本文選題：并購 + 財務績效��； 參考：《深圳大學》2017年碩士論文

【摘要】：隨著環(huán)境的惡化和能源的日益匱乏,資源環(huán)境的稀缺突出了我國當前經(jīng)濟社會發(fā)展面臨的矛盾。解決經(jīng)濟發(fā)展過程中節(jié)能環(huán)保問題,是擴內(nèi)需、穩(wěn)增長、調(diào)結構,促進我國經(jīng)濟升級的一項重要而緊迫的任務。因而加快發(fā)展節(jié)能環(huán)保行業(yè),對改變資本投資方向和消費模式,推動國家經(jīng)濟產(chǎn)業(yè)升級和發(fā)展方式轉(zhuǎn)變,形成新的經(jīng)濟增長點,實現(xiàn)經(jīng)濟可持續(xù)發(fā)展,促進節(jié)能減排和民生改善,都具有十分重要的意義。作為戰(zhàn)略性新興產(chǎn)業(yè)之首的節(jié)能環(huán)保行業(yè),面對我國未來發(fā)展戰(zhàn)略改革和政策支持,把握節(jié)能環(huán)保發(fā)展機遇,環(huán)保行業(yè)積極擴大經(jīng)營規(guī)模,整合產(chǎn)業(yè)鏈,打造環(huán)保節(jié)能大平臺。近幾年節(jié)能環(huán)保企業(yè)并購數(shù)量逐年上升,呈現(xiàn)領域廣泛化的特點。而萬邦達作為環(huán)保企業(yè),緊跟國家發(fā)展步伐,通過并購昊天節(jié)能,擴大業(yè)務范圍,由原來的工業(yè)水污染處理擴展到節(jié)能降耗和大氣污染防治設備領域,以尋求新的利潤增長點,提升向下游客戶提供全面的節(jié)能環(huán)保產(chǎn)品和服務的能力。本文通過綜合運用事件分析法、財務指標分析法和經(jīng)濟增加值(EVA)對萬邦達并購昊天節(jié)能事件進行剖析,研究分析此次并購對萬邦達帶來的影響,是否增加其財務績效,改善經(jīng)營成果。經(jīng)過這三種方法的研究分析,可以發(fā)現(xiàn)從短期財務效益來看,市場并不看好此次并購,在并購復牌前后一周的事件期內(nèi)產(chǎn)生了負的累計超額收益,降低了股東財富。但從長期財務效益來看,萬邦達并購昊天節(jié)能增加了財務績效,提高了經(jīng)營業(yè)績,擴大了盈利空間。可見萬邦達并購后期整合效果良好,有效整合了雙方客戶資源,加強了管理效率,產(chǎn)生了協(xié)同效益。經(jīng)過全文的分析,本文認為萬邦達并購整合昊天節(jié)能總體上符合公司戰(zhàn)略規(guī)劃,使產(chǎn)品結構和服務類型得以豐富,擴展了多個環(huán)保領域的業(yè)務范圍,擴大了萬邦達未來發(fā)展空間,有利于平抑因單一產(chǎn)品或服務帶來的業(yè)績波動,降低了原有業(yè)務相對單一引致的風險。但還存在需要進一步加強整合,控制相關成本,降低財務風險,擴大生產(chǎn)經(jīng)營,進一步的提升管理效率和協(xié)同效益。
[Abstract]:With the deterioration of the environment and the increasing shortage of energy, the scarcity of resources and environment highlights the contradictions facing the current economic and social development in China. To solve the problem of energy saving and environmental protection in the process of economic development is an important and urgent task to expand domestic demand, stabilize growth, adjust structure and promote economic upgrading in China. Therefore, to accelerate the development of energy-saving and environmental protection industries, to change the direction of capital investment and consumption patterns, to promote the upgrading of national economic industries and the transformation of development patterns, to form new economic growth points, and to achieve sustainable economic development, It is of great significance to promote energy conservation and emission reduction and improve people's livelihood. As one of the strategic emerging industries, the energy-saving and environmental protection industry, facing the future development strategy reform and policy support of our country, grasps the energy saving and environmental protection development opportunity, the environmental protection industry actively expands the management scale, integrates the industry chain, creates the environmental protection energy saving big platform. In recent years, the number of energy-saving and environmental-friendly enterprises M & A has been increasing year by year. And Wan Bangda, as an environmental protection enterprise, closely followed the pace of national development, through the merger and acquisition of Haotian energy saving, expanding the scope of business, from the original industrial water pollution treatment to energy saving and air pollution prevention equipment field, in order to seek new profit growth. Enhance the ability to provide comprehensive energy saving and environmental protection products and services to downstream customers. Through the comprehensive use of event analysis, financial index analysis and economic added value (EVA) to analyze the energy saving event of the merger and acquisition of Wanbang, this paper analyzes the impact of the merger on Wanbonda, whether to increase its financial performance, Improve business results. Through the research and analysis of these three methods, it can be found that the market is not optimistic about the M & A from the short-term financial benefit, and it produces negative accumulative excess income and reduces the shareholder's wealth in the event period of one week before and after the resumption of M & A. But from the view of long-term financial benefit, Wanbanda's merger and acquisition of Haotian has increased financial performance, improved operating performance and expanded profit space. It can be seen that the integration effect of Wanbanda M & A is good, which effectively integrates the customer resources of both sides, strengthens the management efficiency, and produces synergistic benefits. Through the analysis of the full text, this paper thinks that the merger and acquisition of Wanbanda and the integration of Haotian energy conservation generally accord with the company's strategic plan, enrich the product structure and service types, and expand the business scope of many environmental protection fields. It expands the future development space of Wanbonda, helps to stabilize the performance fluctuation brought by the single product or service, and reduces the risk caused by the relative singularity of the original business. However, there is still a need to further strengthen integration, control related costs, reduce financial risks, expand production and management, and further improve management efficiency and synergy.
【學位授予單位】：深圳大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F271

【參考文獻】

相關期刊論文 前7條

1 周紹妮;王惠瞳;;支付方式、公司治理與并購績效[J];北京交通大學學報(社會科學版);2015年02期

2 李夢柯;劉曉;;創(chuàng)業(yè)板上市公司短期并購績效的實證分析[J];財政監(jiān)督;2014年26期

3 孫喜福;張曉蕾;;基于EVA的我國上市公司并購績效實證研究[J];經(jīng)濟與管理;2012年04期

4 王玲;朱占紅;;事件分析法的研究創(chuàng)新及其應用進展[J];國外社會科學;2012年01期

5 李善民;劉永新;;并購整合對并購公司績效的影響——基于中國液化氣行業(yè)的研究[J];南開管理評論;2010年04期

6 李志剛;陳守東;劉志強;;我國上市公司并購績效分析[J];稅務與經(jīng)濟;2008年05期

7 馮根福,吳林江;我國上市公司并購績效的實證研究[J];經(jīng)濟研究;2001年01期

，

本文編號：2104584