会计学院知识库

在房价快速增长这一社会大背景下，房地产行业的企业数量不断增加，业务竞争激烈，众多房地产企业为了实现规模的扩张或者获取更多的现金流、改善其财务状况，不约而同选择了并购这一有效方式。而我国企业并购重组历史短，正处于转型升级的探索时期，因此因地制宜找到适合我国经济发展形式的，并且符合中国国情的现代并购理论至关重要。
    本文选取了中粮地产横向并购同一母公司旗下大悦城地产这一案例，在介绍了并购及财务协同效应相关的理论之后，按时间线阐述了并购的历程。并基于层次分析法对并购企业的财务协同效应展开研究。最后，根据并购企业偿债、营运、盈利和成长四种能力选取相应的财务指标进行评分，分析此次并购产生的财务协同效应。
    此次中粮地产通过并购大悦城，营运能力评分大幅增长，成长能力评分也有一定的提高。但是由于房地产自身较高的财务杠杆以及受外部环境冲击整个房地产行业经济下行，盈利能力和偿债能力没有达到预期的效果。综上所述，此次并购成功的完成了并购目标，而且总结了并购过程中的先进经验，为后续其他国有投资公司的关联并购奠定坚实的基础。

In the context of the rapid growth of housing prices, the number of enterprises in the real estate industry is increasing, and the business competition is fierce. In order to achieve scale expansion or obtain more cash flow and improve their financial situation, many real estate enterprises inevitably choose the effective way of M&A and acquisition. However, Chinese enterprises have a short history of M&A and reorganization, and are in the exploration period of transformation and upgrading. Therefore, it is of great importance to adapt to local conditions to find a modern M&A and acquisition theory suitable for China's economic development form and in line with China's national conditions.
    This paper selects the case of COFCO Real Estate's horizontal M&A of Joy City Real Estate, a subsidiary of the same parent company. After introducing the theories related to M&A and acquisition and financial synergies, it expounds the process of M&A and acquisition according to the time line. Based on analytic hierarchy process (AHP), the financial synergies of M&A companies are studied. Finally, the corresponding financial indicators are scored according to the four abilities of debt paying, operation, profit and growth of the M&A enterprise, and the financial synergies generated by the M&A are analyzed.
    Through the M&A and acquisition of Joy City, COFCO Real Estate saw a substantial increase in its operating capacity score and a certain improvement in its growth capacity score. However, due to the high financial leverage of the real estate itself and the economic downturn of the whole real estate industry impacted by the external environment, the profitability and solvency did not achieve the expected effect. In summary, this M&A successfully accomplished the M&A target, and summed up the advanced experience in the M&A process, which laid a solid foundation for the subsequent related M&A and acquisitions of other state-owned investment companies.