Research On M&A Risk Of Energy Companies Based On Financial Perspective

Since the reform and opening up,China's energy industry has made remarkable achievements,and promoted the rapid economic development,but the industrial concentration is low,high energy consumption,high emissions and high pollution problems are also growing.Overcapacity problems are increasingly prominent.Energy companies pay attention to scale and overlook quality,backward technology,production efficiency is low,one-sided pursuit of personal interests,causing serious environmental pollution.In this context,mergers and acquisitions between energy companies become a general trend.However,M & A is not smooth,will encounter a variety of risks,financial risk among M & A activity through the whole story,is the key factor affecting the success of M & A.Because of the late start of M & A in China,the research on M & A activity is not mature,and the degree of emphasis on M & A financial risk is not high enough,so it is necessary for the academic circles to strengthen financial risk research.In the title of "Research on the Risk of mergers and acquisitions of Energy Enterprises Based on Financial Perspective",this paper trying to take financial risk identification and control in the process of energy companies mergers and acquisitions as the main line,forming a set of mergers and acquisitions financial risk control system that suitable for China's energy companies.This paper uses the literature research,field survey,case analysis,the three research methods.First of all,extensive reading of the literature,fully understand the domestic and foreign scholars' theoretical results on the financial risk of mergers and acquisitions.On this basis,combining with the characteristics of energy companies,the M & A process is divided into three phases,before,middle and after mergers and acquisitions,detailed introduce the different financial risks that energy companies are faced with in the three stages.Then,deeply researched on the spot to the enterprises with M & A activities,understand the specific process of M & A,obtain detailed information,introduce specific cases,and conduct empirical analysis on M & A financial risk of energy companies.Then,aiming at the three stages of M & A,the paper puts forward the effective countermeasure to control the financial risk.Finally,the paper puts forward the research conclusion,and points out the shortcomings and prospects for the future research.In the supply-side reform,M & A activities occur frequently,and our scholars' research is not perfect on the financial risk of mergers and acquisitions.This paper take energy companies as the representative,conduct thorough research to the energy enterprise mergers,enriched the theory of financial risk,which is of great significance to the development and reform of energy enterprises.This is the main innovation of this paper.