兖州煤业海外并购绩效研究——基于事件研究法的实证分析

Overseas M&A Performance Study of Yanzhou Coal Mining Company Limited— An Empirical Analysis Based On Event Study

事件研究法是从资本市场变化角度出发,研究企业并购绩效的一种较为成熟且主流的方法。以兖州煤业并购澳大利亚菲利克斯公司案例为研究对象,以事件研究法为基本方法对其进行实证研究。研究结果表明:兖州煤业在事件期内实现了20.5%的累积超额收益,并购活动对股东财富产生了正向效益。同时梳理并总结其成功经验,希望为我国资源型企业海外成功并购提供有益的借鉴。

Event study is a relatively mature and mainstream method to research the enterprise＇ s M＆A performance from the perspective of capital market change. The article took the case of Yanzhou Coal Mining Company Limited which merged the Australia Felix Resources Limited as research object and made an empirical analysis based on the event study. The results showed that the Yanzhou Coal Mining Company Limited achieved the 20.5% cumulative abnormal return during the event period and the M＆A activity had a positive effect on shareholders＇ wealth. Mean- while the writer reviewed and summarized the successful experience, hoping to provide some beneficial references for our resource-based enterprises taking overseas M＆A.