摘要
国内企业海外矿业并购大战已经拉开大幕。在中国铁和建铜陵有色联手收购厄瓜多尔铜矿这一案例中,究竟谁是最大的赢家或输家?联合海外并购的动机是要扩大市场的占有率和增加企业利润。文章从市场反应和财务绩效两方面研究中国铁建和铜陵有色联手并购产生的经济效应,并购公告市场反应显示中国铁建和铜陵有色股东财富增加,财务指标也有明显的好转。但长期经济效应还得看进一步的整合。企业和政府都应为海外并购系统性做好充足工作。
Global mergers and acquisitions （M＆A） in mining industry have been stared by domestic mining corporations. In the ease of mineral resource merger and acquisition of Tongling Nonferrous Metals Group （TNMG） and China Railway Construetion Corporation （CRCC） joint acquisition of Ecuador copper, who is the biggest winner？ Who is the biggest loser？ Overseas joint M＆A motive is to expand market share and inerease profits. This article studies the economic effects of mergers and acquisitions from the market reaction and financial performance of CRCC and TNMG in China together. Acquisition announcement market reaction shows that CRCC and TNMG have increased their shareholders＇wealth, it also shows significant improvement in financial indicators, but long- term economic effects will have to see further eonsolidation. Business and government should do sufficient systematic work in overseas M＆A.
出处
《华东经济管理》
CSSCI
2011年第7期135-141,共7页
East China Economic Management
基金
国家自然科学基金项目(70872116)
国家社科基金项目(08BJY116)
