国际经济与贸易学院知识库

国家“一带一路”建设构想的落实和国内供给侧结构性改革对国内有色金属实施并购决策产生了重要影响，有色金属企业通过跨国并购可以实现存量资源结构重组与战略调整。洛阳栾川钼业集团经过多年的发展，已经成为国内有色金属行业的龙头企业，逐渐形成多元国际化集团。洛阳栾川钼业集团先后收购了铜金、铌磷、铜钴和矿产等多个产业，并购数量和规模都属于行业内佼佼者，其中斥资25.6亿美元收购刚果(金)铜钴，成为国内有色金属企业同期中最大的海外并购案，研究洛阳栾川钼业集团的跨国并购及其绩效对集团本身及其他有色金属企业更好的“走出去”具有重要价值。

论文基于研究背景、介绍研究目的和意义，概括本文研究内容、所使用的方法以及创新点。通过查阅海内外有关有色金属企业跨国并购绩效的文献和理论，为后续的并购绩效分析提供相应的理论依据。其次，阐述了行业概况，对钼业集团的基本情况进行介绍，基于被购方企业、并购动因、并购过程对集团的并购历程进行了概述。然后运用事件研究法对集团各个并购阶段的短期绩效进行分析，借助协同效应理论下的经营、管理、财务和无形资产四方面对集团的长期绩效进行了研究，又基于熵值法对集团进行综合绩效分析。最后总结结论，研究发现集团并购后基本实现了并购动机、对集团的短期绩效产生了积极影响，长期绩效虽有上升但稳健性较差，财务和经营方面存在风险，需要注重并购后的整合以及风险管控等方面，同时为中国有色金属企业的并购发展提供实质性参考。

With the development of the national “the Belt and Road” Construction conceive and the impact of domestic supply side structural reform, non-ferrous metal enterprises can achieve structural restructuring and strategic adjustment of stock resources through cross-border mergers and acquisitions. Luoyang Luanchuan Molybdenum Industry Group is a leading enterprise in the domestic nonferrous metal industry. After years of development, it has become a diversified international group. Luoyang Luanchuan Molybdenum Industry Group has successively acquired multiple industries such as copper and gold, niobium and phosphorus, copper and cobalt,and minerals. The number and scale of mergers and acquisitions are among the best in the industry. Among them, it spent 2.56 billion US dollars to acquire copper and cobalt from Democratic Republic of Congo, becoming the largest overseas merger and acquisition case for domestic nonferrous metal enterprises in the same period, Studying the cross-border M&A and its performance of Luoyang Luanchuan Molybdenum Industry Group is of great value for the group itself and other nonferrous metal enterprises to better “go global”.

This article draws upon its research background,Introducing the study’s purpose and significance, generalizing its research content, methods.By consulting the literature and theories on the performance of cross-border mergers and acquisitions of nonferrous metal enterprises athome and abroad, it provides the relevant theoretical basis for subsequent research on mergers and acquisitions performance. Secondly, it introduce the industry overview, introduces the basic situation of Molybdenum Industry Group, and summarizes the M&A process of the group based on the acquiree’s enterprise, M&A motivation, and M&A. Then, the event study method is used to analyze the short-term performance of the group at various stages of mergers and acquisitions. The long-term performance of the group is studied using the synergy theory of enterprise operation, management, finance, and intangible assets. The comprehensive performance analysis of the group is conducted based on the entropy method. Finally, the conclusion is summarized and the research finds that after the merger and acquisition of the group, the motivation for the merger and acquisition has basically been realized, which has a positive impact on the short-term performance of the group. Although the long-term performance has increased, it is not robust, and there are risks in financial and operational aspects. It is necessary to pay attention to the integration and risk management after the merger and acquisition, while providing substantive reference for the development of Chinese nonferrous metal enterprises’ mergers and acquisitions.