Performance Analysis Of Mergers And Acquisitions Of State-owned Coal Enterprises In Australia

In the context of China's promotion of the "One Belt And One Road" international cooperation initiative,the implementation of the "four revolutions,one cooperation" national energy security strategy and the supply-side structural reform of the coal industry,this paper selects a representative case of China's coal industry "going global" pioneer Yanzhou coal mining co.LTD.'s merger and acquisition of Australian Coal & Allied Industries Limited.In nearly 19 years in China's foreign direct investment situation,the analysis of coal industry development in China and all over the world and our country coal industry status quo,on the basis of transnational merger and acquisition to comb the process of transnational M&A,analyzes the motivation of transnational M&A,and then use mergers and short-term event study was used to evaluate the performance and use of non-financial indicators and financial index method to carry out specific analysis on the acquisition of long-term performance.The results show that the merger of Yanzhou coal mining co.Ltd.with Coal & Allied Industries Limited has negative short-term merger performance,which brings wealth loss to the shareholders of the company.On the whole,Yanzhou coal mining co.Ltd.'s acquisition of Coal & Allied Industries Limited presents a positive long-term performance.In terms of non-financial M&A performance,the merger will increase the high-quality coal reserves of Yanzhou coal mining co.Ltd.and make it the largest independent coal operator in Australia,which is conducive to improving the voice of Yanzhou coal mining co.Ltd.in the Asia-Pacific coal market and consolidating the global industrial strategic pattern of Yanzhou coal mining co.Ltd.In terms of financial M&A performance,Yanzhou coal mining co.Ltd.'s debt paying ability and profitability have been continuously improved after cross-border M&A,while its operating ability and development ability have increased first and then decreased.The comparison of financial performance with the same industry shows that the short-term solvency of Yanzhou coal mining co.Ltd.is weaker than that of the same industry after the merger,and the long-term solvency is always lower than that of the same industry before and after the merger.The overall profitability of Yanzhou coal mining co.Ltd.is higher than that of the same industry before and after the merger,except the profitability of the business.Although Yanzhou coal mining co.Ltd.'s operating capacity declined in 2018,it was still higher than its peers.The development ability of Yanzhou coal mining co.Ltd.was stronger than that of the same industry.In 2018,the growth rate of total assets and operating revenue of Yanzhou coal mining co.Ltd.kept pace with that of the same industry,but the sustainable growth rate was still higher than that of the same industry.At last,the experience and lessons of the merger case are summarized,which can be used as a reference for other state-owned coal enterprises that want to carry out transnational mergers and acquisitions and for the government to formulate the enterprise "going out" policy.