Research On Cross-Border Mergers And Acquisitions Of Telecom Operators

From the end of the 20th century till now, there is a fifth of global M&A wave .In the wave, a high incidence of cross-border M&A cases of telecommunications industry involved a huge scale, particularly noticeable. Some telecom operators have grown up to be world-class telecommunications operators, such as Vodafone, BT, Telephonic, SingTel, etc.Meanwhile, facing fierce global competition, China's telecommunications industry has drawn up a "Go-Out" policy. After years of rapid development, China's telecommunications market has been saturated. Telecom operators have to seek sustainable development into the broader overseas market. And transnational operations have become a necessity. China Telecom Operators have begun a cross-border M & As attempts, but repeatedly rebuffed little success.For many years, carriers have received the restriction of domestic telecommunication market and capital market development degree, degree of opening, market environment, and legal environment. Our operators lack the knowledge, talent and ability of pluralistic capital operation, especially in controlling and "merging" such risky capital operation means. So there is greater disparity with main carriers of the world.Through analyzing the classic cases of cross-border M&As of telecommunications operators, this paper hopes to provide specific suggestions for the implementation of the strategy of cross-border M&As, in order to promote the development of China telecommunication industry.This paper is divided into three parts:The first part is theoretical analysis of the cross-border M&As telecom operators.The second part, recent activities of the cross-border M&As telecom operators are briefly reviewed. Sum up the characteristics and patterns of cross-border M&As Telecom Operators, providing valuable experiences and lessons for China Telecom Operators.The third part is the focus of this paper. Firstly, China Telecom Operators "going out" attempts are introduced and summed up. Secondly, there are the issues of analysis and discussion related to summing up experiences and lessons. Finally, Recommendations of the internationalization of China Telecom Operators cross-border M & As are presented.The innovations of this paper are reflected in the following three points. First, the theoretical aspects of cross-border M&As have many achievements; however, it is a new attempt to have cross-border M&As of telecom operators as the research object. Secondly, combining the features of the telecom industries, this paper analyzes the adaptability of the cross-border M&As theory. Finally, more specific proposals for the application of cross-border M&As' strategy have been put.