| In the new century, more and more enterprises response to the state "going out" policy call and begin to go abroad to join the wave of cross-border M&A. Particularly since the financial crisis of2008, a large number of foreign enterprises are facing closure, which offers a golden opportunity to Chinese companies, a large number of enterprises start to "overseas bargain-hunting". However, according to Deloitte’s2010report on mergers and acquisitions statistics, more than50%of Chinese companies overseas M&A are not successful, and can not reach the bottom line value, which indicates that cross-border M&A transactions are complex and difficult. The well-known business failure case of TCL, BenQ and so on caused more reflection of our cross-border mergers and acquisitions. Therefore, the items that how companies can success in the cross-border M&A and whether they can use previous experience to achieve the expected performance has been an important issue in the academia area and business community that we must face and study deeply.This paper focuses on the relationship between M&A experience and cross-border M&A performance, reviewing and summarizing the main research Of foreign experience-related theory, cross-border M&A performance theory and the relationship between them. On the basis of them, we begin to explore how the M&A experience impacts of cross-border M&A performance of Chinese enterprises. This first part introduces the background of this study and the research system and method. The second part describes the history of Chinese M&A process, and figure out the status and characteristics of cross-border M&A of Chinese enterprises development. The third section reviews and summarizes the relevant foreign experience in M&A, cross-border M&A performance Research, focused on analyzing the relationship between them. Part IV, on the basis of the literature review and theoretical analysis, starts from the organizational learning perspective to put forward a hypothesis of this research and theoretical models. Part V describes the variables related to this article and its measurement, and specially introduces the event-study method to measure the cross-border M&A performance. Meanwhile, according to the assessment of the66samples collected data of enterprises cross-border M&A performance. By using analysis of variance, regression analysis and group-level regression analysis of empirical analysis, Part VI tests and analyzes the proposed hypothesis. This last part, by using theoretical analysis and empirical results, evaluates the relationship between the cross-border M&A experience and performance and its impact factors, suggesting some management recommendations. The mainly study conclusions as follows:1, There is significant positive correlation between the M&A experience and performance of cross-border M&A, the cross-border M&A experience is one of the key variables to explain the performance of cross-border M&A.2, There is significant positive correlation between cross-border M&A experience and performance of cross-border M&A, but no significant correlation between domestic M&A experience and performance of cross-border M&A. However, if there is no cross-border M&A business in the case of experience with international business experience, there is significant positive correlation between domestic M&A experience and performance of cross-border M&A.3, the similarity of M&A events, the proportion of equity acquired and the corporate nature of corporate have a regulatory role on the relationship between the M&A experience and performance of cross-border M&A. In the condition of the same M&A experience:the higher the similarity of M&A events, the higher the performance of cross-border M&A; The performance of cross-border M&A events with majority or full equity stake acquisition are significantly higher than the performance of the minority equity stake acquisition; The performance of cross-border M&A of private holding company was significantly higher than it of state-owned holding company. |
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