| The cross-border mergers and acquisitions (M&A), a way of oversea direct investment (ODI), has been turning up sharply since the late 1980's and has dominated the global ODI recently. Simultaneously, the scales of ODI by Chinese enterprises mount up gradually every year with China's opening up and further reform in economic systems, especially with the further reform in the oversea trade and investment systems after China's entry into WTO. The cross-border M&A hasn't become the dominant way of China's oversea ODI according to statistics, however, it showed the trend of ascending fluctuantly in quantities. The turnovers of cross-border M&A even transcended the green-ground oversea investment at some years,especially the years after 2004. The state-owned enterprises (SOE S ),especially the large-scale SOE S constitute the main body of China's cross-border M&A, thus ,the cross-border M&A shouldn't be viewed separately from the special institution arrangement and macroeconomic surroundings in the period of China's economic transition .The cross-border M&A by Chinese enterprises was still immature and failed ever and again .What's worse ,the risks of recombination and integration after M&A seemed immense. The background of the rising global M&A initiated by the developed countries round by round was the regional economic integration and the globalization, with the influence of which more and more enterprises were involved in the activities of recombining the resources in a global scope so as to boost their competitive powers. In this situation, it's meaningful theoretically and practically to research the issue of how Chinese enterprises effectively utilize the way of M&A to make further progress in global competitions.This thesis expounds the inductive reasons of the cross-border M&A by Chinese enterprises under the compound theory of investment induction, which was developed in late 1990's.The thesis reconstructs the direct and indirect factors of the theory according to the actual conditions of China and testifies their concrete explaining powers respectively to make sure which factor is more determinate.At the same time,this thesis reconstructs and develops the theory applied here from the dynamic aspect on the basis of the gradual and dynamic features of China's economic transition.It believes that the structure and status of the inductive factors changes in terms of the progress and effects of China's economic transition. This thesis firstly makes an outline of China's cross-border M&A and summarizes its main features and problems. Secondly, it examines the feasibility of the theory applied here concluding that characteristics of cross-border M&A by Chinese enterprises cann't be interpreted perfectly by direct factors of the theory in the initial stage of China's economic transition.Thirdly,the thesis utilizes the net present value method (NPV)and Pindyck's simple double phase model to conclude that the indirect government factors constitute the fundamental inductive factors in China's cross-border M&A in the initial stage of China's economic transition.Finally,this thesis analyses and predicts the gradual coordination of the structure of different factors with the progress of China's transition to make the rectified theory better interpret the whole process of cross-border M&A by Chinese enterprises in China's economic transition. |
