Coal Enterprise Merger And Acquisition Projects Risk Research

In recent years, China gives all-out support to promote the strategies of large enterprise groups, and improve the market concentration, and the merger and acquisition of coal enterprises happen frequently. Due to the merger process including many hidden variables, they make the coal enterprises' merger have a greater uncertainty and risk. After the merger and acquisition in many coal enterprises, they do not realize the "synergistic effect", but even decline. Facing various and different risks existing objectively, the decision makers of coal enterprises deeply feel incompetent, anxiously seeking for a guide and help of the related theories.The paper discourses the merger and acquisition project risk concept and the merger motivation of coal enterprises. From three aspects of the early, middle and late acquisition, the risk factors are analyzed; it uses the entropy to obtain the main risk factors of coal enterprise merger projects which are policy risks, financial risks, resources risk and integration risks. From three angles of policy evolution, policy risk and risk measures of coal enterprise merger and acquisition, makes a detailed study of policy risks of coal enterprise merger projects. From four aspects of the merger's financial structure risks, payment risks, financing risks and the target company's risk assessment, it analyzes the financial risks, applying the real options to value the merged enterprise. From seven aspects, it analyzes the resource risks, using the membership functions of the fuzzy sets to evaluate the resource risks. From human resources and enterprise cultures, it makes an analysis of the integration risks of coal enterprise merger project.