近两年，我国开启了高质量发展的新征途，中央工作组明确提出扎实推进供给侧结 构性改革，抓好“三去一降一补”。在这一大背景下，我国国有企 业掀起了兼并重组的 浪潮，然而这些企业进行合并重组却面临重重困难，特别是合并重组后资本运营水平一 直是困扰合并绩效的重要因素，直接影响着合并重组的效果。能源行 业是国企改革的重 点，尤其是煤炭和电力欧亿·体育（中国）有限公司问题突出，因此，解决好煤炭和电力两者间的矛盾就成了国 企改革的重中之重。在当今复杂多变的经济环境下，做好合并重组工作 对国企改革具有 深远的意义。神华国电合并重组作为国企能源改革第一例，研究其合并重组前后的财务 绩效具有重要价值，对国企改革未来发展方向以及推动企业重组有关键的 实践指导作 用。 在相关理论与国内外研究成果综述的基础上，综合运用文献研究法、对比分析法、 财务指标法和杜邦分析法，对神华国电合并重组这一案例进行分析，系统归纳 了合并重 组的动因和过程；通过收集整理2016年第一季度到2019年第二季度的财务数据，对两 家企业合并重组前后的盈利能力、偿债能力、营运能力、发展能力进行财务指标分 析； 再结合杜邦分析法进行比较，探究合并重组前后两家企业财务绩效的变化情况。 研究发现：企业在合并重组后的盈利能力和发展能力都有了一定程度的增长。因此， 从整体 上看此次两家央企的合并重组是成功的，不仅增强了企业的经营实力，促进了企 业的长远发展能力，也给未来其他企业的合并重组提供了良好的标杆。 关键词：合并重组；财务 绩效；评价 研究类型：专题研究 ABSTRACT Inthepasttwoyears,Chinahasembarkedonanewjourneyofhigh-qualitydevelopment. TheCentralWorkingGrouphasclearlyputforwardasolidpushforstructuralreformsonthe supplyside,focusingon"threego,onedrop,onesupplement".Inthiscontext,China's state- ownedenterpriseshavesetoffawaveofmergersandreorganizations.However,these enterprisesfacemanydifficultiesinmergingandreorganizing.Especially,thelevelofcapital operationaftermergersandreorganizationshasalwaysbeenanimportantfactorthatplagued mergerperformanceanddirectlyaffectedmergersandreorganizations.Theenergyindustryis thefocusofstate- ownedenterprisereform,especiallythecoalandelectricpowerindustries haveprominentproblems.Therefore,solvingthecontradictionbetweencoalandelectricity hasbecomethetoppriorityofstate-ownedenterprisereform.Intoday'scomplexandchanging economicenvironment,doingagoodjobofmergerandreorganizationhasfar- reaching significanceforthereformofstate-ownedenterprises.Themergerandreorganizationbetween ShenhuaandGuodianisthefirstcaseofstate- ownedenterpriseenergyreform.Researching itsfinancialperformancebeforeandafterthemergerandreorganizationisofgreatvalue.It hasakeypracticalguidingroleforthefuturedevelopmentofstate-ownedenterprisereform andthepromotionofcorporatereorganization. Basedontherelevanttheoriesandthereviewofdomesticandforeignresearchresults, theliteratureresearchmethod,comparativeanalysismethod,financialindicatormethod,and DuPontanalysismethodarecomprehensivelyusedtoanalyzethecaseofShenhuaGuodian's mergerandreorganization,andsystematicallysummarizethereasonsforthemergerand reorganizationandprocess;Bycollectingandorganizingfinancialdatafromthefirstquarter of2016tothesecondquarterof2019,thefinancialindicatorsoftheprofitability,debt serviceability,operatingability,anddevelopmentabilityofthetwocompaniesbeforeand Subject:ResearchonFinancialPerformanceEvaluationoftheMerger andReorganizationbetweenShenhuaandGuodian Pecialty:MasterofBusinessAdministration Name:WeiYao （Signature） Instructor:LYUJingye（Signature） afterthemergerandreorganizationareanalyzed;andthencomparedwithDuPontanalysisTo explorethechangesinthefinancialperformanceofthetwocompaniesbeforeandafterthe mergerandreorganization. Theresearchfoundthattheprofitabilityanddevelopmentcapacityofenterprisesafter themergerandreorganizationhaveincreasedtoacertainextent.Therefore,onthewhole,the mergerandreorganizationofthetwocentralenterpriseswassuccessful,whichnotonly strengthenedthecompany'soperatingstrengthandpromoteditslong-termdevelopment capabilities,butalsoprovidedagoodbenchmarkforthemergerandreorganizationofother enterprisesinthefuture. Keywords： MergerRestructuring;TheFinancialPerformance;Evaluate Thesis：MonographicResearch 目录 I 目录 1绪 论................................................................................................................................................1 1.1研究背 景及意义.................................................................................................................1 1.1.1研究背 景...................................................................................................................1 1.1.2研究意 义...................................................................................................................1 1.2国内外研究现 状.................................................................................................................2 1.2.1国外研究现 状...........................................................................................................2 1.2.2国内研究现 状...........................................................................................................4 1.2.3文献综 述...................................................................................................................6 1.3研究内容、方法及技术路 线............................................................................................6 1.3.1研究内 容...................................................................................................................6 1.3.2研究方 法...................................................................................................................7 1.3.3技术路 线...................................................................................................................8 2相关概念与理论基 础................................................................................................................10 2.1相关概 念...........................................................................................................................10 2.1.1合并重 组.................................................................................................................10 2.1.2财务绩 效.................................................................................................................10 2.1.3合并重组的财务绩 效............................................................................................10 2.1.4财务绩效的评价指 标............................................................................................11 2.2理论基 础............................................................................................................................12 2.2.1并购效率理 论.........................................................................................................12 2.2.2协同效应理 论.........................................................................................................12 2.2.3规模经济理 论.........................................................................................................13 2.2.4业务整合理 论.........................................................................................................14 3神华国电合并重组的动因与方 案............................................................................................15 3.1合并重组前后企业概 况...................................................................................................15 3.1.1合并重组前企业概 况............................................................................................15 3.1.2合并重组后企业概 况............................................................................................20 3.2合并重组的动因分 析.......................................................................................................21 3.2.1合并重组的外 因.....................................................................................................21 3.2.2合并重组的内 因.....................................................................................................22 3.3合并重组的过程