Performance Evaluation Of Mergers And Acquisitions Of Coal Enterprises

Coal is a kind of important strategic energy and. industrial raw material in our country, which is the basis of national economy. In recent years under the impetus of related coal policies, Chinese coal enterprises set off a wave of mergers and acquisitions. Mergers and acquisitions of coal enterprises is a means of national industrial restructuring and the rational allocation of resources. At the same time it is the way to the rapid development of enterprises under the conditions of the market economy. In the fierce market competition, it is the basic rules for the enterprises to survive that is to keep developing or else would fall behind.This article take China's listed coal companies as samples who merge and acquisition, the study found that the motivation and reason for coal industry to merge is to exercise synergistic effect and promote competitive advantage. Through mergers and acquisitions to expand the production scale of enterprises, to achieve economies scale, reduce production costs, thereby enhancing the competitive advantage; take use of competitive advantage of the merged enterprise, achieve the complementary advantage between merging and the merged enterprises, resulting in the new competitive advantage, and realize that the whole value of the enterprise is greater than the plus value of each enterprise before merges. In the financial domain, make full use of the unused tax benefits, development unused debt capacity; in the area of personnel, absorbing key management skills, make the R&D department for effective integration.Analysis of the impact of China's coal industry merger and reorganization of the performance factors and lessons learned, and accordingly put forward with property, that is main form with share-holding system involved in mergers and acquisitions, rather than to encourage these enterprises become the main body from the restructuring. From the industrial chain, coal industry and non-coal industry associate to each other highly, which fit through the longitudinal merger and reorganization to spin industrial chain, widen industrial area, develop related diversification business, so as to improve the performance of mergers and acquisitions in China coal industry. After the merge, enterprises can produce expected effect, the real enterprise merger synergies, and ultimately to achieve the basic goal of integration, namely maximum benefit of the enterprise, which is the crucial step to success or failure of merger integration.After the merger, enterprises integration should follow five aspects, which are strategic integration, business integration, administration integration, personnel integration and culture integration.