Research On The Motives And Economic Consequences Of Continuous M&A In Coal Enterprises

In recent years,M&A market in China has become increasingly hot,and the frequency of M&A transactions between companies is on the rise.The scale effect of corporate mergers and acquisitions and the benefits of reduced transaction costs have made mergers and acquisitions become an inevitable way for companies to expand.With the continuous development of the M&A market,companies are no longer satisfied with one M&A,and the phenomenon of continuous M&A is becoming more and more common.The coal industry is the backbone of my China’s national economy and plays a vital role in the development of China’s economy.In this regard,the government also attaches great importance to the high-quality development of the coal industry.The relevant government plans clearly point out the promotion of the upgrading of the traditional coal industry structure,and encourage enterprises to implement mergers and acquisitions and other forms to achieve a refined division of labor and efficient collaboration.As the main body of policy practice,if coal enterprises want to form a large enterprise group,it is obviously not enough to go through one merger and acquisition,and it needs to carry out continuous merger and acquisition activities.In this context,this paper chooses Yanzhou Coal Mining for research.Yanzhou Coal Mining is a typical enterprise that develops and grows through successive mergers and acquisitions.Previous research perspectives on Yanzhou Coal Industry are mostly based on single M&A activity,and lack of systematic analysis on continuous M&A.On the basis of previous studies,this paper divides the continuous merger and acquisition event of Yanzhou Coal Industry into two stages,and makes an in-depth analysis of the motivation and economic consequences of successive merger and acquisition at each stage.To be specific,the coal industry is studied firstly.First,the development situation of the coal industry is sorted out;second,the status quo and motivation of continuous merger and acquisition of coal enterprises are deeply analyzed,so as to build a framework for analyzing the motivation and economic consequences of continuous merger and acquisition of coal enterprises,and lay a theoretical analysis foundation for the subsequent case analysis.Then,introduce the case of continuous mergers and acquisitions of Yanzhou Coal.After introducing the background of the relevant cases and the process of mergers and acquisitions,the merger process of Yanzhou Coal is divided into two stages for analysis,and the motivation and economic consequences of continuous mergers of Yanzhou Coal are deeply studied,and from two aspects of market reaction and financial performance to examine the effects of two phase continuous acquisition.Through the research,this paper finally draws the following conclusions:(1)Continuous M&A of coal enterprises will play an important role in many indicators,such as capital market response,financial performance,etc.;(2)Coal enterprises will adopt different continuous M&A methods in different stages;(3)The selection of M&A target and payment method will also have a great impact on coal enterprises in the process of continuous M&A.