译 名：Yanzhou Coal Mining Co., Ltd. Overseas Acquiring Felix Resources Ltd.: An Opportunity or a Trap?
案例作者：邓路、徐睿阳
作者单位：北京航空航天大学
所在案例库：中国金融专业学位案例中心
案例链接：http://www.pdf.org.cn/homepage/excellent/10
中文摘要：总部位于山东省济宁市的兖州煤业股份有限公司(以下简称“兖州煤业”)， 与华北地区其他拥有丰富地方煤矿资源的企业相比，存在煤炭资源储备不足的问 题。21 世纪初，兖州煤业提出“走出去”发展战略，通过产业运作与资本运营 相结合，增强公司优质煤炭资源战略储备。2008 年以来，由美国次贷危机引发 的全球金融危机导致包括煤炭在内的国际大宗商品价格大幅下跌。在此背景下， 兖州煤业大举进军澳洲市场，通过债务融资以 189.51 亿元现金成功收购澳大利 亚菲利克斯资源公司(以下简称“菲利克斯公司”)，成为当时中国在澳大利亚历 史上最大的收购交易之一。本案例从公司并购动机、支付方式以及经济后果等方 面对兖州煤业海外收购主要过程进行了全景描述，期望能为更多中国企业就如何 恰当把握市场时机，通过海外收购提升公司价值提供借鉴。
英文摘要：Compared with companies in the other provinces in northern China, Yanzhou Coal Mining Co., Ltd. (hereinafter referred to as "Yanzhou Coal"), whose headquarter is in Jining City, Shandong Province, is shortage of coal resources and reserves. At the beginning of 21st century, Yanzhou Coal proposed a "going out" strategy to enhance the strategic reserves of high quality coal resources through combining the industrial operation and capital operation. Since 2008, the global financial crisis triggered by the US subprime mortgage crisis has led to the international commodity prices, including coal, fell sharply. In this context, Yanzhou Coal pushed into the Australian market and successfully acquired Australia's Felix Resources Ltd. (hereinafter referred to as "Felix") in cash through debt financing to 18.951 billion yuan. And this case has become one of the largest acquisitions by Chinese companies in the history of Australia. This case provides a panoramic description of the Yanzhou Coal overseas acquisition process in the terms of mergers and acquisitions motivation, payment, and economic consequences, hoping to serve as a reference for more Chinese companies about how to use the market timing to enhance the company’s market value through overseas acquisitions.
中文关键词：兖州煤业;并购类型;支付方式;经济后果
英文关键词：Yanzhou Coal; M&A Motivation; Payment; Economic Consequences
案例入库时间：2015-06
