卧龙电驱系列并购战略绩效评价及启示  

Strategic Performance Evaluation and Enlightenment of Wolong Electric Group Co.Ltd.’s Series M&A

作　　者：杨琼[1] 周浪波[2] YANG Qiong;ZHOU Lang-bo(School of Accounting,Hunan University of Finance and Economics,Changsha 410205;Business School,Central South University,Changsha 410083)

机构地区：[1]湖南财政经济学院 [2]中南大学商学院

出　　处：《财务与金融》2022年第5期30-36,81,共8页Accounting and Finance

基　　金：2022年湖南财政经济学院教学改革研究课题《双创视野下高校会计人才创新能力养成实践》教学研究成果。

摘　　要：目前关于并购绩效评价的研究主要局限于并购的短期财务绩效和市场反应,战略绩效分为财务回报、市场地位、战略资源、核心能力、财务弹性五要素。对卧龙电驱2013-2018年系列并购的战略绩效评价表明,卧龙电驱系列并购行为达到预期目标,对其可持续发展能力有积极影响。本文通过对卧龙电驱系列并购案例的分析,立足于并购长期性和全局性影响,结合企业并购动因构建战略绩效评价的维度和指标,以期为企业并购决策和战略反思提供框架性指导。At present, the research on the performance evaluation of M & A is mainly limited to the short-term financial performance and market response of M & A. Strategic performance is divided into five elements: financial return, market position, strategic resources, core ability and financial resilience. The strategic performance evaluation of series M & A of Wolong Electric from 2013 to 2018 shows that Wolong Electric series M & A achieves the expected target and has a positive impact on its sustainable development ability. Through the analysis of the cases, this paper proposes that the enterprise M & A should be based on the long-term and overall impact, combined with the dimensions and indicators of its strategic performance evaluation, and provide the framework guidance and suggestions for the enterprise M & A decision-making and strategic reflection.

关 键 词：并购 战略绩效 市场地位 战略资源 核心能力 

分 类 号：F830[经济管理—金融学]