Empirical Study Of Factors Affecting Cross-border Mergers And Acquisitions Of Listed Companies

Along with the development of economic globalization and competitioninternationalization trend, China must be the process of globalization, Chinese enterprisesmust be committed to integration in the global value chain. More and more Chineseenterprises have recognized international is no longer only the most favorable policies toattract foreign investment enterprises, but the advantage of enterprises should go out to realizethe internationalization of Chinese enterprises transnational merger and acquisition. Ourcountry should encourage strong enterprises to actively look for opportunities, and globalcooperation, but we should be soberly aware that China’s soft science and soft power is notyet mature, China’s enterprises cross-border m&a, not only faced with the system of the highcost, also faces the enormity of the task management, operation technology and experience.Therefore, enterprises should face the challenge actively, make strategic development plan,at the same time,attaching great importance to the hidden risks of transnational m&a.Given the cross-border mergers and acquisitions in the rapid development worldwide,theurgent need for the new phenomenon in the field and new issues raised theoreticalexplanations and practical guidance. About the influence factors of transnational mergers andacquisitions, experts, scholars mainly study the macro and micro factors on the impact ofcross-border m&a，such as the economic situation and policy, legal environment, the culturaldifferences of the two sides, the scale and efficiency of enterprise, enterprise on the degree ofcognitive structure of the target market and international experience, diversification strategy,mergers and acquisitions both sides, cost saving effect of resource matching and integrationafter the merger, etc., these factors are whether choose cross-border m&a has importantinfluence to the enterprise. This thesis analyzes the background and significance of Chineseenterprises cross-border m&a, expounds the domestic and foreign about the document ofcross-border m&a and the influence factors of transnational m&a theory, this paper discussesthe process and characteristics of transnational mergers and acquisitions, based on the m&atheory, transaction cost theory, industrial organization theory, organizational learning theory,on the basis of the previous research, theoretical research before mostly focus on the influencefactors of transnational merger and acquisition performance, this article put research focus on the influencing factors of China’s enterprises choose cross-border m&a, in2010~2013of thecross-border m&a of listed companies in China as the research object, and building the modelby linear regression analysis to test the enterprise growth rate, diversification strategy, thesynergistic effect, the enterprise scale, the proportion of r&d, mergers and acquisitions wayand experience of international mergers and acquisitions, seven factors influence on ourcountry enterprise transnational merger and acquisition.The results showed that the growth rate of enterprises, synergy, and international mergersand acquisitions in the form of acquisition experience for enterprises to choose a significantpositive correlation effect of transnational m&a, enterprise scale, enterprise strategy ofdiversifying PDIV and r&d investment proportion and runs counter to the originalassumption.Due to the academic research in China at present is mainly on the factors affecting theperformance of cross-border m&a as the research objects, this paper is based on the factorsaffecting cross-border mergers and acquisitions of listed companies in China as the object, forthe strategic development of China’s listed companies has certain practical significance.Cross-border m&a itself is a dynamic process, this paper focuses on the influence factors oftransnational mergers and acquisitions success or failure of this initial phase analysis andresearch, innovation belongs to the research Angle, and previous studies are mainlyqualitative analysis of the affecting factors of Chinese enterprises transnational mergers andacquisitions, and less empirical research, this paper uses econometric regression analysismethod, using statistical analysis software, the results are more objective, innovation belongsto the research level.