| Industrial mergers and acquisitions are an important way to achieve enterprise expansion,structural adjustment and resource optimization.It is the only way to achieve horizontal,vertical and diversified integration after the industry has developed to a certain stage.For listed companies,the reasons for industrial mergers and acquisitions are not only the bottleneck of endogenous growth,but also the pressure of performance growth in the capital market.At the beginning of 2013,our country’s coal industry entered a development stage of "demand growth slowed,excess capacity digested,environmental constraints strengthened,and structural adjustments to tackle tough problems".At the same time,the promulgation of the "Natural Gas Utilization Policy" listed the natural gas-to-methanol plant as a prohibited category.Yuanxing Energy,whose main business is coal and natural gas to methanol,has continued to decline in operating performance and is facing significant pressure,and it is urgent to find a new way out.In order to seek new profit growth points and maintain the stability of the company’s business performance,Yuanxing Energy began to arrange the merger and acquisition of Zhongyuan Chemical in 2013,and the merger was completed in2014.This article starts with the short-term market performance of M&A and mid-to-long-term performance,using case study method,comparative analysis method,and a combination of qualitative and quantitative research methods to study the performance of Yuanxing Energy’s acquisition of Zhongyuan Chemical.First,the event research method is used to analyze the short-term market performance of mergers and acquisitions,and the results show that the capital market is pessimistic about this merger and acquisitions,and the market performance of mergers and acquisitions is negative.Secondly,on the basis of sorting out the background,process and motives of M&A events,starting from the perspective of M&A motivation,using the M&A performance research index system to conduct an in-depth and systematic analysis of the mid-and long-term performance of Yuanxing Energy’s acquisition of Zhongyuan Chemical.Through the overall analysis of M&A performance,Yuanxing Energy’s acquisition of Zhongyuan Chemical shows that the result of the M&A is neutral.The M&A has no obvious effect on improving business performance,enhancing synergy,and improving sustainable development capabilities.The study of M&A performance in this paper enriches the case study of M&A performance of listed companies in my country,and also puts forward reasonable suggestions for M&A activities of resource-based companies. |
