The Wealth Effect Of Merger And Acquisitions Of Chinese Listed Coal Corporation

:M&A, as an effective way of resource allocation, has become the key approach for the expansion. Especially under the background of the rapid economic development, international competition and the demand of the industrial structure adjustment, our country also has become a major M&A market in the Asia Pacific region. Many enterprises use M&A to expand the size of the enterprise, strengthen the enterprise core competitive power and realize the coordinated value effect of M&A. However, after the occurrence of a large number of mergers and acquisitions, mergers and acquisitions enterprise development situation is quite serious. According to statistics, the enterprises reaching the M&A goal are less than25%. Since2008, the coal enterprises implemented a large-scale M&A activities. Whether the coal enterprises can reach the goal of mergers and acquisitions, produce the expected value effect, is not only an important problem to be researched, and also a focus of research in this field.Paper summarizes the domestic and foreign research literature about acquisition value effect, lay a theoretical foundation to the research of this article; Then paper studies the value effect of mergers and acquisitions of Chinese coal listed companies by empirical research method; Finally paper gives some suggestions in view of the research conclusion, and the future research direction is put forward according to the deficiency of the study.According to the descriptive statistics of the actuality of Chinese M&A market and coal listed company merger and acquisition situation, paper finds that Chinese coal industry is given priority to with domestic coal enterprise mergers and acquisitions, and is significant active in the M&A market. Further, in allusion to the problem of value effect of mergers and acquisitions of coal listed companies, the paper use event study method to study the value of short-term effect of coal listed companies; Use EVA evaluation system to evaluate long-term value effect of mergers and acquisitions of coal listed companies.The thesis research results show that the M&A has brought significant short-term value effect of coal listed companies. This is because that investors think M&A behavior are promising, and M&A can enlarge the market share of the enterprise, enhance enterprise market competitiveness. However, the short-term value effect brought by the merger does not last long. From the perspective of the long-term value effects of M&A companies, the merger and acquisition behavior did not make the M&A enterprise produce the positive value effect, but damage the value, this is mainly due to integration synergy has not yet appeared after the merger. Further, the empirical results of capital EVA to the unit (EVAPC) show that compared with a year before M&A, a year after the number of merger EVAPC value rise more than the number of decline. Analysis shows:The integration behavior of target enterprise after the merger, which leads to the unit of capital utilization has a significant increase, thus EVAPC value rising number increased.Finally, according to the research conclusion of M&A value effect of the coal listed company in this paper, the paper puts forward the following suggestions:perfect our country’s capital market, further make the company’s information disclosure more completeness and accuracy; Minimize the government behavior intervention in the enterprise’s marketing activities; Coal listed companies should attach importance to the integration after M&A behavior, make the M&A behavior really reach its value effect.