摘要
能源与矿产企业是中国经济的命脉,并购是促进能源与矿产企业,稳步增长、实现战略目标的重要手段。文章以顺博合金并购奥博铝材为例,引入事件研究法,通过CAR值法和BHAR值法,分析企业短期、长期市场效应。分析结果表明:从短期来看,此次并购事件市场反馈良好,有利于企业发展;从长期来看,此次并购总体而言能增加企业价值,但此是否能为企业带来长久的经济效益仍是未知之数。建议企业更应注重并购后的进一步资源整合,更好的实现协同效应,以实现企业价值最大化。
Energy and mining enterprises are the lifeblood of China's economy,and mergers and acquisitions are an important means to promote the steady growth of energy and mining enterprises and achieve strategic goals.Taking Shunbo Alloy's acquisition of Aobo Aluminum as an example,this paper introduces the event research method and analyzes the short-term and long-term market effects of enterprises through the CAR value method and BHAR value method.The analysis results show that in the short term,the market feedback of this M&A event is good,which is conducive to the development of enterprises.In the long run,the acquisition will generally increase the value of the enterprise,but it is still unknown whether it will bring long-term economic benefits to the company.It is suggested that enterprises should pay more attention to further resource integration after mergers and acquisitions to better realize synergies to maximize corporate value.
作者
王誉璇
Yuxuan Wang(School of Economic and Management,Nanjing Forestry University,Nanjing,Jiangsu,210037,China)
关键词
并购
事件研究法
市场效应
Merger
Event Research Method
Market Effect
