Research On Performance Evaluation And Influencing Factors Of Cross-border M&A Of Chinese Enterprises Along The Belt And Road

With the development of economic globalization and the progress of science and technology,cross-border merger and acquisition has become a mainstream way for Chinese enterprises to open the door to the international market.In the past decades after the reform and opening up,the growth of global production has been largely realized through this mainstream way.In September 2013,When President Xi Jinping visited Kazakhstan and ASEAN,he proposed the Belt and Road Cooperation Initiative.This initiative brings new opportunities for Chinese enterprises’ cross-border mergers and acquisitions,and will also lead Chinese enterprises’ cross-border mergers and acquisitions to a new stage,which will drive the economic development of China and countries along the Belt and Road.Therefore,it is particularly important to study the cross-border M&A performance of Chinese enterprises to enterprises in countries along the "Belt and Road" and its influencing factors.The thesis first summarizes the domestic and foreign research the "Belt and Road"initiative,cross-border M&A performance and influence factors of the literature,secondly introduces the "Belt and Road" initiative,and cross-border mergers and acquisitions related classical theory,summarizes the Chinese enterprises along the "Belt and Road" of the present situation of the cross-border mergers and acquisitions.The next is the empirical research of the article,mainly divided into two parts:The first part describes the short-term performance,long-term performance and M&a efficiency of sample enterprises for cross-border M&A along the "Belt and Road" and their changes through event study method,entropy method and data enveloping analysis method.The second part deconstructs the factors influencing the cross-border M&A performance of countries along the belt and Road,and empirically tests the nine factors by using multiple regression method.The thesis draws the following conclusions:(1)the cumulative excess return rate of the sample enterprises is positive,which indicates that Chinese enterprises can obtain positive market effect on cross-border m&a along the "belt and road" in the short term.(2)The results obtained by the entropy method show that the M&A performance of the sample enterprises decreases in the year of M&A,and increases in the first year and the second year after M&A.In general,The long-term performance of Chinese enterprises for cross-border M&A along the Belt and Road shows an obvious "V-shaped" trend.(3)The results obtained through data envelopment analysis show that from one year before the merger to two years after the merger,the production efficiency of the enterprise gradually presents a decreasing trend.(4)The results of multiple regression test show that the military development level of the host country is a significant factor influencing the short-term performance growth of cross-border M&A enterprises along the "Belt and Road" and presents a negative impact.The size of the M&A partner has a significant positive impact on the performance growth of Chinese listed companies in the year of M&A in countries along the belt and Road.The economic development level of the host country and the informatization development level of the host country are both significant factors influencing the performance growth of Chinese listed companies in the year after M&A in countries along the Belt and Road.The former has a negative impact while the latter has a positive impact.Finally,after theoretical and empirical research,relevant policy suggestions are put forward for Chinese enterprises regarding cross-border M&A along the "Belt and Road" from the three aspects of external environment,enterprises and transactions.