新疆煤炭企业并购重组问题研究

发布时间：2018-08-22 12:37

【摘要】：新疆作为我国煤炭大省和重要的战略能源储备库，煤炭资源相对丰富。近年来，国家和新疆自治区政府出台多项政策，加大力度支持新疆煤炭产业发展，然而，疆内煤炭企业受到资金、技术、人才引进和运输问题等瓶颈制约，盈利能力差、产品附加值低、生产水平落后和安全基础薄弱的顽疾亟需改善。因此，作为煤炭资源整合和企业一体化战略实施的主要手段，新疆煤炭产业的并购重组已经开始实施。自2000年起，，神华集团、潞安集团、兖矿集团等国内大型煤炭企业纷纷进驻新疆，并购重组新疆本土煤炭企业。在这一过程中，出现了许多成功的案例，但也有一些并购重组行为没有达到预期的效果，甚至对新疆本土煤炭企业的发展产生了负面影响。因此，评价新疆煤炭企业的并购重组绩效，找到适合新疆地区煤炭产业特点的并购重组模式，解决并购重组过程中出现的实际问题，就成为了具有极强现实意义的重要研究命题。本文从企业战略视角出发，依据煤炭企业发展和并购重组的相关理论，对新疆煤炭企业的并购重组的动因、适用模式、绩效和过程中出现的其他问题进行研究。文章首先对国内外企业并购重组的相关理论文献进行了梳理，提炼出论文的切入点，确立了研究框架；随后，总结了煤炭产业特殊的资源禀赋和产业结构特征，对新疆煤炭产业的宏观环境进行了PEST分析，借用波特的五力模型研究了新疆煤炭企业当前所处的竞争态势，从政府和企业两个层面揭示出了新疆煤炭企业并购重组的动因。文章针对新疆煤炭产业和本土企业的特点，构建了并购重组主体企业的选择模型，运用AHP层次分析法确立了模型各指标权重，归纳出新疆煤炭企业并购重组主体必须要具备的六个主要特点，即必须是国内国有控股的大型煤炭企业；需要具有市场地位和合理的企业规模；在技术方面具有一定的核心竞争力；一般采取多元化发展战略；具有充足的资金或者良好的融资能力；具有与其发展战略相符合的管理体制和管理能力。在此基础上，从横向、纵向和混合并购重组三种并购重组备选模式中，选择出目前新疆煤炭企业并购重组的一般适用模式：即政府主导下，以国内大型国有煤炭企业为主体的跨区域纵向一体化并购重组模式。其优势在于：政府引导有助于政策制定，规避地方保护主义；跨区域的煤炭企业并购重组可以使参与双方很好地进行优势互补；以强并弱有效优化了资源配置；产权国有化提高了新疆煤炭产业的集中度。其缺陷在于：政府在一定程度上限制了市场的作用，对企业经营决策有包办之嫌；区外企业存在很大的进入障碍；并购主体单一导致融资困难。其后，以山西潞安集团并购重组哈密煤炭集团为典型案例，在前文基础上研究了其并购重组主体和模式的适用性，并且建立了以企业竞争力为基础煤炭企业并购重组绩效评价模型，运用模糊综合评价法对企业并购重组前后的竞争力进行测评，结果表明企业竞争力由差转良，进一步证实了并购重组对新疆煤炭企业发展的积极作用。最后，文章总结归纳了阻碍新疆煤炭企业并购重组进程的主要问题。首先，新疆煤炭产业存在许多进入风险，如煤炭本地消费量小、煤炭运输存在困难、运力差、投资环境不佳等，并购重组行为缺乏风险管控；其次，并购重组模式单一，在一定程度上限制了企业的并购重组进程；另外，企业整合难度大，很多老矿区老企业积重难返。针对上述问题，文章提出了三点对策建议，即建立科学有效的风险评估系统，积极探索并购重组的创新模式，制定行之有效的企业整合战略。
[Abstract]:Xinjiang, as a major coal province and an important strategic energy reserve, is relatively rich in coal resources. In recent years, the state and the government of Xinjiang Autonomous Region have issued a number of policies to strengthen support for the development of Xinjiang's coal industry. However, Xinjiang's coal enterprises are constrained by the bottlenecks of capital, technology, talent introduction and transportation, poor profitability and production. Therefore, as the main means of coal resources integration and enterprise integration strategy implementation, the merger and reorganization of Xinjiang coal industry has been implemented. Since 2000, Shenhua Group, Lu'an Group, Yanzhou Mining Group and other large-scale domestic coal enterprises have been stationed in succession. In this process, there are many successful cases, but some mergers and acquisitions have not achieved the desired results, and even have a negative impact on the development of Xinjiang local coal enterprises. The merger and reorganization mode with the characteristics of the carbon industry has become an important research topic with strong practical significance.
Based on the theory of development and merger and reorganization of coal enterprises, this paper studies the motivation, applicable mode, performance and other problems of merger and reorganization of Xinjiang coal enterprises from the perspective of enterprise strategy. Then, it summarizes the special resource endowment and industrial structure characteristics of the coal industry, makes PEST analysis on the macro-environment of Xinjiang coal industry, studies the current competitive situation of Xinjiang coal enterprises by using Porter's five-force model, and reveals the Xinjiang coal industry from the two levels of government and enterprises. Motives of mergers and acquisitions.
According to the characteristics of Xinjiang coal industry and local enterprises, this paper constructs the selection model of main enterprises in M&A and reorganization, establishes the weight of each index of the model by AHP, and concludes six main characteristics that must be possessed by the main body in M&A and reorganization of Xinjiang coal enterprises, that is, the large-scale coal enterprises which are controlled by the state must be in the domestic market. To have a market position and a reasonable size of enterprises; to have a certain core competitiveness in technology; generally adopt a diversified development strategy; have sufficient funds or good financing capacity; with its development strategy in line with the management system and management capabilities.
On this basis, from the horizontal, vertical and mixed M&A and reorganization of the three alternative models, select the current Xinjiang coal enterprises M&A and reorganization of the general applicable model: under the guidance of the government, with domestic large-scale state-owned coal enterprises as the main body of cross-regional vertical integration M&A and reorganization model. In policy-making, avoid local protectionism; cross-regional coal mergers and acquisitions can make the two sides complement each other well; optimize the allocation of resources effectively; nationalization of property rights improves the concentration of Xinjiang's coal industry. Enterprises are suspicious of undertaking business decisions; enterprises outside the region have great barriers to entry; merger and acquisition of a single subject leads to financing difficulties.
Then, taking Shanxi Luan Group's merger and reorganization of Hami Coal Group as a typical case, this paper studies the applicability of the subject and mode of merger and reorganization on the basis of the previous paper, and establishes a performance evaluation model of coal enterprise's merger and reorganization based on enterprise's competitiveness, and advances the competitiveness of enterprises before and after merger and reorganization by using fuzzy comprehensive evaluation method. The results show that the competitiveness of enterprises has changed from poor to better, which further confirms the positive role of merger and reorganization in the development of Xinjiang coal enterprises.
Finally, the paper summarizes the main problems that hinder the process of mergers and acquisitions of Xinjiang coal enterprises. First of all, there are many entry risks in Xinjiang coal industry, such as small local consumption of coal, difficulties in coal transportation, poor transport capacity, poor investment environment, lack of risk management and control of mergers and acquisitions reorganization behavior; second, mergers and acquisitions reorganization model is single, in the first place. To a certain extent, the process of merger and reorganization of enterprises is restricted; moreover, the integration of enterprises is difficult, and many old enterprises in old mining areas are hard to return.
【学位授予单位】：新疆大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F426.21

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