中国最大的危险废物处理处理公司东江环保以及国际最大的两家危险废物处 理处理公司Clean Harbors和Stericycle的成长历程表明，危险废物处理处理企业的 成长主要依靠收购兼并的外延式扩张，而这也将是其未来的主要成长驱动模式。 市场内不断并购整合，市场外资本不断涌入，于是并购活动是否成功，如何客观、 全面地评价并购活动的绩效，成了并购企业重点关注的问题。本文从效率理论的 并购动机出发，基于平衡计分卡的基本理论，从财务维度、客户维度、内部流程 维度、学习与成长四个维度，基于前人的研究并结合效应理论及危险废物处理处 理行业自身特点，构建了一套多角度多指标的危险废物处理处理行业并购绩效评 价体系，并以A公司并购B公司为例进行深度剖析，将平衡计分卡理论充分运用 到企业的并购绩效评价当中，该体系打破了以往文献中仅有通用评价指标的惯例， 深入结合危险废物处理行业特点，设立了行业专用指标，能够更加完整的评价A 公司的并购绩效。 A公司于2015年12月完成了对B公司的并购，本文选取了A公司与B公司 2014.1-2018.12月的相关数据，运用层次分析法及模糊综合评价法，从财务维度、 客户维度、内部流程维度、学习与成长维度四个方面，基于协同效应的并购动机， 通过具体指标对并购绩效进行了评价。本文对定性指标进行打分并对定量指标进 行深入分析，A公司与B公司在财务方面，企业的盈利能力、运营能力以及发展 能力有明显的提升，但偿债能力却比之前更弱，这是由于企业所处发展阶段不同， 其本身融资扩张方式便有所不同，并且并购前期的资本结构比例过于保守，并不 利于危险废物处理行业这种非流动资产比例较高的企业的长期发展。客户方面、 内部流程方面、学习与成长方面三方面A公司在并购后期的绩效明显好于并购前 期。尤其在客户方面，A公司与B公司由并购前行业排名十名开外，基于并购后 的良好整合，发挥了协同效应，2018年排名升至行业第六。因此，A公司并购B 公司后，绩效整体达到了上升的效果。 关键词：平衡计分卡；并购绩效；危险废物处理企业 ABSTRACT The growth of Dongjiang Environmental Protection, China ’s largest hazardous waste treatment company, and Clean Harbors and Stericycle, two of the world ’s largest hazardous waste treatment companies, show that the growth of hazardous waste treatment companies is mainly based on the extension of acquisitions and mergers, which will Is its main growth-driven model in the future. The mergers and acquisitions in the market continue to be integrated, and the capital inflows outside the market are constantly flowing. Therefore, whether the merger and acquisition activities are successful and how to objectively and comprehensively evaluate the performance of mergers and acquisitions activities has become a key issue for M&A companies. This article starts from the M&A motivation of the efficiency theory, based on the basic theory of BSC, from the financial dimension, customer dimension, internal process dimension, learning and growth four dimensions, based on previous research and combining effect theory and hazardous waste treatment The characteristics of the industry itself, a set of multi-angle and multi-index hazardous waste treatment and treatment industry M&A performance evaluation system, and the company A and B company as an example for in-depth analysis, the BSC theory is fully applied to the company's M&A performance evaluation Among them, this system breaks the previous practice of having only universal evaluation indicators in the literature, deeply integrates the characteristics of the hazardous waste treatment industry, and establishes industry-specific indicators, which can more fully evaluate the performance of company A's mergers and acquisitions. Company A completed the merger and acquisition of Company B in December 2015. This article selects the relevant data of Company A and B from December 2014 to December 2018, and uses the analytic hierarchy process and fuzzy comprehensive evaluation method from the financial dimension, customer dimension, and internal processes. Dimensions, learning and growth dimensions, based on the synergy effect of merger and acquisition motivation, the performance of mergers and acquisitions was evaluated through specific indicators. This article scores qualitative indicators and conducts in-depth analysis of quantitative indicators. In terms of finance, Company A and Company B have significantly improved their profitability, operating capacity, and development capabilities, but their solvency is weaker than before. This is Due to the different development stages of enterprises, their own financing expansion methods are different, and the proportion of capital structure in the early stage of mergers and acquisitions is too conservative, which is not conducive to the long-term development of enterprises with a high proportion of non-current assets in the hazardous waste treatment industry. In terms of customers, internal processes, and learning and growth, Company A's performance in the later stage of M&A was significantly better than that in the earlier stage. Especially in terms of customers, Company A and Company B ranked top ten in the industry before mergers and acquisitions. Based on the good integration after mergers and acquisitions, they played a synergistic effect and rose to the sixth place in the industry in 2018. Therefore, after the acquisition of Company B by Company A, the overall performance of the company has increased. KEYWORDS：BSC; M&A performance; Hazardous waste treatment enterprises 北京交通大学硕士学位论文 目录 目录 摘要 ................................................................................................................................ III ABSTRACT ................................................................................................................... IV 1 引言 ............................................................................................................................ 1 1.1研究背景 .......................................................................................................... 1 1.2研究意义 .......................................................................................................... 1 1.3研究内容 .......................................................................................................... 6 1.4研究方法 .......................................................................................................... 7 1.5创新点 .............................................................................................................. 8 2 理论基础与文献综述 ................................................................................................ 9 2.1理论基础 .......................................................................................................... 9 2.1.1并购理论 ................................................................................................. 9 2.1.2并购动因（协同效应）理论 ............................................................... 10 2.1.3并购绩效理论 ....................................................................................... 11 2.1.4平衡计分卡理论 ................................................................................... 11 2.2文献综述 ........................................................................................................ 12 2.2.1并购绩效评价的实证研究方法 ........................................................... 13 2.2.2基于平衡计分卡的并购绩效研究 ....................................................... 13 2.2.3基于并购动机的并购绩效研究 ........................................................... 14 2.2.4文献评述 ............................................................................................... 15 3 平衡计分卡的并购绩效评价体系构建 .................................................................. 17 3.1危险废物处理行业背景情况 ........................................................................ 17 3.2并购绩效评价主体和评价客体 .................................................................... 19 3.2.1评价主体 ............................................................................................... 19 3.2.2评价客体 ............................................................................................... 20 3.3 并购绩效评价目标和评价原则 ....................