Measuring corporate M&A performance from a two-dimensional perspective of economic and social benefits
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https://doi.org/10.34069/AI/2023.62.02.10
Résumé
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.
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Références
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Yongxiang, L. (2012). Research on EVA performance evaluation of listed companies in China's nonferrous metal industry ［J］Reference for economic research, 63, 45-50. https://acortar.link/LNJELt
Yuxi, W. (2020). Evaluation of financial performance analysis methods of enterprise mergers and acquisitions [J]. Journal of Shanxi University of Finance and Economics, 42(S1), 26-28. https://acortar.link/rGDi6R
Ze, Y. (2014). Research on the efficiency evaluation and capital allocation of China's cultural industry development [D] China University of Mining and Technology, 59-60. https://acortar.link/ABiPmX
Zhibo, W. (2013). Evaluation of enterprise technological innovation capability based on AHP-grey correlation model [J] Statistics and Decision, 4, 51-53. https://acortar.link/9NQaiB
Zhiyang, L., & Lufeng, W. (2019). The generation logic of Chinese social enterprises [J]. Academic Monthly, 51(10), 82-91. https://acortar.link/pqjwke
Zuo, J. (2022). Research on the relationship between corporate social responsibility and sustainable development goals in Japan [D]. Jilin University, 2022. https://acortar.link/dHJJCx
Drucker, P. (2006). Management Mission, Responsibility and Practice (Mission), Beijing: Machinery Industry Press, https://acortar.link/gbTT3I
Fanping, W. (2019). Is EVA a better assessment tool than accounting indicators—— Research on M&A of A-share listed companies [J]. Shanghai Finance, 471(10), 36-40. https://acortar.link/hSGcCI
Gongshuang, T., & Mingzhi, L. (2007). Empirical Study on Long-term Value Creation of Chinese Listed Companies before and after Mergers and Acquisitions -- Empirical Analysis of Business Performance Based on Financial Analysis [J]. Statistics and Information Forum, 86(05), 55-61. https://acortar.link/RaTz9A
Jiujiu, M. (2016). Research on the performance of continuous mergers and acquisitions - based on the empirical data of Huadian International [J]. Friends of Accounting, 540(12), 91-97. https://acortar.link/tvfQi1
Lanfen, L., & Li, N. (2006). Corporate social responsibility and social justice [J]. Ethics and civilization, 04, 49-53. https://acortar.link/1S9gQR
Lei, Z. (2018). How to balance economic value and social responsibility of enterprises [J]. People's Forum, 598(17), 96-97. https://acortar.link/fd7jF4
Qingjun, S. (2012). Comparison between government performance evaluation and performance audit [J]. China's administrative management, 04, 25-27. https://acortar.link/nvmCjs
Quanzhou, L., & Ying, W. (1999). Research on enterprise value and its evaluation methods [J]. Journal of Guizhou University of Finance and Economics, 04, 1-8. https://acortar.link/l6BMHI
Shenghui, T., & Jun, W. (2015). Empirical study on the performance of mergers and acquisitions of listed companies of central enterprises [J]. Journal of Central University of Finance and Economics, 333(05), 46-53. https://acortar.link/t8F0FR
Tienan, Z., Aili, L., & Yingying, X. (2012) Analysis of the differences in economic benefits of industrial enterprises with different ownership in China [J]. World Economic and Political Forum, 292(03), 121-130. https://acortar.link/ACZVE7
Xiaohui, Z., & Jieyao, L. (2014). Research on the performance of listed companies' mergers and acquisitions based on EVA [J]. Financial theory and practice, 35(06), 34-39. https://acortar.link/aUVyDj
Yaoxin, H., Juntong, L., & Qi, J. (2021). Research on cross-border M&A behavior of enterprises from the perspective of industrial policy - based on event research method [J]. Macroeconomic research, 277(12), 83-94. https://acortar.link/MkJfiU
Yongxiang, L. (2012). Research on EVA performance evaluation of listed companies in China's nonferrous metal industry ［J］Reference for economic research, 63, 45-50. https://acortar.link/LNJELt
Yuxi, W. (2020). Evaluation of financial performance analysis methods of enterprise mergers and acquisitions [J]. Journal of Shanxi University of Finance and Economics, 42(S1), 26-28. https://acortar.link/rGDi6R
Ze, Y. (2014). Research on the efficiency evaluation and capital allocation of China's cultural industry development [D] China University of Mining and Technology, 59-60. https://acortar.link/ABiPmX
Zhibo, W. (2013). Evaluation of enterprise technological innovation capability based on AHP-grey correlation model [J] Statistics and Decision, 4, 51-53. https://acortar.link/9NQaiB
Zhiyang, L., & Lufeng, W. (2019). The generation logic of Chinese social enterprises [J]. Academic Monthly, 51(10), 82-91. https://acortar.link/pqjwke
Zuo, J. (2022). Research on the relationship between corporate social responsibility and sustainable development goals in Japan [D]. Jilin University, 2022. https://acortar.link/dHJJCx
Publiée
2023-03-30
Comment citer
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
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