Research On Overseas M&A Of The Central SOEs Based On The Experience Of Multinational Corporations

State-owned Assets Supervision and Administration Commission (SASAC) of the State Council aims to create 30～50 strong and competitive largeenterprises and develop them into global champions--large multinational firms withglobal recognition and competitiveness. To enhance international competitiveness, many of the Central SOEs seek overseas expansion through overseas mergers and acquisitions. How to achieve their strategic objectives through overseas M&A successfully, is a question which has increasingly attracted the attention of the central SOEs' managers and scholars.The central SOE is the major force of China to participate in international competition, therefore enhancing its international competitiveness has strategic significance. As overseas M&A of the central SOEs with the goals of realizing the internationalization strategy has just begun, there are few relative studies at home and abroad.In view of this, this paper selects four multinational corporations which have numerous M&A transactions in the history as the cases, and summed up three pieces of experience from the financial perspective. This study summarizes lessons learned with detailed and in-depth analysis of the corporations' development process and M&A history. With several cases confirmed by each other, the conclusions drawn are more convincing. In addition, this article not only takes into account both the commonality of cross-border M&A and the process of internationalization, but also analyzes the difference between central SOEs and multination corporations. At last it puts forward four recommendations to improve overseas M&A of central SOEs.