The Research On The Performance And The Factors Of The Cross-border M & A Chinese State-owned Enterprises

The eighteenth congress of the Chinese communist party pointed out that the state-owned enterprises should carry out the strategy of “going out " and integrated into the trend of development of economic globalization strategy. However, the success rate of the overseas M&A for state-owned enterprises has always been considered is not high, the poor financial performance after M&A is also be well-known. In this paper, the argument problem of financial performance variables before and after the state-owned enterprise overseas M&A is studied. First, the basic theory of overseas mergers and acquisitions at home and abroad, references and related information are studied. Then this paper collects and analyzes the financial data within 15 years before and after the state-owned enterprise overseas mergers and acquisitions of the listed companies, for a total of continue four years of financial reports, selected the full data of the listed 25 state-owned enterprises occurred after 2000 overseas mergers and acquisitions. Then, it uses the factor analysis method by the application of SPSS V22 software, plus the Excel data processing, and obtaining some scientific and objective results. Include: the common factor comprehensive score, before and after for 25 state-owned enterprises overseas mergers and acquisitions, the comprehensive performance scores ranking, finding out the top three M&A performance of enterprises; Through 2 years after the merger or acquisition after 1 year comprehensive performance score difference calculation, using the statistical paired T test, found that the comprehensive performance after the selected state-owned enterprises overseas mergers and acquisitions is without apparent decline, and it is completely in the normal control. Defining that if the integrated performance change of 2 years after the merger is ?0 compared with the integrated performance of 1 year before mergers, the companies are considered as successful, then 52% state-owned enterprises overseas mergers and acquisitions is relatively successful. Defining that the integrated performance score of the 2 years after the merger is ?0, then 64% stateowned enterprises overseas mergers and acquisitions is relatively successful. Defining that the difference of an integrated financial performance change between 2 year after merge and 1 year after merge is ?0, then 56% stateowned enterprises overseas mergers and acquisitions is relatively successful. All successful rates for three definition calculations are >50%, which is opposite the views of 70% failure for China company did overseas mergers. These conclusions will support the enterprise and the governments in the next step of “go out" and will adapt to the economic globalization. It provides the confidence and scientific reference basis. Finally based on overseas M&A performance ranking, Haier Sanyo on the top 3 has been carried on the case analysis. This paper summarizes and abstracts its experience and gives the suggestions to improve the performance of state-owned enterprises after the overseas M&A.