Analysis Of The Rationales And Effects Of Cross-border Mergers And Acquisitions By Chinese Enterprises

With the fast expansion of the cross-border corporations, Enterprises' merger and acquisition(M&A) have already crossed the national boundaries, and then cause the global M&A tide which have a inestimable impact on international economy. Up until now, the big M&A tide have appeared five times altogether in the whole world. Especially in the M&A wave tide raised in the 1990s, the cross-border M&A in the global range has already become the leading roll, the total value of cross-border M&A of the world and M&A scale of the individual event are ascending constantly. Large cross-border corporations inclines to choose transnational M&A to realize their internationalization strategy more and more.Because the accelerating of the process of international economic integration, the improvement of China's open degree, a number of Chinese enterprises have begun to implement transnational management strategy due to the pressure of external competition and internal requirement for development, some of them have already made much substantive progress in cross-border M&A. Especially with the steady and continuous increase of China's economy and the enhancement of the ability of investments abroad in recent years, the cross-border M&A cases of Chinese enterprises are increasing constantly, demonstrate the fast-developing tendency. They make the cross-border M&A phenomenon of Chinese enterprises become the hot issues of the Chinese economical circles.The cross-border M&A phenomenon is the combination of enterprises merge phenomenon and trans-national investment phenomenon. So far as enterprise's merger and transnational investment as research object be concerned, they all have a comparatively systematic theory. The research on cross-border M&A mostly concentrated on M&A between enterprises in developed countries in the past, research related to enterprise of our country is mostly about foreign capitals merge Chinese enterprises. However, the systematic research on Chinese enterprises' cross-border M&A is actually few, this is related to the fact that cross-border M&A mainly happened between enterprises in developed countries in the world and Chinese enterprises rarely got involved in the past. This thesis will regard cross-border M&A of Chinese enterprises as the research object, based on motive and effect theory of cross-border M&A, analyze the rationales and effects of Chinese enterprises' cross-border M&A, combine the current development situations of Chinese enterprises and domestic and international environment, carry on the discussion to the feasibility of cross-border M&A of Chinese enterprises and provide relevant countermeasures and suggestions finally.