The Empirical Research Of The Performance Of Transnational M&A Of China’s Listed Companies

There are much positive actual significance for the listed companies which M&Ain our country. On the one hand, transnational M&A can not only make up the gap ofthe resources of our country, avoid trade barrier, but also keep the resources flowreasonably and dipose effectively, on the other hand, transnational M&A can obtainscale effection, save the lost of transaction, and improve the capacity of internationalcompetition of the listed companies. Yet, the transnational M&A demands the listecompanies face up to the economic culture and legal system of organization differentcounties, and it demands the listed companies face up to the restrict of the differentmanagerial regulations and pattern, so that the listed companies should not onlyundertake tremendous pressure, but also face to the risk of operating and rectifying inany case, there are critical challenge for listed companies.Especially, the transnational M&A in our country started lately with thickChinese distinguishing feature, and most of the M&A performance in listedcompanies are seemed bad. Could the transnational M&A heighten the operatingperformance in the end? How to evaluate the M&A performance? And what’s therelation between the different influent factors and the M&A performance? Thesequestions come to be point in the academic circles. In the term of fasting the step oftransnational M&A, by the way of researching that whether the transnational M&Acould heighten the M&A performance. How to get the M&A effect, there are deepguiding significance to the listed companies.In this paper we summarizes the academic circle on the merger and acquisitionactivity research results at first, then according to the listed companies in China toanalyze the current situation of the merger of transnational M&A reason, from themacro and micro level analysis of the possible influence of transnational m&aperformance of various factors, finally through from2007listed companies oftransnational M&A happened52samples, according to the integrated use of factorsanalysis and the DuoYuan linear regression model, we study of the acquisition oftransnational M&A performance impact, as well as the different factors and therelationship between the performance of transnational M&A. Through an empiricalresearch we found in M&A a big increase in performance, but then gradually began todrop, no substantial acquisition improving the performance. Industry relevance, M&A scale, the proportion of state-owned shares of transnational M&A significantinfluence on performance. In the empirical conclusions after get, the end of the articleon how to improve the performance of transnational M&A, puts forward somesuggestions and countermeasures.