I 摘要 随着我国市场经济发展的深入，企业间并购行为日趋频繁。近年来房地产行 业的高速发展，地产企业并购事件也屡见不鲜，地产企业通过并购往往可获得优 质土地、项目、市场等有效资源，并购重组也能够短期增加企业规模、帮助企业 扩大市场份额。本文选择 2019 年 11 月 RC 公司并购 HQ 公司的并购事件为研究对 象，对其并购的综合绩效展开全面深入分析。 本文的研究主要由以下内容组成：首先，聚焦本文研究并购事件背景及经过， 对并购方 RC 公司和目标公司 HQ 公司进行了介绍，重点分析了目标公司的发展战 略，以及房地产行业背景及行业内竞争优势，对 HQ 公司的财务报表进行分析， 总结出其财务特征，介绍并购重组的实施和并购后的整合措施。其次， RC 公司 并购 HQ 公司的金融市场绩效分析。基于协同效应分析方法分别对战略协同效应 分析、业务协同效应展开分析，基于事件分析法对本次并购的超额收益率分析、 累计超额收益率展开分析。再次，基于财务指标的财务绩效分析。对 HQ 公司并 购前财务绩效的偿债能力分析、盈利能力分析、运营能力分析展开分析，并对并 购重组后 HQRC 公司的财务绩效展开分析，分别为：偿债能力分析、盈利能力分 析、成长能力分析、EVA 指标分析。通过综合分析总结认为，本次 RC 公司并购 HQ 公司的绩效评价呈正向发展趋势，未来能为其股东创造经济收益，得出本次并 购事件启示：在现金流足够充裕的前提下，采取并购式拿地实际上是一种比较好 的拿地方式，同时在并购重组后需充分规避经营风险。 本文通过本次 RC 公司并购 HQ 公司的并购过程和综合绩效的深入全面分析， 其研究成果可为 RC 公司后续并购提供一定参考指导价值，同时也为日后其他房地 产企业在文旅板块的并购行为提供一定的借鉴价值。 关键词：企业并购，并购绩效，事件分析法，财务指标分析法ABSTRACT II ABSTRACT With the deepening of China's market economy, mergers and acquisitions between enterprises have become more frequent. With the rapid development of the real estate industry in recent years, mergers and acquisitions of real estate companies are not uncommon. Real estate companies can often obtain effective resources such as high-quality land, projects, and markets through mergers and acquisitions. Mergers and acquisitions can also increase the scale of enterprises and help them expand market shares in the short term. This article selects the merger and acquisition event of RC company and HQ company in November 2019 as the research object, and conducts a comprehensive and in-depth analysis of the comprehensive performance of its merger and acquisition. The study is mainly composed of the following contents: First, the second chapter is the current research status at home and abroad. This chapter focuses on the two concepts of M&A effect and M&A performance, summarizes their connotations, types and research methods, and combs the literature review on M&A effects and M&A performance at home and abroad. Secondly, focusing on the M & A event itself, this paper introduces the merger party RC company and the target company HQ company, focusing on the development strategy of the target company, as well as the real estate industry background and competitive advantages in the industry. At the same time, it analyzes the financial statements of HQ company and summarizes its financial characteristics. Finally, it introduces the implementation of M & A and the integration measures after M & A. Thirdly, it analyzes the performance of RC company's merger and acquisition of HQ company. Based on the event analysis method, the performance analysis of merger and acquisition based on event analysis method is: excess return analysis, cumulative excess return analysis; performance analysis based on financial indicators is; solvency analysis, profitability analysis, growth ability analysis, EVA index analysis; merger performance analysis based on non-financial indicators is: strategic synergy effect analysis, business synergy effect analysis. Through the comprehensive analysis and summary, the paper concludes that the performance evaluation of RC company's merger and acquisition of HQ company is in a positive development trend, and it can create economic benefits for its shareholders in the future.ABSTRACT III The Enlightenment of this merger and acquisition event is: on the premise of sufficient cash flow, it is actually a better way to take land acquisition by merger and acquisition, and at the same time, it is necessary to fully avoid business risks after merger and reorganization. Through the in-depth and comprehensive analysis of the acquisition process and comprehensive performance of RC company's merger and acquisition of HQ company, the research results can provide certain reference and guidance value for RC company's subsequent merger and acquisition, and also provide certain reference value for other real estate enterprises in the cultural and tourism sector in the future. Keywords: M &A, M & a performance, event analysis, financial index analysis目录 IV 目 录 第一章 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................................................................................................ 3 1.2 研究方法........................................................................................................... 3 1.3 研究内容及框架............................................................................................... 4 1.3.1 研究内容................................................................................................ 4 1.3.2 研究框架................................................................................................ 4 第二章 相关理论与方法................................................................................................ 6 2.1 相关概念........................................................................................................... 6 2.1.1 企业并购................................................................................................ 6 2.1.2 企业并购绩效........................................................................................ 7 2.2 基础理论........................................................................................................... 8 2.2.1 企业并购基础理论................................................................................ 8 2.2.2 企业并购绩效评价理论........................................................................ 9 2.3 小结................................................................................................................. 10 第三章 RC 公司并购 HQ 公司基本概况.....................................................................11 3.1 RC 公司概况及并购动因分析.........................................................................11 3.1.1 RC 公司简介..........................................................................................11 3.1.2 RC 公司发展战略................................................................................. 12 3.1.3 RC 公司行业竞争形势......................................................................... 13 3.1.4 RC 公司并购动因分析......................................................................... 16 3.2 HQ 公司概况及并购动因分析 ....................................................................... 19 3.2.1 HQ 公司介绍 ........................................................................................ 19 3.2.2 HQ 公司运营状况 ................................................................................ 20 3.2.3 HQ 公司并购动因分析 ........................................................................ 24 3.3 并购重组实施过程......................................................................................... 26 3.3.1 并购流程.............................................................................................. 26 3.3.2 并购实际对价...................................................................................... 26 3.3.3 并购重组后整合措施..............