Empirical Research On The Influence Factors Of Overseas Mergers And Acquisitions Of Chinese Listed Companies

In recent years,driven by the "One Belt And One Road" strategy,relevant policies and supporting measures have been issued,and more and more Chinese enterprises have targeted the international market.The purpose is to enhance the competitiveness of enterprises by integrating existing resources through overseas mergers and acquisitions and occupying overseas market share.The "China premium" phenomenon is striking as the number of overseas mergers and acquisitions in Chinese companies continues to climb.The reasons why Chinese companies are willing to pay a high premium and affect the overseas m&a premium of Chinese companies will be discussed in depth in this paper.Based on China's current overseas m&a boom as the breakthrough point,the problem of m&a premium on China's overseas m&a environment,based on mergers and acquisitions related theories such as information asymmetry theory,the economic synergy theory,free cash flow hypothesis,management overconfidence hypothesis to put forward the research hypothesis,A 2010-2010 successful overseas mergers and acquisitions of 118 Chinese a-share listed companies as samples to establish related model,through empirical research concluded that mergers and acquisitions both sides of the degree of information asymmetry,free cash flow,management overconfidence and overseas m&a premium rate present positive correlation.At the end of the paper,some Suggestions are put forward,and the m&a enterprises should make a detailed and realistic appraisal of the target enterprise value and reduce the information asymmetry.We should improve the modern enterprise management system and improve the management incentive mechanism.Scientific and effective decision-making mechanism should be established to avoid excessive executive power.The overseas m&a strategy should be flexibly applied,and the overseas m&a should be conducted through multiple channels.