The Evolution Of Capital Market And The Development Of Cross-border M&A

To obtain the endogenous enterprise advantage in international market is cross-border M&A' general intention. The successful realization of a cross-border M&A lies on the management ability of corporation and the transaction efficiency of property right After comparatively analyzed the history of American corporations' tidal wave of cross-border M&A and the evolution of securities business, we found the mechanism of how securities business effect cross-border M&A: share-price mechanism and take-over mechanism of capital market effect the management ability of corporation ; the affection mechanism of transaction efficiency rest with the financing and venture value function, and the efficiency of investment bank.The differences between China and developed countries in cross-border M&A are great .The key reason is that the finance lever does not start-up in China. This article gives some advice on how to develop the M&A-finance in China: Offer political supports to financial institute; actively extend asset-ability, ect.