【作者】 张然；

【导师】 刘敬芝；

【作者基本信息】 河北经贸大学 ， 会计（专业学位）， 2020， 硕士

【摘要】 信息技术的发展和社会富裕化程度的提高促使我国经济步入新常态,经济结构趋于完善,国家不再将重点放在经济增长速度方面,而是更加侧重高质量。最近几年,国家新出台一系列有关环境保护的文件,作为重点帮扶对象,环保行业在国家政策支持上具有一定优势。环保行业因其特殊性,发展越来越快,致使原有的企业规模已无法适应现实需要,行业内并购活动迅速增多,仅2018年,环保行业并购案例就多达87起,并购规模更是高达565亿元。然而,目前关于环保行业并购绩效研究的文献较少,并购效果不甚明确,急需对并购经验和教训的分析与总结以利于环保行业并购的顺利开展。因此,本文选取盈峰环境并购中联环境这一案例进行研究。文章从企业并购动因出发,基于协同效应理论、市场势力理论和资源依赖理论,运用传统财务指标分析法,从横、纵两个方面分析盈峰环境并购中联环境后财务绩效的变化;利用EVA(经济增加值)分析法对盈峰环境并购前后财务结果进行比较,结合财务战略矩阵方法将EVA与增长率之差结合起来,根据企业所处的象限为企业战略发展提供合理建议;运用非财务指标法分析并购前后盈峰环境核心竞争力和市场变化。通过以上分析,揭示盈峰环境并购的效果,得出此次并购对同行业企业并购的启示。论文研究发现:一、盈峰环境并购中联环境提升了收购方财务绩效,企业盈利能力、偿债能力和成长能力均有提升,营运能力虽有所下降,但在同行业内仍具有一定优势;二、并购提升了盈峰环境的EVA,财务战略矩阵分析显示,并购增加了企业价值,有利于企业发展;三、从非财务指标分析来看,并购后盈峰环境的科研能力、核心竞争力和市场影响力等均有提升,完善的产业链也得以形成。通过本案例研究得出对环保行业并购的如下启示:一、同行业企业在选择标的公司时,应该从自身宏观战略布局出发,选择与自身战略布局相匹配的企业来实现并购的战略初衷;二、在并购对价支付方面,要根据并购方自身实际情况,选择合适的对价支付方式;三、鉴于并购后的整合工作需要较长时间完成,因此,公司要放眼未来,关注并购后的长远发展。希望同行业企业在并购时,可以借鉴以上启示,促成自身的并购活动,进而推动环保行业发展。更多还原

【Abstract】 With the development of information technology and the improvement of social prosperity,China’s economy has entered a new normal,and its economic structure is becoming more and more perfect.The country no longer focuses on the economic growth rate,but more on high quality.In recent years,the state has issued a series of new documents on environmental protection.As a key object of assistance,the environmental protection industry has certain advantages in national policy support.Due to its particularity,the environmental protection industry is developing faster and faster,so the original enterprise scale has been unable to adapt to the actual needs,and the M & A activities in the industry are increasing rapidly.In 2018 alone,there are 87 M & A cases in the environmental protection industry,and the M & A scale is as high as 56.5 billion yuan.However,there are few literatures on the performance of M & A in environmental protection industry,and the effect of M & A is not clear.It is urgent to analyze and summarize the experience and lessons of M & A in order to facilitate the smooth development of M & A in environmental protection industry.Therefore,this paper selects the case of Yingfeng environment M & A Zhonglian environment.Based on synergy theory,market power theory and resource dependence theory,this paper analyzes the change of financial performance of Yingfeng environment M&A from horizontal and vertical directions by using traditional financial index analysis method,compares EVA before and after Yingfeng environment M&A by using EVA analysis method,and combines EVA with financial strategy matrix method Combined with the difference of growth rate,this paper analyzes the operation of Yingfeng environment before and after M &A to verify whether the synergy effect is reflected;non-financial index method is used to analyze the core competitiveness and market changes of Yingfeng environment before and after M&A.Through the above analysis,the paper reveals the effect of Yingfeng environment M&A,and obtains the Enlightenment of this M&A on the same industry.The research findings of this paper are as follows: 1.The case of Yingfeng environment M&A Zhonglian environment has improved the financial performance of the acquirer,the profitability,solvency and growth ability of the enterprise have been improved,although theoperation ability has declined,it is basically in a stable state,and it has obvious advantages in the same industry;2.The merger and acquisition has improved the EVA of Yingfeng environment,and the financial strategy matrix analysis shows that the merger and acquisition has increased the enterprise price Value is conducive to the long-term development of the enterprise;third,from the perspective of non-financial indicators,the scientific research ability,core competitiveness and market influence of the post merger Yingfeng environment have been improved,and a perfect industrial chain has been formed.Through this case study,we can draw the following inspirations for the M & A of environmental protection industry: first,when selecting the target company,the enterprises in the same industry should start from their own macro strategic layout and choose the enterprises matching their own strategic layout to realize the original intention of M & A strategy;second,in the aspect of M & A consideration payment,we should choose the appropriate way of consideration payment according to the actual situation of the acquirer;third In view of the long-term completion of the integration work after M & A,the company should look into the future and pay attention to the long-term development after M & A.It is hoped that enterprises in the same industry can learn from the above enlightenment,promote their own M & A activities,and then promote the development of environmental protection industry.更多还原