| In the context of world economic globalization,low-carbon,green and clean development has become an international consensus.In my country’s economic development and social construction,coal,as one of the most important energy sources,accounts for 70% of fossil fuels,and the impact and damage to the ecological environment is particularly serious when coal is burned.Therefore,the green and low-carbon coal industry is Development has become an important task for all coal enterprises.This paper selects China Shenhua as the research object.China Shenhua is a leading enterprise in the domestic coal industry.It has experienced many mergers and acquisitions.The merger and asset integration with GD Power Development is a typical merger between large state-owned enterprises.Based on the above reasons,this paper selects it as the research object,analyzes this M&A activity from multiple perspectives,and adopts the literature research method,event research method,data analysis method and case analysis method to comprehensively analyze the effect of M&A activities.It is hoped that the case analysis in this article can provide some reference opinions for the future development direction of domestic coal enterprises and the direction of mergers and acquisitions.The idea of writing this article is as follows.First of all,this paper collects and organizes domestic and foreign experts and scholars on the research literature on mergers and acquisitions,reviews them,expounds the theory of mergers and acquisitions,and analyzes the different results brought about by various types of mergers and acquisitions.Secondly,using the industry analysis method,it summarizes the motives and models of mergers and acquisitions in the coal industry as a whole.Then,this paper expounds the motivations and M&A methods of China Shenhua’s M&A activities in the case,and makes a detailed analysis of the M&A environment from five perspectives: political and legal environment,economic environment,social ecological environment,technological environment and competitive threat.analyze.Next,using the event study method,combined with the actual rate of return of China Shenhua’s stock price in the short term before and after the M&A activity and the normal rate of return of China Shenhua’s stock price,it shows the short-term market reaction and draws a conclusion.After that,using the data analysis method,combined with the financial indicators that can reflect China Shenhua’s profitability,operating ability,development ability,solvency and other aspects,the financial effect of this merger and acquisition activity was analyzed in detail,and then combined with the operation synergy,In terms of non-financial aspects such as competitive advantage,technological innovation,and environmental protection,the non-financial effects of this M&A activity were analyzed.Finally,this paper puts forward suggestions for improvement in view of the shortcomings in this M&A activity,so as to help China Shenhua and the coal industry to better exert the effect of M&A and reorganization on the basis of maintaining green and sustainable development.Through the above research,the main conclusions of this paper are as follows:First,this paper believes that for China Shenhua and the overall coal industry,the most feasible and effective merger and reorganization model to maintain green and sustainable development is the coal-electricity integrated joint venture model.Second,the main drivers of China Shenhua’s M&A activities are the expansion of enterprise scale,the increase of market share,the reduction of transaction costs,and the promotion of M&A activities between groups.Third,through the analysis of the event research method,we know that the market’s reaction to the China Shenhua M&A event in the short term shows that the market is more optimistic about this M&A event.Fourth,this M&A activity has brought positive financial and nonfinancial effects to China Shenhua and helped China Shenhua improve the efficiency of environmental protection. |
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