Study On The Transformation Motivation And Effect Of Overseas Operation Strategy Of State-owned Listed Companies

Since the mid-1990 s,China has implemented the strategy of "going global".Especially in 2013,after China put forward the "One Belt And One Road" strategy,China's enterprises are increasingly active in international operation,overseas investment and mergers and acquisitions,under the guidance of China's policies.By "going out",Chinese enterprises can not only obtain resources,still can obtain the international advanced technology and management experience,market,integration of industry chain and other resources,and access to financial investments,dispersion and hedge risk at the same time.This article selects "neighbourhood" all the way along the typical cases of transnational mergers and acquisitions,cosco shipping m&a Greece than the port project,analysis of the enterprise from a franchise operation strategy to strategic shift reason of vertical integration strategy,m&a events market reaction and financial performance.It is found that the political and economic environment,transaction cost and synergistic effect are the main reasons for cosco to acquire Greece.Investors are optimistic about cosco shipping,but the response to the vertical integration is more negative.Financial analysis shows that the short-term financial performance of m&a is relatively optimistic,but long-term financial performance remains to be seen.At the end of this paper,some Suggestions on the risk of overseas investment are put forward based on the influence of cosco shipping strategy.This paper has enriched the relevant case studies on the foreign investment of state-owned enterprises under the background of One Belt And One Road,and has certain reference significance for the overseas investment and acquisition activities of state-owned enterprises.