并购作为上市公司调整企业发展阶段的手段，表面上来看，是简单的进行产业结构 的改变，对企业资源进行合理分配的方式；实际上，并购是企业在目前大市场经济环境 下发展必须经历的阶段，同时也是企业生产与经营权力发生变动的最有效的途径。其对 于合理运用企业资产，合理分配企业自身生产要素，改善和调整产品结构，促进优势互 补和劣势摒弃，增强企业在市场经济下的竞争力具有举足轻重的作用。 本文在阅读大量相关文献的基础上，首选介绍了湘潭电化科技股份有限公司与湘潭 污水处理厂的基本情况，以及湘潭电化科技股份有限公司收购湘潭市污水处理公司的基 本情况和基本内容；其次，分析了湘潭电化科技股份公司进行并购资产重组的原因，以 及并购重组对于其自身经营业绩的影响；再次，运用综合财务指标法对湘潭电化科技股 份收购湘潭污水处理厂、资产重组前后的盈利能力、营运能力、偿债能力、成长能力与 现金流量能力进行了比较分析，以及并购前后财务业绩的变化；最后，通过总结该项并 购成功案例，分析了湘潭电化科技股份有限公司并购产生的协同效应。本次并购案例的 成功经验可以为后续类似案例提供经验借鉴，具有一定的指导意义。 关键词：并购；并购动因；并购绩效 -II- Abstract Mergerandacquisition,asameansforlistedcompaniestoadjustthestageofenterprise development,is,onthesurface,asimplewaytochangetheindustrialstructureand reasonablyallocateenterpriseresources.Asamatteroffact,mergerandacquisitionisthe stagethatenterprisesmustgothroughintheirdevelopmentunderthecurrentlargemarket economyenvironment,anditisalsothemosteffectivewayforenterprisestochangetheir productionandmanagementpower.Itplaysadecisiveroleinrationalutilizationofenterprise assets,rationaldistributionofenterpriseproductionfactors,improvementandadjustmentof productstructure,promotionofcomplementaryadvantagesandabandonmentof disadvantages,andenhancementofenterprisecompetitivenessinthemarketeconomy. Onthebasisofreadingalargenumberofrelevantliteratures,thispaperfirstintroduces thebasicsituationofXiangtanElectrochemicalScientificCo.,Ltd.AndXiangtansewage treatmentplant,aswellasthebasicsituationandcontentofXiangtanElectrochemical ScientificCo.,Ltd.'sacquisitionofXiangtansewagetreatmentcompany.Secondly,thepaper analyzesthereasonsfortheassetsreorganizationofxiangtandianhuatechnologyco.,ltd.and theimpactofthemergerandreorganizationonitsownbusinessperformance.Thirdly,the comprehensivefinancialindexmethodwasusedtocompareandanalyzetheprofitability, operatingcapacity,debtpayingability,growthabilityandcashflowabilitybeforeandafter theacquisitionofxiangtanelectrochemicaltechnologysharesinxiangtansewagetreatment plant,andthechangesoffinancialperformancebeforeandaftertheacquisition.Finally,by summarizingthesuccessfulcaseofXiangtanElectrochemicalScientificCo.,Ltd.,the synergisticeffectofXiangtanElectrochemicalScientificCo.,Ltd.Thesuccessfulexperience ofthismergerandacquisitioncasecanprovideareferenceforthesubsequentsimilarcases andhavecertainguidingsignificance. Keywords:mergerandacquisition;M&amotivation;Mergersandacquisitions performance 湖南科技大学会计硕士学位论文 III 目录 摘要...........................................................................................................................................I Abstract.......................................................................................................................................II 目录.........................................................................................................................................III 第一章绪论...............................................................................................................................1 1.1研究背景及意义...........................................................................................................1 1.1.1研究背景.............................................................................................................1 1.1.2研究意义.............................................................................................................1 1.2国内外研究现状...........................................................................................................2 1.2.1国外研究现状.....................................................................................................2 1.2.2国内研究现状.....................................................................................................3 1.2.3研究评述.............................................................................................................4 1.3研究内容与方法...........................................................................................................4 1.3.1研究内容.............................................................................................................4 1.3.2研究方法.............................................................................................................4 1.3.3技术路线.............................................................................................................5 第二章基本概念与理论基础...................................................................................................7 2.1并购的概念及类型.......................................................................................................7 2.1.1并购的基本含义.................................................................................................7 2.1.2并购的基本类型.................................................................................................7 2.2并购动因理论...............................................................................................................8 2.2.1协同效应理论.....................................................................................................8 2.2.2委托—代理理论.................................................................................................8 2.2.3竞争优势理论.....................................................................................................8 2.2.4多元化理论.........................................................................................................9 2.3并购绩效评价方法.......................................................................................................9 2.3.1事件研究法的优缺点.........................................................................................9 2.3.2会计研究法的优缺点.......................................................................................10 2.3.3并购绩效评价方法的选择...............................................................................10 目录 IV 第三章湘潭电化并购案例介绍及分析.................................................................................11 3.1并购公司与目标公司.................................................................................................11 3.1.1并购公司—湘潭电化科技股份有限公司.......................................................11 3.1.2目标公司—湘潭污水处理厂...........................................................................12 3.2并购背景介绍.............................................................................................................12 3.2.1主营业务周期性强，利润波动性大...............................................................12 3.2.2污水处理行业发展趋势良好...........................................................................12 3.3并购动因分析.............................................................................................................13 3.3.1基于战略动因的宏观层次分析.......................................................................13 3.3.2基于财务动因分析...........................................................................................16 3.4并购主要内容.............................................................................................................17 3.5并购产生的影响..........................................................................................................18 3.6并购风险分析.............................................................................................................19 3.7并购的SWOT分析........................................................................................