Study On The Relationship Between The Nature Of Enterprises And The Time Pattern Of Chinese Enterprises’ Overseas M&A

With the development of China’s economy,the scale of Chinese enterprises’ overseas mergers and acquisitions is gradually rising.From 1997 to 2017,the scale of Chinese enterprises’ overseas mergers and acquisitions increased from $185 million to$155.8 billion,indicating the rapid development of overseas mergers and acquisitions.However,in sharp contrast to the rapid development of M&A scale is the high failure rate of M&A.According to the 2016 Corporate Overseas Financial Risk Management Report,less than 20% of overseas mergers and acquisitions actually succeed! What factors have led to the poor performance of Chinese enterprises in overseas M&A?Existing studies have found that differences in time management of enterprises will lead to differences in M&A performance.When enterprises adopt different M&A speeds and rhythms,different M&A performance will be produced.Therefore,it is very necessary to present the rules of Chinese enterprises’ overseas M&A activities through the time dimension.Therefore,this paper combines the two variables of M&A speed and M&A rhythm to construct the concept of "time pattern",in order to clearly depict the time management mode of Chinese enterprises’ overseas M&A activities.Furthermore,enterprises of different natures have great differences in M&A motivation,risk awareness and other aspects,which affect their learning ability and effect.Will these differences affect their choice of different speed and rhythm to initiate M&A? These issues have not been discussed in previous studies.Therefore,studying the time pattern selection of enterprises of different natures in overseas M&A and analyzing the influence mechanism can help enterprises of different natures to plan overseas M&A strategies.To sum up,this study focuses on two issues: first,what time patterns exist in Chinese enterprises’ overseas M&A;Second,the different nature of the enterprises respectively in what time patterns to launch overseas M&A.This study consists of seven chapters.The first chapter is the introduction,which expounds the research background,research significance,research content and framework,research methods and research innovations.The second chapter is the theoretical basis and literature review,which states the three main theories used in this study,and sorts out the relevant literature on Chinese enterprises’ overseas M&A and the relevant literature on overseas M&A from the perspective of time.The third chapter is the empirical part of the research on the time pattern of Chinese enterprises’ overseas M&A.Through the empirical analysis of the data of Chinese enterprises’ overseas M&A during 1982-2017,it shows the existing time pattern of Chinese enterprises’ overseas M&A.The fourth chapter is about the influence mechanism of the nature of enterprises on the time pattern of Chinese enterprises’ overseas M&A.It sorts out the influence mechanism of the nature of enterprises on the speed and pace of M&A respectively,and gives the hypothesis on the choice of the time pattern of overseas M&A by enterprises of different nature.The fifth chapter verifies the hypothesis of the previous chapter through empirical means,and obtains the results of different nature of enterprises in overseas mergers and acquisitions of time mode selection.The sixth chapter is the part of countermeasures and suggestions.According to the influence mechanism and empirical results above,suggestions are given to the overseas mergers and acquisitions of enterprises of different nature.The last chapter is the conclusion and prospect,which summarizes the conclusion of this research,and also includes the shortcomings of the research and the prospects for the future.The findings are as follows: 1.There are 10 time patterns in Chinese enterprises’ overseas M&A,and each time pattern is different in the speed and regularity of M&A pace.2.The nature of enterprises affects the choice of M&A target and finally the speed of M&A by influencing the motivation of M&A;The different nature of enterprises will lead to the difference of M&A resources,and then affect the risk awareness of enterprises,and finally affect the pace of M&A.3.Central enterprises tend to choose the "regular mode" with medium speed and regular characteristics;Local wholly stateowned enterprises tend to choose the "rough and bold mode" with the characteristics of high speed.Private enterprises tend to choose "normal mode" and "model representative mode" characterized by high speed and high regularity.There are four kinds of time patterns selected by local state-owned holding enterprises,including the selection results of central enterprises and private enterprises.The theoretical contribution of this study lies in that it presents the phenomenon of Chinese enterprises’ overseas M&A based on the two time dimensions of M&A speed and M&A rhythm,which enricfies and expands the theory of transnational M&A.This paper analyzes how the nature of the firm influences the formation of time pattern and expands the theory of system and strategic organization management.The practical significance of this study is to help Chinese enterprises of different natures to better manage the time in overseas M&A,plan the M&A mix with a more ideal time pattern,so as to achieve better learning performance and improve the performance and achievement of overseas M&A.