Althouth the acquisition of CIFA by Zoomlion has many good remarkable treatment methods in target selection, project design and integration, but it doesn’ t create much wealth effects for shareholders of Zoomlion in the announcement moment and the subsequent five years. Based on the value chain synergy, the acquisition does produce some synergy effects in R&D, procurement and production, but the sale synergy is not obvious. Overall, the synergy effect is tiny compared with the high premium and huge goodwill. Overseas acquisitions by Chinese enterprises should be cautious when they value the targets and analyse the synergy effects. The synergy effects should be quantified and not be overestimated to the greatest extent.%中联重科对于CIFA的并购，虽然在目标选择、方案设计、整合等方面有许多可圈可点之处，但从资本市场的反应和实际的财务指标来看，我们认为并购在宣布时及随后的5年并没有给收购方股东带来多少财富效应。从基于价值链的协同效应来看，并购带来了一些研发、采购和生产协同效应，但销售协同效应并不明显。整体来看，协同效应相比于并购时的高溢价和巨额的商誉来说，显得微不足道。中国企业的海外并购在给目标企业估值时应慎重，在对协同效应的考量中应将其尽量量化而不要过度高估。
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