Research On The Synergistic Effect Of The Resource Integration In Enterprise Groups

In recent years,natural gas has become a key energy source for national development.The "13th Five-Year Plan" and "14th Five-Year Plan" put forward some specific development expectations,while the state continues to promote the market-oriented reform of natural gas.ENN Co.,Ltd.seized the market opportunity and acquired ENN Energy under the same controller,which has a significant impact on the entire natural gas industry.Therefore,this paper selects the case of ENN’s acquisition of ENN Energy,explores the reasons for the synergies generated by the acquisition from the perspective of the integration of internal resources of the enterprise group,and analyzes the synergies generated by the financial index method and the non-financial index method.It is hoped that it can play a certain enlightening role for enterprises in my country’s energy industry who intend to carry out mergers and acquisitions.This paper firstly sorts out the domestic and foreign research literature on enterprise resource integration and synergy effect,and then the first chapter mainly expounds the basic theory of resource integration and synergy effect and the related theory of the formation of synergy effect through resource integration after enterprise mergers and acquisitions.The second chapter introduces the relevant companies,background,process and plan of the acquisition in detail,and briefly sorts out the resource integration after the acquisition,which is mainly divided into marketing resource integration,technical resource integration,human resource integration and financial resource integration.The third chapter is the key part of this paper,mainly through the financial analysis and non-financial analysis to analyze and verify the synergy effect after the acquisition.The financial analysis method is to use financial indicators to analyze the synergistic effect.The non-financial analysis method is mainly based on the cash flow method,the event study method and the EVA economic value added to verify the synergistic effect after the acquisition.The synergies analyzed mainly include operating synergies,management synergies and financial synergies,and the following conclusions are drawn:First,after the integration of marketing resources,ENN has improved both in terms of profitability and development capabilities,indicating that the acquisition has produced a relatively significant operational synergy.Second,in terms of management synergy,the integration of human resources The post-cost level has not been greatly improved,and the management synergy effect is weak,but the operating capacity has been greatly improved,bringing a certain management synergy effect to the enterprise.Third,the short-term solvency has not improved,but the long-term solvency has improved to a certain extent.The tax saving effect is not significant,so the financial synergy effect is weak.And through cash flow analysis,event study method and EVA model to verify the synergistic effect of this case.Finally,some enlightenment are drawn from this case analysis: First,it is necessary to comply with national policies,conform to social development,actively respond to national advocacy,and have the courage to explore a path suitable for enterprise development.Second,when a company makes an acquisition decision,it must have a deep understanding of the target company’s operation,management,and financial strategies,and find a suitable target company,so as to better leverage the synergy effect.Third,optimizing resource allocation is the basis for enterprises to achieve synergies in operation,management and finance.Therefore,enterprises should pay attention to the integration of resources after mergers and acquisitions in order to form the best synergies.