神雾环保并购重组动机与绩效研究

发布时间：2018-03-09 12:53

本文选题：神雾环保　切入点：并购重组动机　出处：《中国政法大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国市场经济的发展,我国上市公司在发展过程中出现越来越多的并购重组行为,通过并购重组能够快速实现资源的有效整合,扩大企业规模,进而提升公司价值。上市公司并购重组被视为是企业发展战略的主要选择之一,近年来国家产业政策逐步调整,资本市场监管的加强,为我国上市公司并购重组提供了新的机遇和挑战。2014年神雾集团通过司法途径取得创业板上市公司天立环保的19.79%股权,2015年神雾集团通过控制神雾环保和神雾工业炉的资产规模,神雾环保顺利完成收购神雾集团所持有的神雾工业炉100%股权,并购重组完成后,神雾集团持有神雾环保的股份达到42.68%。神雾环保试图通过并购重组扩大公司资产规模,提高公司市场份额,提高公司盈利能力和营运效率,进而提高公司价值。本文以神雾环保并购重组的绩效为研究对象,全面构建绩效评价体系,在绩效评价体系设计中,考虑到构建指标体系对神雾环保并购重组绩效评价的有效性和全面性,采用短期评价和长期评价结合的方式进行评价。采用事件分析法对神雾环保并购重组的短期绩效进行评价,对神雾环保在并购重组事件公告前后,并购重组事件对股票价格变动的显著程度以及短期内能否为股东带来超额收益进行评价;通过财务指标法和非财务指标法对神雾环保并购重组的长期绩效进行评价:在财务指标法选取中,本文选择偿债能力指标、营运能力指标、发展能力指标、盈利能力指标和现金流等指标,对神雾环保并购重组前后财务指标的变化进行对比分析;在非财务指标选择方面,选取生产工艺整合情况和科研能力两个方面对神雾环保并购重组进行评价。通过对神雾环保并购重组研究和分析,得出神雾环保通过并购重组是否达到提高偿债能力、营运能力、发展能力、盈利能力的目标,由于神环保所处行业特点以及发展周期等因素影响,现金流指标改善不够理想。从非财务指标方面来看,神雾环保通过生产工艺整合以及在科研方面增加人力和资金的投入,在科研成果的数量和质量有了很大的提升,大幅提高了公司生产能力和生产规模,并购重组扩大了公司资产规模和市场份额,提高了公司的竞争力。通过并购重组使得神雾环保营业收入实现爆发式增长,主业更加突出,净利润大幅增加,收益质量有了实质性提高。神雾环保市值由并购重组公告时的26.45亿元发展到2015年末的81.93亿元,在短短一年的时间里增长了3倍。因此,神雾环保并购重组的案例表明上市公司在并购重组过程中,必须结合自身的实际情况选择合适的并购重组目标,并且在并购之后通过各方面的整合来提高并购重组的效果,在整合后要实时监控财务指标的变化,以实现并购重组的目标。最终得出神雾环保的并购重组达到了预期目标,是我国创业板上市公司并购重组中的典型案例。
[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.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.4;F272.5;X324

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