The Empirical Research On The Performance And The Factors Of The Cross-Border Mergers And Acquisitions In China

Nowadays, transnational M&A of enterprise activities are growing. On the one hand, transnational M&A can not only make up the gap of the resources of our country, avoid trade barrier, but also keep the resources flow reasonably and deploy effectively, on the other hand, transnational M&A can obtain scale effect, save the lost of transaction, and improve the capacity of international competition of the listed companies. Yet, the transnational M&A demands the listed companies face up to the economic culture and legal system of organization different counties, so that the listed companies should not only undertake tremendous pressure, but also face to the risk of operating and rectifying in any case, there are critical challenge for listed companies. Could the transnational M&A heighten the operating performance in the end? And what’s the relation between the different influent factors and the M&A performance? These questions come to be point in the academic circles.In this paper we summarizes the academic circle on M&A activity research results at first, then according to the listed companies’ current situation in China to analyze the characteristic of transnational M&A, from the macro and micro level analysis of the various factors that may have an impact on transnational M&A performance; by selecting2001-2010sample companies on the occurrence of transnational M&A, using factor analysis method to get the sample companies’ comprehensive performance score in M&A the previous year, M&A that year, one year after M&A, two years after M&A, three years after M&A. On this basis, using multiple linear regression to research the relationship between different factors (M&A experience, national cultural differences, the proportion of state-owned shares, payment, industry relevance, exchange rate, revenue growth and asset size of acquirer) and transnational M&A performance.The article includes a total of six parts:The first part introduces the research background, the research significance, the research content and methods, the research innovation and insufficient. The second part relates the relevant theory of transnational M&A, and the research achievements obtained in the field in both at home and abroad by collecting material. The third part reviewed the development process, characteristic and factors of our enterprises’transnational M&A. The fourth part is an empirical analysis of the performance of Chinese enterprises’ transnational M&A. Using the factor analysis method, it establishes the evaluating system of listed companies transnational M&A, makes the performance of domestic listed companies’ transnational M&A in2001-2010.The fifth part used multivariate regression analysis method to test the factors affecting on our country’s listed companies of the performance of transnational factors on Chinese transnational performance. The sixth part is on the basis of the listed companies in China in the performance evaluation of transnational M&A and its influencing factors, from the perspective of the government and enterprises with suggestions to improve the transnational M&A performance of Chinese enterprises.The domestic research of transnational M&A mainly focuses on the situation, motivation, and related legal issues of transnational M&A. On the empirical research aspect, the study is mainly on the performance of foreign acquisition and related issues. Therefore, the related research on the enterprises’performance of multinational M&A in China will be more meaningful. Moreover, in the evaluation of empirical results of transnational M&A performance, most scholars only carry out the overall sample analysis, through different analysis and then draw conclusions, on this basis, to analyze the performance changes before and after transnational M&A from the three aspects of the industry, M&A subject and location respectively. Since the classification analysis can show some data is not easy to convey through general information, this paper studies the classification of samples for analysis of cross-border M&A performance has a complementary role.