在竞争日渐激烈的市场环境下，并购作为企业发展壮大的重要方式，对优化 产业结构、提高企业竞争力都有着重要意义。2015年国家提出的供给侧结 构性改 革政策更是促进了各行各业的并购重组，然而并不是所有的企业并购都达到了预 期的效果，因此，对并购的绩效评价显得尤为重要。 本文以并购理论为基础，借助绩效评 价管理中的平衡计分卡理论，结合H集 团的发展战略，从财务、客户、内部流程、学习创新四个角度的绩效评价指标对H 集团的并购行为进行绩效评价。通过案例分析得出，H集团 客户的增长率和产品的 市场占有率都显著提升。内部流程方面优化了资金管理和采购管理并提高了办公 的现代化水平。学习创新方面优化了职工的层次结构并提出了创新的管理 制度。 财务方面除了公司的运营能力有所提升外，成长能力、盈利能力和偿债能力均受 到并购滞后效应的影响，暂时未能发生显著提升。虽然财务方面在短期内没有得 到显著提 升，但是并购实现了H集团销售增长、打造高水平的工作团队和高效运 营管理的战略主题，充分利用了公司的闲置资金增加了煤炭战略资源的储备，优 化了资源的配置，发挥出了 并购的管理、财务和经营协同效应，为公司实现财务 增长、打造百年企业的战略目标奠定了坚实的基础。所以总的来说，H集团的并购 绩效整体上得到了提升。 关键词：并购战 略，并购整合，绩效评价，平衡计分卡 II Abstract In the increasingly competitive market environment, M&A, as an important way for the development of enterprises, is of great significance to improve the competitiveness of enterprises and optimize the industrial structure. In 2015, the supply side structural reform policy proposed by the government promoted the M&A of various industries, however, not all M&A has achieved the expected results, so the performance evaluation of M&A is particularly important. Based on the theory of M&A, with the help of the Balanced Scorecard theory in performance evaluation management, combined with the development strategy of H group, this paper evaluates the M&A performance of H group from four aspects of finance, customer, internal process, learning and innovation. Through the case analysis, the growth rate of H group's customers and the market share of products are significantly improved. In terms of internal process, it optimizes the capital management and procurement management and improves the modernization level of office. In the aspect of learning and innovation, the hierarchical structure of employees is optimized and the innovative management system is put forward. In terms of finance, in addition to the improvement of the company's operation ability, the growth ability, profitability and solvency are all affected by the lag effect of M&A, which has not been significantly improved for the time being. Although the financial aspect has not been significantly improved in the short term, the merger and acquisition has realized the strategic theme of H group's sales growth, building a high-level working team and efficient operation and management, made full use of the company's idle funds, increased the reserves of coal strategic resources, optimized the allocation of resources, and played a synergistic effect of merger and acquisition management, finance and operation, so as to realize the goal of the company financial growth and the strategic goal of building a century old enterprise lay a solid foundation. So in general, the M&A performance of H group has been improved as a whole.。。。。。。以下内容略