Research On The Performance Of Overseas Mergers And Acquisitions In The Energy Enterprises Of China

In recent years,with the growing of the economy in our country,the energy demand is also rising,while the high degree of economic development of the country's energy demand is higher,but also pay more attention to efficiency of resource utilization,in contrast,economic development level is relatively backward country is rich in resources,though,but the low utilization rate,more appear resources waste phenomenon,for our country,and the serious uneven energy distribution in our country,in contrast to the level of economic development,the energy content of the western region is far higher than that of the eastern region,but as a result of the western region development lags behind,the demand is small,and geographical conditions,development difficulty is high,the cost of development,at the same time,our energy self adjusting mechanism is not perfect,Adhering to the concept of "open source and reduce expenditure",in order to meet the energy needs of economic development,China adopts the way of energy import.However,energy import leads to high dependence on foreign energy and brings potential risks to national energy security.In response to the Chinese government to "go global" strategy,many enterprises under the condition of the government support and their own efforts,opened a road to overseas mergers and acquisitions,especially in order to solve the problem of energy,the energy industry of state-owned enterprises accelerate the pace of overseas mergers and acquisitions,mergers and acquisitions in the activities,companies can create value and improve enterprise performance methods become the research focus.This article first reviewed the relevant theories of enterprise M&A and researches of the former researchers,in combination with the current situation of our country enterprise overseas investment,factors of affecting the enterprise M&A performance,then,overseas M&A events that took place from 2016 to 2017 enterprises of the energy industry as samples,the selection of the financial data of the sample enterprises from 2015 to 2018,using the factor analysis method to evaluate the performance of enterprises overseas mergers and acquisitions,factor analysis,the empirical results show that the overseas M&A can improve the operating performance of enterprises.Then,based on the influence factors of comb,the influential factors of the enterprise M&A performance makes the corresponding assumptions,and using the weighted regression model to verify this hypothesis,the verification results show that the host country economic environment,political environment of host country,host country social development level,mergers and acquisitions both countries exchange rate,M&A event characteristics and quality sponsors as six factors will affect enterprise overseas M&A performance.In addition,this paper takes yanzhou coal industry as a case enterprise to sort out the merger and acquisition process of yanzhou coal industry.Based on the empirical results,it comes to the conclusion that the performance of yanzhou coal industry has increased one year after the merger and acquisition,and analyzes the reasons for the success of the merger and acquisition of yanzhou coal industry as well as the reasons for the performance improvement.Finally,based on the empirical results and case analysis results,this paper puts forward corresponding Suggestions for Chinese energy enterprises' overseas mergers and acquisitions.Clear their own positioning,choose the appropriate size of mergers and acquisitions,and strive for support in various aspects;After merger and acquisition,enterprises should improve the integration ability,strengthen the communication with foreign enterprises,improve the level of risk measurement,and establish a risk prevention mechanism.