The Analysis Of The Cross-border M&A Evolution Path Of Shandong Province’s Enterprises

The cross-border M&A has been developing rapidly since the1990s, replacing the traditional way of investment gradually, and become the main ways of global expansion strategy of enterprises around the world. Especially the development of multinational companies from the emerging economies causes the extensive concern. The cross-border M&A as an important means of resources optimization, cost reduction and risk-spreading, it is playing an increasingly important role in the economic globalization.China is the largest developing country, and also is the representative of the emerging economies. The development of its enterprises’ cross-border M&A generates people’s interest. In this paper, the main object of study is the M&A activity of the enterprises from Shandong province. What is the evolution path of the typical enterprises of Shandong province to promote their M&A? How can they realize their strategic transformation goals through M&A? Studying these problems has important practical significance for the cross-border M&A of the enterprises from Shandong province and China.The paper includes six parts, and the basic structure and main contents are as the following:the first part is the introduction, putting forward the research background and significance of this paper; the second one is the review of the related research literature;the third one is the analysis of cross-border M&A in Shandong province; the fourth one is the theoretical analysis of cross-border M&A evolution path of Shandong province’s enterprises; the fifth one is the case analysis of the M&A between Wanhua and BorsodChem, which is based on the3L-3E theory framework; the sixth one is the suggestions, putting forward the relevant suggestions of promoting the cross-border M&A of Chinese enterprises from the perspective of the multinational companies and the government.On the basis of the theoretical and empirical analysis of the case of the M&A between Wanhua and BorsodChem, the paper reaches the conclusions:the key factors to the success of M&A of enterprises in Shandong province are Linkage, Leverage and Learning. And the successful evolution path of the M&A is as followings:firstly, through Linkage the enterprises embed into the high-end of global value chain; secondly, the enterprises reach the Leverage in the process of equilibrium; thirdly, the enterprises acquire their endogenous advantages by constantly learning. As one of the emerging economies, the cross-border M&A of china has made rapid development, at the same time it is encountering many problems. On the basis of theoretical analysis and case study, this paper finds the evolution path and the key factor to the success of the M&A of Shandong enterprises, so as to provide some enlightenment and suggestions for the cross-border M&A of Chinese enterprises.