随着国家不断出台促进企业兼并重组的政策，国有企业的并购重组也拉开了帷幕。煤炭作为我国主要的化石能源，电力更是不可或缺的重要资源，国有煤炭企业神华集团与国有电力企业国电集团的并购重组引起了广泛关注。在优化产业结构及产业布局的过程中，越来越多的国有企业通过并购整合市场资源，加快转型步伐。许多煤电企业希望通过并购手段缓解煤电矛盾，有效地整合资源，推动转型的顺利进行。在这一过程中，从资源编排的角度出发，如何合理利用资源实现绩效的显著提升，显得尤为重要。

本文以神华国电并购重组事件为研究对象，介绍了案例背景、并购过程及并购动因，再分析了资源编排对并购绩效影响的机理，最后通过窗口期股价的波动情况，用事件研究法分析了短期绩效，采用财务指标分析法，对比了神华国电并购前后的财务指标变化，并将国家能源集团与可比企业的相关财务指标进行对比，分析了长期绩效。此外，运用非财务指标，从社会责任、安全生产、清洁能源发展这三个方面对长期绩效进行了补充分析。

通过研究发现：国家能源集团通过并购获取了煤炭、电力、技术、人力、运输资源，剥离冗余资源，淘汰低产能，通过资源捆绑推动创新、建设智慧企业、开拓市场，对资源进行合理利用，使产业协同发展并助推环保发展，通过一系列有效举措，提高了资源的利用效率，优化资源配置。从并购的短期绩效来看，市场看好此次的并购活动，从长期绩效来看，国家能源集团的资产收益率、销售净利率、应收账款周转率不断提高，并且积极履行社会责任，重视安全生产，有健全的内部治理与管理结构。总体来说，此次并购产生了积极的正面效应，运用了资源编排视角来探讨并购对绩效带来的影响，也为后续煤电企业的并购重组提供借鉴。

With the continuous introduction of policies to promote mergers and acquisitions of enterprises, mergers and acquisitions of state-owned enterprises have also opened the curtain. Coal is the main fossil energy in our country, and electricity is an indispensable important resource. The merger and reorganization of state-owned coal enterprise Shenhua Group and state-owned power enterprise Guodian Group has attracted wide attention. In the process of optimizing industrial structure and industrial layout, more and more state-owned enterprises integrate market resources through mergers and acquisitions to accelerate the pace of transformation. Many coal and power enterprises hope to alleviate the contradiction between coal and power through mergers and acquisitions, so as to integrate resources more effectively and promote the smooth progress of transformation. In this process, from the perspective of resource arrangement, how to make reasonable use of resources to achieve significant improvement in performance is particularly important.

This paper takes Shenhua Guodian's M&A and reorganization case as the research object, introduces the case background, M&A process and M&A motivation, analyzes the mechanism of resource arrangement's impact on M&A performance, and finally analyzes the short-term performance through the volatility of stock prices during the window period by using the event study method and the analysis of financial indicators to compare the changes of Shenhua Guodian's financial indicators before and after M&A. The long-term performance of national energy group is analyzed by comparing the relevant indicators with those of comparable enterprises. In addition, non-financial indicators are used to supplement the long-term performance through social responsibility, safety production and clean energy development of enterprises.

The study found that: National Energy Group through mergers and acquisitions to obtain coal, electricity, technology, human resources, transportation resources, stripping redundant resources, eliminate low production capacity, through resource bundling to promote innovation, build smart enterprises, explore the market, rational use of resources, so that the industry coordinated development and promote the development of environmental protection, through a series of effective measures, improve the utilization efficiency of resources, optimize the allocation of resources. From the short-term performance of the merger and acquisition, the market is optimistic about the merger and acquisition activities, from the long-term performance, the national energy Group's return on assets, net profit rate of sales, accounts receivable.