| The environmental protection industry is the first of the seven strategic emerging industries in China,and the environmental protection industry has played a huge role in maintaining the natural environment and saving energy and resources.The environmental protection industry has entered a period of vigorous development under the continuous promotion of domestic policies and social needs.At the same time of rapid development,the concentration of the industry has been continuously improved,and the competitiveness has become increasingly fierce.Therefore,enterprises in the environmental protection industry are seeking longer-term development.It is necessary to continuously accelerate the integration of its own business,so that the industrial chain can be extended and improved.Under this circumstance,mergers and acquisitions have become an effective means for some environmental protection companies to expand their business and expand their market shares.At present,the number of research results on M&A in the environmental protection industry at home and abroad is relatively small,and the research objectives are mainly limited to the analysis of the integration process of the environmental protection industry,and the research on a single typical case is relatively lacking.A case study needs to be done in depth.Therefore,this paper selects the case of domestic environmental protection enterprise Boschke’s acquisition of Canadian environmental protection enterprise Remedak for analysis,hoping to play a certain reference role for the development of other enterprises in the environmental protection industry.This paper selects the large-scale environmental protection enterprise Boschke’s cross-border merger and acquisition of Remedak as a research case,and selects the financial data released by the company from 2014 to 2020 as the main research basis.Starting from the motives of Boschke’s M&A activities,it uses several research methods to analyze the occurrence of mergers and acquisitions.Afterwards,it evaluates the effect of M&A implementation based on the impact on Boschke’s financial performance,and finally puts forward suggestions with reference value based on summarizing the existing problems of M&A.This paper combines a variety of evaluation methods in the financial performance evaluation of Bosch’s mergers and acquisitions.First,the event study method is used to analyze the reaction of Bosch’s announcement of the acquisition of Remedac in the securities market,to evaluate the short-term performance generated by the merger,and then to use the financial The index analysis method is used to conduct vertical analysis with the company’s own financial indicators before and after mergers and acquisitions,and conduct horizontal analysis with the average data of the same industry.Based on the results of the analysis,the long-term financial performance impact of mergers and acquisitions is evaluated.Finally,the EVA evaluation system is used to evaluate the post-merger companies.Evaluate the operational efficiency and sustainable profitability of capital.After analysis,it is found that mergers and acquisitions have no positive effect on the short-term performance of Bosch,but in the long run,the indicators reflecting corporate profitability and operating capacity have been significantly improved after mergers and acquisitions,and the economic added value has been significantly improved.These analysis results show that Bosch The company’s market share has been effectively increased,the merger and acquisition purpose of expanding market share has been achieved,and the synergistic effect has been fully exerted.But at the same time,the debt repayment level after the merger of Boschke has declined due to the one-time payment of the merger payment in cash.In view of the conclusions drawn from the research and analysis,this paper puts forward the following suggestions: M&A should choose the consideration payment method that is most suitable for the financial situation of the company to pay the purchase price,choose the M&A target that is consistent with the company’s strategic plan,and focus on the integration of resources after the M&A. |
