The Impact Of Transaction Characteristics On The Performance Of Chinese Enterprises' Cross-border M&A

China's foreign direct investment has gone through more than 40 years of reform and opening up,and the process of internationalization is increasing day by day.Enterprises have used cross-border mergers and acquisitions to increase their influence and competitiveness in the international field.The number of cross-border mergers and acquisitions is increasing day by day,and the weight of foreign direct investment has also increased.Chinese companies often use different methods to conduct transactions in the process of cross-border mergers and acquisitions.To a certain extent,differences in transaction characteristics have a certain impact on changes in corporate performance.From the perspective of transaction characteristics,this article explores transaction characteristics and Chinese companies' cross-border mergers and acquisitions.The relationship between performance changes.The article first discusses the status quo of Chinese companies' cross-border mergers and acquisitions and the impact of transaction characteristics on them.Based on the above analysis,we select Chinese companies that completed cross-border mergers and acquisitions in 2012-2015 as a sample for analysis.Based on corporate financial data from 2 years before mergers to 4 years after mergers,we use factor analysis to explore the short-term and mid-term performance of companies year by year.And long-term changes.A multiple linear regression model is adopted to explore the impact of payment methods,relative M&A scale,correlation attributes and industry attributes on the short-term,mid-term and long-term performance of cross-border M&A.The research results show that:(1)Compared with the arithmetic average of corporate cross-border M&A performance in the two years before M&A,the performance of M&A in the year increased slightly,and the performance in the first and second years after M&A showed a downward trend due to various reasons such as corporate integration.This trend reversed in the third and fourth years after M&A,and broke through before and in the year of multinational M&A.(2)The choice of payment method is different,and the results of the performance of Chinese companies' cross-border mergers and acquisitions are also different.Cash payment is used for settlement,and the performance after cross-border mergers and acquisitions is lower than that of other payment methods.(3)The difference in the relative scale of mergers and acquisitions is also one of the reasons for performance changes.The larger the relative scale of mergers and acquisitions,the more abundant resources can be used,which helps to improve corporate performance.(4)Non-related M&A is compared to related M&A.Non-related mergers and acquisitions are transactions between two parties in a fair and just environment.It is a market behavior and the content of consideration is more complete,which promotes the improvement of the performance of both parties.(5)The influence of industry attributes on the performance of companies' cross-border mergers and acquisitions is minimal.Based on the above conclusions,this article puts forward corresponding policy recommendations:(1)Formulate and improve relevant laws and regulations on mergers and acquisitions.(2)Encourage diversification of payment methods.(3)Rationally choose the characteristics of M&A transactions.(4)Strengthen the integration after cross-border mergers and acquisitions.