The Study On The Performance Of M & A For Coal Listed Companies Based On EVA

With the adjustment of China's industrial structure policy,mergers and acquisitions of listed companies are constantly expanding.Coal is the most important energy of our country.In "11th Five-Year" plan of the development of coal industry,the main tasks include cultivating large coal enterprise groups,construction of large coal bases and integration and transformation of small coal mines.In "12th Five-Year" plan,the first task is to promote mergers and acquisitions between coal mining enterprises.In the past ten years,the number of mergers and acquisitions activities of coal enterprises has increased rapidly,and the scale has been expanding.Based on this background,this paper studies the performance of mergers and acquisitions of listed companies.This paper mainly adopts the method of normative analysis and method of empirical analysis.Firstly,the paper summarizes the domestic and foreign research literatures about the performance evaluation of mergers and acquisitions,which lays a theoretical foundation for the study.Then the paper uses the adjusted economic value added as the evaluation index of the performance to investigate the performance changes of acquiring companies before and after mergers and acquisitions in China from 2006 to 2015.By using the regression equation after adding in dummy variables,the study analyzes the effect of mergers and acquisitions and then puts forward policy suggestions.Through the descriptive statistics analysis of the excess economic value added EVAPC,we find that the average adjusted economic value added of the above two years after mergers and acquisitions is more than the average value of the previous two years and the performance of asset acquisition is better than that of equity acquisition.The performance of stock payment is better than that of cash payment.Related party transactions are better than non related party transactions.By adding dummy variables,we can find that the impact of mergers and acquisitions activities on the performance of listed companies is very few even negative impact.The reason is that the blindness of mergers and acquisitions activities and the poor ability of enterprise resource integration.The main factors are the existing factors,such as corporate culture,human resources,management and technology level.The variables of assets acquisition and related party transactions are not significant,so we can not make a judgment on the impact of mergers and acquisitions activities on corporate performance.Equity acquisitions or non related parties transactions have a negative impact on the performance and Cash payment method has a apparent negative impact on the acquiring firms,while the stock payment is opposite.According to the conclusions of this paper,we put forward the following recommendations.First of all,we ought to develop a reasonable acquisition plan,and avoid blind pursuit of synergy.Secondly,use a variety of means of mergers and acquisitions and expand financing channels.Furthermore,we should improve the policies and regulations to supervise related party mergers and acquisitions.Finally,we must speed up the construction of intermediary institutions to provide protection for the smooth progress of mergers and acquisitions.