The Study On Performance Evaluation Of Creative Assets Acquiring Cross-border M&A

Mergers and acquisitions are effective ways for the company rapidly expanding enterprise scale in a short period of time. As early as in the mid-19th century; there are large-scale mergers and acquisitions in the global. Cross-border M&As start slowly in China comparing with domestic M&As. However, financial crisis gives great opportunity for Chinese enterprises to do overseas M&As. Because of financial crisis foreign corporate assets has shrunk dramatically.The shortage liquidity and high costs an well as shrinking demand make a lot of overseas business in trouble.When the economic has declined in the developed countries, due to the strict control of foreign exchange and finance the developing countries get less losses, which actively engage China investing into developed countries to get brands, technology, and other intangible assets. Compared to domestic M&As of Chinese enterprises overseas acquisitions even more unsophisticated, however, overseas M&As is conducive to the establishment of international competitiveness and industrial structure, which can improve China's influence in international community.Chinese enterprises use Cross-border M&As acquiring the target companies' brand, technology, marketing network and management ability to build global competitive advantage. Therefore, Chinese enterprises'Cross-border M&As showed an obvious feature, which is compensating enterprise disadvantage and geting creative assets. In reality, however, is how to evaluate the ability of the business to get creative assets? Whether Cross-border M&As can get the creative acssets such as brand, technology, marketin network and management ability? What factors will affect the transfer of such resources? Different characteristic of resources have the difference transfer mechanisms?Around the above problems, I would like to examine creative assets acquiring degree in cross-border M&As and obtain the effect factors.On the base of reviewing the researchs and theories of creative assets, cross-border M&As and M&A performances evaluation,I find that the vast majority of the literature using event study methodology or accounting method on the stock price or financial indicators to evaluate cross-border M&A performances, which have not well combined with acquisitions motivation. Whether cross-border M&As on creative assets acquiring have got complementary advantages and creative assets needs to examine from another angle. Productivity is a great measurement criterion for enterprise performance. Michael Porter pointed out that a country's competitiveness lies in the level of productivity of its enterprises. Therefore, The dissertation from the perspective of productivity to evaluate the performance of cross-border M&As.Firstly, the dissertation using data envelopment analysis to measure the technical efficiency and technological progress of cross-border M&As on creative assets acquiring of listed companies, and then examine how the characteristics of M&A transactions, mergers and acquisitions corporate, and the host country affecting technical efficiency, technological progress, as well as overseas income.In the empirical study, the following conclusions were drawn:(1) Cross-border M&As are favor of technical efficiency and technology. This enhance effect has a certain time lag, When M&As completed after three years, the enterprise technical efficiency and technology significantly upgrade.(2)The M&A strategy has an important impact on technical efficiency.Horizontal merger enhances the technical efficiency. The overseas market has a significant positive effect on the technical efficiency.(3) The host country competitiveness index, M&A equity and overseas listed have significant positive impacts on technological progress. The stronger competitiveness of the host country means the higher technical resources in host country, which promote the technological progress of the M&A business.(4) Comparing influencing factors of technical efficiency and technological progress, it found that the host country's macro-level factors, such as the Economic Freedom of the host country, the cultural distance and the global competitiveness index have important influences on technical progress, but little effect on technical efficiency. This shows that M&As in developed and stable countries can achieve more technological progress.(5) The ownership structure is not significant, but has a significant moderating effect on M&A performances.Around the empirical results, the dissertation proposed some way Chinese enterprises need to pay attention in cross-border M&As, such as selecting a suitable acquisition strategy and acquisitions scale.Also, the enterprise can liste overseas to carry out cross-border M&As, and select a different host country according to the purpose of M&As, and focus on post-merger integration. Pointing out that Chinese enterprise can choose different country with different merger motivation.If the cross-border mergers and acquisitions wants to obtain the technical resources of the target company, then it can select target company in rich technical resources, low level of economic regulation, high degree of freedom countries. If the business is to enhance the management capacity and knowledge, then the business needs pay more attention to their own characteristics and existing resources because he role of the host environment is weaker. In addition, the companies should focus on post-merger integration strategy and leverage the synergies of mergers and acquisitions.