Research On The Performance And Influencing Factors Of Cross-border M&A Of Listed Companies In My Country's Automobile Industr

China’s automobile industry has been developing continuously and has made great progress since its inception in the 1950 s.China has now become the largest automobile country in the world in terms of automobile production and sales.The automobile industry has also become an important driving force to promote China’s economic development.With the promotion of the wave of economic globalization and the support of China’s “going out”strategy,China’s automobile enterprises actively carry out cross-border mergers and acquisitions to enter the international market.The complexity and implementation risk of crossborder M&A procedures are relatively high,and the integration difficulty is relatively high,there is no unified conclusion on the change of performance level of Chinese enterprises after cross-border M&A.However,in the highly competitive international auto market,the performance of cross-border M&A of China’s auto enterprises is affected by many factors in the complex cross-border M&A and subsequent integration.Therefore,China’s auto enterprises need to comprehensively consider and vigorously improve their performance.First of all,this paper takes the successful cross-border mergers and acquisitions of listed companies in China’s automobile industry from 2010 to 2019 as a sample,and constructs the performance evaluation system of cross-border mergers and acquisitions through factor analysis of the financial indicators of the four dimensions of the enterprise’s profitability,development ability,operating ability and solvency.It is found that the performance of listed companies in China’s automobile industry rose in the year and one year after the merger and acquisition,and declined in the two years after the merger and acquisition,but it is still higher than the year before the merge.It can be seen that the performance of cross-border mergers and acquisitions of listed companies in China’s automobile industry has shown the characteristics of rising first and then declining,but improving overall.Then,analyze the factors that affect the performance of cross-border mergers and acquisitions of listed companies in China’s automobile industry from the external environment level and the enterprise’s own level,and further construct a multiple regression model found that the differences in institutional environment have a positive effect on the performance of cross-border mergers and acquisitions of listed companies in China’s automobile industry;while cultural distance has a negative effect,but is not significant;The scale of M&A has a significant negative effect on the performance of cross-border M&A of listed companies in China’s automobile industry;Cash payment and cross-border M&A experience have no significant positive effect on the performance of cross-border M&A of listed companies in China’s automobile industry.Finally,in the case of Bohai Motor’s merger and acquisition of German TAH,the main motives of Bohai Motor’s merger and acquisition include weakening external risks and reducing transaction costs;Expand product categories and strengthen market power;Integrate resources to achieve synergy.This paper analyzes the changes in the profitability,development ability,operation ability and solvency of Bohai Motor after the merger and acquisition,and expounds the possible impact of the factors contained in the external environment and the enterprise itself on the performance of Bohai Motor after the merger and acquisition.The further improvement of the performance of China’s automobile enterprises’ crossborder M&A needs to be made from various aspects.From the perspective of the government,the government needs to build a transnational information service platform for enterprises and expand the channels for enterprises to obtain information;The government needs to improve the insurance and financing system for cross-border mergers and acquisitions and reduce the risks of mergers and acquisitions.From the perspective of enterprises themselves,enterprises need to strengthen resource integration and optimize resource allocation;Face up to cultural distance and reduce cultural conflicts.