The Comprehensive Evaluation On Chinese Enterprise Cross-border M & A Effect

With the fast process of economic globalization and expansion of economy scale, Cross-border Mergers and Acquisitions as the form of multinational enterprises improving their own advantages, is becoming a main investment vehicle in FDI. By the influence of the global financial crisis, the asset prices in international market diminishing greatly, it is a good opportunity for Cross-border Mergers and Acquisitions of Chinese enterprise, especially with the macro situation of"Go Abroad"policy of Chinese government, RenMinBi's appreciation and abundant foreign exchange and the strong demand on raw materials of Chinese market.Cross-border M&A expansion of Chinese enterprises has become an irreversible trend. China's overseas M&A volume in 2009 is 4339 billion dollars, just below the United States and France, ranked third in the whole world.What are the effects of so many Cross-border Mergers and Acquisitions activities; Dose it improve the company's operating performance; How to evaluate the Chinese enterprises to conduct cross-border mergers and acquisitions effectively; And what are the factors that Chinese enterprises should pay attention to in cross-border M&A for the winning. These have become the issues that we need to think about seriously. This is the study motive of this thesis.In this thesis, the following two points will be adopted to study the economic performance on CM&A by Chinese enterprises: firstly, with the stock data of Chinese listed companies, Accounting Study Methodology will be used ,from the perspective of cross-border mergers and acquisitions of financial performance, based on the theory of maximizing the interests of stakeholders, selecting a typical financial indicators, using principal component analysis, to establish a comprehensive evaluation system for classification of the overall sample and the category sample for examining the M&A performance in the study period.Secondly, at the case analysis point of view, combining with strategy, motivation, whole processes of Mergers and Acquisitions, analyze the specific M&A event carefully to seek to get the typical significance from the specific case of gains and losses, to dialysis the performance and the outstanding issues of Chinese enterprises in specific transnational mergers and acquisitions. At last, based on the fore empirical study on the Performance of Cross-border M&A of Chinese Listed Companies, the author puts forward the problems and the suggestions for improving the performance of Chinese enterprises in the future.