, but
declined thereafter to a lesser extent. In contrast,
Tong, Shenghui & Jun (2015) found that M&A
has a negative impact on the performance of
listed companies in central enterprises.
Economic value added evaluation method
The economic value added evaluation method is
based on the value added of the enterprise, and
after making necessary adjustments to the
accounting information, the net operating profit
after tax minus the cost of capital invested is used
to measure the M&A performance of the
enterprise, reflecting the consumption of capital
by the company while making profits, more
accurately showing the efficiency of capital
utilization and the rate of return, and reflecting
the true value created by the company for
shareholders. (Yongxiang, 2012, 45-50). As with
the de facto leave research method, the results of
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scholars' studies using the economic value added
method vary widely. Zuo Xiaohui, & Lv Jieyao
(2014) used the economic value added method to
analyze the performance of corporate mergers
and acquisitions, and the results showed that
from the perspective of the acquirer, the EVA
indicator achieved an increase in the year of the
merger and the first year after the merger, and
there was a small decrease in the second year
after the merger; while the average value of
economic value added per unit of net assets
decreased year by year. Fanping Wang (2019,
36-40) concluded that economic value added did
not change significantly before and after the
M&A
Balanced Scorecard
The Balanced Scorecard analyzes a company's
strategic planning from financial and non-
financial perspectives, specifically from four
dimensions: financial, learning and growth,
internal operations, and customer and market.
The financial dimension uses financial data to
clearly and intuitively reflect the financial
performance of the firm; the learning and growth
dimension takes into account the improvement of
employees' skills and the firm's room for growth;
the internal operations dimension focuses on the
firm's management processes and management
capabilities; and the customer and market
dimension includes the satisfaction of target
customer groups and the firm's market share.
Abdelmoneim & Fekry (2021) used the balanced
scorecard method method to assess the impact of
pre- and post-merger on the performance of non-
financial firms in Egypt, and the results showed
that the value of pre-acquisition operations is
higher from two financial perspectives: liquidity
and market value.
Existing methods for evaluating the performance
of M&A firms better reflect the interests of M&A
subjects, have general guidance on M&A
performance, and have played an important role
in the healthy development of M&A firms and in
promoting the process of M&A. At the same
time, these methods also have some drawbacks
and disadvantages. One is the measurement
perspective. The core of existing measurement
methods are to study corporate M&A
performance with financial data, which simply
equates M&A performance with operational
performance on financial indicators. Second, the
scope of measurement. The existing
measurement methods are based on the
enterprises themselves and measure the M&A
performance from a microscopic perspective, but
lack a macroscopic perspective on the M&A
performance of enterprises. Third, the research
methodology. The existing measurement
methods basically use quantitative research to
measure M&A effectiveness by analyzing
financial statements, but rarely use qualitative
methods to measure non-financial factors, such
as corporate image, social responsibility, and
consumer satisfaction, which are very important
to corporate development strategies.
Methodology
The purpose of this paper is to use literature
research to identify the problems in existing
M&A methods in an attempt to construct a new
method to overcome these problems and to
measure M&A performance in a comprehensive
and scientific way. In this paper, we choose the
hierarchical analysis method, which takes into
account both qualitative and quantitative
research methods, to derive the measurement
framework, measurement model and
measurement index system, and then complete
the construction of a new measurement method
structure.
Measurement Framework
An enterprise is a legal person or other social and
economic organization that uses various factors
of production to provide goods or services to the
market for the purpose of profit, and operates
independently, is self-sustaining, and is
independently accounted for. Business
enterprises maximize market value as the
ultimate goal (Zhiyang & Lufeng, 2019, 82-91),
and create value for customers by integrating
production factors. The market value of the
enterprise is realized after exchanging its
products or services, with the value of customers
or consumers. The enterprise has economic
benefits and earns profits in order to continue to
survive and realize the interests of the enterprise,
shareholders and stakeholders. The products or
services provided by enterprises, on the one
hand, need to meet the needs of consumers,
prosper the social economy and promote social
development, and on the other hand, within the
scope allowed by laws and regulations and social
morality, in this sense, "enterprises are organs of
society, not only to meet a specific market
demand, but also need to assume responsibility
for society " (Drucker, 2006). Therefore, the
benefits pursued by enterprises are divided into
two parts, one is economic benefits and the other
is social benefits. Economic benefits are the
gainful results achieved by enterprises in social
and economic activities; social benefits are the
beneficial effects on social life in addition to
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economic benefits. Business operators can not
only meet the requirements of stakeholders, but
also ignore social responsibility, which will be
extremely detrimental to the sustainable
development of enterprises.
Economic and social benefits of enterprises are
never opposites. Economic responsibility is the
lifeline in the survival and development of
enterprises. Enterprises rely on economic
responsibility to maintain the production and
operation of enterprises, to maximize the
ultimate profit in the development and operation
of enterprises, and to create enterprise economic
value and benefits for related business associates
(Lei, 2018, 96-97). Social benefit is an important
condition to promote economic benefit. 1953,
Bowen in his book "Social Responsibility of
Businessmen" made the first clear definition of
the term corporate social responsibility: the
obligation of businessmen to align themselves
with relevant policies, make corresponding
decisions and take desirable concrete actions in
accordance with the goals and values of society.
In Bowen's definition, CSR is a businessman's
obligation to take the initiative to do things that
are in line with the goals and values of society,
thereby contributing to the development of a
moral quality that prevents "companies from
doing things that infringe on social interests,
damage the natural environment, or violate
human rights in their daily production and
operations to the detriment of social justice in the
pursuit of maximum profit. "( lanfen & Li, 2006,
49-53). On the other hand, social responsibility is
also "a management method to maintain a
balance between enterprises and their
stakeholders and society (Zuo, 2022) ", thus
promoting sustainable development of
enterprises. Therefore, enterprises need to grasp
the dynamic balance between economic and
social benefits, adhere to the concept of
sustainable development, and strive to achieve
the coordinated development and positive
interaction between enterprises and society.
The economic and social responsibilities of
enterprises are two inseparable components, and
it is more scientific and reasonable to consider
the performance of M&A from the economic and
social benefits. On the one hand, it still measures
M&A performance from the financial
perspective in the traditional method, focusing on
the actual operating conditions of enterprises,
which is in line with the strategic purpose of
M&A; on the other hand, it discards the problems
of single perspective and single dimension in the
traditional method, takes into account the
stakeholders, guides the comprehensive
development of enterprises, promotes enterprises
on the road of sustainable development with a
broader strategic vision, and better reflects the
M&A and development quality. In this regard,
we have constructed a two-dimensional
measurement framework for M&A performance
to measure the effectiveness of M&A from a
more scientific and macro perspective.
Figure 1. Corporate M&A performance measurement framework.
(The figure is the author's own design according to the content of the article)
The measurement framework classifies corporate
M&A performance into four categories. The first
type is low economic performance and also low
social performance; the second type is high
economic performance and low social
performance; the third type is high economic
performance and high social performance; and
the fourth type is low economic performance and
high social performance. The first kind is the
mergers and acquisitions with low performance;
the second kind is more government-led mergers;
the third kind is the mergers and acquisitions
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performance that effectively balances social and
economic benefits; and the fourth kind is more
market-led mergers and acquisitions
performance. Obviously, the third kind is the
goal to strive for in the process of corporate
mergers.
Measurement methods and models
In the framework of economic and social
benefits, the economic benefit dimension is
supported by specific data and can be measured
based on actual business performance and
indicator data; however, the social benefit
dimension cannot be measured by specific
quantitative data, which requires us to choose a
method that can measure both quantitative and
qualitative indicators. After screening, the
analysis method used in this paper is the
hierarchical analysis method. Analytic Hierarchy
Process (AHP) is a multi-objective decision
analysis method that combines quantitative and
qualitative analysis (Zhibo, 2013, 51-53), whose
basic idea is to decompose complex problems
into a recursive hierarchy according to the
research content and objectives, quantify the
indicators in the evaluation process, and obtain
the weights of each indicator by solving the
judgment matrix.
According to the requirements of hierarchical
analysis, a progressive hierarchy is built, divided
into target layer, dimension layer and indicator
layer. The target layer is the effectiveness of
M&A, the dimension layer is the two dimensions
of economic benefits and social benefits, and the
indicator layer is the specific component
indicators under the two dimensions, thus
forming the M&A performance evaluation
model.
Figure 2. Corporate M&A performance
(The figure is the author's own design according to the content of the article)
The evaluation index system is built according to
the enterprise M&A performance evaluation
model. The primary indicators are the economic
and social benefits, the secondary indicators are
the perspectives of economic and economic
benefits and social benefits measurement; the
tertiary indicators are the specific composition of
the secondary indicators. Then determine the
index weights. If the weight of economic benefits
and social benefits is based on the percentage
system, the score of economic benefits plus the
score of social benefits should be equal to 100;
the weight of the corresponding secondary
indicators of economic benefits and social
benefits each add up to 100; the weight of the
tertiary indicators under each secondary indicator
also add up to 100. In this way, we can deduce
the specific score of the tertiary indicators and
the weight of the tertiary indicators to the
secondary indicators based on the specific score
of the tertiary indicators. The score of the second-
level indicators is then derived from the score of
the first-level indicators, and finally the total
score of the M&A performance of the enterprise
is obtained. After determining the median values
of economic and social benefits, the effectiveness
of M&A can be judged by comparing the specific
scores with the median values. Because the
determination of the median value and the
construction of judgment matrix and
determination of evaluation index weights in the
hierarchical analysis method require analysis and
discussion by a team of experts to produce
specific data, we do not discuss them here, but
rather provide a new perspective, ideas and
methods.
Measurement index system
The most important thing to establish the index
system is to solve the problems of scientificity,
objectivity, representativeness, operability, and
the combination of average and total indexes.
After defining the primary indicators, we need to
establish the secondary indicators and the
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corresponding tertiary indicators, so as to
establish a complete indicator system.
Components of the economic efficiency
dimension
The main purpose of corporate M&A is to pursue
economic efficiency, and the selection of
economic efficiency performance indicators is
mainly based on the financial accounting
perspective to reflect the profitability and
profitability level of enterprises. Regarding the
economic efficiency dimension, different
scholars have different views. Zhang Tienan
et al., evaluated three dimensions of efficiency,
scale, and effectiveness, involving 14 evaluation
elements such as total asset contribution ratio,
cost margin, total profit, and so on (Tienan et al.,
2012, 121-130). Liu Quanzhou divided the
economic efficiency of enterprises into three
aspects of enterprise profitability, solvency and
operating capacity (Quanzhou & Ying, 1999,
1-8), and Yu Ze believed that the economic
efficiency of enterprises is reflected in five
dimensions of enterprise profitability, cash flow
capacity, operating capacity, development
capacity, and debt servicing capacity (Ze, 2014).
After comprehensive evaluation, we believe that
the five dimensions of profitability, cash flow
capacity, operational capacity, development
capacity, and debt servicing capacity are more
consistent with the reality of M&A enterprises.
Profitability includes four indicators: sales
margin, total assets return rate, capital return rate,
and capital maintenance appreciation rate; cash
flow capacity includes one indicator: cash flow
ratio; operational capacity includes two
indicators: accounts receivable turnover rate and
inventory turnover rate; development capacity
includes three indicators: brand awareness,
market share, and investment in new areas and
amounts; debt service capacity includes two
indicators: asset-liability ratio and current ratio,
Current ratio are two indicators.
Composition of the social benefit dimensión
The development of enterprises should not only
focus on economic interests, but also pay
attention to social benefits, and achieve the
organic combination of economic and social
benefits with the concept of sustainable
development, so as to achieve high-quality
corporate development. Carroll (Carroll)
proposed the "pyramid model", defining the
content of CSR as: economic responsibility, legal
responsibility, ethical responsibility and
conscious responsibility (changed to
"philanthropic responsibility" in 1991), which is
also the mainstream doctrine of CSR. This is also
the mainstream doctrine of CSR, which has far-
reaching influence. According to the "pyramid
model" of social responsibility, we measure the
social benefits of enterprises in four aspects:
economic responsibility, legal responsibility,
ethical responsibility and philanthropic
responsibility. Economic responsibility includes
three indicators, namely, payment of national
taxes and profits, direct and indirect
employment, and provision of quality products or
services; legal responsibility includes two
indicators, namely, compliance with the law and
paying taxes according to the law; ethical
responsibility includes four indicators, namely,
energy conservation and environmental
protection, compliance with social ethics,
relations with employees, suppliers and
competitors, and consumer satisfaction; and
charitable responsibility includes two indicators,
namely, participation in social welfare and
participation in social charity. Charity
responsibility includes two indicators:
participation in social welfare and participation
in social charity.
Results and discussion
After the presentation in the third paragraph of
this paper, we constructed a brand-new method
based on hierarchical analysis to
comprehensively measure the performance of
M&A from two perspectives: economic and
social benefits of enterprises. On this basis, we
clarify the structure of primary, secondary and
tertiary indicators for measuring the economic
benefit dimension, and construct a measurement
system of 2 primary indicators, 9 secondary
indicators and 23 tertiary indicators. This is the
most significant result of this paper, as shown in
Table 1.
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Table 1.
Corporate M&A performance measurement index system
Tier 1 Indicators
Secondary indicators
Tertiary indicators
Economic benefits
Profitability
Sales Margin
Total Return on Assets
Rate of return on capital
Capital preservation and appreciation
rate
Cash Flow Capacity
Cash Flow Ratio
Operating Capability
Inventory turnover rate
Accounts Receivable Turnover Ratio
Development capacity
Trademark visibility
Market share
Investment in new areas and amounts
Solvency
Gearing ratio
Current ratio or quick ratio
Social benefits
Financial responsibility
Taxes and profits paid to the state
Provide employment directly and
indirectly
Provide quality products or services
Legal Liability
Discipline and law-abiding
Paying taxes in accordance with the
law
Ethical Responsibility
Energy saving and environmental
protection
Relationships with employees,
suppliers, and competitors
Compliance with social ethics
Consumer Satisfaction
Philanthropic Responsibility
Participation in social welfare
Participation in social charity
Most corporate M&A behaviors are future-
oriented and focus on the strategic value of M&A
behaviors. Accordingly, the method of
measuring M&A performance should also reflect
the strategic demands of enterprises and meet the
actual situation of enterprise reform and
development in the new economy and new
situation. There are various methods for
measuring M&A performance, each with its own
advantages and disadvantages. A good method of
measuring M&A performance should be
conducive to promoting the healthy development
of enterprises as well as promoting enterprises to
actively contribute to society; it should be able to
objectively and fairly evaluate the economic
benefits of enterprises as well as scientifically
and accurately measure the social benefits of
enterprises, actively guide enterprises to
effectively balance the relationship between
economic and social benefits, and guide them to
take the path of sustainable and high-quality
development.
The paper proposes the isomorphic perspective
of economic and social benefits to measure the
effectiveness of corporate M&A is only a useful
attempt, and there are some areas that need to be
enhanced and improved. Firstly, the scientific
rationality of the method needs to be tested in
practice, and secondly, the weights of the index
system at all levels need to be discussed and
determined by experts in academia and industry.
Conclusions
Based on the summary and analysis of previous
literature and methods, this paper finds potential
problems in the current method, mainly in the
perspective, scope and method of measurement.
To this end, based on hierarchical analysis and
performance evaluation theory, this paper
constructs a framework for evaluating the
performance of corporate M&A with the same
structure of economic and social benefits, builds
an evaluation system and clarifies the evaluation
path. This evaluation method takes into account
not only the financial factors but also the non-
financial factors of enterprises; it takes into
account not only the short-term performance
evaluation but also the long-term performance
evaluation of enterprises; it evaluates not only
from the perspective of internal operation of
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enterprises but also takes into account the
influence of external environment on enterprise
performance.
The contribution of this paper is mainly in two
aspects: one is to measure M&A performance
from a broader and multifaceted perspective; the
other is to measure M&A performance by
constructing an indicator system and
corresponding indicator weights, which takes
both qualitative and quantitative approaches.
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