Superficial Research On Across Border Merger & Acquisition Of Chinese Listed Company

Since opening up and reform, China has achieved eminent success in its socialism market economy construction. Because Chinese governments at different level focus on improving economic development environment, much foreign capital has been introduced to China. It was reported that, in 2001, China, replacing of USA, become the first country for FDI introduced. But the only purpose of introducing foreign capital is to develop Chinese enterprises and form their own competition strength. Chinese enterprises, particularly the listed companies, have to take part in the international economic competition in order to increase and keep Chinese economic position in the international economy. After China's entry into WTO, foreign investors will switch from the former investing form, such as joint venture, solely investment to merger and acquisition those listed companies with good market performance in order to increase their market share in a quick way. Under this background, the writer chose the cross-border M&A of Chinese listed companies as research object of this dissertation in order to analyze and explore the cross-border M&A strategy of Chinese listed companies. Firstly, the writer analyzed the inevitability and probability of Chinese listed companies' cross-border M&A, dissertated the advancement of international operation and the superiority of cross-border M&A to setting up factory directly. Secondly, the writer analyzed the present actual situation and intention of cross -border M&A of Chinese listed companies, and pointed out the constraints and problems of present cross-border M&A of Chinese listed companies. Finally, with the analysis of performance of domestic M&A and cross-border M&A of Chinese listed companies, the writer presented the cross-border M&A strategy of Chinese listed companies, and prefigure the future trend of cross-border M&A of Chinese public companies.