An Empirical Research On Foreign-capital M&A Performance Of Our Listed Companies

With the development of the economic globalization, transnational corporations have launched massive multinational M&A to take market share, reduce cost, improve effencience and optimize resource distribution. M&A has become the main way of foreign direct investment. Since 1990s ,it has become a major trend for foreign capital to do FDI through M&A.As China has been the member of WTO,China has promised to loose policies on foreign-capital M&A..As the excellent development perspectives and environment for investment,China has become a hot issue in the capital market of the world.But foreign-capital M&A brings both positive and negative effects to the national economy development of China. There was no explicit conclusions about whether the foreign-capital M&A helped our corperations make their performances better. Foreign-capital M&A brought lots of positive effects to China,such as more capital resource,improvement of technology and industrial promotion. But at the same time,it also brought many negative effects to Chinese national economy besouse of its fundamental motivation which is chasing profit and industrial control. foreign-capital M&A is both opportunity and chellenge to Chinese economy and corporations. It is wise for China to treat foreign investment in a rational way. Under such a background ,whether the foreign-capital M&A really improve the performances of target listed companies is worth to do some research.This article introduced prevalence theories study on foreign-capital M&A in the first part.Then,gave systemic conclusions on motivation,development stages,modes of foreign-capital M&A and analysis of the typical case.Then built a comprehensive index system, and after that, used factor analysis to make empirical analysis on the Sample listed companies. At last, based on the above analysis, combined with China's actual situation, elaborated on the effects of foreign-capital M&A of Chinese listed companies, and further demonstrated that the content of the above, puts forward corresponding strategies. In the empirical and theoretical basis of the study, we draw some conclusions to provide references for the related shareholders.