Study On The Performance Evaluation Of Shandong Gold Overseas Acquisition Of Veladero Gold

Overseas mergers and acquisitions are an important way for enterprises to occupy the international market and achieve international development strategies.The successful implementation of overseas mergers and acquisitions can prompt the company to speed up its internal structure adjustment,expand the international market,absorb and learn advanced foreign technologies,and thus enhance the company’s own comprehensive strength and international competitiveness.Since China’s reform and opening up in 1978,more and more companies have responded to national policies and actively expanded overseas through M ＆ A.Among them,the non-ferrous metal industry can be described as a pioneer in the wave of overseas mergers and acquisitions.The number of overseas mergers and acquisitions and the amount of transactions in the industry have increased year by year,which has greatly promoted companies to obtain a large number of high-quality resources,but it is not enough to pay attention to whether the merger and acquisition behavior can really improve corporate performance.Therefore,further in-depth research on the performance of overseas mergers and acquisitions is of great significance for enhancing the comprehensive strength and international competitiveness of the merger and acquisition enterprises themselves.Based on combing the relevant literature,this article uses contingency theory,stakeholder theory,ecological economics theory and compromise theory as theoretical support,taking Shandong Gold’s overseas merger and acquisition of Veladero gold mine project as a case study object,combining the characteristics of the nonferrous metal industry,Analyzed the overseas merger motivations of the Shandong Gold’s overseas merger and acquisition of Veladero gold mine project case,and used the event research method,economic value-added evaluation method,gray correlation comprehensive performance evaluation method,etc.to the short-term market response before and after the merger,mid-and long-term financial The performance and the comprehensive performance of the company were evaluated,and the following research conclusions were drawn:（1）The short-term market response before and after the M ＆ A was not good and did not bring the expected benefits to the company;（2）The mid-and long-term financial performance also performed poorly,and the shareholder wealth decreased;（3）After using the grey correlation comprehensive performance evaluation method,fully considering the non-financial indicators such as R ＆ D investment and environmental protection investment,it is found that after the merger the comprehensive performance is good;finally,summing up the experience of Shandong Gold ’s overseas mergers and acquisitions and analyzing mergers and acquisitions Based on the deficiencies in Countermeasure suggestions such as timing of purchase and integration after merger and acquisition.This paper not only provides reference for Shandong Gold to realize the "going out" strategy,but also has certain enlightenment and reference significance for other companies in the same industry to carry out overseas mergers and acquisitions and carry out global strategic layout.