会计学院知识库

改革开放四十年以来，伴随着我国市场经济逐渐完善与成熟,国内企业并购活动也日渐频繁，并购已然成为企业发展壮大的重要途径。在环保行业中，并购扩张的步伐也越来越快。环保行业具有市场集中度低且内部发展空间广阔的特点，通过并购行业中具备优质资源的环保企业，企业在谋求经营业绩增长及增加主营业务收入的同时还能够在很大程度上避免跨地域经营业务给自身带来的水土不服问题。高能环境作为近年来环保行业内的黑马企业，在短时间内开展了多起并购活动，营业收入与净利润增长迅速，在较短时期内成为了环保行业内固废危废资源化利用与处理领域的领军企业。

本文首先通过梳理现有的国内外学者对企业并购开展的相关研究，在结合我国环保行业发展情况的基础上，分析了我国环保业的并购现状，论述了企业系列并购活动发生的背景、意义，在参考国内外系列并购相关文献研究的基础上，选定了本文使用的研究方法；其次，对并购的相关概念与环保企业的行业发展背景、现状进行阐述，在此基础上选定案例分析研究对象；再次，以高能环境开展的系列并购事件为研究对象，对公司在2016-2021年间发生的系列并购活动进行整理研究，分析其展开系列并购的动因所在，并结合财务指标分析方法、经济增加值（EVA）分析方法和非财务指标法分析其在系列并购开始后的财务绩效和非财务绩效，对高能环境六年间的系列并购活动绩效展开全面深入的分析；最后，分析得出系列并购不仅扩大了高能环境的经营规模，增加了公司的收入增长点，还让公司获得了危废处理资质，提高了公司的持续发展能力。但是因为高频率的并购行为让高能环境产生了较大财务风险，同时为股东创造价值也不稳定。对此提出管理者需要谨慎选择并购标的企业，做好企业背景情况调查，并购步伐过快要放慢并购节奏，加强资源整合，为企业持续创造价值的建议,期望可以给其他企业开展并购，进行并购绩效分析提供一些参考借鉴。

Since the reform and opening up 40 years ago, with the gradual perfection and maturity of China's market economy, domestic enterprise mergers and acquisitions have become increasingly frequent, and mergers and acquisitions have become an important way for enterprises to develop and grow. In the environmental protection industry, the pace of mergers and acquisitions expansion is also getting faster. The environmental protection industry has the characteristics of low market concentration and broad internal development space. Through the merger and acquisition of environmental protection enterprises with high-quality resources in the industry, enterprises can seek business performance growth and increase the main business income, and at the same time, to a large extent, avoid the problems caused by cross-regional business operation. As a dark horse enterprise in the environmental protection industry in recent years, the BGE has carried out a number of mergers and acquisitions in a short period of time, and its operating income and net profit have increased rapidly, and it has become a leading enterprise in the field of resource utilization and treatment of solid waste and hazardous waste in the environmental protection industry in a relatively short period of time.

First of all, this paper reviews the existing domestic and foreign scholars on the relevant research on enterprise mergers and acquisitions, based on the development of China's environmental protection industry, analyzes the current situation of China's environmental protection industry mergers and acquisitions, discusses the background and significance of enterprise series mergers and acquisitions, and selects the research method used in this paper on the basis of referring to the domestic and foreign series of mergers and acquisitions related literature. Secondly, the related concepts of M&A and the industry development background and status quo of environmental protection enterprises are expounded, and on this basis, the case study object is selected. Thirdly, taking a series of mergers and acquisitions carried out in the BGE as the research object, the company's series of mergers and acquisitions from 2016 to 2021 were sorted out and studied, and the motivations for the series of mergers and acquisitions were analyzed. Combined with financial index analysis method, economic value added (EVA) analysis method and non-financial index method to analyze the financial performance and non-financial performance after the start of the series M&A, to carry out a comprehensive and in-depth analysis of the performance of the series M&A activities in the BGE in the past six years. Finally, the analysis concluded that the series of mergers and acquisitions not only expanded the operation scale of BGE, increased the company's income growth point, but also allowed the company to obtain the hazardous waste treatment qualification, and improved the company's sustainable development ability. However, due to the high frequency of mergers and acquisitions, the BGE has generated greater financial risks, and the creation of value for shareholders is also unstable. In this regard, it is proposed that managers should carefully choose the target enterprises of mergers and acquisitions, do a good job in the background investigation of enterprises, slow down the pace of mergers and acquisitions too fast, strengthen resource integration, and create value for enterprises continuously. It is hoped that it can provide some reference for other enterprises to carry out mergers and acquisitions and analyze the performance of mergers and acquisitions.