| In recent 40 years of reform and opening up,the real economy of China has been growing rapidly,"One Belt and One Road" policy has benefited the whole world.With the support of policy and the enhancement of its own strength,overseas M&A has become an important way for Chinese enterprises to integrate into the international market quickly.Which further drives private enterprises to turn their attention to overseas M&A,so as to realize the need of enterprises to obtain high-quality resources,to learn advanced technologies and explore the international market.Whether an enterprise can effectively integrate resources and overcome cultural differences to achieve sound development after M&A has become the focus of the operators,managers and regulators.Therefore,it is very important to study whether the overseas M&A of enterprises can bring good performance and benefit the long-term development of enterprises.This paper first introduces the overseas M&A cases of CMOC,including enterprise profile,M&A motivation and M&A business situation.Then,it analyzes the performance of overseas M&A from both short-term and long-term aspects.Event research method is used to build the model,and the trend of cumulative excess return rate of stocks involved in M&A is analyzed with emphasis.Finally,the market performance of M&A is obtained.In addition,the long-term performance of overseas M&A of CMOC was analyzed from the aspects of profit,debt paying,operation,realization and growth ability by combining the catastrophe progression method.The analysis results show that:(1)The overseas M&A and listing events of CMOC have a significant impact on the stock price changes and bring about a positive cumulative excess return rate,which has a good short-term market reaction.(2)M&A events have a negative impact on the company’s operation,liquidity and growth ability,and its performance declines.Accordingly,the enlightenment of this case analysis is summarized:(1)Accurately grasp the policy direction,accelerate the enterprise to achieve the "go out" strategy;(2)Carefully select the target of M&A to achieve mutual benefit;(3)Reasonable choice financing way,optimize enterprise capital structure. |
