Analysis Of The Risk,motivation And Performance Of Overseas Mergers And Acquisitions Of Mineral Enterprises Under The Background Of State-owned Assets ——Taking Zijin Mining As An Example

Mineral resources have always been important national resources vying for.As a country that consumes large amounts of mineral resources,China’s per capita mineral resources reserves are relatively low.In the context of the "Belt and Road",Chinese mineral companies have actively "goed out" and started a new round of competition for mineral resources.However,because most of China’s mineral enterprises have a state-owned background,they are often obstructed by the acquirer.Therefore,overseas mergers and acquisitions often end in failure.In recent years,there have been few cases of successful overseas mergers and acquisitions of mineral enterprises.In addition,the domestic mineral companies did not have adequate risk control in overseas mergers and acquisitions.As a result,the post-merger benefits did not reach the expected results,and overseas mergers and acquisitions cannot be called a complete success.Based on the current status of domestic mining companies’ overseas mergers and acquisitions,this article selects the successful case of Zijin Mining’s successful acquisition of Canadian Nevsun Company.First,it analyzes the motivations of the merger and acquisition,and then focuses on the financial and non-financial risks in the merger and acquisition process.Introduce Monte Carlo simulation to determine the premium risk of corporate valuation in financial risk,and use the Z value model to comprehensively analyze the financial risk of the merger and acquisition event,and finally calculate the excess return rate on the short-term performance of the merger and acquisition,Study whether the short-term positive effect of this acquisition of Zijin Mining is obvious.Finally,based on this M ＆ A case,combined with the current status of overseas mergers and acquisitions of domestic mining companies,it provides relevant policy recommendations for mining companies in the context of state-owned assets to avoid risks in the process of mergers and acquisitions,and helps Chinese mineral companies participate in international market competition and improve their competitiveness.