I 摘要 随着社会经济的飞速发展，市场竞争日趋激烈。面对来自竞争对手的威胁，许多 企业不能依靠自身的实力和资源在市场竞争中维持其市场份额，越来越多的企业选择 并购或者被并购来提高其竞争力。政府先后颁布《物流业调整和振兴规划》等政策性 文件，以刺激物流行业发展，并鼓励物流企业通过并购、合资等方式进行重组，使主 营业务做大做强，国家政策成为物流行业整合的重要推动力。要在竞争如此激烈的物 流行业保持地位，更好地满足客户的需求，需要企业不断提高自身的竞争优势，快速 掌握核心技术，抢占市场，并购将会是势在必行的重要一步。 本文所研究的问题是：顺丰控股连续并购的动因是什么？顺丰控股连续并购的绩效 如何？针对这些问题，本文将通过对顺丰控股连续并购案例进行详细研究，分析其并 购动因和并购过程，基于平衡计分卡构建连续并购绩效评价体系，对顺丰控股连续并 购后的绩效进行定量和定性的分析，探讨连续并购究竟是否给顺丰控股带来了价值。 拟从平衡计分卡的财务、客户、内部流程、学习与成长四个维度探究顺丰控股连续并 购的效果，对顺丰控股连续并购前后的绩效进行对比，运用层次分析法和熵值法相结 合的方法以及功效系数法计算顺丰控股连续并购绩效评价的结果，针对现存问题提出 管理和并购等的建议，为我国物流行业的并购行为提供借鉴，以更加科学地评估平衡 计分卡作为并购绩效评价工具的合理性。 通过对顺丰控股进行连续并购绩效评价的实例研究，提出基于本案例的启示和对 其他企业应用平衡计分卡的建议。在进行并购活动时，并购企业应当根据企业战略制 定并购战略，选择灵活的并购支付方式，重视并购后的整合，包括经营战略整合、人 力资源整合、组织与制度整合、资产债务整合、财务整合和文化整合。在使用平衡计 分卡评价并购绩效时，评价指标和体系应当与并购方的企业战略相结合，符合并购企 业的自身特点，评价指标应当全面、客观和细化；评价指标的权重需兼顾主观性与客 观性；根据实际情况可适当增加与政府部门、供应商、债权人等利益相关者和社会责 任相关的评价维度。 关键词：连续并购；连续并购绩效；平衡计分卡 广东工业大学硕士学位论文 II Abstract With the rapid development of social economy, the market competition is becoming increasingly fierce. Encountered with the threat from competitors, many enterprises cannot maintain its market share in the market competition in reliance on their own strength and resources. Instead, more and more enterprises choose to improve their competitiveness through M&A or being merged or acquired. The government has successively promulgated policy documents such as the Restructuring and Revitalization Plan for Logistics Industry, which promote the development of the logistics industry and encourage the logistics enterprises to carry out restructuring through M&A, joint ventures, etc, so as to grow the main operations bigger and stronger. National policies have become an important impetus for the integration of the logistics industry. In order to maintain a position in such a competitive logistics industry and better serve the needs of customers, it is necessary for enterprises to continuously improve their competitive advantages, quickly grasp the core technology and seize the market share. In such context, M&A will be an imperative, important step. The questions studied in this paper are: What are the motives of SF Holding's continuous M&A? What is the performance of SF Holding's continuous continuous M&A? To deal with these problems,this paper will conduct a detailed study on the cases of continuous M&A of SF Holding, analyze its M&A motives and process, build a continuous M&A performance evaluation system based on the balanced scorecard, make quantitative and qualitative analyses on the performance of SF Holding after continuous M&A, and discuss whether continuous M&A has added value to SF Holding. This paper intends to explore the effect of SF Holding's continuous M&A from four dimensions of the balanced scorecard, i.e. finance, customer, internal process, learning and growth, compare the performance of SF Holding before and after continuous M&A, calculate the performance evaluation results of SF Holding's continuous M&A by using the method of combining The Analytic Hierarchy Process (AHP) and entropy weight method as well as method of efficacy coefficient, and put forward recommendations about management and M&A with respect to the existing problems, thus providing reference for the M&A actions in China’s logistics industry and evaluating the rationality of the balanced scorecard as a tool of M&A performance evaluation more scientifically. Based on the case study of continuous M&A performance evaluation of SF Holding, this paper puts forward the enlightenment based on this case and the recommendations for applying the balanced scorecard to other companies. Upon M&A, the enterprise conducting Abstract III the M&A should formulate M&A strategy according to the enterprise strategy, choose flexible M&A payment methods, and pay attention to the integration after M&A, including business strategy integration, human resources integration, organization and system integration, asset and debt integration, financial integration and cultural integration. When using the balanced scorecard to evaluate the performance of M&A, the evaluation indicators and system should be combined with the enterprise strategy of the acquirer,accord with the characteristics of the enterprise that conducts M&A, and the evaluation indicators should be comprehensive, objective and segmented; the evaluation indicators should be weighted taking into account both subjectivity and objectivity; according to the actual situation, evaluation dimensions relating to stakeholders, including government departments, suppliers, creditors, etc, and social responsibility, may be added appropriately. Key words: continuous M&A; continuous M&A performance; balanced scorecard 广东工业大学硕士学位论文 IV 目 录 摘要 ............. I Abstract ...... II 目 录 .......... IV Contents ... VII 第一章 绪论 1 1.1研究背景和意义 ............ 1 1.1.1研究背景 ............... 1 1.1.2研究意义 ............... 2 1.2文献综述 ........................ 2 1.2.1连续并购动因 ........ 2 1.2.2连续并购绩效的影响因素 ................... 3 1.2.3平衡计分卡 ............ 5 1.2.4文献评述 ................ 6 1.3研究内容和方法 ............ 7 1.3.1研究内容 ................ 7 1.3.2研究方法 ................ 8 1.4研究思路 ....................... 8 第二章 相关基础理论 ............. 11 2.1连续并购概述 ............... 11 2.1.1连续并购的概念 .. 11 2.1.2连续并购动因理论 ............................. 11 2.2连续并购绩效 ............... 14 2.2.1连续并购绩效的概念 ......................... 14 2.2.2连续并购绩效的影响因素 ................. 14 2.3连续并购绩效评价方法 .............................. 15 2.3.1财务指标法 .......... 15 2.3.2事件研究法 .......... 15 2.3.3经济增加值 .......... 15 目录 V 2.3.4平衡计分卡 .......... 16 2.4平衡计分卡分析评价体系 .......................... 17 2.5本章小结 ....................... 18 第三章 顺丰控股连续并购案例与动因分析 ........ 19 3.1顺丰控股简介 ............... 19 3.1.1公司概况和发展历程 ......................... 19 3.1.2组织架构 .............. 20 3.1.3战略规划和公司愿景 ......................... 21 3.2顺丰控股连续并购过程 .............................. 21 3.3顺丰控股连续并购的动因分析 .................. 23 3.3.1整合优质的物流资源 ......................... 23 3.3.2提高市场占有率 .. 24 3.3.3实现协同效应 ...... 24 3.4本章小结 ....................... 24 第四章 基于平衡计分卡的顺丰控股连续并购绩效评价 ................... 25 4.1基于平衡计分卡连续并购绩效评价指标的构建 ..................... 25 4.1.1评价指标的构建 .. 25 4.1.2评价指标的赋权方法 ......................... 30 4.2基于平衡计分卡的连续并购绩效评价 ...... 43 4.2.1财务维度评价 ...... 43 4.2.2客户维度评价 ...... 47 4.2.3内部流程维度评价 ............................. 51 4.2.4学习与成长维度评价 ......................... 56 4.3顺丰控股连续并购绩效评价的结果 .......... 61 4.3.1计算各评价指标的得分 ..................... 61 4.3.2计算平衡计分卡指标体系综合得分 . 69 4.3.3顺丰控股连续并购绩效的评分结果 . 74 4.4本章小结 ....................... 77 第五章 启示与建议 ................. 78 5.1基于顺丰控股连续并购案例的启示 .......... 78 广东工业大学硕士学位论文 VI 5.2对其他企业应用平衡计分卡的建议 .......... 79 结 论 .......... 81