| Chinese government realizes it should implement the "GoingGlobal policy" in order to catch the international market while importingforeign capital to develop domestic economy. Cross-border M&A isbecoming a kind of important practice form that Chinese enterprisesimplement the 'Go-Out policy'. By 2004, the Chinese enterprises'cross-border M&A even developed into the condition like a raging fire.But in general, China's enterprises' cross-border M&A has just begun,and is still at primary stage. On one hand, to domestic enterprises wanting"go-out" through cross-border M&A, how to implement cross-borderM&A lacks corresponding theoretical foundation and guidance effectively.On the other hand, it needs solving urgently how to construct thesupporting system on Chinese enterprises' cross-border M&A.This essay has explained the basic theoretical question of cross-borderM&A at first. On the basis of defining cross-border M&A, it points outgeneral M&A theory and FDI theory both are the theoretical foundationsof cross-border M&A. Meanwhile, it drew to some foreign scholars'theory achievements on cross-border M&A, and the author madecomments to it. Then it has reviewed the development course of Chineseenterprises' cross-border M&A, analyzed the strategic reasons of Chineseenterprises' cross-border M&A , and sought problem crues from thefailure lessons of Chinese enterprises. According to the problems existingin Chinese enterprises' cross-border M&A, separately from reinvent ofthe merger and acquirer, the selection of target enterprise, expansion offinancing means, culture integration after M&A, it tried to find the way tosolve the problem. Finally, it constructed the supporting system onChinese enterprises' cross-border M&A on the basis of analyzing externalobstacle met, and sums up the whole one. |
