The Research On The Cross-Border Merger And Acquisition Of Chinese Agrochemical Enterprises

With the acceleration on the process of economic globalization,as one of the important form of foreign direct investment(FDI),cross-border mergers and acquisitions(M&A)gradually become a major means for Chinese enterprises of their "Go global" strategy implementation.Reviewing global agrochemical industry,it is in a downturn in recent three years.The world’s major commodity prices have different degrees of decline and the food prices is going down continuously in last four years.This gave an opportunity for agrochemical industry to integrate and triggered a wave of M&A in multinational agrochemical companies.Along with the steady growth of the China economy,Chinese agrochemical enterprises have made remarkable progress in financial and operational capability.They become an unneglectable force in cross-border M&A waves.Firstly,this thesis teases out the theory of cross-border mergers and acquisitions,and then expounds the types and motives of cross-border M&A.Meanwhile,the thesis highly summarizes the current status and competition of agrochemical industry at home and abroad,tries to explore the significance and challenges in implementing cross-border M&A of Chinese agrichemical enterprises.Then,using the method of case study,the author selects a private leading enterprise in Beijing as an object,sums up the gains and losses of its cross-border M&A activities.In the end,the thesis focuses on ChemChina,who is the representative of state-owned enterprises,analyzes the motivation,difficulty and risk prediction through the detail process of two cross-border M&A cases.With the enlightenment and reference of ChemChina cases,the author aims to provide constructive advices and proposals to the Chinese enterprises for their future cross-border M&A activity.