| In recent years,with the continuous development of the social economy,competition between enterprises has become increasingly fierce.For listed companies,in order to quickly expand their scale,gain market share,and improve their core competitiveness,mergers and acquisitions are undoubtedly the preferred method for enterprises.The five wave of mergers and acquisitions that occurred domestically and internationally in the 20 th century can fully demonstrate the enthusiasm of enterprises for mergers and acquisitions.With the increasing attention paid by the country to the development of the new energy power industry,many power companies are also seeking to expand their scale and market share through mergers and acquisitions.However,in reality,there are many cases of failed mergers and acquisitions of power companies.Moreover,by reviewing existing research results,there is a lack of research literature on the performance of mergers and acquisitions of power industry enterprises in China.Compared with other industries,the power industry has certain particularities,and research conclusions on mergers and acquisitions of enterprises in other industries may not necessarily be applicable to the power industry.Therefore,it is necessary to conduct specialized research on the performance of mergers and acquisitions of enterprises in the power industry.This paper selects the case analysis of SD enterprise’s merger and acquisition of JD enterprise.First,it summarizes the literature related to mergers and acquisitions at home and abroad,explains the theory related to mergers and acquisitions,then introduces the background of the power industry and the basic situation of the case.Then,it uses Data envelopment analysis(DEA)to select profitability,operating ability,solvency,and development ability from the financial level,From a non-financial perspective,indicators of management ability,production ability,customer maintenance ability,and research and development ability were selected,along with overall operational ability indicators,to study the performance of SD’s acquisition of JD enterprise.Finally,based on the problems existing in the merger and acquisition process of SD enterprise,suggestions are given from both government and enterprise levels,and prospects for further exploration in the future are provided.Through the research and analysis of this article,the following conclusions can be drawn: taking the case of SD power company’s merger and acquisition as an example,it is found that there is a deviation between the expected and actual results of the enterprise’s merger and acquisition motivation and the occurrence of merger and acquisition behavior;There are still many problems in the merger and acquisition of power enterprises,and in the future,more attention should be paid to the non-financial and long-term effects of mergers and acquisitions;The problems in the merger and acquisition of power enterprises require joint efforts from both the government and enterprises to reduce the risk of merger and acquisition failure.Through the research in this article,on the one hand,it can provide more comprehensive thinking directions for future scholars to study the performance of mergers and acquisitions;On the other hand,it can guide enterprises to reasonably implement merger and acquisition activities,allowing them to have more thinking and comprehensive preparation before and after making merger and acquisition decisions,thereby improving the success rate of mergers and acquisitions. |
