外文翻译-基于平衡积分卡的企业并购绩效评价探究.docVIP

PAGE PAGE 7 Mergers, Acquisitions and Corporate Performance: The Balanced Scorecard Approach Oghuvwu, M. E .1 (M.Sc) Omoye, A.S 1 (Ph.D, ACA) Abstract The 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 Performance The Concept of Mergers and Acquisitions (MA) 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, MA 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, whi