The Research Of The Merger And Acquisition And Performance Of Coal Listed Company In Shanxi Province

Shanxi Province is one of the biggest province in our country at coal field, the coal industry, what has been as a pillar industry of economic development in Shanxi Province, affects the economic development of Shanxi Province deeply. However, The development of coal industry in Shanxi Province was faced with many problems, such as lower market concentration, the backward product technology, unordered competition, etc. These restricted the development of coal industry of Shanxi province. In 2007, our country put forward the eleventh five-year plan of coal industry, which required the layout of coal industry should be optimized, the integration of coal enterprises should be accelerated and to develop large coal enterprise groups. Under the guidance of this policy, the government of Shanxi Province released a number of polical Suggestions for coal enterprise of Shanxi Province about integration, accelerated the process of mergers and acquisitions of the Shanxi coal enterprise. The coal listed companies of Shanxi are the representative of the coal enterprise in Shanxi Province, its achievements of M&A is the epitome of the results of M&A about Shanxi coal industry. The problems which the article studies about is that how to analysis Comprehensively about the results of the M&A of Shanxi coal listed companies, thus to evaluate effectively about the M&A of Shanxi coal industry.Firstly, combined with the research results of the performance and theory of the M&A at home and abroad, the motivation of mergers and acquisitions is analysised about the Shanxi coal listed companies in 2008-2012 in the paper, and the analysised motivation mostly are divided into two kinds: the pursuit of economies of scale and reduce transaction costs. Therefore, the main way of mergers and acquisitions are divided into two kinds of horizontal mergers and vertical mergers.Secondly, the article, which take the base period for research in 2009,and take the financial data of Shanxi coal listed companies in 2008-2013 as research samples, apply the DEA method to research the M&A performance of Shanxi coal listed company. The study has found that the M&A activity have not effectively improve the performance of Shanxi coal listed companies on the whole, and the impact of the M&A to the performance of coal listed company is very brief; Horizontal mergers and acquisitions,compared with the vertical mergers and acquisitions, is less significant about the loss of the enterprise value of coal listed companies in Shanxi Province; Non-affiliated deals has a better effect to improve the M&A performance of Shanxi coal listed enterprises than related trading.Finally, according to the result, of which the merger and acquisition has effect on performance of coal listed companies in Shanxi, put forward some policy suggestions to improve performance of coal listed companies in Shanxi Province. Government should reduce government intervention in the M&A activity and promote the M&A to operate in market-oriented. The government should encourage the intermediary service agencies to be established, so that offer better service about M&A for listed companies. The listed companies should increase the intensity of integration and speed up the industrial transformation.