Motivation And Synergy Analysis Of Cross-boarder Mergers/Acquisitions Of Chinese Corporations

The world is now in the fifth wave of mergers and acquisitions. In the recent years, influenced by the fact that China enters WTO and the policy that encourages Internalization, Chinese corporations have been quite active in cross-border mergers/acquisitions and have raised a wave. A number of Chinese corporations access internalization by cross-boarder mergers/acquisitions while some failed. Though a deal of factors affect the success of a merger/acquisition, three of them are crucial: clear merger/acquisition motivations, reasonable estimate of possible synergy and successful integration.Scholars in China are at the beginning of cross-boarder mergers and acquisitions now. Theory researchers focus on introducing foreign scholars' achievements and then apply to Chinese corporations. Although Chinese scholars have made some achievements in positive researches of domestic mergers/acquisitions between public corporations, seldom of them have done any positive research on the synergy of cross-border mergers/acquisitions of Chinese corporations in the past years.After a review of researches, the thesis firstly analyzes characteristics and specific motivations of cross-border mergers/acquisitions of Chinese corporations. Secondly, it makes a statistic compare of operation achievements before and after mergers/acquisitions of Chinese corporations in order to get positive results generally. Thirdly, it makes a thorough study on Lenovo's acquisition of IBM's PC Department, and makes a positive research of the event by chasing Capital Market reactions. At last, the thesis discusses on some factors which affect the success of cross-boarder mergers/acquisitions and gives advices after the retrospect of the whole passage.