国际经济与贸易学院知识库

我国十四五规划明确指出，优化有色金属产业布局，完善金属资源获取与商业储备，实现行业可持续发展。借此政策机遇，国内具备实力的有色金属企业基于战略目标，进行多次有计划的连续并购，有效缓解了行业内核心技术与高端产品研发问题，完成价值链由低端同质向高端智能延伸。企业价值创造作为衡量连续并购效果的重要指标，对企业连续并购战略制定具有重要意义。因此，本文深入分析海外连续并购的企业价值创造机制，并综合多视角评价价值创造效果。海亮股份作为我国有色金属行业的龙头企业之一，紧抓行业整合的战略机遇期，通过连续海外并购深化产业转型升级。因此本文聚焦2016-2019年海亮股份的连续海外并购事件，分析其价值创造效果和影响因素，依据存在的问题分析对策建议，以期为有色金属行业企业连续并购的价值创造总结经验启示。

本文首先以市场势力、协同效应、产业价值链为理论基础，探究了通过获取资源优势、提升协同效应和延伸产业链的价值创造实现路径。其次，介绍了2016-2019年海亮股份对美国JMF公司、芬兰Luvata集团铜管公司以及德国KME集团铜管铜棒企业的并购历程及动因。再次，评价了三次连续并购事件的价值创造效果。具体而言：利用事件分析法测算超额收益率评价市场价值创造；应用财务指标、主成分分析法量化评价了资本价值创造；通过核心产业等剖析了产业价值创造；利用研发经费、税收贡献等探究了创新、社会价值创造。为进一步提升综合价值创造效果，分析了表现良好的原因，并着重探究了资本价值创造欠佳的影响因素。最后，为未来海亮股份及其同行业企业，连续并购的价值创造总结对策建议和启示。

依据上述研究分析，得出结论如下：第一，海亮股份通过连续海外并购，实现了并购动因的战略目标，促进了综合价值创造效果的改善提升，实现了产业转型升级。第二，通过剖析多元价值创造效果的产生原因，针对资本价值创造欠佳之处的影响因素，提出建立内部风险防控机制、运用多元方式筹措资金。第三，未来有色金属行业企业在推进连续海外并购时，应立足发展实际明确战略方向，整合技术优势，加大创新投入，注重多元的价值创造提升。

The 14th Five Year Plan of China clearly points out the optimization of the layout adjustment of the metal industry, achieve the strategic reserves of non-ferrous rare earths, achieve sustainable development . Taking advantage of this policy opportunity, domestic non-ferrous metal enterprises with strong capabilities have carried out multiple planned continuous mergers and acquisitions based on the synergy of strategic goals. Among them, alleviate the problem of core technology and high-end product research and development in industry through overseas continuous mergers and acquisitions, transform and upgrade value chain. Enterprise value creation is important to measure the effectiveness of continuous M&A. It has great significance for the formulation of strategies. Therefore, this article deeply analyzes the mechanism of enterprise value creation in overseas continuous mergers and acquisitions, and comprehensively evaluates the value creation effect from multiple perspectives. Hailiang is the leading company in China's non-ferrous metal industry, seizes the strategic opportunity period of industry integration and deepens industrial transformation and upgrading through continuous overseas M&A. Therefore, this article focuses on Hailiang from 2016 to 2019, analyzes its value creation effect and influencing factors, and proposes corresponding countermeasures and suggestions based on the analysis results, provide reference for the continuous M&A of non-ferrous metal industry enterprises.

This article is based on market power, synergy effects, and industrial value chain theory. Through obtaining resource advantages, enhancing synergy effects, and extending the value creation path of the industrial chain, it introduces the M&A process and motives of Hailiang towards JMF Company in the United States, Luvata Copper Tube Company in Finland, and KME Copper Tube and Bar Company in Germany from 2016 to 2019. The event analysis method was used to calculate indicators such as excess returns to evaluate market value, and quantitative methods were applied to analyze the impact of factors include solvency on capital value. In addition, incorporating a research perspective of non-financial indicators, the industrial value creation was analyzed through industrial influence and intangible assets, and the effects of innovation value and social value creation were evaluated through research and development funding, tax contributions, and other factors. Meanwhile, due to the strategic decision of huge cash payments in continuous mergers and acquisitions, the creation of capital value has shown a lagging effect, and corresponding countermeasures and suggestions have been proposed accordingly. Finally, summarize the experience and lessons, provide relevant insights for the value creation of continuous M&A by Hailiang and its peers in the industry in the future.

Based on the analysis, the conclusions and enlightenments are as follows: First, Hailiang has achieved the strategic goal of overseas M&A , promoted the improvement and promotion of comprehensive value creation effect as a whole, realized industrial transformation and upgrading. Second, by analyzing the causes of the effect of multiple value creation, and aiming at the factors of poor capital value creation, it is proposed to establish an internal risk prevention and control mechanism and use multiple methods to raise funds. Third, Hailiang Shares and non-ferrous metal industry enterprises promote continuous overseas M&A , they should base on the actual development of clear strategic direction, integrate technological advantages, increase innovation investment, and pay attention to diversified value creation and improvement.