Analysis Of Motivation And Performance Of Private Enterprises In Overseas M&A

Overseas M & A as a strategic tool for enterprises "going out", Increasingly favored by Chinese enterprises. Review of China’s overseas M & A process, from 2000 years to 2011, The total trade from S1,776 billion to S1,776 billion, The rapid increase of quantity and amount are amazing.At December 8,2004, Lenovo’s S1.25 billion purchase of IBM’s PC business, Lenovo ranking rose from the ninth to the third at the global PC market; in April 2009, Geely Automobile acquired the world’s second largest automatic transmission manufacturer DSI companies in Australia, March 28, 2010, Geely acquired Volvo successfully again. Seen from the main state-owned enterprises M&A, the private enterprises overseas M&A arrived. Compared with the state-owned enterprises, although private enterprises overseas investment and acquisitions Willingness and ability is growing, but lack of government support and Lack of access to information and resources, All of these lead to private enterprises in overseas mergers and acquisitions activity is weak, vulnerable to failure.This article adopts the method of theory analysis combined with case study research.In theory part, Review of a large number of literature at home and abroad,and make generalizations, using the theory of efficiency, investment cycle theory, agency theory and the theory wave of M&A to analyze the enterprise overseas M&A Types, ways and motivation. In case analysis part, the case of Shuanghui international’s acquisition of Smithfield as the research object, based on the Mergers and acquisitions motivation, process and characteristics, Compared the corporate earnings changes before and after M&A, And then reveals the reasons from the success of M&A. Finally, combing case study results and enlightenment.In this paper, the research emphasis is the motivation of private enterprises overseas M&A and its effect on the performance of acquirer. On the analysis of the performance impact based on the financial perspective, Measure of M & A to take the economic value added for acquirer, then Combining the theory of M & A at home and abroad and value evaluation system, From the perspectives of internationalization strategy, integrated development of overseas M&A impact on corporate operating performance, then explore the reasons for the success of M & A.In this paper, the main structure consists of the following several aspects:the first chapter is introduction, Discussed in this paper, the case study of the selected topic background and the selected topic significance, Systematic arrangement at this stage at home and abroad for the study of this issue, To lay a good theoretical basis for the next analysis. The second chapter is the introduction to the theory of M&A and overseas M&A. First, according to the present stage of research results, Explains related concepts of M&A and overseas M&A, Combined with practical problems to introduce the present main overseas M&A a types. Second, Introduced the existing way of overseas M&A. At last, the analysis enterprise acquisitions overseas general motivation. Above is the theory part of the article. The third chapter is Introduction to the case of Shuanghui international’s acquisition of Smithfield, introduce the basic situation of M&A both companies. Secondly points six steps to introduce the progress of the case. The fourth chapter is the reason and performance evaluation the case. The fifth chapter is combined with the above theory and case analysis results in this paper, we study conclusions and enlightenment for private enterprises overseas M&A...