An M&A Strategy Research Of China Coal Energy Group Based On Value Chain Perspective

Coal industry is an important and foundational industry for our country.During the "Twelve-Five" period,the Government proposed the overall requirements of the coal industry and the strategic objectives requires safe and efficient mine development,promote the integration of coal resources and coal merger and reorganization of enterprises,the formation of large coal enterprise group.To this end,through merging to establish large coal enterprise groups become the trend of future development for coal enterprises.However,the merger will also bring some risk to the enterprise,once the merger fails,will lead to significant economic losses in the coal enterprises,and even spread to related companies and business units.Therefore,from the perspective of value chain study on Coal enterprise's merger and acquisition strategy,analysis of enterprises ' internal value chain with strengths and weaknesses in the industry value chain,optimize the allocation of resources,with related companies or departments to establish value chain collaboration can improve the core competitiveness of enterprises.Developing coal enterprise groups based on the value chain strategy of Mergers and Acquisitions(M&A),not only to avoid the risk of failure,but also to enhance the value of M&A in coal enterprises.Based on the perspective of value chain integration,PEST and Porter's five forces model,literature research,field research,case studies,and other methods of coal group,the M&A strategy for in-depth study.First of all,review of domestic and foreign M&A strategy and review of the literature,the theory of value chain,the M&A strategy and other related basic theory.Secondly,using field research methods and comparative analysis on Coal Group merger situation,merger and acquisition history,motivation,as well as by analysis of the problems,and noted that the main problems in the acquisition process.Then,using the PEST model and Porter's five forces model to analyze the macro environment and industry environment of the China Coal Group as well as the use of value chain theory to analyze the internal environment.Then,based on the value chain perspective on in the coal energy group of internal value chain,and horizontal value chain and longitudinal value chain for analysis,a new scheme has been designed on the pre-merger strategy of target selection,and the merger strategy of valuation analysis and the post-merger integration strategy,and merger strategy mode of selection and implementation effect of evaluation strategy.The coal enterprise merger strategy,which based on value chain theory,exists in the whole process of M&A,and is quite comprehensive,and systemic,and collaborative and value-added,making each value in the value chain activities able to complete their own value creation.Finally,in order to guarantee the strategies of M&A that based on value chain to be implemented effectively,some relative suggestions and solutions are proposed.