煤炭企业并购重组财务协同机制研究

Research on the financial coordination mechanism of coal enterprise merger and acquisitions

分析煤炭企业并购重组的特点和内因,提出大部分煤炭企业在重组并购后没有产生财务协同效应。从增进机制、替代机制、互补机制、冲突机制4方面介绍财务协同机制,提出增进机制是财务协同的核心模式,替代机制和互补机制是财务协同效应产生的必经之路,冲突机制是财务协同过程中难以避免的。从被并购企业选择、被并购企业价值评估、提升融资能力和拓宽融资渠道3方面提出建议。

the characteristics and internal causes of coal companies mergers and acquisitions are analyzed,and it pointed out that most coal companies have no financial synergy after the mergers and acquisitions. The financial coordination mechanism was introduced from the aspects of promotion mechanism, substitution mechanism, complementary mechanism and conflict mechanism,it is proposed that the enhancement mechanism is the core model of financial synergy,the alternative mechanism and the complementary mechanism are the only way for the financial synergy effect, the conflict mechanism is inevitable in the process of financial synergy. And suggestions are made in terms of the selection of the merged enterprise,the evaluation of the value of the merged enterprise,the enhancement of financing capabilities and the expansion of financing channels.