Research On Performance Evaluation Of Xintai Natural Gas’s Merger And Acquisition AAG Energy

In recent years,the state vigorously promotes the new energy policy,and the concept of energy conservation and environmental protection is more and more popular.As an important clean energy,the exploitation and demand of natural gas continue to grow.On December 9,2019,the national pipeline network company was officially listed,and the reform of natural gas market system was accelerated.The provincial pipeline network companies were eager to try.The mature provincial pipeline network companies were growing,and the provinces that have not established pipeline companies were speeding up the integration and are ready to go.With the continuous implementation of the reform,China’s gas industry has developed rapidly.The reform means breaking the traditional pattern of interests and profit model.The upstream gas enterprises headed by the three major oil companies,the midstream enterprises represented by the provincial pipeline network companies,and many downstream city gas enterprises are facing new challenges.In this context,M & A is not only a common way for city gas enterprises to improve their comprehensive quality and get out of the industry dilemma,but also an important means for structural adjustment and improving the overall level of the industry.With the industry developing to scale competition,mergers and acquisitions of gas enterprises are becoming a trend.However,it can not be ignored whether the city gas enterprises with many stakeholders and greater influence by policy factors can really improve the business performance and achieve the goal of M & A through M & A.Focusing on the theme of M & A performance evaluation of city gas enterprises,this paper selects Xintai Natural Gas’ s M & A of AAG Energy as the research object,and makes relevant research on its M & A performance.This paper summarizes the research on M & A performance at home and abroad,analyzes the characteristics of the gas industry,the basic situation of both sides of the M & A,the M & A motivation,the M & A process and mode,and establishes the M& A performance evaluation system based on short-term performance and long-term performance.Using the event study method,select the 15 days before and after M & A as the event window to evaluate the short-term M & A performance;using the financial index analysis method,select the financial statement data of the case enterprise in the first three quarters of2016-2020,from the four aspects of profitability,operation ability,debt paying ability and development ability,and use the factor analysis method to comprehensively analyze the relevant financial indicators to evaluate the long-term M & A performance.The research shows that,from the perspective of short-term performance,the M & A has produced obvious excess returns,and the market is optimistic about the M & A;from the perspective of long-term performance,the M & A has improved a number of financial indicators of the case enterprise,and the comprehensive ability of the enterprise has been improved after the M & A;from the perspective of long-term and short-term M & A performance,the conclusion is that Xintai Natural Gas has achieved positive performance in this M & A,and the enterprise has successfully deployed the entire industrial chain of natural gas,achieved the goals of synergy effect and enhancing core competitiveness.Finally,it draws the evaluation conclusions and enlightenment,as well as relevant suggestions to improve the performance of the case enterprises after M & A,hoping to provide reference value for the M & A of gas enterprises in China.