Since the financial crisis, the overseas mergers and acquisitions of energy companies have become the main force of the M&A wave, and the scale ranks as the first one in all indus- tries. What kind of effect the series of mergers and acquisitions of energy enterprises can bring has drawn the attention of theoretical and practical circles, and it needs to be researched and in- spected in theory. The study analyzes the economic effects of the energy enterprise mergers based on the case study method with the sample of the merger between Yanzhou Coal Mining Co. and Australia's Felix Resources Ltd. , and draws the following conclusion, the market effects of the merger and acquisition are significant. The scale of the enterprise outspreads rapidly. New mar- ket is expanded . Thus we suggest that we should raise the awareness of energy mergers and ac- quisitions after the follow-up development, and focus on improving M& A integration and effi- ciency; promote the reform of property rights, and rationalize the policy recommendations of the management control mode.%金融危机以来,能源企业海外并购成为了并购浪潮的生力军,所完成的并购交易规模居各行业之首。但这一系列的并购能够为能源企业带来什么样的并购效应,有待于理论上的研究检验。本文采用案例研究方法以兖州煤业并购澳大利亚菲利克斯事件为样本,研究分析了能源企业并购重组的经济效应,得出以下结论：并购市场层面效应显著,企业规模迅速扩张,拓展了新市场,使其市场占有率有所提高,并在窗口期内为股东带来了财富增加;企业层面效应并不乐观,除企业的煤炭资源储备量扩大以及资本结构有所改善外,运营效率、运营成本、运营收益、偿债能力和税收效应整体都呈现出先升后降的趋势,即所显现的改善都不具备持续性,同时可能使得企业陷入困境。以上结论表明,兖州煤业的海外并购并没有像预期一样从各个方面给企业带来持续稳定的提升。由此提出关注能源企业并购后后续发展、注重提高并购后整合效率,推进产权制度改革、理顺管理控制模式等政策建议。
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