林业上市公司并购动因及绩效——以永安林业并购森源家具为例  

Research on the Motivation and Performance of Mergers and Acquisitions of Forestry Listed Companies——A Case Study on Yongan Forestry’s M&A of Senyuan Furniture

作　　者：段慧芳 DUAN Huifang(College of Economics and Management,Nanjing Forestry University,Nanjing 210037,China)

机构地区：[1]南京林业大学经济管理学院,南京210037

出　　处：《经济研究导刊》2024年第7期109-112,共4页Economic Research Guide

摘　　要：以永安林业并购森源家具为研究对象,分析并购动因及并购绩效。利用事件研究法和财务指标法分别考察市场和财务绩效。研究结果显示,此次并购的市场反应较为良好,投资者呈看好态势;偿债能力、存货周转能力得到显著提高,总体绩效向好,这为其他林业公司的并购提供了参考。同时,针对应收账款周转能力下降以及股东价值增长缓慢的问题,提出盘活流动资产、激活新增价值链盈利点等建议。This paper takes Yong’an Forestry’s M&A of Senyuan Furniture as the research object,and analyzes the motivation and performance of M&A.In terms of methods,the event study method and financial index method are used to examine the market and financial performance respectively.From the results,the market reaction of this M&A is relatively good,and investors are optimistic about the situation;the debt paying ability and inventory turnover ability have been significantly improved,and the overall performance is good,which provides a reference for mergers and acquisitions of other forestry companies.At the same time,in view of the decline in the turnover capacity of accounts receivable and the slow growth of shareholder value,this paper proposes to revitalize current assets and activate new profit points of the value chain.

关 键 词：永安林业 并购动因 市场绩效 财务绩效 

分 类 号：F275[经济管理—企业管理]