基于平衡计分卡的企业并购绩效研究--以光大证券并购新鸿基金融为例

Research on M&A Performance from the Perspective of Balanced Scorecard:Taking Everbright Securities’ Acquisition of Sun Hung Kai Finance as an Example

并购是企业快速提高竞争力的一种有效方式,在当前经济快速发展时期,多数企业选择并购,而并购成功的关键在于并购绩效情况。基于平衡计分卡理论分析了光大证券与新鸿基金融的并购绩效,选择了学习与成长、内部业务流程、客户、财务维度4个层面的管理指标,并从上市公司2014-2018年财务报告获取数据,通过4个层面的因果驱动关系分析了光大证券与新鸿基金融的并购绩效情况,得出了公司并购实现了并购初衷,但没有达成财务协同效应、内部业务流程的资源整合不完善的结论,对此提出了对策建议。

Merger and acquisition is an effective way for enterprises to quickly improve their competitive strength.In the current period of rapid economic development,most enterprises choose merger and acquisition,and the key to the success of merger and acquisition lies in the performance of merger and acquisition.Based on the Balanced Scorecard theory,this paper analyzes the M & A performance of Everbright Securities and Sun Hung Kai finance,and selects four management indicators:learning and growth,internal business process,customer and financial dimensions.Data in the five-year financial reports of listed companies from 2014 to 2018 are obtained and the performance of M & A between Everbright Securities and Sun Hung Kai Finance is also analyzed based on the causal driving relationship at four levels.This paper points out that the original intention of M & A has been realized,but the financial synergy effect has not been achieved.The resource integration of internal business process is not perfect,and countermeasures and suggestions are also put forward.