The Reasearch On Value Creation Of Yingfeng Environment’s Whole Industrychain Merger And Aquisitions

With the rapid development of economy,the national attention to environmental governance and environmental protection is gradually increasing,and the environmental protection industry has developed into a gold industry.In the 10 years from 2005 to2014,the number of environmental protection enterprises in China directly soared from less than 3000 to 50000.After experiencing vigorous growth,it began to enter a period of fierce competition and integration.2012-2015 was a period of rapid growth in merger of environmental protection industry,and the scale of industrial merger transactions has expanded rapidly.In 2015,there were 109 merger cases in the environmental protection industry,with a transaction amount of 43.6 billion yuan.At present,mergers and acquisitions in the environmental protection industry are still performed frequently.In the first half of 2021 alone,the scale of environmental protection mergers and acquisitions has exceeded 32 billion yuan.Therefore,under the influence of policy guidance and market competition,the business scope of each company has gradually expanded and gradually extended to the business model of the whole industrial chain.As the original leading fan manufacturing enterprise,Yingfeng environment decided to transform into the environmental protection industry when the development of traditional manufacturing industry was blocked.In 2015,in line with the upsurge of merger in the environmental protection industry,it established its own whole environmental sanitation industry chain through 6 merger and acquisitions,successfully realized strategic transformation by means of extension merger endogenous development,and ranked among the leading positions in the industry.The operating revenue and net profit of the enterprise have been greatly improved.This paper analyzes the background of environmental sanitation industry and the characteristics of enterprises,and summarizes its merger motivation from the perspective of industry,policy and enterprises.The industrial chain merger events in the process of Yingfeng environmental transformation are sorted and divided according to the upstream,middle and downstream businesses of the whole environmental sanitation industrial chain.Then,based on the synergy effect,this paper deeply analyzes the value creation path of Yingfeng environment whole industry chain merger from three aspects,operation synergy,management synergy and financial synergy.Finally,the event research method and economic value-added indicators are used to explain the short-term market response and value creation improvement of Yingfeng environment,so as to evaluate the value creation results of the whole industry chain merger implemented by Yingfeng environment.Through the research and analysis of the case,it is found that Yingfeng environment has quickly completed the transformation and realized value creation through the whole industry chain merger.Yingfeng environment realizes the coordination of operation,management and finance through the whole industry chain merger,and then the enterprise value creation can be realized.The effective integration of merger is the key to the enterprise value creation.Moreover,after the merger of the whole industry chain is completed,the enterprise value is improved more obviously.Finally,through the above analysis of the whole process of implementing whole industry chain merger and realizing value creation in Yingfeng environment,this paper summarizes the enlightenment and suggestions,hoping to provide reference for other enterprises...