On The Study Of The Road To The Chinese Manufacture Industry From The Perspective Of The Cross-border Mergers & Acquisitions

Cross-border M&A which is in large scale and sum ever infrequently in history emerges in endlesssly since the mid of 1990's. In 1995 the investment of global cross-border M&A which came to 56.2% exceeded Greenfield investment for the first time and became the leading mode of FDI. In 2000 the sum of global cross-border M&A which was 90% to the total sum of global FDI, was 1, 144 billion US dollars. Comparing with the former global cross-border M&A, the sum and scale of cross-border have increased in a large scale and take on a constantly development. After China's entry WTO, cross-border M&A in large scale in both inner-industry and cross-industry has become the focus of the market of M&A and one of the leading modes of FDI with the industry admittance of foreign investment .This kind of M&A will spread in different industries successively. After China's entry WTO, the trend of global cross-border M&A is coming nearer and nearer and regulates the capital stratagem and management of Chinese enterprises.Chapter one is the introduction, centering on the research background, objectives, and methods adopted and mentioning briefly the research findings both at home and abroad. Chapter two discusses the relevant theory .The third chapter firstly analyze the motions of cross-border M&A in manufacturing. Secondly, it discusses the two choices of MNCs' investment, which namely, cross-border merger and acquisition (M&A) and Greenfield investment. The fourth chapter focuses on the exposure and income of M&A in manufacturing.The last part of the thesis firstly describes the cross-border M&A situation of Chinese manufacturing, secondly discusses the essence and advantage of introducing the cross-border M&A into China. Especially the new code on foreign M&A which promulgated by the government indicates a new era of foreign M&A in china capital market. Then proposes that with the cross-border M&A opening and competing is the only way for Chinese manufacturing enterprises.The scale of China attracting foreign investment has been expanded in these recent years. But the share of M&A to FDI is very small. Recently, Chinese Government has promulgated some laws and regulations relate to foreign investment M&A, in which fully embodies Chinese government's confidence to foreign investments. Contemporarily, the 2003 top forum of foreign investment M&A Chinese enterprises also shows that cross-border M&A is increasingly becoming an important mode of attracting foreign investments. But at present there're seldom successful cross-border M&A cases in China, and some special institutions are also in the study of the subject. Therefore, I just take a tentative but interesting study and make bold exploration, inference, and creation. A lot of defects are inevitable exit in the thesis. However, the thesis should of value for the freshness of the research.Thanks for reading and welcome your advice.