在工业化快速发展的今天，环境污染严重影响了人们的身心健康，引起了我国政府的高度重视。自“十三五”规划以来，我国政府出台了一系列环保政策，为环保企业带来了大量的发展机会。政策的出台极大地促进了我国环保企业的发展，大量优质的环保企业在市场中涌现出来，使得国内环保企业的竞争日趋激烈。然而，部分国内的环保企业凭借现有的规模和资源，已经无法满足其在环保行业中继续发展，迫切地需要扩展企业规模，提升其市场竞争力。相对于国内的环保企业，国外的环保企业由于发展较早，因此有着庞大的市场份额和先进的环保技术。我国环保企业通过并购国外优质的企业，能够帮助并购方快速扩展企业规模，提升市场竞争力，因此越来越多的国内环保企业选择通过跨国并购的方式，实现企业的进一步发展。在实际并购中，由于每个并购案例中的企业特点、并购过程以及并购方式均有所差异，因此企业进行并购的动因以及并购完成后绩效的变动也各不相同，值得我们去进一步研究和探索。

本文选取中国天楹跨国并购U公司事件作为研究案例，对其并购动因以及并购绩效进行深入分析。首先，本文对并购的相关概念、并购的相关理论以及并购绩效的评价方法进行阐述。其次，本文对中国天楹和U公司的基本情况以及此次并购的具体方案进行介绍，并对此次并购的动因进行具体的分析。再次，本文基于此次并购的动因，选取股票价格、部分财务指标和部分非财务指标对并购前后的企业绩效进行对比分析，以此验证并购是否促进了企业绩效的增长以及并购动因是否得以实现，通过分析发现，并购完成后，中国天楹的股票价格呈现出波动性上涨的趋势，稳定了企业的市场地位；企业相关的财务指标明显得到了提升，增强了其财务经营能力；同时，并购事件给中国天楹带来了大量的市场份额，并且增强了企业的技术研发能力，显著地提升了其市场竞争力。中国天楹的企业绩效在并购完成后出现了明显的上升趋势，实现了其并购U公司的目的。最后，本文根据前面进行的理论分析和案例研究，为中国天楹以及其他计划并购的企业提出建议，并对此次研究的成果进行总结，希望能够为我国相关企业改善并购活动提供一定的参考和借鉴。

Today, with the rapid development of industrialization, environmental pollution has seriously affected people's physical and mental health, and has attracted great attention from the Chinese government.Since the "Thirteenth Five -Year Plan" plan, the Chinese government has introduced a series of environmental protection policies, bringing a lot of development opportunities to environmental protection enterprises.The introduction of policies has greatly promoted the development of environmental protection enterprises in my country.A large number of high -quality environmental protection enterprises have emerged in the market, making the competition of domestic environmental protection enterprises becoming increasingly fierce.However, some domestic environmental protection enterprises have been unable to meet their continued development in the environmental protection industry with their existing scale and resources, urgently need to expand the scale of enterprises and enhance their market competitiveness.Compared with domestic environmental protection enterprises, foreign environmental protection enterprises have a huge market share and advanced environmental protection technology due to their earlier development.Through the acquisition of high -quality foreign companies in China, my country's environmental protection enterprises can help mergers and acquisitions to rapidly expand the size of enterprises and enhance market competitiveness.Therefore, more and more domestic environmental protection enterprises choose to achieve further development of enterprises through multinational M & A methods.In actual mergers and acquisitions, due to the characteristics, mergers and acquisitions, and mergers and acquisitions in each merger and acquisition case, the motivation for mergers and acquisitions and the changes in performance after the completion of the mergers and acquisitions are also different.It is worthy of our further research and exploration.Essence

This article selects China Tianying multinational M & A U as a research case to conduct indepth analysis of its mergers and acquisitions and mergers and acquisitions performance.First of all, this article elaborates the relevant concepts of mergers and acquisitions, the relevant theories of mergers and acquisitions, and the evaluation method of mergers and acquisitions.Secondly, this article introduces the basic situation of China Tianying and U Company and the specific plan for mergers and acquisitions, and analyzes the motion of the merger.Again, based on the cause of the merger and acquisition, this article selects the stock price, some financial indicators and some non -financial indicators to compare and analyze the corporate performance before and after the mergers and acquisitions to verify whether the merger and acquisition have promoted the growth of corporate performance and whether the mergers and acquisitions are realized.It is found that after the completion of the merger and acquisition, the stock price of China Tianying showed a trend of volatility, which stabilized the market position of the enterprise; Tianying brought a large number of market share, enhanced the company's technical research and development capabilities, significantly enhanced its market competitiveness, and achieved the purpose of China Tianying M & A U.S..Finally, based on the theoretical analysis and case studies carried out earlier, this article makes suggestions for Chinese Tianying and other plans to mergers and acquisitions.

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