Research On The Operating Performance Of Chinese Enterprises' Cross-Border M&A

In recent years,with the rapid development of Chinese economy,more and more Chinese local enterprises began to go abroad for the international market share,and the most common way of investment is the cross-border mergers and acquisitions.Local companies hope to be able to maintain the market competitiveness by cross-border M&A,but is it true?What will happen to the business performance of local enterprises after the cross-border M&A?And how to improve the performance of local enterprises after mergers and acquisitions?It is really a tough problem for our Chinese local enterprises,the purpose of this paper is to answer these questions for Chinese enterprises by the empirical analysis of company samples,In this paper,with the help of accounting research,I took 23 Chinese listed companies from2005 to 2015 as the research sample in order to analysis the business performance problem after the cross-boder M&A,combined with the actual case study analysis.We select five evaluating indicator to reflect the company financial performance after the cross-border mergers and acquisitions.They are operation L-evel?the ability of solvency?business development level?profitability?wealth of Shareholder.The paper structures each sample company's comprehensive financial performance score function and the sample companies are also discussed in diverse ways.Research result shows that Chinese enterprises performance level after cross-border M&A is not very good.It also shows that Chinese enterprises' cross-border mergers and acquisitions can not bring positive business performance.Results of classification discussion show that business performance of state-owned enterprises and the companies which belong to second industry is not very satisfied,However the performance of the private enterprises and the third industry companies has been improved after the cross-border M&A,these achieved a positive performance improvement.At the end,the paper gives advice about how to improve the financial performance after cross-border M&A for companies themselves and the government,hoping to provide theoretical guidance and support to the Chinese local enterprises'mergers and acquisitions.