The Porformance And The Influencing Factors Of Cross-Borad Mergers And Acquisitions In Firms

The global financial crsis break out in2008. The economic development in both the United States and the European Union have declined in different degree or stagnated. Affected by the global economic environment, the number and the total sum of M&A in China delined in2012, while the number of cross-border M&A increased by1.8%compared with the same period in2011and the total sum increased by6.1%over the same period. According to the data from Dealogic, cross-border M&A taking by firms in emerging markets has come back to life since the outbreak of the global finacial crisis, and they tend to choose firms in Europe as the target.More and more firms in developing countries represented by China are seeking for opportunities to develop in the international market. But with the practical point of view. M&A and cross-border M&A by Chinese firms started later, but also there is a big gap in the economic and political environment and other aspects in comparison with western developed countries, which leads to firms in our country are relatively lagging behind in practice and theory of M&A. Especially. Chinese firms lack of enough practice experience in cross-border M&A, which results that the probability of success is not high. How to unearth the key affecting factors in the effect of M&A. estabilish a overall evaluation system for the process of M&A. reduce risks may occur in the whole process of M&A. in order to help firms deal with M&A more efficiently and improve the success rate of M&A. that is my starting point.Based all of this, the paper set to study.In this context, combining with the situation of Chinese capital market in the post financial crisis Era, based on accessment methods and reviews and evalutions of literature theory about the performance of M&A. the study starts from the concept of the performance of M&A, with the citespace, I try to show the changes of research focus and find the frontier in the field of M&A performance. By in-depth analyzing all kinds of factors in M&A, involving with the firm itself, the transaction itself and the external environment, etc., discussing evaluation index and method of M&A performance, on the contexts of theoretical analysis, and M&A mechanism and practical features, this paper analyzes the factors affecting the performance of M&A in detail and establishes a theoretical logical framework system, including behaviours of M&A, characteristics of corporate and external environment.In empirical part, the paper use77empirical literatures as the original database. With the meta-analysis. in the paper I observe the overall effect on M&A performance from three aspects of methods, time and object. And then it shows a comparative study on the effect of M&A in following aspects, features and transcation of the firm, range and area of M&A. At last, it surveys on different effects of M&A when influenced by the potential variables. The results show that:no matter in which way, there is a positive effect on the firm in M&A. In the examination of the influence of potential variables on M&A performance, we find that there is significant heterogeneity when introducing experience, the degree of relation, range and area, while there is not obvious differences under the moderating effect of the mode and paymen of M&A.Although a large number of research has been made by scholars at home and abroad on M&A, choosing listing Corporation in the stock market as the sample, due to some influences of various factors, it is still difficult to make a unanimous conclusion in exsiting research. There has been controversy on theory, method and results of M&A, especially it is more difficult to obtain consensus when involving some potential factors.Therefore, based on statistical analysis of literatures, the paper reveals the mechanism of internal factors and the path of external environment of M&A. According to the empirical results, some relevant suggestions about M&A especially cross-border M&A has put forward for the government, industry and firms.Finally, the limitations of the study are put forward, and it points out a direction for the future further research.