上市公司并购绩效分析——以万华化学并购万华化工为例

Analysis of Merger and Acquisition Performance of Listed Companies——Take Wanhua Chemical Group's acquisition of Wanhua Chemical as an Example

在并购中风险和效益并存,许多企业在并购中不仅未获得预期的并购绩效,反而在并购后陷入财务或管理困境。本文基于“十四五”规划的大背景下,制造业升级势能最大,基于此,以万华化学并购万华化工为例,从财务绩效、经营绩效、市场绩效三个方面来综合地衡量万华化学并购万华化工的效果。通过研究可以看出万华化学在并购后市场绩效良好,累计超额收益率增加,但由于化工行业市场整体低迷,使得并购对万华化学的财务绩效各项指标未有明显提升,而在经营绩效方面,公司的EVA在前两个季度表现出较为明显上升,在并购后第三个季度EVA值出现下降,甚至低于并购前一季度值。作为典型的周期型行业,企业在并购时必须做好防范工作。

In mergers and acquisitions,risks and benefits coexist,and many companies not only fail to achieve expected merger performance,but also fall into financial or management difficulties after the merger.Based on the background of the 14th Five Year Plan,the manufacturing industry has the greatest potential for upgrading.Taking Wanhua Chemical Group's acquisition of Wanhua Chemical as an example,this paper comprehensively measures the effect of Wanhua Chemical Group's acquisition of Wanhua Chemical from three aspects:financial performance,operating performance and market performance.Through the research,we can see that Wanhua Chemical Group has good market performance after M&A,and the cumulative excess return rate has increased.However,due to the overall downturn of the chemical industry market,the financial performance indicators of Wanhua Chemical Group have not been significantly improved by M&A.In terms of operating performance,the EVA of the company has increased significantly in the first two quarters,and the EVA value of the third quarter after M&A has declined,even lower than the value of the first quarter before M&A.As a typical cyclical industry,enterprises must take preventive measures during mergers and acquisitions.