Study On Influencing Factors And Mechanism Of China's Coal Enterprise's M&A: Based On The Perspective Of The Dynamic Capabilities

Coal is the main energy source of China and an important guarantee for maintaining national energy security and promoting the sustainable development of the national economy.With the in-depth development of China's transitional economy,the coal industry's mergers and acquisitions have shown an unprecedented active scene.M&A has become an important strategy for Chinese coal companies to acquire key resources and core capabilities to achieve rapid growth and competitive advantage.In this process,Studying the influencing factors and mechanism of coal mining M&A and how to realize the value of M&A have important theoretical and practical significance for improving the efficiency of coal mining M&A and improving overall competitiveness.In this context,Based on strategic cognition theory,entrepreneurial theory,organizational change theory and dynamic competence theory,this paper takes Chinese coal mining M&A practice as the research object,and integrates government regulation,industry competition,organizational vigilance,entrepreneurial orientation,dynamic capability and enterprise performance into one research framework,focusing on the study of the relationship between them,explain in detail the core issue of “Influencing factors and mechanism of coal mining M&A”,exploring the mechanism of entrepreneurial orientation on enterprise performance.This paper also uses the system dynamics analysis method to simulate the impact of coal mining M&A on the longterm performance of coal enterprises.The integration strategy after mergers and acquisitions was studied.The contributions of this paper are mainly reflected in the following aspects:Firstly,Literature Research.Through the literature research on the topics of government regulation,Industrial Competition,Organizational Awareness,entrepreneurial orientation,especially the combing of related concepts of enterprise mergers and acquisitions,through the theoretical deduction and logical analysis of science,the theoretical gap of existing research is found.The research on the influencing factors and mechanism of coal mining M&A provides a theoretical basis.Through in-depth interviews and research on mergers and acquisitions of large coal companies such as China Coal Group and Poly Energy,abstract refinement summarizes the endogenous and exogenous influencing factors affecting coal mining M&A,providing a theoretical support platform for the construction of the analytical framework of this paper.Secondly,The theoretical model and empirical test of the influencing factors and mechanism of coal mining M&A.Based on the theoretical deduction,this paper discusses the relationship between the influencing factors of coal mining M&A,capacity building and enterprise performance from the perspective of dynamic capability,establishes the transmission mechanism and influence path between variables,and constructs the relationship model between the influencing factors and mechanism of coal enterprise M&A.The paper puts forward 18 research propositions,defines and manipulates each variable,designs related measurement scales,and collects323 sample data of coal enterprises in key coal-producing areas nationwide through questionnaires,using hierarchical regression analysis and structure equation model and other methods to empirical test of the research hypothesis,and explored the direct influence relationship and mediation relationship between these variables.The study found Government regulation,Industrial Competition,Organizational Awareness(four dimensions),entrepreneurial orientation(three dimensions),has a significant positive impact on the coal enterprises mergers and acquisitions.Further,by incorporating four influencing factors into a structured model,the study found that government regulation and Industrial Competition have positive effects on Environmental Awareness and resource Configuration,but the positive impact on resource integration is not significant,indicating the negative effects of government regulation and Industrial Competition exist.The paper also uses dynamic ability as a mediator variable.Under the control of industry,enterprise age,enterprise scale and other control variables,it proves that the innovation,initiative and risk of entrepreneurial orientation have a positive impact on corporate performance.The paper also applies the organization of vigilance to mature enterprises,and systematically explores the realization mechanism of organizational vigilance on the performance of coal enterprises.The paper also uses the empirical data of the coal industry to verify the multi-dimensional structure of organizational awareness,entrepreneurial orientation,and dynamic capabilities.Thirdly,this paper uses methods of system dynamics(SD)to build a system dynamics model of the influencing factors and mechanism of the coal enterprise mergers and acquisitions.Using the influencing factor variables in the simulation model,the impact function of different factors on the system is simulated by the test function.The study found that the long-term performance of coal companies shows a slow growth trend in the expected future period.Organizational awareness has the greatest impact on the long-term performance development trend of coal enterprises,followed by entrepreneurial orientation,Industrial Competition intensity and government regulation.Fourthly,this paper adopts the literature research method,analyzes the postmerger integration goal and integration value source of coal enterprises based on the core competence theory perspective,and studies the core competence elements and core capacity transfer mechanism of coal enterprises.On this basis,the key factors and integration structure of coal mining M&A integration are put forward,the risk sources and risk control strategies of M&A integration are analyzed,and the case analysis of China Coal Group's post-merger sales business integration is carried out,and relevant application systems are developed.The above research has deepened the understanding of the influencing factors and mechanism of coal mining M&A,which makes this paper have certain exploration significance.Specifically,this paper has been deepened and expanded in the following three areas:Firstly,this paper takes the influencing factors and mechanism of coal enterprise mergers and acquisitions as the research object,and proposes the overall research and analysis framework.The existing literature pays more attention to the impact of single factors on coal mining M&A.No scholars have organically integrated these factors into a whole framework for research.There are few studies on the issue of coal mining M&A and subsequent integration from the perspective of capacity building.This paper attempts to integrate the relevant concepts of government regulation,industry competition,organizational awareness,entrepreneurial orientation,dynamic capabilities,and enterprise performance into a holistic research framework,and establish a research paradigm of structure-behavior/willingness performance,enriching the coal mining M&A theory.The research provides a new theoretical basis for coal mining M&A research.Secondly,the paper applies organizational Awareness,entrepreneurial orientation dynamic capabilities and other related constructs to coal mining M&A and integration processes,enriching the research perspective of coal mining M&A integration.This paper proposes that organizational Awareness is one of the key elements of coal mining M&A decisions,little research on integrating organizational awareness into coal enterprise mergers and acquisitions.Mergers and acquisitions are an entrepreneurial act,and the use of entrepreneurial theory in coal enterprise mergers and acquisitions integration research is an attempt.The concepts related to entrepreneurship orientation were mostly used in new ventures,extending them to mature enterprises and incumbents,and expanding the scope of application of entrepreneurial theory research.The merger and acquisition integration process has regarded as the process of building the capacity of coal enterprises,and it is also an innovation.Thirdly,this paper systematically studies the key factors,integration facet and integration process,risk sources and control strategies of post-merger integration of coal enterprises,which has reference value for improving coal mining M&A efficiency and value creation ability.The paper includes 35 maps,61 tables,195 references.