Case Analysis On The Motivation And Synergy Of Listed Companies’ Acquisitions

With the development of global economy,capital market activities around the world are more and more frequent.Chinese enterprises are facing enormous challenges in the global integrated market.At present,Chinese enterprises are also facing structural reform on the supply side to improve the quality of supply while reducing production capacity.Mergers and acquisitions have become a choice for the development of enterprises.Mergers and acquisitions can improve the efficiency of enterprises,improve the market position of enterprises in the whole industry,and provide a good platform for enterprises to go out.This paper takes the merger and acquisition activities of Shenhua Group and Guodian Group as a case study to analyze the merger motivation of this case,and to analyze the effects of mergers and acquisitions of two enterprises.This paper first introduces the related concepts of mergers and acquisitions,then introduces the development stage of theoretical research on the motivation of mergers and acquisitions at home and abroad,and also introduces the related theoretical research on synergy effect at home and abroad.The introduction of the theory is mainly to lay a good foundation for the later case analysis.The case first introduces the current industry background of China’s coal market,through the industry environment as a starting point,the internal and external motivations of M&A are described in detail.At the same time,the paper also uses the excess cumulative return method to analyze the short-term performance of M&A,and uses the accounting index method to analyze the synergistic effect of Shenhua Group and Guodian Group M&A in three aspects: operation,finance and management.According to the in-depth analysis of the case,the article concludes that the merger and reorganization of Shenhua Power Company began to show the effect of merger and acquisition gradually.From the point of view of enterprise merger and acquisition,this paper concludes that enterprises must choose suitable enterprises for merger and acquisition.At the same time,enterprise merger and acquisition should pay attention to the integration of enterprise resources after merger and acquisition,and integrate the advantages of both sides of enterprises,so as to realize the growth of enterprise value effect and promote the transformation and development of enterprises.