Research On Risk Evaluation Of Transnational Merger And Acquisition Of Listed Electric Power Companies

Globalization is the trend and trend of the vigorous development of the current world economy and society.In order to comply with the trend of globalization,enterprises have resorted to cross-border mergers and acquisitions to transport assets and expand overseas business.At present,China’s electric power has entered a new normal of slowing growth.The installed power generation scale of domestic and foreign energy companies is growing rapidly,while the growth of domestic terminal power generation demand is gradually slowing down or declining.Due to the increasing surplus of China’s domestic power generation capacity,it is an important choice for major power companies to expand the international power market.In the process of"going global",Chinese enterprises have been consciously fulfilling their social responsibilities,helping to promote the improvement of local economic level,and providing a good external environment for China’s listed power companies to "go global".However,as cross-border MERGERS and acquisitions take place in different countries,there are certain differences in relevant systems and laws,and merger and acquisition activities will encounter multiple obstacles,the process is more complex,and there are more risks and uncertainties.Therefore,in the process of China’s gradual globalization and its gradual entry into international competition,it is necessary to correctly predict risks and put forward more detailed treatment plans,on the one hand,to avoid foreseeable risks,and on the other hand,to have more specific methods to remedy major risks when they occur.This paper collected and sorted out domestic and foreign monographs and articles on the development situation of electric power and risk evaluation of cross-border m&a of enterprises,and clarified the research content and methods of this paper.Through the study of related concepts and risk evaluation methods of cross-border M&A,the evaluation methods and models are selected.This paper qualitatively analyzes the domestic and foreign literatures and makes a detailed study of the cases of transnational M&A of listed electric power companies in China in the past two decades,and constructs the risk evaluation index system of transnational M&A of listed electric power companies.Combined with the advantages of EWM and GRA,the ewM-GRA risk evaluation model is constructed,and the selected risk evaluation index values of listed electric power companies are applied to the model for empirical study.According to the calculation results,the degree of each risk in the process of listed electric power companies’ cross-border merger and acquisition and the correlation degree of each company’s cross-border merger and acquisition risk are evaluated.Finally,the EWM-GRA risk evaluation model is optimized by using the characteristics of BP neural network nonlinear calculation,which makes the optimized model more in line with the qualitative evaluation of cross-border M&A risk in reality,and puts forward some suggestions to avoid the foreseeable risks of cross-border M&A.In view of the development status and basic pattern of the transnational merger and acquisition of China’s listed electric power companies,this paper comprehensively analyzes the risks faced by China’s listed electric power companies in the process of transnational merger and acquisition,and designs the risk evaluation index system of the transnational merger and acquisition of listed electric power companies.EWM is established by using the method of combined EWM and GRA-GRA risk evaluation model,to power the transnational mergers and acquisitions of listed companies in the recent 20 years the instance of risk evaluation,and USES the BP neural network optimize the EWM-GRA risk evaluation model,make it more practical applicability,combine our country in recent years,the policy risk Suggestions of prevention and cure countermeasure is put forward,It provides reference for Chinese power listed companies to effectively identify,evaluate and avoid foreseeable risks in cross-border mergers and acquisitions.