| From the construction of the environmental monitoring network mentioned in the "11th Five-Year Plan" to the construction of real-time online environmental monitoring in the "13th Five-Year Plan" and the development of ecological environment monitoring in the "14th Five-Year Plan",as well as the establishment of a comprehensive assessment system for the ecological environment,the national The policy has always been favorable for environmental monitoring companies,which has led to intensified competition in the industry.In recent years,the state has been advocating the construction of environmental monitoring networks,which requires the formation of enterprise representatives with large scale,covering different monitoring element businesses and back-end operation and maintenance services in the market,which has contributed to the centralized development of such enterprises.Mergers and acquisitions are the quickest way to enter a new market.Continuous mergers and acquisitions can make enterprises qualified for environmental monitoring network construction in a short period of time.Therefore,continuous mergers and acquisitions have become the best choice for environmental monitoring companies to develop toward centralization.However,existing literature research shows that only a small number of companies can create value through continuous mergers and acquisitions.Therefore,by analyzing the motives and performance of continuous mergers and acquisitions of representative Xue Dilong,it has certain experience and reference for other environmental monitoring companies that intend to develop through continuous mergers and acquisitions.Selecting the continuous M＆A events of Xue Dilong from 2015 to 2016 as the research object,firstly,it discusses the motivation of its continuous M＆A;secondly,it analyzes the specific characteristics of its M＆A performance;This paper analyzes the impact of continuous mergers and acquisitions of enterprises in each dimension;finally,based on the continuous mergers and acquisitions activities of Xue Dilong,it provides certain experience and reference for environmental monitoring companies to carry out continuous mergers and acquisitions.Through case analysis,it is found that: First,based on the existing research literature and related theories on continuous mergers and acquisitions,the continuous mergers and acquisitions between 2015 and 2016 are analyzed,and the continuous mergers and acquisitions of Xue Dilong are roughly divided into seeking synergy effect,reducing There are four aspects: transaction cost,management’s experience and learning effect,and realization of strategic layout.Second,the continuous mergers and acquisitions implemented by Xue Dilong from 2015 to 2016 had a positive impact on the company as a whole.This paper comprehensively analyzes the short-term market response,financial performance,efficiency performance and market performance of continuous mergers and acquisitions.Evaluation analysis.First of all,in the short-term market reaction,it can be seen that the continuous mergers and acquisitions did not bring short-term market value appreciation to the enterprise;in the efficiency performance,Xue Dilong improved the efficiency of management integration and industrial chain integration;in the market performance,in the After continuous mergers and acquisitions,the number of product orders of Xue Dilong has increased rapidly,the platform advantages are prominent,and it has shown good market performance;when evaluating Xue Dilong’s financial performance,this paper selects Xue Dilong’s 19 items before,during and after continuous mergers and acquisitions.Relevant financial indicators,first analyze the current situation of five aspects of debt repayment,profitability,operation,development and research and development,and then build an evaluation index system based on the 19 financial indicators previously selected,and use the entropy weight TOPSIS method to evaluate the financial performance of Xue Dilong’s continuous mergers and acquisitions.Sort by comprehensive evaluation.The results show that the overall financial performance has increased first and then decreased after 2016,and continuous mergers and acquisitions have a negative impact on the overall financial performance of enterprises.Combining financial performance with efficiency performance and market performance,after continuous mergers and acquisitions,the company’s orders have increased sharply,and R＆D investment has increased,which has led to an increase in the company’s corresponding product costs,R＆D expenditures,and management costs,thus affecting profitability and operations.and development of three aspects of capacity improvement.On the whole,after continuous mergers and acquisitions of Xue Dilong,it has achieved business synergy,expanded the industrial chain,highlighted the platform advantages,and improved its market performance and efficiency performance to a certain extent.Due to the characteristics of nature and policy-driven,the improvement of financial performance in the later period is a matter of time.With the promotion of favorable policies in the "14th Five-Year Plan",the financial performance of enterprises will be improved.To sum up,this paper adopts the single-case study method as the main research method,selects the continuous merger and acquisition event of Xue Dilong as a case,and on the basis of analyzing its characteristics and institutional background,explores the motivation of its continuous merger and acquisition by combining relevant theories,and then applies different method to evaluate and analyze different performances.The analysis and evaluation of different performances make up for some deficiencies in the existing research,and supplement and enrich the existing relevant theories on the existing basis,which has certain experience and reference significance for other environmental monitoring enterprises that intend to develop through continuous mergers and acquisitions. |
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