The Comparison And Analysis Of The Cross-border M&A Performances Of China’s Main Industries

Along with the economic globalization and financial libertarian going deep, more and more large enterprises begins to capture global market, improves the management efficiency, increases profits by the way of cross-border M&A. And cross-border M&A is also a short cut for Chinese companies going out. For the past few years, especially after the financial crisis, most of the famous international enterprises got into trouble and began to sell their assets, this is a good chance for china’s enterprises’implementation of cross-border M&A action, and it got into the era of blowout.Considering different industries of the cross-border M&A in China, resource-based industry, manufacturing industry, and financial industry are very important either from quantity or quantity. But, after the completion of the cross-border M&A, how is the performance going, is a problem, what’s the difference among these industries, are the keypoints of this article.This paper elaborates the four stages of the cross-border M&A in our country, analyzing the present characteristics of the M&A, discovering the accelerating process and scale, industry distribution is also gradually diversified, however, inevitably there are some problems, such as the strategy is not clear, the poor performance, the not ideal integration. The part of empirical research of the article, mainly uses the method of factor analysis, analysis the performance of three industries:resource-based industries, manufacturing and financial. Specific studies, selecting typical samples of these three industries, combining with the sample enterprise’s financial statements, in order to conclude factor analysis, extracting common factor, composite scores of performance. Empirical results found that the three industries performance have similar characteristics:the performance in general higher than before, the first-year declines slightly, after two years began to rebound, but in the third year comes to bottomed, until the fourth year began to recover. At the same time, three industries also has their own differences: manufacturing performance’s scored is the highest and is the most stable one, financial performance improve most obviously, the resource-based industry performance scored is the lowest, even lower than the level before M&A. Finally, in view of the problems of the M&A performance, this paper puts forward feasible suggestions and countermeasures from two aspects: government and enterprises.