并购绩效研究分析..doc

摘要 我国虽然是一个矿产丰富的国家，但我国同时也是一个快速发展中的人口大国，对矿产的需求旺盛，特别是对工业发展所必需的基础矿产的需求，因此，我国很多矿企瞄准了拥有丰富矿藏的海外市场。2008年的全球金融危机为我国矿企的海外并购提供良好的契机，我国矿企抓住这次大好机会，纷纷“走出去”进行海外“抄底”，掀起了一股并购浪潮。但在并购浪潮中不免有企业会盲目并购，而事实上也恰是如此，许多企业的并购绩效并没有得到提高，更没有实现预期的目标，这是值得我们深思的重要问题。 本文就是在这样的背景下，归纳和比较了国内外对并购绩效的理论和实证研究的基础上，首先概述了现阶段我国企业并购海外矿企特点和并购动因，接着分别应用事件研究法和财务指标分析法对我国企业的海外并购绩效进行了统计分析研究。运用事件研究法对样本企业海外并购前后的股东权益作出分析，得出并购没有为企业股东带来超额收益率；运用财务指标分析法，从盈利能力和营运能力、偿债能力和成长能力等方面对所选样本企业进行局部分析和整体分析，得出并购绩效并不明显。通过对研究结果的分析提出影响我国企业并购海外矿企绩效的因素，并从政府和企业两方面提出了对应的解决措施。 关键词 金融危机后；海外矿业企业；并购绩效 Abstract Although it is?rich in?minerals?in our?country, at the same time it??is also a?rapidly?developing country with?a large??population, which?has a urgent and great demand?on?minerals?,especially basic minerals which is necessary for? industrial development?. Therefore,?a lot of?mine?enterprises in our country?are?targeting?the overseas markets which?posses rich resources.?The global financial? crisis ?in ?2008? provided ?a?good? opportunity for mine?enterprises in our country to merge and acquire overseas, and?they seized this?golden opportunity to?carry out a?exhaustive going-out activity?, setting off?a wave of?M A( mergers and acquisitions).?In?the wave of M??A?, it was inevitable that some companies wound?blindly?merger and acquire,?and it is exactly?the case. It is?worth thinking that there was no advance in performance after mergers and acquisitions?, and the companies did not?achieve?the desired objectives. ?In?this?context,?this?article?firstly overviews characteristics and motivations of??MA which taken place in Chinese mine enterprises?currently on the basis?of?summarizes and?comparisons about the?theoretical and empirical research on M A performance at home and abroad. Then?it studies M A performance overseas of?Chinas?mining enterprises by?application of?event study method?and?financial indicators?analysis?.?According to the result from event study methodology?, I can find that MA fails to gain excessive returns. I also?use?fina