煤炭和火电作为我国最重要的一次能源和二次能源，在我国经济发展中扮演着十分重要的角色。由于分处于同一条产业链的上下游，煤炭与电力之间的关系也尤为密切。2002年，煤炭价格飞涨，电企不堪重负，开始使用纵向一体化的方式保证原料供应；2012年后，经济下行，煤炭价格呈断崖式跌落，煤企也开始涉足发电领域来弥补煤炭亏损。基于以上情况，本文将研究纵向一体化对我国煤电企业经营绩效的具体影响，为我国煤电企业的纵向一体化选择提供一定的参考。 本文对纵向交易基本理论、我国煤电纵向关系的研究和纵向一体化对其他行业企业经营绩效影响的文献进行了评述，总结了现有研究的不足。通过对我国煤电关系发展历程的梳理得出，我国煤、电企业会基于保证煤炭供给和销售、分散经营风险等原因进行纵向一体化整合。结合产业组织学和新制度经济学理论分析发现纵向一体化所带来的可通过降低企业成本、提高市场进入壁垒等方式可以提高企业经营绩效。 以了煤炭上市公司的十项财务指标为研究对象，利用因子分析法将它们划分为企业的盈利能力、运营能力、偿债能力和发展能力四个公共因子，并确认权重，构建了煤炭企业经营绩效指标评价体系。，通过对煤炭上市企业2007-2015年间经营绩效评价对比，得出煤电纵向一体化企业较未采用一体化模式的煤炭企业拥有更好的盈利能力和运营能力，但由于企业规模的扩大，纵向一体化企业的偿债能力较弱。运用价值增加值法对样本煤电企业的纵向一体化程度进行测算，并选取控制变量对企业经营绩效影响因素进行了回归分析，得出煤电纵向一体化程度对煤炭企业的经营绩效有积极的影响，即随着煤电一体化程度的加深，企业的经营绩效逐步提高。根据研究结果建议国家应继续出台政策支持煤电纵向一体化。

Coal and electricity, as the most important primary energy and secondary energy, play important roles in China's economic development. At the same time,due to in the same industrial chain upstream and downstream, the relationship between coal and electricity is also particularly close.In 2002,the coal price "two-track system" led to the contradiction between coal and electricity gradually highlighted.Coal, as raw materials for power generation, soaring prices. Electricity providers overwhelmed, began to use the vertical integration of the way to ensure the supply of raw materials.After 2012, due to economic downturn, coal prices were cliff-like drop.The loss of coal enterprises began to get involved in the field of power generation, expect to generate electricity to make up for the loss of coal, in order to improve enterprises performance.Based on the above situation, this paper will focus on the impact of vertical integration on the performance of China's coal and electricity enterprises. The paper summarizes the basic theory of vertical trade, the research on vertical relationship between China’s coal and electricity, and the impacts of vertical integration on the performance of enterprises in other industries.At the same time to learn from the experience of the predecessors and summarize the shortcomings of existing research.Then through combing the development process of China's coal and electricity relations, it is concluded that China's coal and electricity enterprises will be vertical integrating based on two reasons: to ensure the supply of raw materials and product sales, decentralized business risk.Combining with the theory of industrial organization and new institutional economics, it is found that vertical integration can reduce transaction costs, production costs and improve market entry barriers.All those advantages can improve enterprises performance. The paper chosen ten financial indexes of coal-listed enterprises, divides them into four common factors: profitability, operation ability, solvency and development ability by factor analysis method, confirms the weight and builds coal enterprise performance evaluation index system.By contrast, it is found that the coal-electricity integrated enterprises have better profitability and operation ability than the unincorporated coal-electricity enterprise, but because of the expansion of the enterprise scale, the coal-electricity integrated enterprises have very low solvency.Next, this paper uses the value added scale method to calculate the vertical integration degrees of the sample coal-electricity integrated enterprises, and select the control variables to regression analyze the influencing factors of the enterprises performance.The results show that the degree vertical integration of coal and electricity has a positive impact on the performance of coal enterprises.With the deepening of degree of the integration of coal-electricity integrated enterprises, the performance of enterprises will be improved.Finally,according to the conclusions of the study, the paper gives some policy suggestions，Coal and electricity enterprises should choose the vertical integration of coal-electricity according to their own financial situation，and the state should continue to introduce policies to support the vertical integration of coal-electricity.