Research On Mergers And Acquisitions Of The Overseas Mineral Resources By Chinese Enterprises

To obtain sufficient mineral resources is a inevitable choice to accelerate the pace of economic development of States, to carry out overseas mergers and acquisitions (M&A)are increasingly becoming an important ways and means to the redistribution of international mineral resources. Therefore, research in this area is particularly important.This article drawed on the advanced concepts and ideas about M & A by international resource-based enterprises, discussed the main issues and the direction of development about M & A of overseas mineral resources by Chinese enterprises,constructed the mechanism of means and geographical selection of M & A of the overseas mineral resources by Chinese enterprises.The main knowledge and results of this article are:(1) on the basis of systematically discussing the laws and features about M & A of overseas mineral resources by Chinese enterprises, summarized and concluded a decade of M & A history of overseas mineral resources by Chinese enterprises, for the first time,divided the phase of M & A into"preparation","start","active","rapid","explosive growth"and"return to Rationality",and analyzes the typical cases of each stage.(2) Through system analysis, we believe that the drivers about M & A of overseas mineral resources by Chinese enterprises are: the growing scarcity of mineral resources and the China's urgent demand for mineral resources; The pressure to make huge foreign exchange reserves value-added; The opportunity given by financial crisis and the post-crisis period;The promotion of national mineral resources strategy; Driven by the pressure of global competition; The requirement of M & A due to enterprise's own development.(3)Had a detailed analysis of eight areas of the characteristics and rules Including"the scale","the geographical distribution","the patterns","the methods","the types","the means","the subjects","the failure rate"about M & A of overseas mineral resources by Chinese enterprises over the past decade, using multiple linear regression model, used least square method to estimate, constructed the function between the means and the mode,the region,the transaction amount, the payment,type of the subject,the type of the M & A ,the establishment of the function provides an important reference value for the choice of the the means about M & A of overseas mineral resources by Chinese enterprises.(4) Systematically established the index system about the selection of key regional and national of M & A, established the index system model about the selection of key regional and national of M & A, identified the weight about the selection of key regional and national of M & A:The weight of resources hosting is 0.245; The weight of Investment environment is 0.307; The weight of location is 0.216; The weight of diplomatic relations with China is 0.232, the index system model provide an important theoretical basis for regional selection about about M & A of overseas mineral resources by Chinese enterprises.The research can provide policy management guidance for the M & A of overseas mineral resources by Chinese enterprises,and can also provide specific strategies and methods of operation.