基于平衡计分卡的我国出版企业并购绩效评价研究——以天舟文化并购神奇时代为例

The Research of Performance Evaluation of M&A Based on the BSC Perspective——Case Study of Acquisition of Magic Univurse by Tangel Publishing

在数字媒介快速发展的背景下,出版行业顺应媒介融合的发展趋势,出现一波并购浪潮。但是,并购活动是否成功,如何客观、全面地评价并购活动的绩效,成了并购企业十分关注的问题。本文基于平衡记分卡的基本理论,融入相关并购理论,从财务、客户、内部流程、学习和成长四个维度,构建了一套多角度多指标的并购绩效评价体系,并以天舟文化并购神奇时代为例进行深入研究,将平衡计分卡理论充分运用到企业的并购绩效评价当中。研究发现,此次并购活动对天舟文化的绩效有显著提高,实现了最初的并购战略目标,取得了理想的并购结果。

Under the background of rapid development of digital media, the publishing industry is following the development trend of media integration , and a wave of mergers and acquisitions appears. However , whether M ＆ A activity is successful , objective and comprehensive evaluation of the per-formance of M ＆ A activity for mergers and acquisitions enterprises becomes ver concerned about the issue. Based on the basic theory of BSC and the relevant M ＆ A theory, this paper constructs a set of M ＆ A performance evaluation system from the four dimensions of finance , customer , internal process , learning and growth. This paper makes full use of the teory of Balanced Scorecard in the evaluation of M ＆ A per-formance. The results show that the M ＆ A activity has significantly improved the performance of Magic Universe , achieved the initial M ＆ A strategic objective , and the ideal M ＆ A results.