Study Of Cross-border Mergers And Acquisitions Of Chinese Enterprises

Cross-border M&A (CBM&A), is the major form of market expansion toward the world, is also one of the most important forms of Foreign Direct Investment (FDI). Along with the progress of globalization, Chinese enterprises are growing up rapidly, more and more enterprises have begun to implement CBM&A as the new strategy of FDI and international market exploration. After over 20 years of rapid economic development and market-oriented transformation, some conditions of CBM&A have been cultivated in China. It is the trend for Chinese enterprises to promote international strategy by CBM&A. However, CBM&A for Chinese enterprises are still in its infant stage in spite of China's rapid development of economy and its substantive progress in CBM&A. The comprehension and participation of Chinese enterprises in CBM&A is not enough. The enterprises lack a sufficiency preparation to the choice of international strategy. Therefore, a deep study on CBM&A of the related theories, development, reasons and status is necessary to the guidance of internationalized management of Chinese enterprises, participation the world competition and also the healthy and sequential development of China's economy.How to recognize Chinese enterprises'strength, weakness, opportunities and threats in CBM&A? How to change our comparative advantages into core competence so as to be a genuine world-class enterprise? How to study and summarize the successful experiences and failed lessons from American enterprises which lead the theories and practices of CBM&A around the world? The research in this paper is expected to provide reference and guidance to Chinese enterprises.The paper has adopted lots of data analysis and comparative analysis, SWOT analysis is also used to study the above mentioned problems. The paper is divided into five parts. The main content in Chapter 1 is the background, purpose, methods of this study and the related research circumstances home and abroad. Chapter 2 includes the definitions,category, reasons, implementation process and related theories of CBM&A. Chapter 3 has mainly analyzed the CBM&A of Chinese enterprises, the contents including its historical, reason and current features, and The SWOT is used to analyze Chinese enterprises'strength, weakness, opportunities and threats in CBM&A. In Chapter 4, the main content is to study and summarize the successful experiences and failed lessons of American enterprises'CBM&A. Chapter 5, is the most importance part of the whole paper and it is the conclusion and author's suggestion for Chinese enterprises'CBM&A based on the previous chapters.In a word, the main purpose of this paper is to remind those Chinese enterprises which prepare to participate CBM&A wave of that they must see not only the advantages and chances but also the risks. We should explore the CBM&A route in accordance with Chinese situation actively by combining the actual situation and successful experience home and abroad.