Research On The Performance Of Cross-border M & A Of Chinese Enterprises-Enterprise Performance And Supply Network Location Perspective

With the acceleration of China’s "opening to the outside world",the internationalization of Chinese enterprises is deepening,and they play an increasingly important role in the international stage.At present,Chinese enterprises are moving forward to the front of the global value chain and are in a period of transformation from capital driven enterprises to innovation driven enterprises.One belt,one road initiative and new development concept will lead China to further implement the policy of opening to the outside world and deepen trade and economic cooperation with other countries in the future.As an important channel for Chinese companies to enter the international market,cross-border M & A is one of the important internationalization strategies of enterprises.Therefore,what achievements Chinese enterprises have made in cross-border M & A has also become the focus of scholars’ research.M & A performance is one of the important indicators to measure the success or failure of cross-border M & A.therefore,this paper uses short-term market performance,long-term financial performance and supply network location to explore the performance of enterprises after cross-border M & A under different ownership and different motivation.Based on the information signal transmission theory,this paper analyzes the transmission mechanism of cross-border M & A to enterprise supplier and customer performance.Using structural hole and centrality index to construct enterprise supply network location,and observe the change of supply network location before and after cross-border M& A.This paper combines CSMAR global M & A database and wind database,selects the micro data of cross-border M & A of Chinese A-share listed companies from 2013 to 2018,uses the information of the top five suppliers and customers of A-share listed companies from2013 to 2018,and uses the social network analysis method to construct the supply relationship network.The conclusions are as follows: first,cross-border M &A has achieved a significantly positive cumulative excess return.Second,cross-border M & A has not achieved significant financial performance growth.Third,cross-border M & A of non-state-owned enterprises has achieved a significantly positive cumulative excess return rate in the short term,while the cumulative excess return rate of state-owned enterprises is not significant;Cross border M & A of non-state-owned enterprises has achieved a significantly positive cumulative excess return in the short term,while the cumulative excess return of state-owned enterprises is not significant.Fourth,in the long run,the supply network location of state-owned enterprises has been significantly improved after cross-border M & A,but the supply network location of non-state-owned enterprises has become worse.Fifth,the short-term market performance of cross-border M & A motivated by the layout of global supply chains is poor,but the long-term supply network position of state-owned enterprises has been significantly improved.The research results of this paper show that the motivation choice of cross-border M & A between state-owned enterprises and non-state-owned enterprises is different.The M & A of non-state-owned enterprises is more inclined to pursue the growth of short-term market performance,and the cross-border M & A of state-owned enterprises is more inclined to obtain the control over the industry and industrial chain.While enriching the relevant research of cross-border M &A in China,it puts forward reasonable suggestions on the current policy adjustment of cross-border M & A in China...