Research On The Performance Of HR Company Merger TD Company

In recent years,environmental protection issues have received widespread attention.The state and the government have successively issued a series of environmental protection policies,and the effect of environmental governance is obvious.In addition,with the continuous improvement of residents ’ consumption ability and material living standards,the demand for a better living environment is also increasing,and environmental protection and governance become more important.Under the background of this era,the environmental protection industry has also seized the opportunity and entered a period of rapid development.Some enterprises have begun to emerge,and the number and scale of mergers and acquisitions in the environmental protection industry have increased significantly.The average annual environmental protection M & A transaction amount in 2015-2019 was basically maintained at the scale of 40 billion yuan.M & A seems to have become the norm in the environmental protection industry.However,it is worth paying attention to whether environmental protection enterprises with many stakeholders and greatly affected by policy factors can truly improve their business performance and achieve their merger and acquisition goals through mergers and acquisitions.This paper focuses on the theme of M & A performance research of environmental protection enterprises,selects the M & A case of HR Company ’s acquisition of TD Company as the research object,and studies its M & A performance.Firstly,it summarizes the research on M & A performance at home and abroad,analyzes the basic situation of HR company and TD company,the motivation of M & A,the M & A plan and its implementation process.On this basis,it studies from three perspectives : market performance,financial performance and non-financial performance.The first is the market performance.Using the event research method,15 days before and after the merger are selected as the event period to analyze the market performance of HR company.Secondly,in terms of financial performance,the financial index analysis method is used to select the report data of HR company from 2016 to 2022,and the analysis is carried out from the aspects of cost control ability,financing ability,profitability,operation ability,solvency and development ability.At the same time,the economic value added method is combined with the economic value added rate of return for comparative analysis;finally,in terms of non-financial performance,the non-financial performance of HR company is studied from the changes of industrial structure,market share and R & D ability before and after mergers and acquisitions.The research shows that : from the perspective of market performance,the cumulative excess return rate of enterprises after M & A is slightly lower than that before M & A;from the perspective of financial performance,mergers and acquisitions have improved a number of financial indicators of the case company,and the comprehensive ability of the company has improved after the merger;from the perspective of non-financial performance,after the merger and acquisition,the business composition of HR company has gradually diversified,and the enterprise has realized a new industrial chain model;based on the M & A performance of various angles,it is concluded that the M & A of HR company has achieved positive performance,the enterprise has improved the industrial chain,improved the core competitiveness of the enterprise,and achieved the target value of net profit.Finally,according to this case,some inspirations are obtained,hoping to provide reference value and reference for the future mergers and acquisitions of environmental protection enterprises.