| In recent years,with the sustained and high-speed development of China’s economy,some environmental problems continue to appear,such as our common problems of haze in the air,drinking water pollution,and some problems of domestic waste production.Therefore,in recent years,China began to pay more and more attention to environmental issues,and some relevant environmental protection laws and regulations have been promulgated,such as the environmental protection tax law,the prevention and control of new water pollution and the new environmental protection law.At present,the competition of environmental protection industry is more and more intense in our country.Some environmental protection companies have begun to develop themselves more by means of M &A or acquisition.In this way,environmental protection enterprises can expand the existing core business or establish a diversified comprehensive platform through mergers and acquisitions,accelerate the pace of business integration,and expand and improve the industrial chain.In this article,the author will explore and analyze the event that Yingfeng Environmental Technology Group Co.,Ltd.merges Zoomlion Environmental Industry Co.,Ltd.In the narrative process of this article,the following order will be used for exploration and analysis.First of all,analyze the impact of M & A on performance,M & A performance research methods,M & A related factors research results.The second part expounds the concept,type and motivation theory of M & A.Third,it analyzes the trend of environmental protection industry development,introduces the general situation of both parties,the process and results of M & A,and analyzes the motivation of M & A.After that,the financial performance of M & A is analyzed by event research method,financial index analysis method and EVA economic increment method.Through the research and analysis of these three methods,we can find that from the short-term financial performance,the enterprise has produced a negative cumulative excess income,and the market is not optimistic about the merger and acquisition.From the long-term financial performance point of view,the overall profitability and solvency of the enterprise is not obvious,but the merger and acquisition further broaden the market,improve the industrial chain,Yingfeng environment overall operating capacity and development capacity has improved.In this article,the author will make a deep exploration and analysis of this event,and from this case,explore more favorable ways and means for environmental protection companies in the process of merger and acquisition of other enterprises.Enterprises should choose the right time when M & A,make clear the target of M & A reasonably,choose the appropriate payment method according to their own economic situation and draw lessons from the successful experience of other M & A,pay attention to the integration of M & A resources and the control of M & A risk,etc.provide some reference for other enterprise M & A activities. |
