本文選題：并購(gòu) + 財(cái)務(wù)績(jī)效　； 參考：《深圳大學(xué)》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(guó)當(dāng)前經(jīng)濟(jì)社會(huì)發(fā)展面臨的矛盾。解決經(jīng)濟(jì)發(fā)展過(guò)程中節(jié)能環(huán)保問(wèn)題,是擴(kuò)內(nèi)需、穩(wěn)增長(zhǎng)、調(diào)結(jié)構(gòu),促進(jìn)我國(guó)經(jīng)濟(jì)升級(jí)的一項(xiàng)重要而緊迫的任務(wù)。因而加快發(fā)展節(jié)能環(huán)保行業(yè),對(duì)改變資本投資方向和消費(fèi)模式,推動(dòng)國(guó)家經(jīng)濟(jì)產(chǎn)業(yè)升級(jí)和發(fā)展方式轉(zhuǎn)變,形成新的經(jīng)濟(jì)增長(zhǎng)點(diǎn),實(shí)現(xiàn)經(jīng)濟(jì)可持續(xù)發(fā)展,促進(jìn)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(duì)我國(guó)未來(lái)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(jī)遇,環(huán)保行業(yè)積極擴(kuò)大經(jīng)營(yíng)規(guī)模,整合產(chǎn)業(yè)鏈,打造環(huán)保節(jié)能大平臺(tái)。近幾年節(jié)能環(huán)保企業(yè)并購(gòu)數(shù)量逐年上升,呈現(xiàn)領(lǐng)域廣泛化的特點(diǎn)。而萬(wàn)邦達(dá)作為環(huán)保企業(yè),緊跟國(guó)家發(fā)展步伐,通過(guò)并購(gòu)昊天節(jié)能,擴(kuò)大業(yè)務(wù)范圍,由原來(lái)的工業(yè)水污染處理擴(kuò)展到節(jié)能降耗和大氣污染防治設(shè)備領(lǐng)域,以尋求新的利潤(rùn)增長(zhǎng)點(diǎn),提升向下游客戶提供全面的節(jié)能環(huán)保產(chǎn)品和服務(wù)的能力。本文通過(guò)綜合運(yùn)用事件分析法、財(cái)務(wù)指標(biāo)分析法和經(jīng)濟(jì)增加值(EVA)對(duì)萬(wàn)邦達(dá)并購(gòu)昊天節(jié)能事件進(jìn)行剖析,研究分析此次并購(gòu)對(duì)萬(wàn)邦達(dá)帶來(lái)的影響,是否增加其財(cái)務(wù)績(jī)效,改善經(jīng)營(yíng)成果。經(jīng)過(guò)這三種方法的研究分析,可以發(fā)現(xiàn)從短期財(cái)務(wù)效益來(lái)看,市場(chǎng)并不看好此次并購(gòu),在并購(gòu)復(fù)牌前后一周的事件期內(nèi)產(chǎn)生了負(fù)的累計(jì)超額收益,降低了股東財(cái)富。但從長(zhǎng)期財(cái)務(wù)效益來(lái)看,萬(wàn)邦達(dá)并購(gòu)昊天節(jié)能增加了財(cái)務(wù)績(jī)效,提高了經(jīng)營(yíng)業(yè)績(jī),擴(kuò)大了盈利空間。可見(jiàn)萬(wàn)邦達(dá)并購(gòu)后期整合效果良好,有效整合了雙方客戶資源,加強(qiáng)了管理效率,產(chǎn)生了協(xié)同效益。經(jīng)過(guò)全文的分析,本文認(rèn)為萬(wàn)邦達(dá)并購(gòu)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(jié)構(gòu)和服務(wù)類型得以豐富,擴(kuò)展了多個(gè)環(huán)保領(lǐng)域的業(yè)務(wù)范圍,擴(kuò)大了萬(wàn)邦達(dá)未來(lái)發(fā)展空間,有利于平抑因單一產(chǎn)品或服務(wù)帶來(lái)的業(yè)績(jī)波動(dòng),降低了原有業(yè)務(wù)相對(duì)單一引致的風(fēng)險(xiǎn)。但還存在需要進(jìn)一步加強(qiáng)整合,控制相關(guān)成本,降低財(cái)務(wù)風(fēng)險(xiǎn),擴(kuò)大生產(chǎn)經(jīng)營(yíng),進(jìn)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(xué)位授予單位】：深圳大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F271

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