国内资源匮乏逐渐成为资源型企业发展的桎梏，缓解这一矛盾资源型企业就必须得积极“走出去”并购整合海外资源。当前，随着我国经济的快速增长，煤炭需求量大幅增加，煤炭资源价格呈快速上涨状态。且国内主要煤炭资源省份近年来对在本省开发资源提出了许多附加条件，如开发煤炭资源必须就地转化以增加附加值等要求，使得获取资源难度加大，投资增加。目前资源大省如陕西、山西、内蒙古等大片的整装煤田基本上被我国神华、中煤能源等大型煤炭或电力集团等获取，因此到国外获取资源成为众多煤炭生产企业实现可持续发展的一条重要途径。 论文基于全球能源战略发展高度以及大型跨国公司在全球矿产资源并购的发展趋势，从国际认同的海外并购理论入手，以企业国际化经营的角度，阐述了海外并购基本概念、基本理论、并购动因和我国煤炭企业在后金融危机时代海外并购的必要性和重要性；文章以兖州煤业股份有限公司（以下简称“兖州煤业”）海外并购为案例，详细介绍了兖州煤业通过资本运作开展一系列海外煤炭资源收购概况，系统总结了兖州煤业在海外煤炭资源并购中的成功经验。论文指出，作为我国唯一一家拥有四地上市平台的的煤炭企业，兖州煤业成功构建并不断完善海外业务的整合与资本运作平台，为拓展国际发展空间打下了坚实的基础。可以说，兖州煤业在国内外煤炭资源获取成本不断增加的情况下，通过准确把握经济全球化发展步伐，有效规避海外投资风险，开展高效资本运营等手段走出了一条成功的海外发展之路。 同时，本文针对我国煤炭企业海外并购中存在的主要问题，如政治环境、法律习惯、后续整合等提出了改进具体策略与建议；对拟海外并购煤炭企业项目决策提出了几项需重点关注事项，如需提前加强对国际经营环境分析、有针对性选择并购目标、认真分析风险和强化控制能力等；对我国煤炭企业海外并购活动和实现我国能源战略提出了思路，如强化企业内部素质、建立高效并购团队、实行有序竞争、加强国家政策支持等。

Shortage of domestic resources is becoming the big shackles for the resources-based enterprises. We must actively carry out “go global” strategy and make M&A overseas resources to migitage this problem. Currently, with the rapid development of China’s economy, demands for coal have significantly increased and the coal price is speedily increased. Moreover, domestic major coal-producing provinces have put more and more attached conditions on enterprises from other priovinces that are ready to develop resources in these places. For instance, the coal mined from local provinces must achieve local utilization so as to increase the value added, making it harder for these enterprises to acquire resources thus increased investment. At present, a large number of vast well-equipped coal fields in Shaanxi, Shanxi and Inner Mongolia are nearly completely obtained by large-scale coal groups or electric power groups, such as, China Shenhua Energy and China Coal Energy. As a result, acquring resources overseas has become an essential way for many coal producing enterprises to achieve sustainable development. Based on the development of global energy strategy and the trends of global mineral resources mergers by large multinational companies, the article states basic concept, basic theory and the cause of overseas mergers, it also discusses the necessity and importance of overseas mergers for China’s coal enterprises in post-financial crises. The article takes the overseas merger of Yanzhou Coal Mining Company Limited (Yanzhou Coal) as a case, introducing the details of the acquisitions of overseas coal resources by Yanzhou Coal, systematically summarizing the successful experiences of overseas coal resources mergers by Yanzhou Coal. The article indicates that Yanzhou Coal is the unique company in China, which has listed in four stock exchanges and successfully built and developed the platform of overseas operating and set the stage for the space of international development. As we see, under the situation of the increase of cost of overseas coal resources, through the accurate judgment of the economy globalization, Yanzhou Coal has succeeded to develop overseas. Meanwhile, the article sets forth the strategy and recommendation for the major problems such as political environment, laws and custom and subsequent integration in the overseas mergers of China’s coal enterprises. The article puts forward a couple of important matters such as strengthening analysis of international operation environment in advance, carefully choosing related mergers object, seriously analyzing risks and intensifying control ability in decision making for the proposed oversea mergers of coal subject. The article also brings forward ideas such as intensifying enterprises’ interior quality, setting up effective acquisition team, competing orderly and strengthening government support by policy for overseas acquisition of China’s coal enterprises and China’s national energy strategy.