山西省煤炭行业并购重组的前因及后果分析

The Causes and Effects of M&A and Restructuring of Coal Industry in Shanxi Province

山西省煤炭行业并购重组于2009年达到高潮,引起了学术界和实务界的高度关注。文章首先对山西省煤炭行业并购重组的前因进行分析,指出解决历史遗留问题是直接动机,培育大型煤炭企业集团是间接动机,而全球金融危机的蔓延则是刺激因素。紧接着从承担社会责任、对煤炭行业的发展及对其他行业的发展三个方面分析了山西省煤炭行业并购重组的影响。由此指出,此次山西省煤炭行业并购重组要实现其目标,还有很长的路要走。

The M＆A and restructuring of coal industry in Shanxi Province which culminated in 2009 have received wide attention from academics and practitioners. At first, this paper analyzes the causes of this industry integration and indicates that the direct motivation is to solve the problems left by history, the indirect motivation is to cultivate large coal business group and the stimulus is the spread of the global financial crisis. Then, the implications of the reorganization are discussed from three aspects including the commitment to social responsibility, the development of coal industry and other industry. Finally, it points out that it will have a long way to go to achieve its objectives.