本文選題：神霧環(huán)保　切入點：并購重組動機　出處：《中國政法大學》2017年碩士論文　論文類型：學位論文

【摘要】：隨著我國市場經(jīng)濟的發(fā)展,我國上市公司在發(fā)展過程中出現(xiàn)越來越多的并購重組行為,通過并購重組能夠快速實現(xiàn)資源的有效整合,擴大企業(yè)規(guī)模,進而提升公司價值。上市公司并購重組被視為是企業(yè)發(fā)展戰(zhàn)略的主要選擇之一,近年來國家產(chǎn)業(yè)政策逐步調整,資本市場監(jiān)管的加強,為我國上市公司并購重組提供了新的機遇和挑戰(zhàn)。2014年神霧集團通過司法途徑取得創(chuàng)業(yè)板上市公司天立環(huán)保的19.79%股權,2015年神霧集團通過控制神霧環(huán)保和神霧工業(yè)爐的資產(chǎn)規(guī)模,神霧環(huán)保順利完成收購神霧集團所持有的神霧工業(yè)爐100%股權,并購重組完成后,神霧集團持有神霧環(huán)保的股份達到42.68%。神霧環(huán)保試圖通過并購重組擴大公司資產(chǎn)規(guī)模,提高公司市場份額,提高公司盈利能力和營運效率,進而提高公司價值。本文以神霧環(huán)保并購重組的績效為研究對象,全面構建績效評價體系,在績效評價體系設計中,考慮到構建指標體系對神霧環(huán)保并購重組績效評價的有效性和全面性,采用短期評價和長期評價結合的方式進行評價。采用事件分析法對神霧環(huán)保并購重組的短期績效進行評價,對神霧環(huán)保在并購重組事件公告前后,并購重組事件對股票價格變動的顯著程度以及短期內(nèi)能否為股東帶來超額收益進行評價;通過財務指標法和非財務指標法對神霧環(huán)保并購重組的長期績效進行評價:在財務指標法選取中,本文選擇償債能力指標、營運能力指標、發(fā)展能力指標、盈利能力指標和現(xiàn)金流等指標,對神霧環(huán)保并購重組前后財務指標的變化進行對比分析;在非財務指標選擇方面,選取生產(chǎn)工藝整合情況和科研能力兩個方面對神霧環(huán)保并購重組進行評價。通過對神霧環(huán)保并購重組研究和分析,得出神霧環(huán)保通過并購重組是否達到提高償債能力、營運能力、發(fā)展能力、盈利能力的目標,由于神環(huán)保所處行業(yè)特點以及發(fā)展周期等因素影響,現(xiàn)金流指標改善不夠理想。從非財務指標方面來看,神霧環(huán)保通過生產(chǎn)工藝整合以及在科研方面增加人力和資金的投入,在科研成果的數(shù)量和質量有了很大的提升,大幅提高了公司生產(chǎn)能力和生產(chǎn)規(guī)模,并購重組擴大了公司資產(chǎn)規(guī)模和市場份額,提高了公司的競爭力。通過并購重組使得神霧環(huán)保營業(yè)收入實現(xiàn)爆發(fā)式增長,主業(yè)更加突出,凈利潤大幅增加,收益質量有了實質性提高。神霧環(huán)保市值由并購重組公告時的26.45億元發(fā)展到2015年末的81.93億元,在短短一年的時間里增長了3倍。因此,神霧環(huán)保并購重組的案例表明上市公司在并購重組過程中,必須結合自身的實際情況選擇合適的并購重組目標,并且在并購之后通過各方面的整合來提高并購重組的效果,在整合后要實時監(jiān)控財務指標的變化,以實現(xiàn)并購重組的目標。最終得出神霧環(huán)保的并購重組達到了預期目標,是我國創(chuàng)業(yè)板上市公司并購重組中的典型案例。
[Abstract]:With the development of market economy in our country, more and more M & A behaviors appear in the process of development of listed companies in our country. Through M & A, the effective integration of resources can be realized quickly and the scale of enterprises can be expanded. The M & A of listed companies is regarded as one of the main choices of the development strategy of enterprises. In recent years, the national industrial policy has been gradually adjusted, and the supervision of capital market has been strengthened. In 2014, Shenwu Group obtained 19.79% shares of Tianli Environmental Protection Company in gem through judicial channels, and in 2015 Shenwu Group controlled the asset scale of Shenwu Environmental Protection and Shenwu Industrial Furnace by controlling Shenwu environmental protection. Shenwu Environmental Protection successfully completed the acquisition of the 100% stake in Shenwu Industrial Furnace, which was held by Shenwu Group. After the completion of the merger and reorganization, Shenwu Group held 42.68 shares in Shenwu Environmental Protection. Shenwu Environmental Protection attempted to expand the size of the company's assets through mergers and acquisitions. This paper takes the performance of Shenwu environmental protection mergers and acquisitions as the research object, and constructs the performance evaluation system in the design of the performance evaluation system. Considering the effectiveness and comprehensiveness of establishing an index system to evaluate the performance of environmental protection mergers and acquisitions, Using the combination of short-term evaluation and long-term evaluation, using the event analysis method to evaluate the short-term performance of environmental protection mergers and acquisitions, and to evaluate the short-term performance of Shenwu environmental protection before and after the announcement of the merger and reorganization events. The significance of M & A events to the change of stock price and whether it can bring excess returns to shareholders in the short term; Through financial index method and non-financial index method, this paper evaluates the long-term performance of Shenwu environmental protection merger and reorganization. In the selection of financial index method, this paper selects solvency index, operation ability index, development ability index, etc. The indexes of profitability and cash flow are compared to analyze the changes of financial indexes before and after the merger and reorganization of environmental protection of Shenwu, and in the selection of non-financial indicators, Through the research and analysis of Shenwu environmental protection M & A and reorganization, we can find out whether the Shenwu environmental protection can improve the solvency through the merger and reorganization, and select the two aspects of production process integration and scientific research ability to evaluate the Shenwu environmental protection merger and reorganization, and through the research and analysis of Shenwu environmental protection merger and reorganization, The goal of operating ability, development ability and profitability, due to the influence of industry characteristics and development cycle of God's environmental protection, the improvement of cash flow index is not ideal. From the point of view of non-financial indicators, Through the integration of production technology and the increase of human and capital investment in scientific research, Shenwu Environmental Protection has greatly improved the quantity and quality of scientific research results, and greatly increased the production capacity and scale of the company. Mergers and acquisitions have expanded the size and market share of the company's assets and increased the competitiveness of the company. Through mergers and acquisitions, the business income of Shenwu Environmental Protection has exploded, the main industry has become more prominent, and the net profit has increased substantially. The quality of revenue has been substantially improved. Market value of Shenwu Environmental Protection grew from two billion six hundred and forty-five million yuan when the merger and reorganization announcement was announced to eight billion one hundred and ninety-three million yuan in end of 2015, a threefold increase in a short period of one year. The case of Shenwu environmental protection M & A shows that in the process of M & A, the listed companies must choose the appropriate target according to their own actual situation, and improve the effect of M & A through the integration of all aspects after the merger and acquisition. It is necessary to monitor the change of financial indexes in real time after integration to realize the goal of M & A. Finally, the environmental friendly M & A has reached the expected goal, which is a typical case of M & A of listed companies in gem of our country.
【學位授予單位】：中國政法大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F276.4;F272.5;X324

【相似文獻】

相關期刊論文 前10條

1 ;印刷業(yè)不能忽視環(huán)保管理[J];印刷質量與標準化;2000年06期

2 羅浩夫;發(fā)展環(huán)保產(chǎn)業(yè) 廣西大有可為[J];廣西黨史;2001年02期

3 宮照紅;我區(qū)有關高校應該增設生態(tài)環(huán)保課程[J];西藏科技;2001年11期

4 ;醫(yī)療環(huán)保專業(yè)委員會成立[J];中國環(huán)保產(chǎn)業(yè);2003年10期

5 張菊香;;環(huán)保工作要從基礎抓起[J];油氣田環(huán)境保護;2006年03期

6 馬海峗;;淺談基層環(huán)保執(zhí)法工作應與時俱進[J];中小企業(yè)管理與科技(上旬刊);2008年07期

7 張菊香;;環(huán)保檢查要克服五種不良現(xiàn)象[J];城鄉(xiāng)建設;2008年11期

8 ;注重環(huán)保建設 促進企業(yè)發(fā)展——前進中的廣州中一藥業(yè)有限公司[J];廣州環(huán)境科學;2010年02期

9 楊建寧;;適應時代發(fā)展要求 努力提高環(huán)保執(zhí)法水平[J];民營科技;2013年03期

10 程瑞珍;;論加強安全環(huán)保管理給企業(yè)生產(chǎn)帶來的經(jīng)濟效益[J];現(xiàn)代經(jīng)濟信息;2013年15期

相關會議論文 前10條

1 ;全國車用燃料環(huán)保管理[A];西南汽車信息：2011年上半年合刊[C];2011年

2 姚先成;姜杰;曹真;徐立群;巢仁昌;;新世紀香港建造業(yè)環(huán)保管理策略的探討[A];新世紀 新機遇 新挑戰(zhàn)——知識創(chuàng)新和高新技術產(chǎn)業(yè)發(fā)展（下冊）[C];2001年

3 亓寶艷;;我國環(huán)保產(chǎn)業(yè)現(xiàn)狀及發(fā)展思路探討[A];’2004全國水處理技術研討會暨第24屆年會論文集[C];2004年

4 任t，

本文編號：1588636