万邦达并购昊天节能的财务绩效案例研究

发布时间：2018-07-07 09:48

本文选题：并购 + 财务绩效　；参考：《深圳大学》2017年硕士论文

【摘要】：随着环境的恶化和能源的日益匮乏,资源环境的稀缺突出了我国当前经济社会发展面临的矛盾。解决经济发展过程中节能环保问题,是扩内需、稳增长、调结构,促进我国经济升级的一项重要而紧迫的任务。因而加快发展节能环保行业,对改变资本投资方向和消费模式,推动国家经济产业升级和发展方式转变,形成新的经济增长点,实现经济可持续发展,促进节能减排和民生改善,都具有十分重要的意义。作为战略性新兴产业之首的节能环保行业,面对我国未来发展战略改革和政策支持,把握节能环保发展机遇,环保行业积极扩大经营规模,整合产业链,打造环保节能大平台。近几年节能环保企业并购数量逐年上升,呈现领域广泛化的特点。而万邦达作为环保企业,紧跟国家发展步伐,通过并购昊天节能,扩大业务范围,由原来的工业水污染处理扩展到节能降耗和大气污染防治设备领域,以寻求新的利润增长点,提升向下游客户提供全面的节能环保产品和服务的能力。本文通过综合运用事件分析法、财务指标分析法和经济增加值(EVA)对万邦达并购昊天节能事件进行剖析,研究分析此次并购对万邦达带来的影响,是否增加其财务绩效,改善经营成果。经过这三种方法的研究分析,可以发现从短期财务效益来看,市场并不看好此次并购,在并购复牌前后一周的事件期内产生了负的累计超额收益,降低了股东财富。但从长期财务效益来看,万邦达并购昊天节能增加了财务绩效,提高了经营业绩,扩大了盈利空间。可见万邦达并购后期整合效果良好,有效整合了双方客户资源,加强了管理效率,产生了协同效益。经过全文的分析,本文认为万邦达并购整合昊天节能总体上符合公司战略规划,使产品结构和服务类型得以丰富,扩展了多个环保领域的业务范围,扩大了万邦达未来发展空间,有利于平抑因单一产品或服务带来的业绩波动,降低了原有业务相对单一引致的风险。但还存在需要进一步加强整合,控制相关成本,降低财务风险,扩大生产经营,进一步的提升管理效率和协同效益。
[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.
【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】：F275;F271

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