多晶硅行业并购动机及其后果分析

Polysilicon Industry Mergers and Acquisitions′ Motivations and Economic Consequences

由于多晶硅等新兴产业出现重复建设的倾向,产能过剩的警钟已经敲响,产业链整合成为多晶硅行业健康发展的需要。以保利协鑫能源控股有限公司2009-2010年两次并购事件为例,研究保利协鑫并购产生的财富效应,在总结案例的基础上梳理出我国多晶硅生产企业并购实现规模化的经验,得出一些有价值的启示。

Owing to the trend of redundant building in the infant industry such as polysilicon and so on, the alarm for over - capacity of production has been rang. Industry chains integration is necessary to the sound development of polysilicon industry. This paper takes the two mergers of GCL - Poly Energy Holdings Co. Limited in 2009 and 2010 for instances, to study the wealth effects caused by the mergers of GCL - Poly Energy Holdings Co. Limited. Finally, this paper sums up the experience on realizing scale M＆A of polysilicon industry, and gets some valuable inspiration.