| With the deepening of China's market economy and reform,China's listed companies mergers and acquisitions behavior more and more common which to expand the market scale and the scale of assets in order to achieve the purpose of enhancing the value of the company in the development.Mergers and acquisitions of listed companies are regarded as one of the main choices of the enterprise development strategy,and become the new normal in the development of the market economy.In recent years,the adjustment of the national industrial policy and the strengthening of the securities regulation have provided new opportunities and challenges for the mergers and acquisitions of Listed Companies in China.Shen Wu group get 19.79% stake of Tian Li environmental protection through legal channels which implementation of the objectives listed in 2014.Shen Wu group control the total assets of Shen Wu environmental protection and Shen Wu industrial furnace which held 100% stake of Shen Wu industrial furnace by mergers and acquisitions.after the completion of the reorganization,Shen Wu group holds 42.68% stake of Shen Wu environmental protection which to expand the size of the company through mergers and acquisitions to increase market share,optimize the financial indicators,improve the value of the company.In this paper,the research on merger and reorganization of Shen Wu as the research object to build a comprehensive performance evaluation system.In the design of the performance appraisal system,taking into full consideration to the construction of index system to evaluate the environmental performance of mergers and acquisitions that were evaluated by the short-term and long-term evaluation of evaluation methods.Using the method of event study on the short-term performance to evaluation in mergers and acquisitions which to a significant degree of stock price changes,the short term can bring excess returns for shareholders;to evaluate the long-term performance of mergers and acquisitions of Shen Wu through financial and non-financial indicators of financial indicators.In the selection,solvency and operation ability index,development capability index,profitability index and cash flow index,changes in financial indexes which the acquisition of Shen Wu were analyzed and compared;in the aspect of the selection of non-financial index,this paper selects two aspects of production process integration and scientific research ability to evaluate the Shen Wu in mergers and acquisitions.Through researching and analysising mergers and acquisitions of Shen Wu which obtained environmental solvency,operation ability,development ability index,profitability index has greatly improved,but due to the impact of industry characteristics and development stage companies lead to cash flow index improvement is not ideal.From the non-financial indicators,the production of Shen Wu which greatly improve the company's production capacity and production scale,expand the company's production scale and market share,improve the competitiveness of the company.Through mergers and acquisitions to make environmental protection revenue Shenwu achieve explosive growth,the main industry is more prominent,a substantial increase in net profit,earnings quality has been substantial improvement.The market value of the company increased from 2 billion 645 million yuan to 8 billion 193 million yuan in 2015 which increased 3 times in one year's time.Therefore,this case of mergers and acquisitions shows that in the process of mergers and acquisitions which choose the appropriate target according to their actual situation,and through various aspects of integration after the acquisition to improve the effect of mergers and acquisitions,to real-time monitor the change of financial indicators in the integration,in order to achieve the goal of mergers and acquisitions.The comprehensive analysis shows that the Shen Wu's mergers and acquisitions to achieve the desired goal that is a typical case of mergers and acquisitions of Chinese Listed Companies in the gem. |
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