节能环保产业并购重组的驱动力、主要问题及改进建议

发布时间：2019-06-06 17:25

【摘要】：并购重组是节能环保产业实现跨越式发展的战略性选择之一。节能环保产业并购重组的三个驱动力源自政策刺激、市场主体增多和资金面宽松。节能环保产业并购重组快速发展中存在的突出问题:一是部分并购重组倾向于二级市场套利,并非真正服务于实体经济;二是标的估值过高引发后续业绩未达预期,对并购公司未来发展带来不利影响;三是跨行业并购的管理机制不完善,对并购公司商誉形成贬损。为此,在宏观层面,政府要设立引导基金、采取差异化财政补贴和税收减免措施,加强对节能环保产业并购重组的政策引导和支持,同时从资金募集、并购标的方股权减持、跨界并购、信息披露等方面强化市场监管;在微观层面,并购主体要提升并购和管理能力,以实际业绩为准对并购标的进行合理估值,基于战略需求慎重选择并购标的,合理设计交易结构,完善风险防控体系,加强并购后的整合与管理,以此促进节能环保产业健康发展。
[Abstract]:The reorganization of M & A is one of the strategic choice to realize the leap-forward development of the energy-saving and environment-friendly industry. The three driving forces of the merger and reorganization of the energy-saving and environment-friendly industry are derived from the policy stimulus, the increase of the market main body and the loose capital face. The outstanding problems in the rapid development of the merger and reorganization of the energy-saving and environment-friendly industry: first, the partial merger and reorganization tends to be in the second-level market arbitrage, and is not really serving the entity economy; the second is that the higher valuation of the target is not expected to be expected, and the future development of the M & A company has a negative impact on the future development of the M & A company; Third, the management mechanism of cross-industry M & A is not perfect, and the goodwill of M & A company is derogatory. To this end, at the macro level, the government should set up a guide fund, adopt differential financial subsidies and tax relief measures, strengthen the policy guidance and support to the merger and reorganization of the energy-saving and environment-friendly industry, and meanwhile, share the equity of the target party and cross-border M & A from the capital raising and the merger and acquisition. In the micro-level, the M & A subject should upgrade the M & A and the management ability, make a reasonable valuation on the subject of the M & A subject to the actual performance, carefully select the subject of the M & A subject to the strategic demand, reasonably design the transaction structure, and improve the risk prevention and control system. Strengthen the integration and management after the merger, so as to promote the healthy development of the energy-saving and environment-friendly industry.
【作者单位】：中国社会科学院金融研究所博士后流动站;中国华融资产管理股份有限公司博士后工作站;北京大学经济学院博士后流动站;
【分类号】：F271;X324

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