Research On The Performance Evaluation Of Coal Enterprise M&A Under The Supply-Side Reform

In recent years,coal capacity has been severely oversupplied,and coal prices and market demand have declined.The development situation is not optimistic,and strategic adjustment is urgently needed.The supply-side reform demands that from the perspective of improving the quality of products,the inefficient coal products should be removed from the market,and the effective supply of coal products will be improved.Supply side reforms to encourage coal enterprise through merger,acquisition and reorganization to find a new way.Under the integration of the boom,how to reasonable performance evaluation of M&A integration,scientific guide and regulate the behavior of mergers and acquisitions become about the sustainable development of coal industry,and even the entire national economy.This article combines the national supply side structural reform of macro policy background,the coal industry is frequent M&A behavior of the industry background,summarized the reform of the supply side of the effect of the coal industry and coal industry characteristics of mergers and acquisitions.First of all,based on EVA.balanced scorecard and social responsibility theory to build the coal enterprise mergers and acquisitions performance evaluation model,using the analytic hierarchy process to design a set of evaluation system for mergers and acquisitions.Finally,a case analysis method is used to analyze the M&A performance of Yanzhou coal industry.Through the theory and case analysis,this paper draw the following conclusions:(1)coal enterprises in our country the current M&A performance evaluation system is not perfect,the government's guidance of enterprise M&A behavior;(2)the evaluation system of EVA,balanced scorecard and social responsibility established in this paper can be applied to the evaluation of M&A performance of coal enterprises;(3)In the evaluation system constructed in this paper,the financial index weight is the highest,which in turn is internal management,social responsibility,innovation and learning,and customer;(4)the results of the case analysis show that horizontal integration is not economical,and the performance of vertical M&A is better than that of horizontal M&A.Vertically integrated merger and acquisition integration is one of the keys to solve the industry crisis.At last,this paper puts forward some suggestions for government and coal enterprises.