| With the improvement of China’s comprehensive national strength,"going global" has become a major trend in the development of Chinese enterprises.Since the "the Belt and Road" initiative was put forward,the number and transaction amount of mergers and acquisitions of Chinese enterprises in countries along the Belt and Road have increased significantly.Therefore,it is particularly important to study the cross-border mergers and acquisitions of Chinese enterprises along the "the Belt and Road".The correct selection of target companies for cross-border mergers and acquisitions is the first step towards success.It is particularly crucial to select target companies based on the host country,industry,and their own perspectives of the acquired enterprise,and based on the motives of cross-border mergers and acquisitions,and evaluate the selection of merger targets based on their performance after the merger.Firstly,based on the resource-based theory and the theory of enterprise advantage sharing,this paper analyzed the influencing factors of the selection of cross-border M&A target enterprises and the target selection of overseas M&A of logistics real estate enterprises in the context of the "the Belt and Road Initiative",and combed the steps of general cross-border M&A target selection;Secondly,using a single case study method,the representative case of Vanke’s acquisition of Pros in overseas M&A cases is selected,and the selection of target companies for cross-border M&A is studied and analyzed through case studies;Finally,the short-term and long-term performance of M&A is analyzed by using the event study method and the financial indicator method respectively,and the success of the target selection of this M&A is evaluated according to the performance,and relevant suggestions are put forward for Chinese enterprises to choose the target enterprises of cross-border M&A.This study provides excellent reference for overseas mergers and acquisitions of domestic logistics real estate enterprises.The main achievements obtained through the case study of Vanke’s acquisition of Pros are:(1)The economic system,laws and regulations,market standards,etc.of the country where the target enterprise is located have a greater impact on the success of the M&A,and the M&A enterprise must have a full understanding of the business environment of the country where the merged party is located;(2)The selection of M&A target industries and enterprises based on resource base and advantage sharing is conducive to better realizing the strategic layout of enterprises and improving the success probability of M&A;(3)From the perspective of medium and long-term performance obtained through financial analysis,Vanke’s cross-border M&A target selection for GLP is relatively successful. |
