A Study On Gross-border M&A Of Chinaese Enterprises

Under the trend of world's economic globalization, in order to strengthen its international competition position and promote the world management strategy, the multinational company brought about a great Merger & Acquisition wave in the global scope. As one of direct investments towards the other countries, Gross-border Mergers & Acquisitions is becoming a predominant investment instead of Greenfield Inverstment. At the same time, it also brought about an overseas Mergers & Acquisitions wave among the Chinese enterprises. The total amount of the Gross-border Mergers & Acquisitions is increasing continuously and always breaks the records. However, the comprehension and participation of Chinese enterprises in Gross-border Mergers & Acquisitions is not enough currently. The enterprises lack a sufficiency preparation to the choice of international strategic. The micro and macro factors, such as 1) the lower open degree on capital market, 2) the control system of exchange rate, 3) incomplete law system on related aspects, 4) the development stage of Chinese enterprises, have restrict the development of Chinese enterprises' Gross-border Mergers & Acquisitions. Therefore, a certain degree's study on Gross-border Mergers & Acquisitions refers to related theories, development, reasons and status in quo is necessary to the guidance of internationalized management of Chinese enterprises, participating the world's competition and also the healthy and sequential development of China's economy. And the study on the phenomenon of Gross-border Mergers & Acquisitions has particular meanings to judge new trend of world's economy for Chinese enterprises.This paper had adopted combinatorial methods to analyze phenomenon of Gross-border Mergers & Acquisitions in home and abroad on the basic of FDI and M&A theories, such as the combination of theory and demonstration, the combination of micro and macro phenomenon. The paper is divided into five parts. The main content in Chapter 1 is the purpose and meanings of this study and the related research circumstances in home and abroad. Chapter 2 is in order to make a foreshadowing for the following parts. The contents conclude the definitions, category and related theories of Gross-border Mergers & Acquisitions. Chapter 3 had mainly analyzed the process of Gross-border Mergers & Acquisitions and the key risks in the process. In Chapter 4, the main content is about the historical development of Gross-border Mergers & Acquisitions in China and the whole world and its special reasons and...