Abstract: Aiming at the risks in the course of coal enterprise mergers and acquisitions(M&A),this paper identified the M&A risk factors in the coal enterprise recognition, and used structural equation model to construct M&A risk factors analysis model of the coal enterprise, and then make the questionnaire to collect data to carry on the fitting of the model, determine the key risk factors of coal enterprise M&A, so as to take measures for raising the effect of coal enterprise M&A in our country for reference.

Key words: Key words: Coal enterprises, Mergers and acquisitions risk, Structural equation, Fitting