Performance Analysis Of Chinese Nuclear Power Enterprises’ "Going Global"

With the increasingly fierce economic globalization,cross-border M & A activities are increasingly frequent.Since the top-level design of "The Belt and Road" was put forward in 2013,China’s nuclear power industry has been actively pursuing the strategic policy of "Going Global".At the same time,because of the energy crisis and the need for sustainable development,more and more countries along the " The Belt and Road" are eager to develop nuclear power industry,so China’s nuclear power is imperative.So China’s nuclear power enterprises " Going Global" after the end of its performance on what impact,and what are the factors that affect the performance?Due to the complexity and uncertainty of the study on the impact of Chinese nuclear power companies’ "Going Global" performance,this paper selects the China General Nuclear Power Group acquisition of Malaysia Edra Company as a case study.CGN is one of the three nuclear power companies in China,and this is the largest case of nuclear power industry merger in China in recent years.It can be said that it has typical significance and analytical value.On the one hand,through combing the case process,we found that CGN has three motives of M & A: Strategy,market and finance,and based on theoretical analysis,found after the merger and acquisition in some aspects of the financial,operational and management synergies have been achieved.On the other hand,event study method is used to analyze the short-term market performance of CGN before and after the delivery date,and Du Pont analysis method is used to study the impact of M & A events on the long-term financial performance of CGN.Finally,a VAR model based on the balanced scorecard theory is established to explore the impact of the four dimensions of finance,customer,internal management and learning and growth on comprehensive performance.After summing up,three conclusions can be drawn: M & A events basically reached the motivation of M & A;achieved some synergies,but there is still room for improvement;M & A has a significant positive impact on short-term market performance and long-term financial performance,financial and non-financial dimensions have different impacts on comprehensive performance.Finally,combining the case conclusion and the strategic effect analysis of China’s nuclear power industry,the paper puts forward four suggestions for China’s nuclear power enterprises to "going global" : improving financial level,enhancing profitability,operation and debt-payingability,to guard against complex risks such as investment and market risks;to study the International Market for Nuclear Power,formulate appropriate development strategies,and step up R & D to develop New Generation Nuclear Power Technologies;to jointly build "The Belt and Road" and enhance international competitiveness,to strive for public approval of China’s nuclear power projects in export regions;to learn from the experience of nuclear power powers,to optimize and integrate domestic nuclear power resources,and to promote multiple cooperation in the international nuclear power market.