国际经济与贸易学院知识库

   积极推动包括水电在内的清洁可再生能源的开发利用是世界能源行业发展的主体方向，但随着我国水电行业的高速发展和电力发电装机容量的逐年提高，国内水电行业发电业务已逐步饱和，水电企业不仅需要进一步扩展业务范围，而且更需开拓海外市场，为此长江电力公司作为我国水电企业的龙头通过并购秘鲁路德斯公司首次进入海外配售电市场，为国内其它水电企业跨国拓展业务做出了有效尝试。因此，本文以中国长江电力公司并购秘鲁路德斯公司的策略为研究对象，分析其并购交易环节和后期整合环节所采用的策略并总结其经验，为其它水电企业跨国拓展业务给予启示。

   论文在相关文献综述和并购案例陈述的基础上，通过从并购时机选择、并购目标企业选择、估值方式选择、支付方式选择、收购路径与融资方式选择、后期整合选择等环节剖析了中国长江电力公司并购秘鲁路德斯公司的策略，运用短期事件研究法、长期财务指标分析法和EVA指标效应分析法对并购策略的经济效果进行了检验，并据此总结出对其他水电企业实施跨国并购的启示。论文的研究结果显示：中国长江电力公司在并购时机的选择上采取了抓政策红利和市场机遇，抢占先机实施并购的策略；在目标企业的选择上采取了规避风险与落实企业发展战略双重目标并重的策略；在估值方式的选择上采取了单一估值方式估计交易价格和差异化估值方式估计要约收购价格的策略；在支付方式的选择上采取了先以账目调整机制确定交易价格再使用现金支付对价的策略；在收购路径的选择上采取了借助优质持股平台完成并购的策略；在融资方式的选择上采取了多渠道融资的策略；在后期整合方式的选择上采取了综合考虑、全面整合的策略。中国长江电力公司并购秘鲁路德斯公司的策略选择从整体上看是比较合理的，长期财务指标数据所反映的企业偿债能力、盈利能力和发展能力显著提升；但也存在不足之处，主要是在强制要约收购前，单一的估值方式造成了估值过高，以及巨额的现金支付方式对企业资产流动性造成了负面影响，导致其营运能力下降。为此，论文从并购时机、并购对象、估值方式、定价与支付方式、融资方式、后期整合方式等并购环节的策略选择上总结了其采用的策略并归纳出相应的启示，以便为其它企业开展跨国并购提供借鉴。

     Actively promoting the development and utilization of clean and renewable energy, including hydropower, is the main direction for the development of the global energy industry. However, with the rapid development of China's hydropower industry and the increasing installed capacity of power generation year by year, the power generation business of the domestic hydropower industry has gradually saturated. Hydropower enterprises not only need to further expand their business scope, but also need to explore overseas markets. Therefore, as the leader of China's hydropower enterprises, Yangtze River Power Company entered the overseas distribution and sales electricity market for the first time through the acquisition of Peru Ludes Company, making an effective attempt for other domestic hydropower enterprises to expand their business across borders. Therefore, this article takes the strategy of China Yangtze Power Company's acquisition of Peru Ludes Company as the research object, analyzes the strategies adopted in its merger and acquisition transaction and later integration stages, and summarizes its experience, providing inspiration for other hydropower enterprises to expand their business across borders.

       On the basis of relevant literature review and M&A case statements, this paper analyzes the strategy of China Yangtze Power Company's acquisition of Peru Ludes Company from the aspects of M&A timing selection, target company selection, valuation method selection, payment method selection, acquisition path and financing method selection, and later integration selection. The short-term event research method, long-term financial indicator analysis method, and EVA indicator effect analysis method are used to test the economic effect of the M&A strategy, and based on this, the inspiration for other hydropower companies to expand their business through cross-border M&A. The research results of the paper show that China Yangtze Power Company has adopted a strategy of seizing policy dividends and market opportunities in the timing of mergers and acquisitions, seizing the opportunity to implement mergers and acquisitions; We have adopted a dual strategy of risk avoidance and implementing corporate development strategies in the selection of target enterprises; The strategy of using a single valuation method to estimate transaction prices and a differentiated valuation method to estimate tender offer prices was adopted in the selection of valuation methods; The strategy of selecting payment methods is to first determine the transaction price through an accounting adjustment mechanism and then use cash to pay the consideration; We have adopted a strategy of using high-quality shareholding platforms to complete the acquisition in the selection of acquisition paths; Adopting a multi-channel financing strategy in the selection of financing methods; In the selection of integration methods in the later stage, a comprehensive consideration and integration strategy was adopted. The strategic choice of China Yangtze Power Company's acquisition of Peru Ludes Company is relatively reasonable overall, and the long-term financial indicators reflect a significant improvement in the company's debt paying ability, profitability, and development ability; But there are also shortcomings, mainly due to the overvaluation caused by a single valuation method before the mandatory tender offer, and the negative impact of huge cash payment methods on the liquidity of the company's assets, leading to a decline in its operating capacity. Therefore, the paper summarizes the strategies adopted in the M&A process from the perspectives of timing, target audience, valuation methods, pricing and payment methods, financing methods, and later integration methods, and provides corresponding insights for other enterprises to carry out cross-border M&A.