An Empirical Study On The Performance Of Cross-border M&A Of Chinese Listed Companies

The surging trend of economic globalization has driven the rapid growth of international capital flows. The fast growth of foreign direct investment (FDI) is the most significant characteristic in the changes of the pattern of international capital flow. Mergers & Acquisitions (M&A) has become a main investment vehicle for cross-border transactions worldwide in the recent years. It also has been the driving force behind the rapid increase in global foreign direct investment flows.The earlier Mergers & Acquisitions activities occurred in the United Stated, and most of them were in the periods of continuous economic increase. The experiences of the US, Japan and EU demonstrate that multinational enterprises improve their own advantages by means of M&A in severe global competition. And in China, under the background of economic globalization and China's entrance of WTO, more and more enterprises have been in transnational operation these years. Cross-border M&A has become the main investment vehicle in FDI of China. On the other hand, the discussion on whether the performance of M&A is good or not has never stopped all over the world, different economist holds different idea. The author tries to deals with the performance of cross-border M&A of Chinese Listed Companies.The thesis begins from the background and the scope of the study, and introduces its brief contents and methods. Then the author reviews the main theory on cross-border M&A and the actuality of overseas and domestic research on which the whole analysis can be based.Combining the practice of cross-border M&A of Chinese Listed Companies, the second section analyzes the causes and the features in 2004. At the same time, it also points out the influence factors of the performance which will be used in the empirical study.The third section is the empirical study of chapter 3 and 4. Selecting the Chinese listed companies whose cross-border M&A happened in 2004 as samples, the cross-border M&A performance are tested from whole to group. Accounting Study...