华贸物流连续并购绩效分析

Performance Analysis of Continuous Mergers and Acquisitions of Huamao Logistics

选取华贸物流2014—2021年间的连续并购作为研究对象,采用事件研究法和财务指标法,分析其连续并购的市场绩效和财务绩效,结果表明,华贸物流的连续并购为股东带来了超额收益,市场绩效表现优异。其中,财务绩效方面盈利能力、发展能力及短期偿债能力得到提升,但是营运能力和长期偿债能力表现不佳。最后,根据研究结果提出了改善华贸物流绩效的相关建议,即调整并购节奏,避免高溢价收购;加强运力资源建设,以多种方式降低应收账款风险。

Selecting the continuous mergers and acquisitions of Huamao Logistics from 2014 to 2021 as the research object,the event study method and financial indicator method were used to analyze the market and financial performance of its continuous mergers and acquisitions.The results showed that the continuous mergers and acquisitions of Huamao Logistics brought excess returns to shareholders,and the market performance was excellent.Among them,the profitability,development ability,and short-term debt paying ability have been improved in terms of financial performance,but the operational ability and long-term debt paying ability have performed poorly.Finally,based on the research results,relevant suggestions were proposed to improve the performance of Huamao Logistics,namely adjusting the pace of mergers and acquisitions to avoid high premium acquisitions;strengthen the construction of transportation resources and reduce the risk of accounts receivable in various ways.