跨区域扩张是煤炭企业可持续发展的必要方式.地域差异性使得扩张过程中面临很大的风险,因此企业应慎重选择扩张模式.本文根据来源将风险因素归结为外部风险和内部风险,指出外部风险属于不可控制因素,企业只能采取有效措施去应对.在此基础上,结合世界范围内的企业兼并浪潮和社会资本、战略联盟的相关研究成果,将煤炭企业跨区域扩张模式划分为独资新建、股权型扩张和契约型扩张三种类型.结合风险因素,分析了各种模式的优缺点,认为股权型扩张有利于谋求社会资本、契约型扩张较为灵活有利于应对复杂多变的环境,从而有助于规避扩张过程中的外部风险,是较为合适的扩张模式.着重归纳了契约型扩张和股权型扩张的实现方式,其中契约型扩张可以通过合同开采、承包租赁、托管等方式实现,股权型扩张可以通过合资和并购等方式实现.以兖矿集团为例介绍了其通过兼并重组、股份合作等股权型扩张实现跨区域发展的历程.%Trans-regional expansion is necessary for coal enterprises to achieve sustainable development. The coal enterprises will face risks because of regional differences. It is important to make decision carefully. The risks during this process are divided into external risk and internal risk in this paper and the external risk can't be controlled by coal enterprises themselves. Flexible expansion modes are needed. According to relevant research on social capital and strategic alliances, the trans-regional expansion modes are divided into 3 types, expansion by constructing a new one singly, expansion by equity and expansion by agreement. According to risk analysis and these 3 expansion modes, conclusions are drawn that equity expansion and agreement expansion are better modes because equity expansion can help to capture social capital and agreement expansion is very flexible and they are all good to avoid external risk. Agreement expansion can be made by contract, leasing or trusteeship while equity expansion by joint venture or merger. An example is also given to show that Yankuang Group realized trans-regional expansion in a few years by merger and equity cooperation. At last it is advised that coal enterprises should select appropriate mode to expand.
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