A Study On The Performance Of ZHANGZE Electric Power Mergers And Acquisitions

China's power generation structure,the proportion of thermal power generation to70%,and coal power generation accounted for 90% of the total power generation.It is also time to achieve a reduction in the proportion of coal used in the context of the country's strong efforts to promote clean energy generation and to develop stricter coal burning standards.Therefore,the stable supply of coal to the thermal power enterprises and related industries are of particular importance,and the large demand for coal enterprises is also very important.Electric power is a strategic industry related to national security,making the coal and electricity industry,the pace of reform is inconsistent,the market price mechanism failed to play a reasonable regulatory role.Thermal power enterprises in the case of coal prices are likely to fall into a loss,and coal companies in coal prices fall easily fall into the surplus.To deal with the problems between coal and electricity enterprises,thermal power enterprises and coal enterprises to take vertical integration behavior,that is a way of enterprise value growth.Both in taking coal and electricity integration measures,not only related to the healthy development of a single enterprise,but also for China's power industry and the future trend of the energy industry has a great role in guiding.Therefore,it is of great significance to study the causes of coal and electricity integration in thermal power enterprises and to evaluate the performance of enterprises before and after the integration of coal and electricity.In this paper,through the analysis of domestic and foreign literature,the relevant theory and research methods are analyzed,and the events of ZHANGZE Electric Power and TONGMEI Group are taken as the research object respectively.The causes of the vertical integration of coal and electricity The Influence of Electric Integration on Enterprise Performance.First of all,the transaction cost,industrial chain,value chain and other theoretical support,analysis of lead coal and electricity vertical integration of the reasons,analysis of ZHANGZE power for coal and electricity integration,including internal and external aspects of the two reasons.Secondly,the traditional financial index method combined with EVA assessment method to assess the performance of enterprises.It is not only effective to increase the economic value of enterprises,but also obtain a certain degree of synergistic effect,which can be used to calculate the enterprise performance before and after the vertical integration of ZHANGZE Electric Power.Studying the rationality of ZHANGZE Power's vertical integration behavior canprovide support for the future strategic choice of ZHANGZE Electric Power,and draw lessons from the long-term sustainable and healthy development of other enterprises in coal and electricity industry.But also help the country to the development of coal and electricity related policies.