The Performance Evaluation Of Overseas M&A Of State-owned Energy Enterprises

In recent years,with the rapid development of China's economy,more and more state-owned enterprises begin to go abroad to carry out overseas mergers and acquisitions,state-owned enterprises overseas mergers and acquisitions in the energy sector,both in quantity and transaction amount occupies an important position.To effectively evaluate and measure the overseas mergers and acquisitions of state-owned energy enterprises performance,this article,based on the relevant theories of overseas mergers and acquisitions,combining with the characteristics of the energy industry and the main characteristics of state-owned enterprises,build up the overseas M & A performance comprehensive evaluation framework.From short-term performance and long-term performance of these two dimensions,based on the event study method of CAPM model and analysis method of financial indicators,to conduct a comprehensive assessment of state-owned energy enterprises overseas mergers and acquisitions performance.In this paper,Yanzhou Coal Mining Company Limited,a representative enterprise of the energy industry,is selected as an example.By calculating the excess return of Yanzhou Coal Mining Company Limited,the conclusion is drawn that the short-term performance of Yanzhou Coal Mining Company Limited 's acquisition of Ashton coal mine is negative.In addition,through the analysis of related financial indicators of profitability,solvency,operating capacity,growth ability and bankruptcy risk,the conclusion is drawn that the long-term performance of Yanzhou Coal Mining Company Limited 's acquisition of Ashton coal mine is positive.Based on the principle that long-term performance is more important than short-term performance,the conclusion is drawn that Yanzhou Coal Mining Company Limited has achieved good performance in overseas mergers and acquisitions.Aiming at the existing problems in Yanzhou Coal Mining Company Limited's overseas mergers and acquisitions,this paper proposed three suggestions to optimize the performance of overseas mergers and acquisitions:(1)formulate clear internationalization strategy;(2)pay attention to the post merger integration;(3)promote the reform of the management mode of stateowned enterprises.