Cross-border Mergers And Acquisitions: Motive,Function And Performance--From Economic Analysis On The Listed Chinese Companies

In the 1990s, the number of cross-border mergers and acquisitions and its total value has reached the peak. Nonetheless, cross-border mergers and acquisitions is still new. The research on it stays in the primary phase. This thesis mainly deals with the cross-border mergers and acquisitions of the listed Chinese companies.The first section expounds the motive of cross-border mergers and acquisitions. Cross-border mergers and acquisition has two characters: on the one hand, it is a kind of mergers and acquisitions; on the other hand, it is a kind of foreign direct investment. Consequently, neither the theory on mergers and acquisitions motive nor the theory on foreign direct investment can explain the motive of cross-border mergers and acquisitions completely. This thesis analyzes how the previous two theories operate in the cross-border circumstances and explains the motive of cross-border merger and acquisition of the enterprises in developing countries.The second section is the function research on the foreign mergers and acquisitions of Chinese listed companies. Firstly, it deals with the evolution of the relevant laws and regulations of the foreign mergers and acquisitions in China and the problems and the resolution. Secondly, it discusses how to improve the corporate governance of the Chinese listed companies by foreign a mergers and acquisitions. Thirdly, it deals with the present and the future modes of foreign mergers and acquisitions of the Chinese listed companies.The third section is the research on the foreign mergers and acquisitions achievement of the listed companies. It analyzes the mergers and acquisitions performance with financial method and comes to the conclusion that the companies have got bad financial results during the first year after the mergers and acquisitions and much better results during the second year.