中国矿业企业海外并购风险浅析

发布时间：2018-01-10 23:29

本文关键词：中国矿业企业海外并购风险浅析　出处：《西南财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国经济发展已进入重工业化阶段,重工业化阶段的显著特点是能源、矿产资源消耗大量增加。中国有限的矿产资源已经无法满足经济发展的迫切需要,开展海外矿产资源并购日益成为参与国际矿产资源重新分配的重要方式与手段。然而海外资源并购又与一般的并购不同,资源具有不可再生性,往往牵涉到一国的主权问题,特别是在资源短缺的当今社会,矿业企业海外并购牵动着一个国家敏感的神经,而且由于海外并购环境复杂、程序繁琐加上矿产资源投资大、回收期长等特点,这就决定了矿业企业的海外并购存在着巨大风险。我国矿业企业要想在今后的海外并购项目中取得成功,就必须对矿业企业海外并购中存在的风险有准确的认识,并采取相应措施加以防范。本论文采用理论与实例结合的方法,归纳总结了我国矿业企业海外资源并购的现状,分析了并购中可能存在的各种风险,最后结合五矿集团并购OZ矿业的案例,提出了矿业企业在海外并购中应该注意的一些问题,希望能为中国矿业企业未来的海外并购提供一些帮助,起到抛砖引玉的作用。本文共分为6章,各章的主要内容如下：第一章,导论。介绍本文的研究背景、研究思路及框架以及想要实现的目的和方法。第二章,文献综述。从并购动机、并购过程、并购价值效应、并购风险四方面对国内外学者的文献进行了回顾整理。第三章,中国矿业企业海外并购的理论分析。该部分首先定义了矿产资源与矿业企业的含义,阐述了并购的概念；分析了中国矿业企业进行跨国并购的动机,归纳了中国企业海外并购的模式,最后简要阐述了中国矿业企业进行跨国并购的现状。第四章,中国矿业企业海外并购风险分析。该部分首先定义了并购风险。接下来,从非财务风险、财务风险以及矿业企业特有风险三方面进行论述分析。非财务风险是与企业财务无关的风险,主要包括东道国政治风险、法律政策风险、文化整合风险、经营管理风险、战略决策风险。财务风险是指由于资金不能及时供给导致投资活动在某一环节中断的可能性。主要包括融资风险、支付风险、流动性风险、利率汇率风险、目标企业估值风险等。矿业企业特有风险主要包括勘探风险、矿产品价格波动风险和环境保护风险。该部分最后针对不同的矿业领域做了相应的风险敏感度分析。五矿所在的有色金属矿产领域对于勘探、环保和矿产品价格波动的风险敏感度较高。第五章,五矿集团并购OZ矿业的案例分析。该部分首先对并购双方的基本情况进行了简要介绍。五矿集团是具有国企背景的大型资源类集团。OZ矿业是全球第二大锌供应商,是澳大利亚第三大矿业公司,由于金融危机的影响,市值严重缩水,给中国企业带来并购机会。2009年2月16日,五矿集团正式向FIRB提交收购OZ矿业的申请,提出以17亿美元的总价,收购OZ矿业100%的股份。然而这份申请遭到了FIRB的否决,理由是该并购方案涉及到的prominet hill离军事禁区很近。五矿集团迅速修改了并购方案,新方案中剥离了prominet hill。2009年4月23日。澳大利亚政府通过了五矿提出的新方案,五矿最终以13.86亿美元获得了除prominet hill外的全部资产。该部分还用SWOT法对并购过程进行了分析,五矿收购OZ矿业的优势主要在于充足的资金支持,完备的前期准备以及雄厚的企业实力。劣势是五矿的国企背景使得并购困难重重。并购的机会来源于2008年的金融危机。威肋则来自国外的政治阻力和狭隘的民族主义。该部分最后对并购案例的整合结果进行了定量和定性的分析。定量分析的数据来源于MMG公司的年报,由于MMG无可用于与2010会计年度比较的经审计的合并财务报表,为进行讨论及分析,笔者将截至2010年12月31日6个月(即2010年下半年)与截至2010年6月30日6个月(即2010年上半年)及截至2009年12月31日6个月(即2009年下半年)的数据进行比较分析。凭借生产稳健和基本金属及贵金属价格持续高于长期平均价格,MMG于2010年下半年表现强劲,完成2010年的骄人业绩。MMG于2010年下半年取得收入10.752亿美元,较2010年上半年增加27.3%及较2009年下半年增加43.8%。其余各项指标均表现良好,MMG摆脱了之前的财务困境,’焕发出新的生机。在定性分析方面,笔者主要从人力资源整合、文化整合和战略整合三方面进行分析考量,发现双方在整合方面都付出了最大的努力,且取得了一些成效,MMG已成为五矿集团打造“多金属集团”战略的海外资源整合平台。可以说这次并购是一次成功的“双赢”。第六章,五矿集团并购OZ矿业后的相关思考。运用第四章归纳的企业并购风险的结论,对五矿集团并购OZ矿业过程中的风险进行分析,五矿收购OZ矿业的主要风险有以下四点： (1)国家政治风险。五矿集团的并购刚好发生在中国企业广泛“走出去”的海外并购小高潮时期。澳大利亚是我国对外并购的主要地区之一,如此密集的在澳并购,激发起澳民众的贸易保护情绪。使得中国企业在澳并购困难重重。 (2)价格评估风险。在信息不对称的情况下,对目标企业的价值评估难以把握。因此并购前期的尽职调查非常重要。五矿集团在最后竞价阶段,加价1.8亿美元并不是盲目追涨,而是通过详尽调查得出的可靠的报价。 (3)人力资源整合风险。有调查显示,造成并购失败的风险因素中,整合风险占了53%。五矿集团在合并后保留了原OZ矿业4000多名员工,新成立的MMG的高层也采用原来的班底。如何留住人才,使这支澳洲团队更好地融入五矿集团,成为五矿集团海外资源运作的平台,是对后续人力资源整合的一大挑战。 (4)经营管理风险。FIRB在交易协议中提出了许多非常苛刻的条件。这对企业的自主经营有很大影响。如果处理不当,可能引发经营成本增加,进而影响企业并购绩效。为了规避以上风险,五矿集团采取了以下措施： (1)加强与东道国政府的沟通,争取政府和相关利益团体的支持。五矿在整个并购过程中,积极与FIRB进行接触,还说服了OZ矿业的CEO米歇尔摩尔与他们一起去向FIRB说明此次交易的合理性。这些举措消除了澳洲政府的疑虑,促成了并购。 (2)灵活应对突发情况,适时做出让步。在并购谈判的过程中,会遭遇到各种各样的突发情况,作为收购方应有心理准备,冷静应对。适时的退让对于并购交易的达成往往起着重要作用。在第一次并购方案被否时,若不是五矿集团及时修改方案,放弃了prominet hill,就不会有整个方案的顺利达成。 (3)努力提高公司的海外并购能力,注意培养具有国际视角的全方位管理人才。提高公司的海外并购能力,离不开人才,后续的整合经营也需要海外并购经验丰富的管理人员。国际化并购人才的培养不能只是理论学习,闭门造车,要多参与实际的并购案例,在实践中发现问题,解决问题,不断积累海外并购的经验和教训。 (4)全面了解与目标企业相关的各种信息,为合理估值打下基础。五矿集团的前期准备十分充足。早在2005年,就与oxiana公司有着业务往来,并一直保持着良好的交流沟通,通过OZ公司驻中国办事处收集各种信息,关注国际矿产品价格走势,这些前期工作都为企业的合理估值打下了良好基础。最后,笔者在五矿并购OZ矿业案例分析的基础上,针对矿业企业面对的海外并购风险,提出了6点建议：(1)提高硬实力,打造企业核心竞争力。(2)了解目标公司所在国的相关法律法规及政策。(3)增强战略意识和沟通技巧。(4)加强并购后期的文化整合与人力资源整合。(5)重视海外并购中的劳工权利。(6)重视国际并购人才的培养。纵观全文,本文的贡献在于：本文总结归纳了矿业企业海外并购中存在的主要风险,在此基础上对五矿集团合并澳大利亚0Z矿业的案例进行分析。五矿集团具有国有背景,澳大利亚又是我国矿业企业海外资源并购的首选之地,五矿并购OZ矿业的案例是极具代表性的,且并购的结果非常成功,通过对五矿并购0Z矿业的案例分析,研究五矿在并购中面临的风险,采取的应对措施,对于快速发展中的中国矿业企业海外并购在规避风险方面具有一定参考价值。然而,由于本人学识和能力有限,加上资料、时间、精力等诸多方面因素的制约,使本文研究只能限于一定的范围和水平,还存在着许多有待于进一步研究的问题,例如,本文对矿业企业海外并购的风险归纳不够全面,提出的建议比较肤浅,在案例分析中也有诸多待进一步完善之处,恳请诸位老师、同学不吝赐教。笔者今后也将对此内容做更深入细致的研究。
[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 .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.1;F271

【参考文献】