The Financial Research Of Chinese Enterprises Overseas M & A Activities

With the acceleration of the process of global economic integration, the wave of cross-border mergers and acquisitions are setting off too, M & A has become the internal driving force and the basic mechanisms of the national economic structure readjustment. Many large enterprises pursue low-cost expansion through mergers and acquisitions. From a certain business, acquisitions represent a new industrial strength, this makes global production getting into a new height, In short, corporate mergers and acquisitions have become the tide of economic globalization trend. However, Chinese enterprises overseas acquisition happens about 100 years later than that of the Western countries enterprise. There are many theories and practical issues have to be resolved, In recent years, CNOOC's failure of acquisition of Unocal, Haier's withdraw from the Maytag acquisition, TCL got a huge losses after the acquired of French Thomson's color TV business and Alcatel mobile phone business, the stock price of Lenovo fell 21% after the acquisition of IBM PC business, all of these have indicated that the Chinese enterprises overseas acquisitions is not yet mature, cross-border mergers and acquisitions of Chinese enterprises still have a long way togo.This paper intends to do some analysis on financial issues during an overseas M&A activities, hope to help the decision-making of Chinese enterprises overseas mergers and acquisitions.The frame structure of the full paper is as follows: The first part is the research background, research approach and research meaning; The third part is mainly merger theory and theory of transnational mergers and acquisitions; The fourth part is characteristics describing of Chinese enterprises overseas acquisitions; The Fifth part is the statistical research of Chinese enterprises overseas acquisition performance of listed companies, the selected works have fetched 21 activities as the sample, use certain indicators to assess the enterprise performance during the three or four years after the happening of mergers and acquisitions and find that acquisitions performance have a big difference between different industries. The sixth part are some financial analysis of the oil companies acquisition case, to sum up some conclusion of a mergers and acquisitions activities from a financial point; The seventh part is some suggestions for Chinese enterprises overseas acquisitions.