中国神华煤电一体化并购分析

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1、ABSTRACTBasedontheanalysisofthecurrentsituation，thepresentstudyexploredtheShenHuacharacterizedcoal-electricityintegratedcomplexproject,especiallymakingadetailedanalysisofitsacquisition．Thecoalmarkethasgraduallyopenedupsince2004andreacheditstopin2006．Ontheonehand，thepriceofcoa

2、lcontinuedtoriseeveryyearastheincreaseinthecostofopen—upmarketandthenaturalresource．Ontheotherhand，thegovernmentcontrolledtheelectricitypricestrictly．Therefore，thecontradictionbetweenthehi曲coalpriceandcontrolledelectricitypricebecamemoreandmoreserious，andthegovemmenttrytoseek

3、balancebetweenthetwo．nepresentstudy，whichisbasedonthecurrentmarketenvironment,tookChinaShenHuagroup船anexample,analyzedhowdocorporationssolvethecontradictionbyacquisitionandcoal一一electricityintegratedcomplexproject．First，byanalyzingthecurrentsituationofcoalindustry，thepresents

4、tudypointedoutthenecessityintheintegrationofcoalandelectricity；especiallythattheseriouscoal·electricitycontradictionmadethisintegrationprojectmoreurgenLscientificandflexible．Second,basedontheenergyresourcesintegration，thecurrentstudyextendedthedevelopmentmodelofcoal—electrici

5、tyintegratedcomplexproject．InChina,coal-electricityintegratedcomplexprojectmainlyrealizedbyacquisition．Althoughacquisitionisbeneficialtotheadjustmentofeconomicalstructure,therealizationofresourceoptimizationanditalsocallraisescalemerit,enhancecompetition,ithasgreatriskinrealp

6、ractice．Therefore，thepresentstudyproposedsomesuggestionstosolvethisproblem．Furthermore，basedontheanalysisofacquisitionandotherrelatedfactors，thisstudysummarizedthedevelopmentofcoal—electricityintegratedcomplexprojectinShenHuagroup．AsthelargestListedCompanyincoalindustry，ShenH

7、uagrouphasthelargestcoalreserves．Thisachievementisnotaone—stepaction,butthatithasgotthroughthreestagesofdevelopment：stagesofcoal-landcarriage-oceancarriageintegration,coal-electricity-transportationintegration,andcoal-electricity-oil-transportationintegration．Finally,thisstud

8、ymadeacomparativestudyonthefmancialinfluence，theenterprisesize，itspr