凯迪生态资产重组案例研究

发布时间：2018-01-24 18:16

本文关键词： 资产重组绩效评价生物质发电风险分析战略转型　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：凯迪生态在国内能源格局变化的形势下,面临公司战略和主营业务必须转型的问题,而生物质发电成为公司选择的新的业务发展方向。最近几年,随着雾霾、气候变暖等环境问题日益严峻,国家政策逐渐向可再生电力倾斜。生物质发电作为可再生电力行业中快速发展的代表,加上又能解决秸秆焚烧这样的现实环境问题,因此笔者认为关注这类企业的发展是有意义的。另外,凯迪生态通过此次资产重组,在生物质发电行业快速扩张,然而这样大规模的扩张却使得公司的资金压力大为增加。因此对其他开展战略转型或在某个行业快速扩张的公司来说,凯迪生态的资产重组也很有代表意义。基于以上原因,本文以国内最大的生物质发电企业凯迪生态为例,对其资产重组的背景、绩效和风险等方面进行细致的分析,以求为同样处于战略转型或快速扩张阶段的企业进行资产重组提供建议,还有对其他生物质发电企业资产重组提供参考,并为监管者批准资产重组和投资者投资提供决策的依据。文章首先阐明了研究背景及意义,梳理了资产重组的相关理论与国内外文献综述,然后介绍了凯迪生态资产重组关联方概况与资产重组过程和方案,接下来本文对凯迪生态案例的资产重组背景与风险以及重组后的绩效进行分析。绩效分析分为财务绩效分析和市场绩效分析,其中财务绩效分析包括偿债能力分析、营运能力分析、盈利能力分析和成长能力分析。分析结果表明,公司在资产重组后财务绩效表现不佳,而短期市场绩效为正,说明资产重组在短期内给公司股东创造了财富。除此之外,文章还分析了资产重组的积极影响和存在的问题。根据分析结果,文章建议公司控制企业扩张速度,健全财务风险预警机制,加强重组之后的整合,从而更好地实现公司的发展战略。
[Abstract]:Under the situation of domestic energy pattern change, Cady Ecology is faced with the problem that the company's strategy and main business must be transformed, and biomass power generation has become the new business development direction chosen by the company. In recent years, with the development of haze. Climate warming and other environmental problems are becoming more and more serious, and national policies are gradually tilting towards renewable power. Biomass power generation as a representative of the rapid development of renewable power industry. In addition, it can solve the real environmental problems such as straw burning, so I think it is meaningful to pay attention to the development of this kind of enterprises. In addition, through this asset reorganization, Cady Ecology is expanding rapidly in biomass power generation industry. However, such a large expansion has greatly increased the financial pressure on the company, so for other companies undergoing strategic transformation or expanding rapidly in a certain industry. Based on the above reasons, this paper takes the largest biomass power generation enterprise in China as an example, to the background of asset reorganization. Performance and risk are analyzed in detail in order to provide suggestions for enterprises in the strategic transition or rapid expansion stage of asset restructuring and other biomass power generation enterprises to provide a reference for asset restructuring. And for regulators to approve asset restructuring and investors to provide a basis for decision-making. Firstly, this paper clarifies the research background and significance, combing the relevant theory of asset restructuring and domestic and foreign literature review. Then it introduces the general situation of related parties and the process and scheme of asset reorganization. Next, the paper analyzes the background and risk of asset restructuring and the performance after the reorganization. The performance analysis is divided into financial performance analysis and market performance analysis. The financial performance analysis includes solvency analysis, operating ability analysis, profitability analysis and growth ability analysis. The results show that the financial performance of the company after the reorganization of assets is not good. The short-term market performance is positive, indicating that asset restructuring creates wealth for shareholders in the short term. In addition, the article also analyzes the positive impact of asset restructuring and existing problems. According to the results of the analysis. The paper suggests that the company control the expansion speed of the enterprise, perfect the financial risk warning mechanism, strengthen the integration after the reorganization, so as to realize the development strategy of the company better.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.6

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