Study on the coal enterprises' efficiency of horizontal M&A with SFA

By using SFA,this study selected the panel data of 18 coal listed companies which had horizontal M&A during 2007-2011 to analyze the efficiency of horizontal M&A and influencing factors.Firstly,evaluating and comparing the efficiency of these listed companies,and then analyzing the influencing factors of coal enterprises' horizontal M&A.The results indicate that the nature of property rights and ownership concentration have a significant positive correlation with efficiency,scale of enterprises has a negative correlation with efficiency,and the rate of economic growth has no significant correlation with efficiency.Finally,this study put forward some recommendations to improve the coal enterprises' efficiency of horizontal M&A.