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表六
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研穷生导师签名今年］＾
融创中国的连续并购绩效研究
摘要
近年来我国持续深化对房地产市场的宏观调控，一系列促进房地产市场稳定
发展、稳定房价的措施相继出台。面对改革、融资渠道持续收紧、市场竞争日益
激烈等一系列行业形势的变化，一部分中小企业成为被并购的目标或者选择退
出，房地产企业的内部资源整合需求不断加剧，投资并购已成为企业发展的日常
业务，并购交易数量与频率与日俱增，企业并购行为也逐渐显现出连续并购的新
趋势。然而，连续并购本身并不是企业进行连续并购的目标，为企业创造价值才
是最终的目的。并购成功与失败的例子都比比皆是，连续并购是否能够提高企业
绩效，为股东创造预期价值是一个值得深入探究的问题。因此，科学合理地对企
业连续并购的绩效进行评价分析就显得尤为重要。
融创中国控股有限公司是一家从事住宅及商业地产开发的企业，近几年来融
创中国的并购交易颇为活跃，通过高频率大规模的交易迅速扩张市场，完善市场
布局，在房地产企业中的综合实力从2010年的四十多名到2020年的第四名，是
连续并购企业中的典型代表之一。研究总共分为五个部分展开，第一章引言，简
述研究背景和意义、对国内外相关研究成果进行梳理，并在此基础上提出研究内
容、研究方法、研究创新点与不足。第二章理论基础，对并购、连续并购等概念
进行解释说明，介绍了连续并购的动因理论与评价并购绩效的方法。第三章具体
介绍了连续并购的案例，主要有融创中国所处的行业状况以及公司具体情况、历
次并购的基本情况，并分析融创中国连续并购的动因以及特点。第四章采用事件
研究法、财务指标分析法以及经济增加值分析法对融创中国的连续并购的短期绩
效和长期绩效进行分析评价。第五章在前述研究的基础上进行总结与启示建议。
经过分析发现，融创中国实施连续并购的主要动因是获取土地资源，扩大经
营规模，实现协同效应，多元化发展，提高知名度。融创中国通过并购取得良好
的短期绩效以及长期绩效，融创的销售业绩持续增加，盈利能力、营运能力都得
到了提高，企业的成长性良好，但是也让融创背负着较大的偿债压力和财务风险。
另外从经济增加值分析中可以看出，融创的经济增加值逐年提高，由此可见连续
并购确实创造了价值，增加了股东财富。通过分析其连续并购的经验启示，为同
业企业的并购提供思路与建议，以期帮助他们降低财务风险、提高并购绩效，同
时敦促企业更加理性地实施并购行为，避免盲目扩张以及缺乏价值的并购发生。
关键词：连续并购；融创中国；并购绩效
I
A Study on the Serial M&A Performance of
Sunac China
Abstract
In recent years,with China's continuous deepening of macro-control of the real
estate market,a series of measures to promote the stable development of housing
markets 、stable prices have been introduced.Confronted with the changes of the
reform,the continuous tightening of financing channels and the increasingly fierce
market competition,some small and medium-sized enterprises have become the
targets of mergers and acquisitions or have opted out.The internal resource
integration demand of real estate enterprises is increasing.Investment and acquisition
has become a daily business of enterprises.However,serial M&A itself is not the goal
of serial M&A,and the ultimate goal is to create value for the enterprise.The success
and failure of M&A are ubiquitous.Whether the serial M&A can improve the
performance of the company and create the expected value for the shareholders is a
question worth probing deeply.Therefore,it is very important to evaluate and analyze
the performance of serial M&A scientifically and reasonably.
Sunac China Holdings Limited engaged in the comprehensive development of
residential and commercial real estate,has been active in recent years in M&A
transactions in China,expanding the market rapidly through high-frequency
large-scale M&A,improving market layout,and becoming the fourth consolidated
strength in real estates in 2020.It is one of the typical representatives of serial M&A
enterprises.The research is divided into five parts.The first chapter is an introduction,
which summarizes the background and significance of the research,combs the related
research results at home and abroad,and then puts forward the thinking and methods
of research and summarizes its characteristics.The second chapter is based on the
theory,explains the concepts of M&A and introduces the motivation theory and the
methods of evaluation of M&A performance.The third chapter introduces the case of
serial M&A in detail,including the industry and the specific situation of the company,
the basic conditions of previous M&A,and analyzes the motivation and
characteristics of Sunac serial M&A.Chapter four analyzes and evaluates the
II
short-term and long-term performance of serial M&A of Sunac by using the method
of event study,financial index analysis and economic value added analysis.The fifth
chapter summarizes and enlightens on the basis of the foregoing.
In conclusion.The main reason for the implementation of serial M&A of Sunac
is to acquire land resources,expand the scale of operation,realize synergy effect,
diversify development and increase the popularity.Sunac achieve good short-term as
well as long-term performance by serial M&A.Successive M&A makes the sales
performance of Sunac continue to increase,profitability,operating capacity has been
improved,the growth of the enterprise is good,but also let Sunac bear with a greater
debt repayment pressure and financial risk.In addition,we can see from the analysis
of economic value-added,the economic added value of the M&A increased year by
year,which shows that the serial M&A has created value and increased the wealth of
shareholders.Through the experience of serial M&A it provides ideas and suggestions
for other real estate enterprises to improve their M&A performance,as well as to
make enterprises carry out the M&A more rationally to avoid blind expansion and the
lack of value of M&A.
Key words:serial M&A,Sunac China,M&A performance
III