随着各类新应用的诞生，尤其是新能源汽车的快速推广，全球范 围内对于锂资源的需求量出现了快速增长，产业内的龙头企业迎来了 黄金的发展机遇。 本文以我国的一家民营上市公司江西赣锋锂业股份有限公司（下 称“赣锋锂业”）为分析对象，该公司为国内领先的锂加工企业，基于 对锂欧亿·体育（中国）有限公司长期前景的看好以及避免原材料受制于人影响公司扩张，赣 锋锂业在2015年开始选择并购上游锂资源，实现产业链上下游一体 化。本文首先结合外部环境和公司自身情况进行了分析，归纳了公司 并购锂资源的动机并对公司通过参股加签订包销权协议来掌握上游 锂资源的模式进行了分析，随后对该模式带来的并购绩效以及潜在风 险进行了深入的分析，最后针对并购模式、绩效与风险进行了总结论 证并对赣锋锂业以及相关企业提出了建议。 关键词：锂资源、并购模式、绩效、风险 RESEARCH ON MODE, PERFORMANCE AND RISKS OF LITHIUM RESOURCES M&A OF GANFENG LITHIUM CO.,LTD ABSTRACT With the birth of various new applications, especially the rapid promotion of new energy vehicles, the global demand for lithium resources has increased rapidly, which brings out golden development opportunities for leading enterprises in the industry. This paper takes Jiangxi Ganfeng Lithium Co., Ltd. (hereinafter referred to as "Ganfeng Lithium"), a privately owned listed company in China, as the analysis object. The company is the leading lithium processing enterprise in China. Based on the long-term prospects of lithium industry and motivation to avoid the influence of raw materials on the expansion of the company, Ganfeng Lithium chose to acquire upstream lithium resources in 2015 to achieve the integration of upstream and downstream industries. This paper firstly analyzes the external environment and the company's own situation to figure out the motivation of the company's acquisition of lithium resources. Then we analyze the mode that the company grasps the upstream lithium resources by participating in the stock market and signing the underwriting agreement. Furthermore, the performance and potential risks of the acquisition brought about by the mode are analyzed in depth. In the end, this paper summarizes and proves the M&A mode, performance and risk, and puts forward some suggestions for Ganfeng Lithium and some other related enterprises. KEY WORDS: Lithium, mergers and acquisitions mode, performance, risk 目录 第1章 引言 ..................................................................................................................................... 1 1.1 研究背景和意义 ........................................................................................................................ 1 1.2 研究思路与方法 ........................................................................................................................ 2 1.3 研究框架 .................................................................................................................................... 2 1.4 论文特点与不足 ........................................................................................................................ 4 第2章 相关理论与文献综述 ......................................................................................................... 5 2.1 并购分类与动因理论 ................................................................................................................ 5 2.2 并购绩效的相关研究 ................................................................................................................ 6 2.3 并购风险的相关研究 ................................................................................................................ 7 第3章 赣锋锂业外部环境分析 ..................................................................................................... 9 3.1 新能源汽车产业对锂欧亿·体育（中国）有限公司的影响 ............................................................................................ 9 3.1.1 新能源汽车产业基本情况介绍 ............................................................................................. 9 3.1.2 新能源汽车产业对锂资源的影响 ....................................................................................... 10 3.2 锂欧亿·体育（中国）有限公司概况、供需关系、主要参与企业 .............................................................................. 11 3.2.1 锂欧亿·体育（中国）有限公司介绍 ........................................................................................................................... 11 3.2.2 全球锂资源需求情况介绍 ................................................................................................... 12 3.2.3 全球锂资源供给情况介绍 ................................................................................................... 14 3.2.4 锂欧亿·体育（中国）有限公司景气度的历史情况分析 ........................................................................................... 15 3.2.5 全球锂欧亿·体育（中国）有限公司的主要参与企业 ............................................................................................... 17 3.3 宏观环境与竞争环境分析 ...................................................................................................... 18 3.3.1 针对竞争环境的五力模型分析 ........................................................................................... 18 3.3.2 针对宏观环境的PEST分析 ............................................................................................... 19 3.3.3 PEST对五力模型的影响 ..................................................................................................... 21 第4章 赣锋锂业的内部情况分析 ............................................................................................... 22 4.1 公司概况 .................................................................................................................................. 22 4.2 历史经营重大变化 .................................................................................................................. 24 4.3 锂资源项目并购 ...................................................................................................................... 25 第5章 赣锋锂业并购锂资源模式分析 ....................................................................................... 27 5.1 赣锋锂业与被并购方分析 ...................................................................................................... 27 5.2 锂资源并购动机分析 .............................................................................................................. 28 5.2.1 确保原材料安全 ................................................................................................................... 29 5.2.2 扩大经营规模 ....................................................................................................................... 29 5.2.3 具备议价权 ........................................................................................................................... 29 5.3 锂资源并购模式分析 .............................................................................................................. 30 5.3.1 Mt Marion项目并购模式 ..................................................................................................... 30 5.3.2 Pilgangoora项目并购模式 ................................................................................................... 31 5.3.3 Cauchari-Olaroz项目并购模式 ............................................................................................ 31 5.3.4锂资源并购模式比较 ............................................................................................................ 32 第6章 并购绩效与风险研究 ....................................................................................................... 34 6.1 并购绩效分析 .......................................................................................................................... 34 6.1.1 盈利能力 ............................................................................................................................... 34 6.1.2 偿债能力 ............................................................................................................................... 37 6.1.3 资产管理能力 ...................