Research on the performance of enterprise mergers and acquisitions based on coal-electricity joint operation——Taking H company as an example
Jiang Dewei
Li Qing
Wu Siyu
Sun Jing
Abstract：Under the background of coal-electricity joint operation policy,the performance evaluation is the key to measuring the success of enterprise mergers and acquisitions.This paper starts from sorting out the research context of corporate M&A performance,summarizes domestic and foreign research literature,elaborates on the motives of coal-electricity joint M&A,and constructs a performance evaluation method for coal-electricity joint M&A that is suitable for China's national conditions.Taking H Company as an example,using event study method to evaluate its market performance,it is found that investors hold a negative view on coal-electricity joint M&A,and market performance is unsatisfactory.Applying financial capability indicators,economic value added,and Z-score models to evaluate the company's financial performance,it is found that the company's financial performance has significantly improved.With the continuous deepening of China's power system reform,coal-electricity joint M&A is beneficial for achieving healthy and sustainable development of the coal-electricity industry,as well as further ensuring national energy security in the long run.
Keywords：coal-electricity joint operationM&A performancemarket performancefinancial performance
Publication Date：2023-12-20
Online Publishing Date：2025-08-15(First online date of this platform, not the publication date of the document)
Pages：7( 67-73 )