Cross-border M&A Effect And Its Influencing Factors Based On Enterprise Level

With the acceleration of the world economic integration,Chinese enterprises have gradually joined the tide of overseas market competition.Among them,cross-border M & A is the most commonly used way of participating in international competition.2008 US subprime mortgage crisis swept a number of countries,to the international economic development has brought a heavy blow,but the crisis is often hidden vitality.In this environment,many Chinese companies to seize the opportunity to rely on cross-border M & A way to grab the international market and international resources.However,China's enterprises are not experienced in cross-border M & A,not only participate in a short time,but also participate in a relatively low level,some companies do not understand their own development strategy blindly carry out cross-border M & A activities,Under the hidden dangers.Therefore,the author believes that we need to analyze the cross-border mergers and acquisitions and its influential factors in the effort,based on the development of domestic enterprises to explore China's enterprises in cross-border M & A activities encountered problems,and how to solve the problem of rationalization Of the recommendations.The six chapters of this paper can be divided into four parts.The first part(chapters 1 and 2)mainly explains the background of cross-border M & A,introduces the research value of this paper,puts forward the research framework,literature.The second part(chapter three and chapter four)analyzes the effect of M & A in the target enterprise selection from the perspective of synergetic theory,transaction cost theory,undervalued valuation theory,resource-based view theory and organizational learning theory.,Financing,target enterprise value and risk assessment,resource integration and other aspects of the key and difficult.The third part(chapter five)chooses the successful case of Jinjiang international acquisition of French Louvre,introduces the M & A motive and M & A process of the case,analyzes the M & A effect of this case,and sums up Jinjiang international success The main reasons for cross-border M & A.The fourth part(chapter six)summarizes the factors that affect the success or failure of cross-border M & A of Chinese enterprises,and gives some suggestions on how to solve these problems in the first,middle and later stages of M & A.