会计学院知识库

近年来,由于中国资本市场发展快速且体制日益健全,收购对促进公司经济发展的意义愈发显现,因而获得了多数公司的高度关注，各公司都以空前高昂的热情投入到了收购活动中。在国内外并购交易市场上,并购成交的数量与金额不断屡创新高,在这个形势下,中国许多上市公司的收购活动也浮现出了一些新的问题,本文的主要研究对象锦江股份便是这类企业中一个较为经典的例子。对比单次收购,连续并购更易滋生管理隐患、资本短缺等问题,在危机来临前深入剖析企业财务的可持续增长，提前找到潜在问题并妥善解决，才能够有效避免企业陷入亏损的局面。针对此,本文将基于可持续增长理论,利用希金斯模型对锦江集团的财务可持续增长展开深入研讨,探寻其连续并购中存在的问题并提供相关建议。

全文共计六大章节，第一章绪论，首先阐述了选题背景、研究目的和研究意义等。同时，梳理了国内外研究者有关连续并购、财务可持续增长的相关资料。第二章相关概念与理论基础，详细解释了本文所需的定义和有关思想，包括连续并购、财务可持续增长和优序融资理论等。第三章锦江股份连续并购案例介绍，介绍了酒店行业概况、案例公司三次并购的过程以及其基本财务状况。第四章连续并购下锦江股份财务可持续增长分析，主要对锦江股份的可持续增长率进行横向及纵向比较和驱动因素分析。第五章为连续并购下锦江股份财务可持续增长中存在的问题与建议。第六章为研究结论与展望。

经过分析，本文认为锦江股份的三次并购中，并购卢浮拖慢了集团的可持续增长，并购铂涛的整合效果良好但存在潜在风险，维也纳酒店的规模最小但盈利状况最好。从可持续增长率的角度来看，锦江股份存在超速增长的情况，实际增长率和可持续增长率长期不匹配。四大驱动因素中，锦江股份较为重视财务政策，即权益乘数和利润留存率；并购后营业净利率因为销售费用畸高而始终表现较差，总资产周转率受高额商誉和无形资产的影响虽有上升的势头但涨幅较小。最后本文针对锦江股份存在的问题，就如何维持其财务可持续增长提供了相关建议。

In recent years, due to China's capital market has gained a mushroom growth and the increasingly sound system, Acquisition is becoming more and more important to the development of the company, it has won the great attention of majority companies , and all companies have invested in the acquisition activities with unparalleled devotion. In the M & a market at home and abroad, the number and amount of M & A transactions have grown rapidly. Under this situation, some new problems have emerged in the acquisition activities of many listed companies in China. Jinjiang Co., Ltd., the main research object of this paper, is a classic example of such enterprises. Compared with single acquisition, continuous acquisition is more likely to breed problems such as management hidden dangers and capital shortage. Before the crisis, in-depth analysis of the sustainable financial growth of enterprises, finding potential problems in advance and properly solving them can effectively avoid the situation of enterprises falling into losses. In view of this, this paper will conduct an in-depth study on the financial sustainable growth of Jinjiang Group Based on the sustainable growth theory and Higgins model, explore the problems existing in its continuous M & A and provide relevant suggestions.

The first chapter is the introduction, which first expounds the background, research purpose and research significance of the topic. At the same time, it collates the relevant data of domestic and foreign researchers on continuous M & A and financial sustainable growth. The second chapter explains the concepts and related theories needed in this paper, including continuous M & A, financial sustainable growth and priority financing theory. The third chapter introduces the case of continuous M & A of Jinjiang shares, which introduces the general situation of the hotel industry, the process of three M & A of the case company and its basic financial situation. The fourth chapter analyzes the financial sustainable growth of Jinjiang shares under continuous M & A, mainly compares the sustainable growth rate of Jinjiang shares horizontally and vertically and analyzes the driving factors. The fifth chapter is the problems and suggestions in the sustainable financial growth of Jinjiang shares under continuous M & A. The sixth chapter is the conclusion.

After analysis, this paper believes that among the three mergers and acquisitions of Jinjiang shares, the merger and acquisition of Lufu has slowed down the sustainable growth of the group, the integration effect of the merger and acquisition of platinum Tao is good, but there are potential risks, and the scale of Vienna Hotel is the smallest but the profitability is the best. From the perspective of sustainable growth rate, Jinjiang Co., Ltd. has overspeed growth, and the actual growth rate does not match the sustainable growth rate for a long time. Among the four driving factors, Jinjiang shares pays more attention to financial policies, namely equity multiplier and profit retention rate; The operating net interest rate after M & A has always performed poorly due to the abnormally high sales expenses. The total asset turnover rate is affected by high goodwill and intangible assets. Although it has an upward trend, it has a small increase. Finally, aiming at the problems existing in Jinjiang shares, this paper provides relevant suggestions on how to maintain its sustainable financial growth.