Financial Performance Of Chinese Enterprises In Overseas Mergers And Acquisitions

In recent years,more and more Chinese enterprises have conducted cross-border Merger and Acquisitions.At the moment we feel proud of this,several serious questions needs our deep consideration:What's the outcome of cross-border Merger and Acquisition? How does the corporate performance change after cross-border Merger and Acquisition? How to improve the performance of cross-border Merger and Acquisition? This thesis aims to answer these questions by using empirical analysis on financial performance of cross-border Merger and Acquisition conducted by Chinese enterprises,and provides suggestions to both Chinese company and the Chinese government.Based on the systematical summarization of previous research and the deep analysis of the current situation of cross-border Merger and Acquisitions conducted by Chinese enterprises,the thesis establishes a comprehensive evaluation framework on the basis of the analysis of the enterprise's profit capability,operating capability, solvency,business structure and growing capability,to evaluate the financial performance of cross-border Merger and Acquisition conducted by Chinese listed companies.Empirical approaches,such as factor analysis,paired-t and wiloxon test are used to analyze the financial performance of cross-border Merger and Acquisition conducted by Chinese listed companies based on the evaluation framework.The analysis indicates that:1.Financial performance of Chinese listed companies doesn't improve after cross-border Merger and Acquisition,profit capability and solvency decreases apparently while business structure improves.2.After the cross-border Merger and Acquisition,the performance of the mechanical enterprises improves with the improvement of operating capability,while the performance of the electronics and IT companies decreases.3.Compared with the non-state-owned companies, cross-border Merger and Acquisition has positive influence on the performance of state-owned companies,though making their solvency decrease.4.The control transfer cross-border Merger and Acquisition has positive influence on the companies' short-term performance,while the non control transfer cross-border Merger and Acquisition improves the enterprises' business structure,but destroying solvency.This thesis aims to have some innovations in the following two aspects:1.Analyze the changes of those key financial indexes so as to find the reason of the financial performance change while having deep analysis on different kinds of cross-border Merger and Acquisitions.2.Use both the accounting study and the case study method to evaluate financial performance of cross-border Merger and Acquisition,using empirical approach to make the result more precise.Future study can be made based on more samples within longer study period so as to obtain more accurate result.