【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。更多还原

【Abstract】 Global mergers and acquisitions(M&A) in mining industry have been stared by domestic mining corporations.In the case of mineral resource merger and acquisition of Tongling Nonferrous Metals Group(TNMG) and China Railway Construction 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 increase 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 consolidation.Business and government should do sufficient systematic work in overseas M&A.更多还原