The Difficulties And Strategise In The Evaluation Of Y Company’s Coal Resources Mergers And Acquisitions Process

M&A can be divided into mergers and acquisitions.International practice generally unifies the use of mergers and acquisitions,collectively known as M&A,in China as mergers and acquisitions,mergers and acquisitions play important roles among enterprises.It is an activity that the shareholders or actual controllers of enterprises obtain the legal property rights of other shareholders or actual controllers with certain legal economic compensation on the principle of fairness and compensation at the same price.It is also an enterprises capital operation.M&A can promote the adjustment of internal industrial structure and the rational and effective allocation of resources.They are the development of modern enterprise system and can be regarded as a new pillar of industrial economy.They have great significance on the current economic development.In the history of world economic development,for those influential and appealing enterprises,every large-scale M&A activity has pushed the world economy and financial development to a new peak.Due to the unceasing fluctuation of the global economy,or the impact of major economic changes in some important economies in a certain period,the world has experienced five M&A waves,including the Great Depression,World War I and World WarⅡ.Whenever there is a large wave of mergers and acquisitions,the scale of enterprises is increasing,and the number of emerging enterprises is also increasing.For those influential and appealing large enterprises,their mergers and acquisitions activities are also increasing gradually.This paper focuses on Shanxi coal industry,deeply investigating the situation of resource development and cost utilization within the industry,elaborating the corresponding system of valuation of coal industry companies,introducing the theoretical knowledge and the definition of proper terms involved in valuation,and introducing the asset value basis method,market comparison method,future income discount method and real option valuation method.The characteristics and effects of several valuation methods are compared.Taking Y Company of Shanxi Coal Industry as a study case,this paper briefly expounds the situation of resource integration and merger of Y Company,mainly locates and analyses the valuation difficulties in the process of coal resources integration and merger of Y Company,combs the problems existing in the process,and gives the corresponding improvement countermeasures on this basis..From the perspective of integrators in M&A activities,this paper discusses the integrated valuation system,methods and theories under the background of macroeconomic and global energy industry development at that time,and discusses the appropriateness of the integrated valuation at the present time,as well as the valuation of enterprises in periodic or declining industries.Based on the above lines,this paper discusses the valuation of enterprises in periodic or declining industries and has certain theoretical and practical significance on the valuation of enterprises in similar industries in the future.