Empirical Study On Performance Measurement And Influencing Factors Of Overseas Mergers And Acquisitions Of Resource-based Enterprises In China

With the rapid development of economic globalization,Cross-border Mergers and Acquisitions has become an important way for enterprises enter the host country market to seek development opportunities and resources.Large-scale cross-border mergers and acquisitions of Chinese enterprises began in the first ten years ago,had reached a peak in 2008,the resource-based enterprises became the main force of China's overseas M&A in this period.The financial crisis hit the economies of Europe and other developed countries but China.Affected by the low purchase price and the support of government,China's resourcebased enterprises had joined the wave of "going out" to conduct overseas M&A.However,under the background of wave of cross-border M&A with vigour and vitality,what are the performance of these companies and which factors could affect the performance of overseas M&A? Those issues have important theoretical and practical significance.At first,this paper introduces the research background,significance,content,methods and innovation.After overviewing the research results of domestic and foreign scholars have made in this field of research achievements of cross-border M&A,this paper put forward own point of view.Then,this paper reviews some classical theories of,and defines the concept of resource-based enterprises.In the part of empirical research this paper,using event study method and factor analysis method to measure sample firms' performance in short-term and long-term,by selecting 15 China's resource-based enterprises which had cross-border M&A activities from 2008 to 2010.The measure results show that: China resources enterprise's overseas M&A event a positive assessment of market and investors in the short term,but the vast majority of sample firms' performance has been greatly decreased in the long term.China's resource-based firms' performance showing a trend of rising first and then decreasing form the comprehensive view.Secondly,this paper uses multiple linear regression analysis method to study the influence factors of performance of cross-border M&A of China's resource-based enterprises,the results are that : those already had experience of cross-border M&A than which's overseas M&A are the first time could obtain better corporate performance;the strength of RMB relative to the country's currency where target firms are and performance of resource-based enterprises have a significant positive correlation;those are able to get pricing of target corps' resource than those are not able could obtain better performance.In the final analysis based on performance measurement and regression results,this paper puts forward some suggestions on how to improve China's resource-based enterprises cross-border M&A performance,hoping to provide a theoretical help for China's resource-based enterprises in the future overseas M&A.