| In August 2007, a widespread outbreak of subprime crisis happened in the United States. It turned into global financial crisis immediately, although central banks around the world were struggling to rescue. In 2008, the global economic was downturn. The asset price of many excellent international enterprises had plunged. Transnational corporations, such as Ford and General Motors, were announcing for filing bankruptcy once, which provides a good opportunity for our enterprises overseas M&As.During the period of 12th Five-Year, the scale of China’s foreign direct investment is 2.3 times of the "11th Five-Year". At the end of 2015, China’s net foreign investment exceeded one hundred billion U.S. dollars for the first time. The policy of One Belt and One Road and "going out" policy which state continued to promote for Chinese enterprises overseas M & A activity has provided a rare opportunity. In recent years, our country enterprise overseas M&As are more active. In addition to Sinopec, CNOOC, and other large state-owned enterprises, many private enterprises, such as Geely Automobile, Fusun, Wanda Group, joined the overseas M&As. In actually, the enterprise overseas M&As weren’t as smooth as expectation. It was reported that overseas M&As were failure one by one, which made domestic entrepreneurs felt setback. What led to the failure of them? Based on this question, the aim of this study is in the same context, to analysis the key factors which lead to the success or failure of overseas M&As. Try to find out the commonality from the individual character, providing a reference for our "going out" strategy.Based on the typical case analysis combined with quantitative analysis method, this article is going to study the success or failure of overseas mergers and acquisitions in China. First of all, choosing three typical overseas M&As cases from resources and auto and home appliance which lots of overseas M&As happened in those field based on data from 2008-2014 to analysis of different industries overseas M&As motivation and key points of overseas M&As’ success or failure.Secondly, according to different research angle, through the establishment of the corresponding evaluation model to analysis the influence factors of overseas M&As’ success or failure on the basis of overseas M&As’data. In this paper, the definition of the success or failure of M&A’s should be discussed from two aspects:before and after the implementation of M&A’s. Macro factors are the key factors that affect the success or failure before the implementation of M&A’s, and the internal micro factors are the main factors that affect the success or failure of the enterprise after M&A’s. Based on Denning’s OLI paradigm theory, this paper constructs an integrated model which covers the national level, industry level and enterprise transaction level to analyze the factors that affect the success or failure of the enterprises’ overseas mergers and acquisitions. Then analysis the macro and micro factors of comprehensive model separately and respectively, set up under the perspective of macro factors influencing factors assumptions and microscopic perspective influence factors hypothesis. The macro factors focus on the succes or failure factors of overseas M&A’s before the completion of overseas M&A’s, while the micro factors are the key factors to influence the success or failure of the enterprise after the completion of the overseas M&A’s.In the empirical analysis part, in view of the design of the comprehensive factors model and to verify assumptions, this study adopts Logistic regression model, using data from 2008 to 2014 in the Zephyr as the research object, choosing the explaining variable included system, natural resources, high-tech, state ownership, private ownership and so on to analysis which factors influence Chinese enterprise success or failure of the overseas M&As. The results showed that the system quality, the system of binding, corporate ownership has significant influence on M&As’success; And poor quality of host system, mergers and acquisitions industry for sensitive industry and M&As enterprise itself as the state-owned enterprises is associated with a significant mergers fail.At the macro view, by using the multivariate coin-tegration analysis model, with 1988 to 2014, the total amount of overseas mergers and acquisitions in China as samples, choose interest rate, exchange rate, inflation rate, GDP growth rate, commodity imports growth rates and money supply as the explained variable, macroeconomic factors such as time by introducing virtual variables, to the United States before and after the financial crisis the macroeconomic factors that affect Chinese enterprises overseas M&As has carried on the empirical analysis. This study finds that inflation rate, GDP growth rate and money supply have significant positive correlation on the level of overseas M&As. On the other hand, exchange rate, interest rate and imports growth rate have significant negative correlation on the level of overseas M&As. The impact of GDP growth rate on the level of overseas M&As has no change before and after the subprime crisis. The impact of interest rate on the level of overseas M&As is gradually strengthened after the subprime crisis while the impact of exchange rate and money supply is gradually weakened.At the micro view, use the structural equation model, to get the data from the questionnaire, from a strategic, organizational behavior and financial and three dimensions, select the 12 variables from the perspective of performance to verify whether the overseas M&As’success or failure related to strategy, organizational behavior and financial. Empirical studies have found that the strategy, organizational behavior and financial and overseas M&As’ performance is significantly related to the reasons for the failure of overseas mergers and acquisitions should be based on:acquiring companies may choose the wrong target, the target company may be bad integration, and the acquirer may pay too high price.
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