This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing e...This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing efficiency and obtaining business synergy. Prior literature suggests that synergies could arise due to taxes, market power or efficiency improvements. This study evaluates the efficiency of M&A in Brazil among publicly-traded companies. We used models with multiple objectives from Goal Programming and Data Envelopment Analysis (GPDEA), employing accounting indicators as input and output variables, and thus evaluated the emergence of synergy gains. These models allow us to analyze and classify the M&A according to the efficiency obtained in such processes. Some of the M&A cases analyzed were mistakenly considered efficient when used traditional models. And, as expected, the GPDEA was proved to be superior to classical models;however it was noticed that few of the cases investigated were proved to be effective. We presented a new application for multi-objective approach that can be used to assess mergers and acquisitions. The dualapplication of GPDEA provided a greater understanding of efficiency generation in synergy creation by means of M&A.展开更多
This paper is concerned with the resource allocation problem based on data envelopment analysis （DEA） which is generally found in practice such as in public services and in production process. In management context,...This paper is concerned with the resource allocation problem based on data envelopment analysis （DEA） which is generally found in practice such as in public services and in production process. In management context, the resource allocation has to achieve the effective-efficient-equality aim and tries to balance the different desires of two management layers： central manager and each sector. In mathematical programming context, to solve the resource allocation asks for introducing many optimization techniques such as multiple-objective programming and goal programming. We construct an algorithm framework by using comprehensive DEA tools including CCR, BCC models, inverse DEA model, the most compromising common weights analysis model, and extra resource allocation algorithm. Returns to scale characteristic is put major place for analyzing DMUs＇ scale economies and used to select DMU candidates before resource allocation. By combining extra resource allocation algorithm with scale economies target, we propose a resource allocation solution, which can achieve the effective-efficient-equality target and also provide information for future resource allocation. Many numerical examples are discussed in this paper, which also verify our work.展开更多
文摘This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing efficiency and obtaining business synergy. Prior literature suggests that synergies could arise due to taxes, market power or efficiency improvements. This study evaluates the efficiency of M&A in Brazil among publicly-traded companies. We used models with multiple objectives from Goal Programming and Data Envelopment Analysis (GPDEA), employing accounting indicators as input and output variables, and thus evaluated the emergence of synergy gains. These models allow us to analyze and classify the M&A according to the efficiency obtained in such processes. Some of the M&A cases analyzed were mistakenly considered efficient when used traditional models. And, as expected, the GPDEA was proved to be superior to classical models;however it was noticed that few of the cases investigated were proved to be effective. We presented a new application for multi-objective approach that can be used to assess mergers and acquisitions. The dualapplication of GPDEA provided a greater understanding of efficiency generation in synergy creation by means of M&A.
基金This research is supported by 973 Program under Grant No.2006CB701306
文摘This paper is concerned with the resource allocation problem based on data envelopment analysis （DEA） which is generally found in practice such as in public services and in production process. In management context, the resource allocation has to achieve the effective-efficient-equality aim and tries to balance the different desires of two management layers： central manager and each sector. In mathematical programming context, to solve the resource allocation asks for introducing many optimization techniques such as multiple-objective programming and goal programming. We construct an algorithm framework by using comprehensive DEA tools including CCR, BCC models, inverse DEA model, the most compromising common weights analysis model, and extra resource allocation algorithm. Returns to scale characteristic is put major place for analyzing DMUs＇ scale economies and used to select DMU candidates before resource allocation. By combining extra resource allocation algorithm with scale economies target, we propose a resource allocation solution, which can achieve the effective-efficient-equality target and also provide information for future resource allocation. Many numerical examples are discussed in this paper, which also verify our work.
