Research On Performance Evaluation Of S Energy Company’s Merger With Z Gas Company

With the balance and fluctuation of the international economic order from all walks of life,the demand for energy in many countries is more and more urgent.Since the implementation of the sustainable strategy,the energy supply structure in different regions at home and abroad shows the development of diversified generation difference.China began to vigorously promote the gas industry,trying to make gas resources further replace fossil energy,and properly solve the problem of high emission pollution in some economic zones.At that time,S Energy Company was faced with such problems as fierce industrial competition and profit dilution in its main electric power business.As the gas energy industry gathers and mergers and acquisitions occur frequently,S Energy Company begins to formulate strategic transformation strategies of smart gas after sorting out the overall business types,and strives to get out of the dilemma of the main business.This paper chooses the case of S energy enterprise merging Z gas enterprise,and then collects a lot of excellent theoretical literature on M&A,M&A performance,M&A motivation,methodology and so on.Triple bottom line theory as the core,using S energy companies in2015-2020 annual financial statements and the social responsibility report data,such as control standard sasac financial performance indicators,conform to the gas characteristics of environmental performance indicators and joint enterprise m&a behavior macroscopic direction of social performance indicators,etc.,provides the reasonable basis for the measure of m&a performance,Through bottom-up mutation progression model calculating the overall m&a performance value,then the standard S energy to work motivation of mergers and acquisitions by mergers and acquisitions,focusing on the analysis of mergers and acquisitions in the acquisition event total performance and specific changes of each subsystem,and explore the various reasons behind,finally to give an objective and pertinent evaluation,the conclusion is obtained: From the perspective of acquisition motivation,in the merger and acquisition transaction of S Energy Company to Z Gas Company,S Energy Company achieved an increase in market share and initially achieved one of the merger and acquisition objectives of strategic transformation in the merger and acquisition year.In the second year of the merger and acquisition,the construction progress of the upper,middle and downstream industrial chains also fulfilled all the merger and acquisition targets.From the point of view of the total performance of M&A: in the year of acquisition,the total performance of S Energy’s M&A was 5 times that of 2015 before acquisition.In the first year after the merger,the performance of the merger decreased by 0.34.In the second year after the merger,S Energy Company realized the total performance of 3.8 times of the previous year after the integration.Thus,the positive effect of M&A performance is obtained.In the third year of merger and acquisition,the total performance dropped to 0.66,which required S Energy Company to continue to do well in merger and integration in order to generate synergies.Finally,according to the whole M&A performance evaluation process in the M&A transaction,this paper has obtained some enlightenment and given specific reference opinions according to some relatively detailed gas business in the actual situation.