CAJ | 학술논문

金融危机以来,能源企业海外并购成为了并购浪潮的生力军,所完成的并购交易规模居各行业之首。但这一系列的并购能够为能源企业带来什么样的并购效应,有待于理论上的研究检验。本文采用案例研究方法以兖州煤业并购澳大利亚菲利克斯事件为样本,研究分析了能源企业并购重组的经济效应,得出以下结论：并购市场层面效应显著,企业规模迅速扩张,拓展了新市场,使其市场占有率有所提高,并在窗口期内为股东带来了财富增加;企业层面效应并不乐观,除企业的煤炭资源储备量扩大以及资本结构有所改善外,运营效率、运营成本、运营收益、偿债能力和税收效应整体都呈现出先升后降的趋势,即所显现的改善都不具备持续性,同时可能使得企业陷入困境。以上结论表明,兖州煤业的海外并购并没有像预期一样从各个方面给企业带来持续稳定的提升。由此提出关注能源企业并购后后续发展、注重提高并购后整合效率,推进产权制度改革、理顺管理控制模式等政策建议。
금융위궤이래,능원기업해외병구성위료병구랑조적생력군,소완성적병구교역규모거각행업지수。단저일계렬적병구능구위능원기업대래십요양적병구효응,유대우이론상적연구검험。본문채용안례연구방법이연주매업병구오대리아비리극사사건위양본,연구분석료능원기업병구중조적경제효응,득출이하결론：병구시장층면효응현저,기업규모신속확장,탁전료신시장,사기시장점유솔유소제고,병재창구기내위고동대래료재부증가;기업층면효응병불악관,제기업적매탄자원저비량확대이급자본결구유소개선외,운영효솔、운영성본、운영수익、상채능력화세수효응정체도정현출선승후강적추세,즉소현현적개선도불구비지속성,동시가능사득기업함입곤경。이상결론표명,연주매업적해외병구병몰유상예기일양종각개방면급기업대래지속은정적제승。유차제출관주능원기업병구후후속발전、주중제고병구후정합효솔,추진산권제도개혁、리순관리공제모식등정책건의。
Since the financial crisis, the overseas mergers and acquisitions of energy companies have become the main force of the M&A wave, and the scale ranks as the first one in all indus- tries. What kind of effect the series of mergers and acquisitions of energy enterprises can bring has drawn the attention of theoretical and practical circles, and it needs to be researched and in- spected in theory. The study analyzes the economic effects of the energy enterprise mergers based on the case study method with the sample of the merger between Yanzhou Coal Mining Co. and Australia's Felix Resources Ltd. , and draws the following conclusion, the market effects of the merger and acquisition are significant. The scale of the enterprise outspreads rapidly. New mar- ket is expanded . Thus we suggest that we should raise the awareness of energy mergers and ac- quisitions after the follow-up development, and focus on improving M& A integration and effi- ciency; promote the reform of property rights, and rationalize the policy recommendations of the management control mode.