| Coal industry is one of the basic energy industries and plays an important rolesupporting in national economic development. Meanwhile, the short-terminvestments，intensified coal-electricity contradictions problems etc. caused by largenumbers of disorder, inefficient coal resources mining activities have been interferewith China’s coal industry sustainable development as well as the health of the entireenergy industry. Coal resources integration is a shortcut for Coal enterprises toexpand market share and scale in the short term. In the past few years, thegovernment vigorously promotes coal resource integration, merger andreorganization. Through the development of large coal group, they eliminate a largenumber of small coal mines which do not have safe production conditions and thebackward mining method, and the industry intensive development level increasedsignificantly. As the coal resources integration going which dominated by thegovernment, adopt what kind of integration path can effectively increase theenterprise value, realize economic and social benefits, have become a top priorityboth on theory and practice.The research thought of this paper is "government regulation (cause)-integration path(process)-performance(results)". Combing previous scholars’relevant literatures, study on the influence of direct government regulation andindirect regulation on coal enterprises’"three-cross" integration path selection andperformance.Through close analysis， this paper draws the following conclusions. Firstly，government regulation and integration path selection: Supportive governmentregulation is positively related to local government coal enterprises’ cross-industryintegration and cross-regional integration. Predatory government regulation ispositively related to local government coal enterprises’ cross-ownership integrationand negatively related to cross-regional integration and cross-industry integration.Secondly, government regulation and performance: the direct relationship betweengovernment direct regulation and performance is not significant, indirect regulationis negatively related to performance both on direct and indirect relationship. Underthe influence of the "three-cross" integration paths, supportive governmentregulation is positively related to performance, predatory government regulation is negatively related to performance (sample of local government coal enterprises), andindirect government regulation is negatively related to performance. Thirdly，Underthe influence of government regulation, the direct relationship betweencross-ownership integration and performance is not significant, cross-regionintegration is negatively related to performance, cross-industry integration ispositively related to performance. Therefore, although the government selectivelypromotes coal enterprises’"three-cross" integration paths, but the government "dohand" increases the damages to coal enterprises’ performance as well. |
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