Research On The Performance Evaluation And Influencing Factors Of Transnational Mergers And Acquisitions

In recent years,There has been a wave of cross-border mergers and acquisitions in China.More and more domestic enterprises choose to invest abroad in the way of cross-border m&a.Transnational merger and acquisition has become an important way for Chinese enterprises to go to the world.So,cross-border mergers and acquisitions for domestic companies,Does the advantage outweigh the disadvantages,or does it do more harm than good?Transnational mergers and acquisitions are beneficial to accelerate the capital reorganization of Chinese enterprises.Optimize resource allocation,Scale effect,Enhance the core competitiveness of enterprises.However,we cannot ignore the potential risks and problems.Cross-border m&a is a double-edged sword.Whether the enterprise can effectively improve its business performance after the merger and acquisition,How to prevent risk,how the resources are integrated,it is a problem that enterprises cannot ignore.Firstly,this paper elaborates the research background from the current situation of the world and China.Combining with the relevant policies of our country,the theoretical and practical significance of the research are put forward.And on the basis of reading a lot of literature,The research results of domestic and foreign scholars in related fields are summarized.This paper takes the cross-border m&a events of domestic listed companies from 2005 to 2014 as the sample database.According to relevant principles,177 cases of cross-border m&a are selected as samples of empirical analysis.Comprehensive use of accounting research and factor analysis,The performance of transnational mergers and acquisitions of listed companies in China is analyzed.The results show that the transnational and purchase of domestic enterprises cannot promote the performance of enterprises.It has a negative impact.Based on this,The paper also constructs a multivariate regression model to explore the influencing factors of cross-border m&a performance.From the company level,the m&a process and the national level,11 indicator variables,including the nature of the company,are selected as independent variables.In the window period,the company's comprehensive performance score is the dependent variable.Conclusion:m&a size,equity transfer ratio,Z value,ownership concentration,asset size of m&a party and relative strength of RMB all have a positive impact on the performance of cross-border m&a.However,the company nature and the tobin Q value will have a negative impact on the performance of transnational m&a.In addition,The m&a mode,industry relevancy and the economic situation of the host country have not significantly affected the performance of transnational m&a of Chinese enterprises.Combined with the results of empirical analysis,In view of the problems existing in transnational mergers and acquisitions of Chinese enterprises,At the end of the paper,the author gives the Suggestions of Chinese enterprises engaging in cross-border m&a from the perspective of government and enterprises.Providing some reference for the decision-making of enterprises.