2018年发改委等多部门共同出台推进煤炭企业重组和转型的意见，鼓励煤炭企业开展重组活动。受该政策影响，国内煤炭行业掀起了一波重组的浪潮，省内煤炭企业重组、煤炭企业跨地域重组现象层出不穷。然而重组能够为煤炭企业带来怎样的收益，实施重组后煤炭企业又应当如何进行整合活动才能实现转型升级，这也是摆在煤炭企业面前的重要问题。对此本文开展煤炭企业重组的案例研究，通过此次研究，为其他煤炭企业坚定重组信心、优化重组整合提供重要的案例参考。

本文以山东省内第一大煤炭企业山东能源集团和第二大煤炭企业兖矿集团联合重组为案例，研究煤炭企业联合重组的效果及整合措施。首先本文通过文献研究法、实地调查法明确两家企业联合重组前后状况、重组过程和重组结果，并基于规模效应理论和资源配置理论，分析两家企业联合重组动因。然后基于协同效应框架，使用财务指标法分析两家企业联合重组的财务协同效应，并从市场占有率、产品结构、技术研发等方面分析联合重组的经营协同效应，从内部管理效率、资金管理效率等方面分析联合重组的管理协同效应。并概述两家企业联合重组后的整合措施以及取得的效果。

结果发现，山东能源集团与兖矿集团实施联合重组的动因包括通过重组抵御恶劣的市场环境，扩大经营规模，提升企业对客户的议价能力增强财务收益，还通过联合重组实现市场与资源的协同。两家企业通过三个阶段逐步推进联合重组，经过工商注册、业务融合、组织结构及企业文化调整等方面的整合，企业最终完成了联合重组。两家企业联合重组以及后续的整合活动取得了相对较好的财务协同效应，企业的盈利能力和营运能力获得明显提升，企业负债能力有一定下滑。两家企业联合重组还取得了良好的市场协同效应，企业的市场占有率更高，产品结构更加多元化，技术研发能力获得明显提升。但两家企业联合重组的管理协同效应相对较差，内部管理效率呈现出了先下降后回升的趋势，资金管理效率则在波动中下滑，管理协同效应存在迟滞。在后续的整合活动中，两家企业在技术、文化、人力资源、财务等方面实现了深度融合。

本次案例研究为其他意图实施重组的煤炭企业提供了启示，重组时需要重视企业之间的互补性，重组后要积极推进组织结构和企业文化的整合，并加快企业研发活动的整合，以此提升员工认同和研发能力，从而尽早发挥出企业重组的协同效应。

In 2018, the National Development and Reform Commission and other departments jointly issued opinions to promote the restructuring and transformation of coal enterprises, encouraging them to carry out restructuring activities. As a result of this policy, a wave of restructuring has swept through the domestic coal industry, with frequent occurrences of intra-provincial coal enterprise restructurings and cross-regional coal enterprise restructurings. However, the benefits that restructuring can bring to coal enterprises, as well as the integration activities that should be carried out after restructuring to achieve transformation and upgrading, remain important issues facing these enterprises. In response, we conducted a case study on the restructuring of coal enterprises to provide important case references for other coal enterprises, helping to solidify their confidence in restructuring and optimize the integration process.

We took the joint restructuring of Shandong Energy Group, the largest coal enterprise in Shandong Province, and Yankuang Group, the second largest coal enterprise, as a case study to analyze the effects and integration measures of coal enterprise joint restructuring. Through literature research and field investigation, we clarified the pre and post-restructuring conditions, the restructuring process, and the results of the joint restructuring of the two enterprises. Based on market force theory and resource allocation theory, we analyzed the motives for the joint restructuring. Using the synergy framework and financial indicators, we analyzed the financial synergy effects of the joint restructuring, as well as the operational synergy effects in terms of market share, product structure, and technological research and development. We also analyzed the management synergy effects in terms of internal management efficiency and capital management efficiency. Lastly, we summarized the integration measures and their effects after the joint restructuring of the two enterprises. The results showed that the joint restructuring of Shandong Energy Group and Yankuang Group, as well as the subsequent integration activities, achieved relatively good financial and market synergy effects, but relatively lagging management synergy effects. Furthermore, the two enterprises achieved deep integration in technology, culture, human resources, and finance.

This study provides insights for other coal enterprises intending to carry out restructuring, emphasizing the importance of complementarity between enterprises during restructuring, the active promotion of organizational structure and corporate culture integration after restructuring, and the acceleration of integration of research and development activities to enhance employee identification and research and development capabilities, thereby realizing the synergy effects of enterprise restructuring.

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