| Under a new normality,the extensive development mode depends on yield and increasing production capacity in coal industry has come to an end. Long-term extensive development mode contributes to industrial pattern whose feature is ‘small, scattered, disorder and poor’ and difficult trade with an industrial overcapacity and a tiring market. It is imperative to change the development mode by integration for coal enterprises. The state has put out a series of policies to encourage coal enterprises to merge and reorganize to find a new way. In the background of abundant appearance of merger of coal enterprises, how to evaluate the M&A performance reasonably, how to guide scientifically and regulate the behavior of mergers and acquisitions have become the key to coal industry and even the sustainable development of the entire national economy.Based on the adjustment of the national industrial structure and macro policy of the integration of coal resources, this paper combines the industrial characteristics in the coal enterprise of "high risk, high energy consumption, high pollution", setting M&A performance evaluation system design and practice employment as the main line, mainly dicusses the following points: Firstly, to build the coal enterprise m&a performance evaluation model of "five concentric circle of responsibility", using the analytic hierarchy process to design a set of systems that contain "internal management performance, economic performance and social responsibility performance", which is a multi-level performance evaluation system;Secondly, basing on the materials of nearly 6years, to compare and evaluate the m&a performance of China coal energy co., LTD.;Thirdly, to explore the influence factors of the coal enterprise m&a performance, this paper mainly analyzes the government’s role in the process of mergers and acquisitions and furthermore, the effect on the performance of m&a by the path selecting; Finally, this paper also digs the relationship between the different m&a performance, clarifies the responsibilities of concentric circle and the role of the relationship between different directions.Through the above analysis, this article mainly draws the following conclusion:(1) The evaluation system of coal enterprise mergers and acquisitions in China is not perfect, the enterprise m&a behavior lacks guidance. Coal enterprises’ social responsibility performance is at a low level as a whole;(2) The government should play a dual role as an "economic man" and the "protector of public interest" in the market economy. But in the coal enterprise mergers and acquisitions, the government’s economical social regulation is not harmonious, imbalanced, serious absence of protectors’ function, and did not timely come back;(3) The special economic situation has provided the convenience with government regulation of M&A enterprises to improve internal management performance by the "Policy resource contention" behavior;(4) The coal industry in our country has been uneconomical, vertical integration is the key to solve the industry crisis;(5) Internal contact does not exist in the path of M&A and the internal management performance, economic performance and social performance of vertical mergers and acquisitions are better than that of horizontal and mix-direction mergers and acquisitions;(6) Interlocking among different M&A performance has interaction relationships. Embodied in: Firstly, internal management performance and economic performance have a long-term forward interaction relationship; Secondly, economic performance and social performance have a forward hysteretic interaction relationship; Thirdly, internal management performance and social performance have an inverted interaction; Fourth, there is a conduction effect among internal management performance, economic performance and social performance, internal management performance can indirectly enhance the promotion effect for the social performance from economic performance. |
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