The Study On The Performance Of M&A For Coal Listed Companies In Transition Period

Under the policy of supply side reform in China,the merger and acquisition activities of coal industry are in full swing.The coal industry in 2016 has exceeded the capacity to work,in 2017 to production tasks are continuing,in the context of industrial restructuring,the coal listed companies in order to achieve the expansion of the scale and improve the core competitiveness,mergers and acquisitions also occur frequently.However,whether the M&A activities can improve the performance of coal listing,and whether it can achieve the expected goal of mergers and acquisitions? Can mergers and acquisitions become a path to capacity? Therefore,this paper studies the performance of China's coal listed companies mergers and acquisitions.This article mainly through literature review and empirical analysis,summarizes the research on the merger and acquisition of domestic and foreign literature,using event study method and financial index method were investigated in 2008-2015 of China coal company's short-term performance and long-term performance of mergers and acquisitions,and to analyze the impact of different factors on mergers' performance,and significant effects on it,and then put forward the policy recommendations of coal listed companies mergers and acquisitions.In this paper,the coal listed companies merger events during 2008-2015 as the research object,and ultimately selected 59 merger events as samples,from the type of acquisition,payment transactions,the three aspects of research on mergers and acquisitions,mergers and acquisitions to affect the short-term and long-term performance,and verify the significant influence.The study finds that types of mergers and acquisitions,payment methods and related transactions have a significant impact on the performance of mergers and acquisitions.In the short term,vertical and horizontal mergers can obtain positive excess returns,but the vertical merger performance is not significant;cash and stock acquisition can obtain a significant positive excess returns,and stock acquisition of excess returns than the cash merger;related acquisitions can get significant positive abnormal returns,and no related mergers and acquisitions the excess return is negative,but not significant.In the long run,the performance of Sample Firms has shown a downward trend,in which the downward trend of vertical mergers and acquisitions,stock payment and no related mergers and acquisitions is more obvious.Finally,according to the empirical research conclusion put forward the following suggestions: reasonable choice of acquisition targets,make rational acquisition decision reasonable choice of payment;focus on long-term development,improve product quality,enhance the innovation ability;further improve the capital market,strengthen the fairness of capital market,strengthen the management and supervision of information disclosure system.