外文翻译-基于平衡积分卡的企业并购绩效评价探究.doc

Mergers, Acquisitions and Corporate Performance: The Balanced Scorecard ApproachOghuvwu, M. E .1 (M.Sc) & Omoye, A.S 1 (Ph.D, ACA)AbstractThe broad objective of this paper is to evaluate the impact of mergers and acquisitions on corporate performance, using the five dimensions of financial performance, learning and growth, customer satisfaction, internal business process and environment. The study finds a significant impact of mergers and acquisitions on the financial performance, customer satisfaction and learning and growth. The study recommends the establishment of an environmental management and audit system, which will take cognizance of environmental management issues and also research and development initiatives should be planned, in other to achieve the best possible utilization of organizations internal business processes.Keywords: Mergers, Acquisitions, Balanced Scorecard, Corporate Performance1. The Concept of Mergers and Acquisitions (M&A)Mergers and acquisitions are measures firms adopt to achieve external expansion (Oh, Peter & Johnson, 2014). According to Sheidu and Yusuf (2015), in the broad sense, M&A encompasses the coming together, combination, fusion and synergy of companies, in which one drop its identity, and the other retains. Anyanwu and Agwor (2015) see mergers as a form of “strategic alliance” whereby two firms work together in pursuance of similar objectives. Similarly, Ahmed and Ahmed (2014) described mergers as an amalgamation that involves the combining of two previously independent entities subsequently into a sole entity. Ahmed and Ahmed (2014) referred to an acquisition as a situation where one company acquires successful control of the asset and management of another. In acquisitions, the combining entities may retain their legal entities, but however, control is vested in one (Omoye & Aniefor, 2016). According to Guaghan (2007), mergers and acquisitions fall into three categories: first, is the horizontal merger, which involves the combination of firms in the same area of business. Secondly, is the vertical merger, which involves the integration of firms in the same industry, but within varying business stages. Thirdly, is the Conglomerate merger, described as a combination of firms in dissimilar operations.2. Corporate PerformanceCorporate performance depends on various factors and can be studied from different aspects. Some believe that corporate performance should be measured by financial figures while for some companies corporate performance depends on customers’ loyalty or other qualitative measures (Ansari & Riasi, 2016). However, prior studies on mergers and acquisitions performance have viewed performance from two schools of thought; the accounting based measures and the stock market approach (Grigorieva & Petrunina, 2015; Ismail, Abdou & Annis, 2011 and Wang & Mioni, 2012). The accounting based approach is founded on the assumption that the objectives of M&A are to increase financial numbers. This school of thought believes that the synergistic effect of M&A is reflected in profitability measures (Anderibum & Obute, 2015; Kouser & Saba, 2011 and Olagunju &Obademi, 2012). The second school of thought which is the stock market approach is premised on the idea that performance is reflected in the increase in stock returns. It is based on stock price changes and returns of post-M&A announcement (Ismail, Abdou & Annis, 2011; Rani, Yadav & Jain, 2015 and Wang & Mioni, 2012). A broader approach is the balanced scorecard approach developed by Kaplan and Norton in 1992. The Balanced Scorecard (BSC) is a multi-dimensional performance measurement and management tool that translates an organization’s vision and strategy into action (Rigby & Bilodeau, 2013). It measures performance in four perspectives: financial, customer satisfaction, internal business process and learning and growth (Kaplan & Norton, 1996). This measurement model, however, suffers a shortcoming, such that it ignores the costs the society incurs as a result of externalities from business (Etim & Agara, 2011). There is thus the need for a dimension such as the environment that incorporates these externalities. Based on this limitation, we review performance from the financial, customer satisfaction, learning and growth, internal business process and environment subsequently.3. Mergers & Acquisitions (M&A) and Perspectives of Performance3.1 Mergers & Acquisitions and Financial PerformanceThe financial performance assesses the profitability of the organization actions. It examines how an organization should appear to its shareholders to succeed financially (Kaplan & Norton, 1992). Omoye and Aniefor (2016) employed a longitudinal survey covering the period of 2007 to 2012 to assess the effect of M&A on organizations’ profitability. Data for the study was analyzed using “McNemar” statistics. The findings from the study revealed that M&A has an influence on the profitability ratios.。