The Research On Chinese Enterprises' Cross-border M&A

Chinese government realizes it should implement the "Go-Out policy"in order to catch the international market while importing foreign capital to develop domestic economy. Cross-border M&A is becoming a kind of important practice form that Chinese enterprises implement the 'Go-Out policy'. By 2004, the Chinese enterprises'cross-border M&A even developed into the condition like a raging fire. But in general, China's enterprises'cross-border M&A has just begun, and is still at primary stage. On one hand, to domestic enterprises wanting "go-out"through cross-border M&A, how to implement cross-border M&A lacks corresponding theoretical foundation and guidance effectively. On the other hand, it needs solving urgently too how to construct the supporting system on Chinese enterprises'cross-border M&A. This essay has explained the basic theoretical question of cross-border M&A at first. On the basis of defining cross-border M&A, it points out general M&A theory and FDI theory both are the theoretical foundations of cross-border M&A. Meanwhile, it drew to some foreign scholars'theory achievements on cross-border M&A, and the author made comments to it. Then it has reviewed the development course of Chinese enterprises'cross-border M&A , analyzed the strategic reasons of Chinese enterprises'cross-border M&A , and sought problem cruxes from the failure lessons of Chinese enterprises. According to the problems existing in Chinese enterprises'cross-border M&A, separately from reinvent of the merger and acquirer, the selection of target enterprise, expansion of financing means, culture integration after M&A, it tried to find the way to solve the problem. Finally, it constructed the supporting system on Chinese enterprises'cross-border M&A on the basis of analyzing external obstacle met, and sums up the whole one.