本文選題：海外并購(gòu) + 加拿大投資�。� 參考：《吉林大學(xué)》2012年碩士論文

【摘要】：近年來(lái)，我國(guó)經(jīng)濟(jì)快速增長(zhǎng)，如此繁榮的發(fā)展也拉動(dòng)了有色金屬的消費(fèi)需求，這也大大提高了我國(guó)礦產(chǎn)資源的對(duì)外依存度。目前我國(guó)礦山基礎(chǔ)薄弱，再生資源不能滿足需要，，境外資源權(quán)益依然不多。因此國(guó)內(nèi)企業(yè)在海外并購(gòu)?fù)鈬?guó)礦業(yè)企業(yè)越來(lái)越呈現(xiàn)出增長(zhǎng)態(tài)勢(shì)，而通過(guò)成熟的資本市場(chǎng)進(jìn)行并購(gòu)重組逐漸成為主流趨勢(shì)，研究中國(guó)企業(yè)并購(gòu)加拿大礦業(yè)上市公司具有重要的現(xiàn)實(shí)意義。全文分為四章： 第一章，我們介紹了全球主要礦業(yè)資本市場(chǎng)，指出四大礦業(yè)資本中心的共性特征為，都以礦業(yè)實(shí)體產(chǎn)業(yè)的發(fā)展為根基，有著開(kāi)放寬松的礦業(yè)資本市場(chǎng)規(guī)則，具有多層次的資本市場(chǎng)體系。分析了加拿大資本市場(chǎng)對(duì)礦業(yè)上市公司具有獨(dú)特吸引力、概括出加拿大資本市場(chǎng)特征：TSX機(jī)制成熟市場(chǎng)規(guī)范、TSX上市成本低、TSX-V上市門檻低、加拿大股權(quán)文化濃郁、可以自由轉(zhuǎn)板美國(guó)資本市場(chǎng)。 第二章，進(jìn)行了中國(guó)企業(yè)并購(gòu)加拿大礦業(yè)公司的現(xiàn)狀分析，重點(diǎn)進(jìn)行了中國(guó)企業(yè)收購(gòu)加拿大礦業(yè)企業(yè)研究。中國(guó)礦業(yè)企業(yè)并購(gòu)重組隨著資源品價(jià)格的不斷上漲海外資源并購(gòu)日趨活躍，并呈現(xiàn)出逐年增多趨勢(shì)，參與的企業(yè)包括具有資金、技術(shù)等優(yōu)勢(shì)條件國(guó)內(nèi)的龍頭企業(yè)也有有實(shí)力的民營(yíng)企業(yè)走出國(guó)門收購(gòu)礦山資源。其特點(diǎn)可概括為海外礦產(chǎn)資源并購(gòu)金額偏低、海外礦產(chǎn)資源并購(gòu)由國(guó)有大型企業(yè)主導(dǎo)、海外礦產(chǎn)資源并購(gòu)的積極性逐步提高。 第三章，分析了中國(guó)企業(yè)并購(gòu)加拿大礦業(yè)上市公司的案例，對(duì)吉恩鎳業(yè)收購(gòu)加拿大皇家礦業(yè)成功案例和五礦集團(tuán)收購(gòu)加拿大諾蘭達(dá)鋁業(yè)失敗案例進(jìn)行了刨析總結(jié)了中國(guó)企業(yè)在加拿大積累了大量的成功和失敗經(jīng)驗(yàn)，吉恩鎳業(yè)收購(gòu)加拿大皇家礦業(yè)是成功案例，抓住金融危機(jī)有利時(shí)機(jī)，控制海外資源，將有效提升公司鎳資源儲(chǔ)備，為公司原料供應(yīng)提供強(qiáng)有力的保障，有利于提升公司盈利能力及可持續(xù)發(fā)展能力。五礦集團(tuán)收購(gòu)加拿大諾蘭達(dá)鋁業(yè)是失敗的案例，在政治、經(jīng)濟(jì)、文化整合和管理方面提供了海外礦產(chǎn)資源并購(gòu)的經(jīng)驗(yàn)教訓(xùn)。 第四章，研究了海外投資的必要性及可行性，并指出如果我國(guó)經(jīng)濟(jì)要繼續(xù)保持平穩(wěn)增長(zhǎng)，在相當(dāng)長(zhǎng)的一段時(shí)間里對(duì)金屬、能源等礦產(chǎn)品的需求水平依然較高。而在全球礦業(yè)大國(guó)中，除了發(fā)展中國(guó)家是中國(guó)投資重點(diǎn)外，加拿大的礦產(chǎn)資源儲(chǔ)量豐富，也是全球礦業(yè)能源資本市場(chǎng)的中心，應(yīng)該得到應(yīng)有的重視。研究給出了中國(guó)企業(yè)在加拿大的礦業(yè)投資機(jī)會(huì)與建議，其投資方式有合作經(jīng)營(yíng)、收購(gòu)兼并、投資參股和直接投資。同時(shí)在加拿大進(jìn)行礦業(yè)投資，即要有國(guó)際視野又要分析清楚標(biāo)的資產(chǎn)所處價(jià)值鏈的環(huán)節(jié)，針對(duì)其收益風(fēng)險(xiǎn)特征設(shè)計(jì)合適的融資模式和交易結(jié)構(gòu)。要透徹研究運(yùn)營(yíng)加拿大企業(yè)的法律法規(guī)，包括稅收、公司法、環(huán)保、等方面。要積極發(fā)揮第三方咨詢機(jī)構(gòu)的作用。 本文主要研究結(jié)論有： 1．通過(guò)資本市場(chǎng)進(jìn)行并購(gòu)重組礦業(yè)企業(yè)具有可操作性。 2．中國(guó)礦業(yè)企業(yè)海外并購(gòu)重組現(xiàn)狀的特點(diǎn)可概括為海外礦產(chǎn)資源并購(gòu)金額偏低、海外礦產(chǎn)資源并購(gòu)由國(guó)有大型企業(yè)主導(dǎo)、海外礦產(chǎn)資源并購(gòu)的積極性逐步提高。 3．中國(guó)企業(yè)在加拿大積累了大量的成功和失敗經(jīng)驗(yàn)，包括吉恩鎳業(yè)收購(gòu)加拿大皇家礦業(yè)的成功案例以及五礦集團(tuán)收購(gòu)加拿大諾蘭達(dá)鋁業(yè)的失敗案例，并總結(jié)出了他們?cè)谡巍⒔?jīng)濟(jì)、文化整合和管理等方面的海外礦產(chǎn)資源并購(gòu)的經(jīng)驗(yàn)教訓(xùn)。 4．研究了中資公司實(shí)施海外礦業(yè)投資以及并購(gòu)的必要性、可行性及有利條件，并給出了建議。
[Abstract]:In recent years, our country's economy has been growing rapidly, and so flourishing development has also led to the consumption demand of non-ferrous metals, which has greatly improved the dependence of mineral resources on our country. At present, our country's mining foundation is weak, the regenerated resources can not meet the needs and the rights and interests of overseas resources are still not much. Therefore, domestic enterprises are acquiring foreign mining enterprises in overseas. The growth trend is becoming more and more, and the merger and reorganization gradually becomes the mainstream trend through the mature capital market. It is of great practical significance to study the merger and acquisition of Canadian mining companies by Chinese enterprises. The full text is divided into four chapters.
In the first chapter, we introduce the world's major mining capital market, and point out that the common features of the four major mining capital centers are based on the development of the mining entity industry, with open and loose mining capital market rules and a multi-level capital market system. Gravity, summed up the characteristics of the Canadian capital market: TSX mechanism mature market standard, low cost of TSX listing, low threshold of TSX-V listing, rich Canadian equity culture, can freely transfer the US capital market.
In the second chapter, the current situation of the merger and acquisition of Canadian mineral company by Chinese enterprises is carried out, and the research on the acquisition of Canadian mining enterprises by Chinese enterprises is focused on. Technology and other advantages, the leading enterprises in China also have the powerful private enterprises to go out of the country to acquire mine resources. The characteristics can be summarized as that the amount of overseas mineral resources M & A is low, the overseas mineral resources M & A is dominated by large state-owned enterprises, and the enthusiasm of Overseas Mineral Resources M & A is gradually improved.
In the third chapter, the case of Chinese companies' Merger and acquisition of Canadian mining companies is analyzed, and the successful cases of the acquisition of Royal Canadian mining in Canada and the failure of the five mine group to buy alalan aluminum in Canada are analyzed and analyzed. The Chinese enterprises have accumulated a lot of successful and failed experiences in Canada. The great Royal mining industry is a successful case. To seize the opportunity of the financial crisis and control the overseas resources, it will effectively enhance the company's nickel resource reserve, provide strong guarantee for the company's raw material supply, and improve the company's profitability and sustainable development ability. Cultural integration and management provide experience and lessons for overseas mineral resources mergers and acquisitions.
The fourth chapter studies the necessity and feasibility of overseas investment, and points out that if China's economy is to continue to maintain a steady growth, the demand for metals, energy and other minerals is still higher in a fairly long period of time. In the global mining country, in addition to the development of China is the focus of China's investment, the mineral resources of Canada are stored. It is also the center of the global market for mining energy capital. It should be paid attention to. The research gives the investment opportunities and suggestions of Chinese enterprises in Canada. The investment methods include cooperative operation, acquisition, merger, investment participation and direct investment. The link of the value chain of the assets of the Chu label designs appropriate financing and transaction structures for its income risk characteristics. A thorough study of the laws and regulations for the operation of Canadian enterprises, including tax, corporate law, environmental protection, etc., should be used actively for the third party advisory bodies.
The main conclusions of this paper are as follows:
1. merger and reorganization of mining enterprises through capital market is operable.
2. the characteristics of the current situation of Chinese mining enterprises' overseas mergers and acquisitions can be summarized as that the amount of overseas mineral resources M & A is low, the M & A of overseas mineral resources is dominated by large state-owned enterprises, and the enthusiasm for M & A of overseas mineral resources is gradually improved.
3. Chinese enterprises have accumulated a lot of experience of success and failure in Canada, including the successful cases of the acquisition of Royal Canadian mining by Jean nickle and the failure of the five mine group to buy alalan aluminum in Canada, and summed up their experience in the acquisition of mineral resources abroad in the aspects of political, economic, cultural integration and management. Training.
4., the necessity, feasibility and favorable conditions of Chinese invested companies in overseas mining investment and mergers and acquisitions are studied, and suggestions are given.

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F416.1

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