本文關(guān)鍵詞：中國(guó)礦業(yè)企業(yè)海外并購(gòu)風(fēng)險(xiǎn)淺析　出處：《西南財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 礦業(yè)企業(yè) 資源并購(gòu) 風(fēng)險(xiǎn) 五礦集團(tuán) OZ礦業(yè)

【摘要】：我國(guó)經(jīng)濟(jì)發(fā)展已進(jìn)入重工業(yè)化階段,重工業(yè)化階段的顯著特點(diǎn)是能源、礦產(chǎn)資源消耗大量增加。中國(guó)有限的礦產(chǎn)資源已經(jīng)無(wú)法滿足經(jīng)濟(jì)發(fā)展的迫切需要,開(kāi)展海外礦產(chǎn)資源并購(gòu)日益成為參與國(guó)際礦產(chǎn)資源重新分配的重要方式與手段。 然而海外資源并購(gòu)又與一般的并購(gòu)不同,資源具有不可再生性,往往牽涉到一國(guó)的主權(quán)問(wèn)題,特別是在資源短缺的當(dāng)今社會(huì),礦業(yè)企業(yè)海外并購(gòu)牽動(dòng)著一個(gè)國(guó)家敏感的神經(jīng),而且由于海外并購(gòu)環(huán)境復(fù)雜、程序繁瑣加上礦產(chǎn)資源投資大、回收期長(zhǎng)等特點(diǎn),這就決定了礦業(yè)企業(yè)的海外并購(gòu)存在著巨大風(fēng)險(xiǎn)。我國(guó)礦業(yè)企業(yè)要想在今后的海外并購(gòu)項(xiàng)目中取得成功,就必須對(duì)礦業(yè)企業(yè)海外并購(gòu)中存在的風(fēng)險(xiǎn)有準(zhǔn)確的認(rèn)識(shí),并采取相應(yīng)措施加以防范。本論文采用理論與實(shí)例結(jié)合的方法,歸納總結(jié)了我國(guó)礦業(yè)企業(yè)海外資源并購(gòu)的現(xiàn)狀,分析了并購(gòu)中可能存在的各種風(fēng)險(xiǎn),最后結(jié)合五礦集團(tuán)并購(gòu)OZ礦業(yè)的案例,提出了礦業(yè)企業(yè)在海外并購(gòu)中應(yīng)該注意的一些問(wèn)題,希望能為中國(guó)礦業(yè)企業(yè)未來(lái)的海外并購(gòu)提供一些幫助,起到拋磚引玉的作用。 本文共分為6章,各章的主要內(nèi)容如下： 第一章,導(dǎo)論。介紹本文的研究背景、研究思路及框架以及想要實(shí)現(xiàn)的目的和方法。 第二章,文獻(xiàn)綜述。從并購(gòu)動(dòng)機(jī)、并購(gòu)過(guò)程、并購(gòu)價(jià)值效應(yīng)、并購(gòu)風(fēng)險(xiǎn)四方面對(duì)國(guó)內(nèi)外學(xué)者的文獻(xiàn)進(jìn)行了回顧整理。 第三章,中國(guó)礦業(yè)企業(yè)海外并購(gòu)的理論分析。該部分首先定義了礦產(chǎn)資源與礦業(yè)企業(yè)的含義,闡述了并購(gòu)的概念；分析了中國(guó)礦業(yè)企業(yè)進(jìn)行跨國(guó)并購(gòu)的動(dòng)機(jī),歸納了中國(guó)企業(yè)海外并購(gòu)的模式,最后簡(jiǎn)要闡述了中國(guó)礦業(yè)企業(yè)進(jìn)行跨國(guó)并購(gòu)的現(xiàn)狀。 第四章,中國(guó)礦業(yè)企業(yè)海外并購(gòu)風(fēng)險(xiǎn)分析。該部分首先定義了并購(gòu)風(fēng)險(xiǎn)。接下來(lái),從非財(cái)務(wù)風(fēng)險(xiǎn)、財(cái)務(wù)風(fēng)險(xiǎn)以及礦業(yè)企業(yè)特有風(fēng)險(xiǎn)三方面進(jìn)行論述分析。非財(cái)務(wù)風(fēng)險(xiǎn)是與企業(yè)財(cái)務(wù)無(wú)關(guān)的風(fēng)險(xiǎn),主要包括東道國(guó)政治風(fēng)險(xiǎn)、法律政策風(fēng)險(xiǎn)、文化整合風(fēng)險(xiǎn)、經(jīng)營(yíng)管理風(fēng)險(xiǎn)、戰(zhàn)略決策風(fēng)險(xiǎn)。財(cái)務(wù)風(fēng)險(xiǎn)是指由于資金不能及時(shí)供給導(dǎo)致投資活動(dòng)在某一環(huán)節(jié)中斷的可能性。主要包括融資風(fēng)險(xiǎn)、支付風(fēng)險(xiǎn)、流動(dòng)性風(fēng)險(xiǎn)、利率匯率風(fēng)險(xiǎn)、目標(biāo)企業(yè)估值風(fēng)險(xiǎn)等。礦業(yè)企業(yè)特有風(fēng)險(xiǎn)主要包括勘探風(fēng)險(xiǎn)、礦產(chǎn)品價(jià)格波動(dòng)風(fēng)險(xiǎn)和環(huán)境保護(hù)風(fēng)險(xiǎn)。該部分最后針對(duì)不同的礦業(yè)領(lǐng)域做了相應(yīng)的風(fēng)險(xiǎn)敏感度分析。五礦所在的有色金屬礦產(chǎn)領(lǐng)域?qū)τ诳碧�、環(huán)保和礦產(chǎn)品價(jià)格波動(dòng)的風(fēng)險(xiǎn)敏感度較高。 第五章,五礦集團(tuán)并購(gòu)OZ礦業(yè)的案例分析。該部分首先對(duì)并購(gòu)雙方的基本情況進(jìn)行了簡(jiǎn)要介紹。五礦集團(tuán)是具有國(guó)企背景的大型資源類集團(tuán)。OZ礦業(yè)是全球第二大鋅供應(yīng)商,是澳大利亞第三大礦業(yè)公司,由于金融危機(jī)的影響,市值嚴(yán)重縮水,給中國(guó)企業(yè)帶來(lái)并購(gòu)機(jī)會(huì)。2009年2月16日,五礦集團(tuán)正式向FIRB提交收購(gòu)OZ礦業(yè)的申請(qǐng),提出以17億美元的總價(jià),收購(gòu)OZ礦業(yè)100%的股份。然而這份申請(qǐng)?jiān)獾搅薋IRB的否決,理由是該并購(gòu)方案涉及到的prominet hill離軍事禁區(qū)很近。五礦集團(tuán)迅速修改了并購(gòu)方案,新方案中剝離了prominet hill。2009年4月23日。澳大利亞政府通過(guò)了五礦提出的新方案,五礦最終以13.86億美元獲得了除prominet hill外的全部資產(chǎn)。該部分還用SWOT法對(duì)并購(gòu)過(guò)程進(jìn)行了分析,五礦收購(gòu)OZ礦業(yè)的優(yōu)勢(shì)主要在于充足的資金支持,完備的前期準(zhǔn)備以及雄厚的企業(yè)實(shí)力。劣勢(shì)是五礦的國(guó)企背景使得并購(gòu)困難重重。并購(gòu)的機(jī)會(huì)來(lái)源于2008年的金融危機(jī)。威肋則來(lái)自國(guó)外的政治阻力和狹隘的民族主義。 該部分最后對(duì)并購(gòu)案例的整合結(jié)果進(jìn)行了定量和定性的分析。定量分析的數(shù)據(jù)來(lái)源于MMG公司的年報(bào),由于MMG無(wú)可用于與2010會(huì)計(jì)年度比較的經(jīng)審計(jì)的合并財(cái)務(wù)報(bào)表,為進(jìn)行討論及分析,筆者將截至2010年12月31日6個(gè)月(即2010年下半年)與截至2010年6月30日6個(gè)月(即2010年上半年)及截至2009年12月31日6個(gè)月(即2009年下半年)的數(shù)據(jù)進(jìn)行比較分析。憑借生產(chǎn)穩(wěn)健和基本金屬及貴金屬價(jià)格持續(xù)高于長(zhǎng)期平均價(jià)格,MMG于2010年下半年表現(xiàn)強(qiáng)勁,完成2010年的驕人業(yè)績(jī)。MMG于2010年下半年取得收入10.752億美元,較2010年上半年增加27.3%及較2009年下半年增加43.8%。其余各項(xiàng)指標(biāo)均表現(xiàn)良好,MMG擺脫了之前的財(cái)務(wù)困境,’煥發(fā)出新的生機(jī)。在定性分析方面,筆者主要從人力資源整合、文化整合和戰(zhàn)略整合三方面進(jìn)行分析考量,發(fā)現(xiàn)雙方在整合方面都付出了最大的努力,且取得了一些成效,MMG已成為五礦集團(tuán)打造“多金屬集團(tuán)”戰(zhàn)略的海外資源整合平臺(tái)�？梢哉f(shuō)這次并購(gòu)是一次成功的“雙贏”。 第六章,五礦集團(tuán)并購(gòu)OZ礦業(yè)后的相關(guān)思考。運(yùn)用第四章歸納的企業(yè)并購(gòu)風(fēng)險(xiǎn)的結(jié)論,對(duì)五礦集團(tuán)并購(gòu)OZ礦業(yè)過(guò)程中的風(fēng)險(xiǎn)進(jìn)行分析,五礦收購(gòu)OZ礦業(yè)的主要風(fēng)險(xiǎn)有以下四點(diǎn)： (1)國(guó)家政治風(fēng)險(xiǎn)。五礦集團(tuán)的并購(gòu)剛好發(fā)生在中國(guó)企業(yè)廣泛“走出去”的海外并購(gòu)小高潮時(shí)期。澳大利亞是我國(guó)對(duì)外并購(gòu)的主要地區(qū)之一,如此密集的在澳并購(gòu),激發(fā)起澳民眾的貿(mào)易保護(hù)情緒。使得中國(guó)企業(yè)在澳并購(gòu)困難重重。 (2)價(jià)格評(píng)估風(fēng)險(xiǎn)。在信息不對(duì)稱的情況下,對(duì)目標(biāo)企業(yè)的價(jià)值評(píng)估難以把握。因此并購(gòu)前期的盡職調(diào)查非常重要。五礦集團(tuán)在最后競(jìng)價(jià)階段,加價(jià)1.8億美元并不是盲目追漲,而是通過(guò)詳盡調(diào)查得出的可靠的報(bào)價(jià)。 (3)人力資源整合風(fēng)險(xiǎn)。有調(diào)查顯示,造成并購(gòu)失敗的風(fēng)險(xiǎn)因素中,整合風(fēng)險(xiǎn)占了53%。五礦集團(tuán)在合并后保留了原OZ礦業(yè)4000多名員工,新成立的MMG的高層也采用原來(lái)的班底。如何留住人才,使這支澳洲團(tuán)隊(duì)更好地融入五礦集團(tuán),成為五礦集團(tuán)海外資源運(yùn)作的平臺(tái),是對(duì)后續(xù)人力資源整合的一大挑戰(zhàn)。 (4)經(jīng)營(yíng)管理風(fēng)險(xiǎn)。FIRB在交易協(xié)議中提出了許多非常苛刻的條件。這對(duì)企業(yè)的自主經(jīng)營(yíng)有很大影響。如果處理不當(dāng),可能引發(fā)經(jīng)營(yíng)成本增加,進(jìn)而影響企業(yè)并購(gòu)績(jī)效。 為了規(guī)避以上風(fēng)險(xiǎn),五礦集團(tuán)采取了以下措施： (1)加強(qiáng)與東道國(guó)政府的溝通,爭(zhēng)取政府和相關(guān)利益團(tuán)體的支持。五礦在整個(gè)并購(gòu)過(guò)程中,積極與FIRB進(jìn)行接觸,還說(shuō)服了OZ礦業(yè)的CEO米歇爾摩爾與他們一起去向FIRB說(shuō)明此次交易的合理性。這些舉措消除了澳洲政府的疑慮,促成了并購(gòu)。 (2)靈活應(yīng)對(duì)突發(fā)情況,適時(shí)做出讓步。在并購(gòu)談判的過(guò)程中,會(huì)遭遇到各種各樣的突發(fā)情況,作為收購(gòu)方應(yīng)有心理準(zhǔn)備,冷靜應(yīng)對(duì)。適時(shí)的退讓對(duì)于并購(gòu)交易的達(dá)成往往起著重要作用。在第一次并購(gòu)方案被否時(shí),若不是五礦集團(tuán)及時(shí)修改方案,放棄了prominet hill,就不會(huì)有整個(gè)方案的順利達(dá)成。 (3)努力提高公司的海外并購(gòu)能力,注意培養(yǎng)具有國(guó)際視角的全方位管理人才。提高公司的海外并購(gòu)能力,離不開(kāi)人才,后續(xù)的整合經(jīng)營(yíng)也需要海外并購(gòu)經(jīng)驗(yàn)豐富的管理人員。國(guó)際化并購(gòu)人才的培養(yǎng)不能只是理論學(xué)習(xí),閉門造車,要多參與實(shí)際的并購(gòu)案例,在實(shí)踐中發(fā)現(xiàn)問(wèn)題,解決問(wèn)題,不斷積累海外并購(gòu)的經(jīng)驗(yàn)和教訓(xùn)。 (4)全面了解與目標(biāo)企業(yè)相關(guān)的各種信息,為合理估值打下基礎(chǔ)。五礦集團(tuán)的前期準(zhǔn)備十分充足。早在2005年,就與oxiana公司有著業(yè)務(wù)往來(lái),并一直保持著良好的交流溝通,通過(guò)OZ公司駐中國(guó)辦事處收集各種信息,關(guān)注國(guó)際礦產(chǎn)品價(jià)格走勢(shì),這些前期工作都為企業(yè)的合理估值打下了良好基礎(chǔ)。 最后,筆者在五礦并購(gòu)OZ礦業(yè)案例分析的基礎(chǔ)上,針對(duì)礦業(yè)企業(yè)面對(duì)的海外并購(gòu)風(fēng)險(xiǎn),提出了6點(diǎn)建議：(1)提高硬實(shí)力,打造企業(yè)核心競(jìng)爭(zhēng)力。(2)了解目標(biāo)公司所在國(guó)的相關(guān)法律法規(guī)及政策。(3)增強(qiáng)戰(zhàn)略意識(shí)和溝通技巧。(4)加強(qiáng)并購(gòu)后期的文化整合與人力資源整合。(5)重視海外并購(gòu)中的勞工權(quán)利。(6)重視國(guó)際并購(gòu)人才的培養(yǎng)。 縱觀全文,本文的貢獻(xiàn)在于： 本文總結(jié)歸納了礦業(yè)企業(yè)海外并購(gòu)中存在的主要風(fēng)險(xiǎn),在此基礎(chǔ)上對(duì)五礦集團(tuán)合并澳大利亞0Z礦業(yè)的案例進(jìn)行分析。五礦集團(tuán)具有國(guó)有背景,澳大利亞又是我國(guó)礦業(yè)企業(yè)海外資源并購(gòu)的首選之地,五礦并購(gòu)OZ礦業(yè)的案例是極具代表性的,且并購(gòu)的結(jié)果非常成功,通過(guò)對(duì)五礦并購(gòu)0Z礦業(yè)的案例分析,研究五礦在并購(gòu)中面臨的風(fēng)險(xiǎn),采取的應(yīng)對(duì)措施,對(duì)于快速發(fā)展中的中國(guó)礦業(yè)企業(yè)海外并購(gòu)在規(guī)避風(fēng)險(xiǎn)方面具有一定參考價(jià)值。 然而,由于本人學(xué)識(shí)和能力有限,加上資料、時(shí)間、精力等諸多方面因素的制約,使本文研究只能限于一定的范圍和水平,還存在著許多有待于進(jìn)一步研究的問(wèn)題,例如,本文對(duì)礦業(yè)企業(yè)海外并購(gòu)的風(fēng)險(xiǎn)歸納不夠全面,提出的建議比較膚淺,在案例分析中也有諸多待進(jìn)一步完善之處,懇請(qǐng)諸位老師、同學(xué)不吝賜教。筆者今后也將對(duì)此內(nèi)容做更深入細(xì)致的研究。
[Abstract]:China ' s economic development has entered the stage of heavy industrialization , characterized by a large increase in energy and mineral resources . China ' s limited mineral resources have been unable to meet the urgent need of economic development , and the acquisition of overseas mineral resources has become an important means and means to participate in the redistribution of international mineral resources . However , the overseas M & A is different from the general M & A , the resources are non - renewable , often involve a country ' s sovereignty problem , especially in the current society with the shortage of resources , the overseas M & A of mining enterprises involve a state - sensitive nerve , and due to the complexity of the overseas M & A environment , the complicated procedure and the large investment of mineral resources and the long payback period , this paper sums up some problems that may exist in the M & A of mining enterprises , and puts forward some problems that the mining enterprises should pay attention to in the overseas M & A projects , and hopes to offer some help for the future overseas M & A in the mining enterprises . This article is divided into six chapters , the main contents of each chapter are as follows : Chapter One , Introduction , introduces the research background , research thoughts and framework of this paper , as well as the aims and methods to be realized . In chapter 2 , the article reviews the literatures of M & A motivation , M & A process , M & A value effect , M & A risk and the scholars at home and abroad . The third chapter is the theoretical analysis of the overseas M & A of Chinese mining enterprises . This part firstly defines the meaning of the mineral resources and mining enterprises , expounds the concept of M & A , analyses the motives of the transnational M & A in Chinese mining enterprises , sums up the mode of the overseas M & A in Chinese enterprises , and finally gives a brief description of the status quo of the transnational M & A in China mining enterprises . In chapter four , the risk of M & A is analyzed . The risk of M & A is defined firstly . The risk of non - financial risk is not related to enterprise finance . It mainly includes the risk of financing , the risk of legal policy , the risk of cultural integration , the risk of interest rate exchange rate , and the risk of valuation of target enterprise . The specific risks of mining enterprises mainly include exploration risk , price fluctuation risk of mine product and risk of environmental protection . The five - mine group is the world ' s second largest mining company . The Group is the world ' s second - largest mining company . It has been rejected by FIRB on the ground that the acquisition programme involves the acquisition of 100 % of OZ mining . In the second half of 2010 , MMG has achieved a strong performance in the second half of 2010 , and the MMG has become the overseas resource integration platform of the " multi - metal group " strategy . The results show that MMG has become the overseas resource integration platform of the five - ore group to build the " multi - metal group " strategy . In the sixth chapter , the five mine group M & A ' s related thinking after OZ mining . Using the conclusion of the risk of M & A in the fourth chapter , the paper analyzes the risks in the process of OZ mining , and the main risks of the acquisition of OZ mining industry are as follows : ( 1 ) National political risk . The M & A just happened in China ' s overseas M & A period . Australia is one of the main regions of our country ' s foreign acquisitions , so it has been so dense in Australia and M & A to trigger the trade protection of the Australian people . ( 2 ) The risk of price evaluation . In the case of information asymmetry , it is difficult to grasp the value of the target enterprise . Therefore , due diligence is very important in the early stage of M & A . ( 3 ) The risk factors of human resource integration . Among the risk factors that result in the failure of M & A , the integration risk accounts for 53 % . After the merger , the Group retained more than 4000 employees of the original OZ mining industry . The newly established high - level of MMG also adopted the original base . How to retain talents and make the Australian team better integrate into the five - ore group is a platform for the operation of the overseas resources of the five - ore group , which is a major challenge to the integration of the subsequent human resources . ( 4 ) Management risk . FIRB has put forward many very demanding conditions in deal agreement . It has great influence on the enterprise ' s autonomy management . If it is not handled properly , it may raise the operating cost and then affect the performance of M & A . In order to avoid the above risks , the Group has taken the following measures : ( 1 ) Strengthen communication with the host Government and enlist the support of the Government and relevant stakeholders . The five mines are actively engaged with FIRB throughout the acquisition process , and the CEO , Michel Moore , of the OZ mining industry has been persuaded to go to FIRB to illustrate the reasonableness of the deal . The initiatives have eliminated the Australian Government ' s doubts and contributed to the acquisition . ( 2 ) Flexibility should be made to deal with sudden situations and make concessions in due course . In the process of M & A negotiations , there will be a variety of sudden situations . As a receiver , there will be a variety of sudden situations . As a receiver , there is often an important role in the achievement of M & A transactions . At the time of the first acquisition , if it is not a timely modification of the programme by the Group of Five , it will not be possible to achieve the overall programme . ( 3 ) Efforts should be made to improve the overseas M & A capability of the Company , and pay attention to the cultivation of all - round management talents with international visual angle . It is necessary to improve the overseas M & A capability of the Company . It is also necessary to acquire experienced managers overseas . The training of the international M & A talents cannot be only the theoretical learning , the closed car , the multi - participation in the actual M & A cases , the problem is found in practice , the problem is solved , and the experience and lessons of the overseas M & A are accumulated . ( 4 ) To fully understand the various information related to the target enterprise and to lay the foundation for the reasonable valuation . In 2005 , it was very well prepared . In 2005 , it had business dealings with oxiana , and maintained good communication and communication , collected various kinds of information through OZ in China , and paid attention to the price trend of international mine products , which laid a good foundation for the reasonable valuation of enterprises . Finally , on the basis of the analysis of the OZ mining case , the author puts forward six suggestions : ( 1 ) To improve the hard power and build the core competence of the enterprise . ( 2 ) To understand the relevant laws and regulations and policies of the country in which the target company is located . ( 3 ) To strengthen the strategic consciousness and communication skills . ( 4 ) To strengthen the integration of cultural integration and human resources in the later period of M & A . ( 5 ) To pay attention to the labor rights in the overseas M & A . Throughout the text , the author ' s contribution lies in : This paper summarizes the main risks existing in the overseas M & A of mining enterprises , and analyzes the case of merging Australia 0Z mining industry . The five mine group has the state - owned background , Australia is the first choice for the M & A in China ' s mining enterprises . The five mineral M & A OZ mining cases are very representative , and the result of the M & A is very successful . Through the case analysis of the M & A 0Z mining industry , the paper studies the risks and countermeasures of the five mines in the M & A , and has some reference value to the overseas M & A in the rapid development . However , because I have limited knowledge and ability , combined with many factors such as information , time and energy , this thesis can only be limited to a certain scope and level , but there are many problems to be studied . For example , this paper has many problems to be further studied . For example , in the case analysis , there are many problems to be perfected .

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F426.1;F271

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