An Empirical Study On The Impact Of Overseas Mergers And Acquisitions On Corporate Financial Performance And Innovation Performance

Under the influence of these conditions such as the introduction of the national strategic planning “the Belt and Road”,simplify and relaxation of the corresponding procedures and approval of overseas mergers and acquisitions,the slow growth of the endogenous economy.A considerable number of enterprises began to look overseas,through overseas mergers and acquisitions to find new economic growth point.The layout for overseas M & As provides the possibilities for the acquisition of strategic scarce resources,broaden sales channels and optimize supply chain for purchaser.In recent years,overseas acquisitions of Chinese enterprises have blowout potential.Mergers and acquisitions from the early types of energy,minerals,infrastructure investment to cover the Internet,biomedicine,finance,manufacturing and real estate and other areas of mergers and acquisitions,mergers and acquisitions are growing at an unprecedented speed.There are many researches on the overseas M & As activities in the academic circle,but few empirical studies on the impact of innovation performance,this paper analyses the impact of M & As on the financial performance of enterprises as well as adds the above discussion.Scholars have not yet formed a unified view on whether overseas mergers and acquisitions can enhance the performance of purchasers or not.For Chinese enterprises that are keen on overseas M & As,based on their own reality,considering the opportunities and risks of the acquisition process and analyzing the impact of M & As activities on business results has far-reaching practical significance on them.There is a fierce trend of Chinese enterprises overseas M & As activity.Based on the review of previous studies on overseas M & As,this paper selects all the listed companies,including small and medium-sized board and GEM,which have successfully conducted overseas M & As in 2009-2013 as samples,then it studies the performance of sample firms after overseas M & As and the factors that affect performance.First of all,this paper combs the motivational theories of M & As,defines the research content of M & As performance of the sample,that is,the financial performance and innovation performance of the sample firm.Secondly,this paper analyzes the mechanism of the behavior of M & As on its performance,and then puts forward the hypothesis to explore the cultural differences,industry differences and the experience in M & As on financial performance and innovation performance.Thirdly,this paper studies the impact of overseas M & As on financial and innovation performance through factor analysis and multiple regression model.The research showed that:First,overseas M & As enhances the overall financial performance of enterprises;Second,the overseas M & As between firms with small cultural and industry differences helps to improve financial performance in a short time,but this ability is not continuous;Third,the factor of cultural has no significant influence on M & As innovation performance;Fourth,the influence of industry relevance to M & As innovation performance may differ from different enterprises board;Fifth,enterprises with M & As experience have better financial performance and innovation performance than those that has no relevant experience.Finally,this paper puts forward some suggestions from the enterprise level based on the empirical research results.