Performance And Influencing Factors Of Cross-border M&A Of Chinese Listed Companies

With the significant enhancement of economic strength of our country,consistent accumulation of industrial capital of enterprises and changes of the international economic environment,the OFDI of our country is increasing dramatically in recent years.The question is,how is the performance of M&A and what factors are influencing on the performance of M&A? The importance of answering this question has been ever more prominent as enterprises are running more and more M&A.To answer this question,this thesis paper firstly reviews the history of M&A and present the current situation of M&A from the perspectives of size,number,location,industry,and etc,analyzing the motivation of M&A at the meantime.After that,this thesis paper reviews the relevant literature of M&A.This thesis paper tries to measure the performance of M&A by using the method of Main Factor Analysis and Event study.The result indicates that M&A doesn't bring changes to the financial performance of enterprises but do realize positive shareholder effect to the enterprises.As to the influencing factors,this thesis paper has tested by MLR factors that reflects company's financial situation,industrial short cycle punctuation and economic environment features of host country.Except for conducting quantitative research,this thesis paper has also conducted the case study,selecting the M&A of Wanda and AMC as the tyFig.al case for analysis by constructing the Strategy-capability(environment)framework.The case study indicates the market and policy environment,capability of corporate finance,governance and operation would significantly impact on the formation of strategy awareness,strategy motivation,strategy implement and strategy risks.At the end,this thesis paper summarize the results and propose some advice for government and enterprises,in hope of offering some experience for future M&A.