A Study On Cross - Border M & A Of Chinese State - Owned Enterprises

China’s economy has entered a period of new normal, some industries face with excess manufacturing capacity.However, state-owned enterprises, as an important part of Chinese economy, take an positive position on going abroad to solve the problem of over manufacturing capacity and optimize the allocation of resources. Cross-border mergers and acquisitions, as an effective means of going aboard, will be used more and more widely with the strategy of “One Belt and One Road”. Therefore, to study of cross-border mergers and acquisitions of state-owned enterprises could realize the economic benefits and develop tendency and get a series useful suggestions to improve the success rate of cross–border M&A. This paper takes the state-owned enterprises as the research object, on the basis of referring to the relevant existing research results, using the combination of micro and macro research and case study method, mainly carried out the following research work:Firstly, the development course of state-owned enterprises cross-border M&A was analyzed and its main features was summarized. The result shows that cross-border M&A of state-owned enterprises has undergone the initial stage of development(1978-2000), the steady stage of development(2001-2008) and rapid stage of development(2009- now).The main features are: the scale of overseas M&A is bigger and bigger. The state-owned enterprise is the main body and China’s overseas M&A of the listing Corporation as the main force of cross-border M&A intention diversification. Secondly, according to the current situation of the development of China’s state-owned enterprises and domestic and international macroeconomic environment, the paper take the prospects of the development trend of cross-border M&A of state-owned enterprises. Research shows that in the next few years, cross-border M&A of state-owned enterprises in China will be presented to the transformation of industrial upgrading as the main purpose, prefer cash payment, the target market will incline to Europe and other developed countries, and will expand the financing methods. Thirdly, the paper analyzed the influencing factors of cross-border M&A of state-owned enterprises. The result shows that finance, legal and political culture, and the post integration will mainly influence the success of cross-border M&A. Fourthly, the paper made a comprehensive analysis of economic benefits of the cross-border M&A of state-owned enterprises, and the study shows that cross-border M&A will bring positive benefits to state-owned enterprises, which includes boosting industrial upgrading, realizing its specific function, deepening the reform of state-owned enterprises, and increasing the cost of revenue. Fifthly, the three cases of state-owned enterprises cross-border M&A were studied and mainly research on the economic benefits of a quantitative analysis, and summed up the case of operational experience and originality. Finally, the paper came up with the problems of cross-border M&A of state-owned enterprises and made somesuggestions from the perspective of the government and enterprises.