| Merger and acquisition is a practical way to enlarge enterprise scale and realize enterprise diversification.In the five waves of merger and acquisition in developed countries in Europe and America,merger and acquisition gradually showed its role,which made us realize that the implementation of strategic and appropriate merger and acquisition is conducive to the operation of enterprises and will promote national economic development.In recent years,the reform of state-owned enterprises has become a trend.The reform focuses on the fields of electric power,coal,oil and natural gas,while there have been many conflicts between the electric power and coal industries.Solving the contradictions between electric power and coal enterprises through mergers and acquisitions is conducive to the in-depth development of the reform of state-owned enterprises and the improvement of their operating efficiency.At present,China hopes that state-owned enterprises can enhance their discourse power in the world and lead the development of the global industry through mergers and acquisitions.Affected by the environment at home and abroad,China shenhua and China guodian have merged and reorganized to form a national energy investment group,which is an effective way to solve the contradictions in the coal and power industries and improve the international competitiveness of the energy industry.The merger offers lessons for the energy sector and other sectors.This paper selects the merger of China shenhua with China guodian as a typical case of the combination of coal industry and power industry,summarizes the merger process and business integration process,and focuses on the analysis of the financial effect and non-financial effect of the merger of China shenhua with China guodian.In terms of financial effect analysis,financial index method and Eva evaluation method are mainly used to analyze the merger effect of shenhua and guodian.It is found that the profitability and growth ability of national energy group have increased to varying degrees,and the enterprise’s ability to earn profits has been improved.In the analysis of non-financial effect,it is found that the business integration effect of national energy group is prominent,the industry competitiveness is enhanced,and the development strength is stronger.Then draws the revelation of merger,acquisition and reorganization of coal enterprises,to promote coal enterprise m&a activity is not only the function of the government financial institutions to optimize and broaden the coal enterprise financing path,enterprises also need to have a clear strategic goal,choose suitable acquisition targets,optimize the product structure,manufacturing,and actively promote energy Internet and strengthen the wisdom in the staff integration in the process of using big data analysis,etc.This paper holds that,on the whole,this merger and reorganization activity is successful,which promotes the long-term development of China shenhua and strengthens the enterprise’s operation strength. |
