水电站建设工期长、投资大的特点，使得横向并购成为水电行业企业实现快速扩张的重要方式。然而，由于水电资产所涉资金巨大，且资产通用性差，导致该行业并购后的整合都较其他行业更为困难且复杂。因此，研究水电行业的并购，对提高该行业企业并购成功率，促进该行业快速健康发展有着十分重要的现实意义。

本文以长江电力并购川云水电这一行业内的典型案例为研究对象，在概述企业并购相关概念、类型、水电行业特点及其发展关键要素的基础上，从时间与事件两个维度对长江电力并购川云水电的过程进行了细致的梳理，以揭示本次并购的内在逻辑。随后，综合运用协同效应理论、资源配置理论和规模经济等理论，深入地分析了长江电力并购川云水电的并购动因；从财务指标与非财务指标两个方面对长江电力并购前后财务绩效进行了对比分析，并以此为依据对并购结果进行研判。经过分析得出：在并购川云水电后，长江电力的盈利和营运水平都得到了明显的提高，发展能力也得到加强，并购后的发展速度明显高于行业平均水平，企业的EVA值也有明显的提升，综合来看，该并购是一次成功的并购案例。研究还发现，本次并购在一定程度上削弱了企业短期偿债能力，这是本次并购活动所产生的负面影响，企业应重视流动负债的变化，需提出有针对性的措施以适应这种变化。最后，从并购对象的选择、支付方式的运用、并购之后的整合以及对行业政策的解读等方面总结了本次并购成功的经验，以期为同行企业提供借鉴与参考。

The hydropower industry is currently one of the fastest developing new energy industries. The development of this industry not only contributes to the smooth realization of carbon reduction, but also generates significant comprehensive benefits such as irrigation and shipping. However, due to the long construction cycle and huge investment of hydropower stations, many small and medium-sized hydropower stations have not produced good economic benefits after completion. Therefore, horizontal mergers and acquisitions within the industry have become the main way for hydropower enterprises to expand. At the same time, due to the large amount of hydropower assets involved and the poor universality of assets, mergers and acquisitions in the hydropower industry are more difficult and complex than other industries in terms of both the scale of assets involved and the difficulty of post merger integration. Therefore, studying the mergers and acquisitions of enterprises in the hydropower industry is of great practical significance for enhancing the competitiveness of these enterprises.

This article selects the classic M&A case of Yangtze Power's acquisition of Chuanyun Hydropower in the industry for analysis. Firstly, the definition and classification of enterprise M&A are systematically explained, and the characteristics, background, and key elements of the development of the hydropower industry are analyzed in depth. On this basis, a detailed review was conducted on the process of Yangtze Power's acquisition of Chuanyun Hydropower. Subsequently, the synergy theory, resource allocation theory, and economies of scale were comprehensively applied to analyze the motives behind Yangtze Power's acquisition of Chuanyun Hydropower; A comparative analysis was conducted on the financial performance of Yangtze Power before and after the merger from two aspects: financial indicators and non-financial indicators, and the merger results were evaluated based on this.

Through research, it has been found that this merger and acquisition has significantly improved the profitability and operational capabilities of Yangtze Power, and strengthened its development capabilities to a certain extent. The development speed after the merger and acquisition is significantly higher than the industry average, and the company's EVA value has also been significantly improved. Its development level has surpassed many competitors in the same industry. Overall, this merger and acquisition is a successful case. The study also found that this merger and acquisition has to some extent weakened the short-term solvency of Yangtze Power Company. Therefore, the company should pay attention to changes in current liabilities after the merger and propose targeted measures to improve its short-term solvency. Finally, the successful experience of this merger and acquisition was summarized from two aspects: motivation and financial performance, in order to provide reference for peer enterprises.

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