An Evaluated Research On Transnational M&A Performance Of Resource Based Enterprises In China

Compared with western countries,cross-border mergers and acquisitions of resource-based enterprises begin late in China.Over the past ten years,China's cross-border mergers and acquisitions of resource-based enterprises have both successes and failures,but whether successful or not,these cases have provided valuable experience and lessons for enterprises in the future cross-border mergers and acquisitions activities.How about the impact of cross-border mergers and acquisitions of resource-based enterprises on enterprise performance? This issue has aroused widespread concern both in business and academia.Because of the high risk of cross-border mergers and acquisitions,whether through cross-border mergers and acquisitions can improve the performance of enterprises,the academic circles have been controversial about this issue,and the results are not consistent.Based on this,this article will start from the financial point of view,research on the following issues: China's resource-based enterprises cross-border mergers and acquisitions performance levels? Has the performance of resource-based enterprises been significantly improved after the completion of cross-border mergers and acquisitions? In view of the related problems of cross-border mergers and acquisitions of resource-based enterprises in China,this paper conducts theoretical and empirical research,which has profound guiding significance for cross-border mergers and acquisitions of resource-based enterprises.This research mainly based on the following logic: firstly,in the theoretical analysis part systematically elaborated the domestic and foreign scholars research on cross-border mergers and acquisitions performance problems,and the previous research are summarized and analyzed.On the basis of theoretical research,the western theories and the situation of our country is fully integrated,the uniqueness of resource-based enterprises is studied,forming a situation analysis of China's resource-based enterprises transnational mergers and acquisitions in this module.It lays the foundation for the empirical analysis of this paper.Secondly,in the part of empirical analysis: 55 resource-based enterprises 2005-2014 years to participate in cross-border mergers and acquisitions of financial performance as the research object,9 financial indicators are selected to reflect the profit ability,operation ability,development ability,solvency and profitability of shareholders,builds the financial index system of transnational merger and acquisition of enterprises performance measurement of thesample.Comprehensive use of financial index method and factor analysis method,for two years,before the sample enterprises transnational mergers and acquisitions one year before the MampA MampA year after the merger,a year and two years after the merger of a total of 5period financial performance were investigated.The results are as follows:(1)the overall trend analysis found that in the 5 period,the sample enterprise transnational merger and acquisition performance fluctuates greatly,two years before the merger,a year before the merger and acquisition of the year,the comprehensive performance scores of the sample enterprises continued to decline.In the year of mergers and acquisitions,the decline is particularly significant,the decline rate is as high as 39%,and the comprehensive performance score of merger and acquisition reached the lowest point of the 5 inspection period.After a year of mergers and acquisitions,the performance has been greatly improved,with an increase of 31%.After two years of mergers and acquisitions remained the upward trend of the previous period,but the rise slowed down to only 19.3%.(2)on the basis of comprehensive performance scores,we made a significant test on the performance changes of sample enterprises before and after cross-border mergers and acquisitions for 5 years.The results show that the enterprise performance has not been improved within 1-2 years after the completion of the merger.Compared with the previous two phases of mergers and acquisitions,the performance of sample M & A has significant difference,and the t test is adopted.No significant difference was found between the other periods and the corresponding period of inspection,and the t test was not carried out.Thus,after the completion of cross-border mergers and acquisitions,resource-based enterprises performance has not been significantly improved.(3)after evaluating the transnational mergers and acquisitions of single sample events,we found that the successful rate of cross-border mergers and acquisitions of sample enterprises was only 30.9%.Considering the diversity of factors affecting cross-border M & a performance,it is impossible to judge the contradiction between transnational mergers and acquisitions only from the comprehensive performance score.Based on this,this article based on the comprehensive performance score,starting from the micro level,the type of acquisition,mergers and acquisitions experience payment,the shareholding ratio of state-owned shares,the acquisition transaction proportion,the scale of the six indicators as explanatory variables,the score of comprehensive performance a year after the merger as explanatory variables,through multiple linear regression analysis on the influence of the six factors of China's resource-based enterprise transnational merger and acquisition performance test.The regression results show that the three variables,namely,the experience of mergers and acquisitions,the mode of payment and the proportion of state-owned shares,have passed the t test,and have a significant impact on the performance of cross-border mergers and acquisitions of resource-based enterprises in China.The other three variables have not passed the t test,and have no significant influence on the performance of cross-border mergers and acquisitions of resource-based enterprises in China.The research conclusions are as follows:(1)have a significant positive impact of mergers and acquisitions experience transnational merger and acquisition performance of sample enterprises,namely,transnational merger and acquisition of more experience,enterprise's transnational merger and acquisition performance is better;(2)have a significant negative impact on payment of cross-border M & A performance of sample enterprises,namely cash payment and resource type the enterprise transnational merger and acquisition performance is negatively correlated;(3)have a significant negative impact on the proportion of state-owned shares transnational merger and acquisition performance of sample enterprises,transnational mergers and acquisitions performance of state owned holding company;(4)phase of mergers and acquisitions has positive effects on Enterprise transnational merger and acquisition performance,but this effect is not significant;(5)had a positive effect on the acquisition ratio of cross-border MampA performance of sample enterprises,but this effect is not significant;(6)the transaction size of sample The performance of cross-border mergers and acquisitions has a negative impact,but this effect is not significant.Finally,in the countermeasures and suggestions section: Based on the results of empirical analysis,in view of the improvement of cross-border mergers and acquisitions performance of resource-based enterprises in China,the timeliness of strong countermeasures and suggestions.Specific suggestions are as follows:(1)with the introduction of cross-border mergers and acquisitions experience;(2)pay attention to the diversification of payment;(3)improve the governance structure of state-owned enterprises,improve the integration performance;(4)related to the acquisition,careful selection of mixed mergers andacquisitions;(5)based on a full understanding of the target enterprise.And increase the purchase ratio;(6)rely on the advantages of the enterprises themselves have bargaining power,improve the performance of mergers and acquisitions;(7)and the main enterprises should pay attention to choose diversified regional mergers and acquisitions.It is hoped that this research will guide the practice of cross-border mergers and acquisitions of resource-based enterprises in China.