并购下的资本运营与财务战略联动研究——基于建投能源的双案例分析

Research on the Linkage between Capital Operation and Financial Strategy under Mergers and Acquisitions—A Dual-Case Analysis Based on Jiantou Energy

摘要: 在绿色低碳转型与能源保供双重压力下，传统能源企业普遍进入火电存量提质、新能源增量扩张的双轮转型阶段。资本运营是转型落地的核心手段，财务战略直接决定并购成效与风险可控性，二者联动效果关乎企业转型成败。本文以建投能源逆周期并购开滦协鑫、分步并购建昊光伏为双案例，采用双案例对比法围绕市场择时理论、资源基础理论，系统剖析不同资产属性下资本运营与财务战略的差异化联动路径与实施效果。研究发现：火电存量并购强调周期套利与稳杠杆，适配REITs盘活存量的稳健财务战略；新能源增量并购聚焦成长溢价，适配科创票据等长期低成本融资的适度加杠杆财务战略。二者双向联动可实现短期现金流稳定与长期战略升级协同。本文的研究结论可为同类传统能源企业在双轮转型过程中平衡风险与收益、提升资本配置效率、推动财务战略与资本运营深度协同提供理论参考与实践借鉴。

Abstract: Under the dual pressures of green and low-carbon transformation and energy supply guarantee, traditional energy companies generally enter a dual-phase transformation stage: improving the quality of existing thermal power and expanding new energy capacity. Capital operations are the core means for implementing this transformation, and financial strategy directly determines the effectiveness and risk controllability of mergers and acquisitions; the interaction between the two affects the success of corporate transformation. This paper takes Jiantou Energy’s counter-cyclical acquisition of Kailuan GCL and the staged acquisition of Jianhao Photovoltaics as dual case studies. Using a comparative case method based on market timing theory and resource-based theory, it systematically analyzes the differentiated interaction paths and implementation effects of capital operations and financial strategy under different asset attributes. The study finds that thermal power stock acquisitions emphasize cycle arbitrage and stable leverage, suitable for conservative financial strategies such as revitalizing stock through REITs; new energy incremental acquisitions focus on growth premiums, suitable for moderately leveraged financial strategies using long-term low-cost financing such as sci-tech innovation notes. The bidirectional interaction of the two can achieve coordination between short-term cash flow stability and long-term strategic upgrades. The research conclusions of this paper can provide theoretical reference and practical guidance for similar traditional energy companies to balance risk and return, improve capital allocation efficiency, and promote deep coordination between financial strategy and capital operations during the dual-phase transformation process.