The Empirical Research Of Cross-border M&A Performance Of State-owned Enterprises

With China officially joining the WTO, it began to enter the ranks of the global economy, so the scale of the cross-border M&A in our country is more and more big. What is more, the US financial crisis, further accelerated the pace of cross-border M&A in our country. From the history of cross-border M&A in our country and related data as you can see, China’s state-owned enterprises has always been the main force of transnational mergers and acquisitions. The study of cross-border M&A performances a lot at home and abroad, but there are few literatures on the specialized study of our state-owned enterprises cross-border M&A performance. This paper mainly studies the performance of listed state-owned enterprises transnational mergers and acquisitions in China, and provides the relevant advice to improve the performance and the success.There are six sections in this article. The part of the introduction discusses the writing background and the research significance, literature review, research methods and research framework and the innovation point in this paper in turn. The first chapter firstly introduces the related concepts of transnational merger and acquisition, and then it expounds the relevant theories suitable for Chinese national conditions. The second chapter analyzes the present situation of our country enterprise transnational merger and acquisitions and the main reason of the poor performance of M&A. The third chapter designs an empirical study from the following three angles.They are the selection of data, data source and the establishment of the index system. The fourth chapter not only has carried on the empirical research to sample overall, but also carried on the empirical research in classifications. The fifth chapter discusses the research results and related suggestions are put forward.This article is Based the State-owned listed companies whose cross-border M&A behavior happened in 2001-2011 of as the research object. According to establish the performance evaluation index system, it uses the accounting method and the factor analysis method to calculate the comprehensive score of each sample, and make the comparison in classification. The results showed that cross-border M&A behavior has brought negative effects to the financial performance of listed state-owned enterprises in China. The financial performance of cross-border M&A which happened in Asia is lower than other regions. the financial performance of cross-border M&A which the relative holding enterprises launched is better than state-owned holding enterprises absolutely.