The Research On Evaluation Intergration Effcet In Enterprise M&A

Enterprise, as for the microcosmic principal part of the market economy, whose essence of merger and acquisition (M&A) is reallocation of the social resources. A successful enterprise M&A can expand corporate assets, and obtain the scale of production efficiency and core competitiveness. Plenty of examples of M&A including successful or unsuccessful ones show that Integration after M&A is the key factor which determines the success or failure of M&A because M&A is a complex management system. Among of M&A, financial integration is the core of integration after M&A, therefore, the evaluation of financial integration effect can be an important aspect that can judge whether it is successful or not.Coal industry in China is the pillar industry of national economy. The integration of coal resources in Shanxi Province, after a successful practice, will be also promoted with full implementation throughout the country, as for the major strategic initiatives of accelerating the transformation of economic development and adjusting and optimizing the industrial structure. In this process it will inevitably involve the mergers and acquisitions of large-scale coal enterprises. Therefore, the merger activities of coal enterprises have been evaluated; the objective, scientific and reasonable evaluative conclusions have been got. It has important practical significance to industrial policy implementation and advance in our country and the development of the coal industry.The paper, based on research achievements in the related fields selects the merger of financial integration as the breakthrough point for evaluating success or failure of mergers and acquisitions. Moreover, it builds an evaluation system of financial integration effect on enterprise merger and acquisition (M&A) that it has three evaluation criteria of asset quality, financial risk and economic value added (EVA).The paper selects and analyzes the five listed companies in 7 main enterprises of coal resources integration of Shanxi province, evaluates financial integration effect on enterprise merger and acquisition (M&A) & reorganization of Shanxi province. Finally relevant suggestions for improvement are put forward.