中文摘要：

以钢铁企业龙头代表宝钢并购广钢和韶钢为例,从资本市场的市场反应、财务指标变动趋势以及市场权力来检验该并购的经济后果。研究结果发现,在并购公告期间宝钢股份的市场反应累计超额收益率跑输大市,短期投资者看空后市,可见并购并没有进行实质性运作;并购后宝钢的盈利能力在受金融危机的影响下有所减弱,成长能力在同行业中的竞争力较强,短期偿债能力有所下降,长期偿债能力较强,风险水平下降,营运能力暂时有所下降,长期将会产生协同效应。据此,就并购的战略目标、经济体制、市场机制、法律制度等方面提出了建议。

英文摘要：

This paper uses the cases of Bao Steel mergers and acquisitions of Shaoguan and Guangzhou Iron Steel to analyze the economic consequence from the capital market,financial indicators and market power.Research found that Bao Steel＇s market reaction cumulative abnormal returns underperformed the broad market,short-term investors bearish market outlook that it did not conduct substantive operations.It has weakened the influence from the profitability of Bao Steel＇s profitability in the financial crisis,but rebound in 2009 in relative terms,it found that growth capacity of Bao Steel is more competitive in the same industry,short-term liquidity has declined,strong long-term solvency,risk levels down,a temporary decline in operating capacity.It will have a synergistic effect on the long-term.Baoshan Iron and steel company has strengthened the powers of M A market.Finally,it made some recommendations on enterprises M A rom the strategic goals,economic system,market mechanism and legal system.