Research On Chinese Enterprises Behavior's Impact On Foreign Capitals' Merger And Acquisition Performance

Under the new situation of economic globalization and China's entry into WTO, cross-border M&A (Merger and Acquisition) has emerged as the main approach of Foreign Direct Investment (FDI), which is the new trend in the flow of foreign capitals during recent years. However, M&A investment only accounts for a small proportion of China's total utilization of FDI, which is incongruous with the means of the international capitals' flow. It is suggested that China should manage Foreign Capitals' M&A with rationality, while it adopts foreign capitals actively, reasonably, and effectively. Besides, to meet the tremendous challenges brought by the international companies' entry into Chinese market, Chinese enterprises must adapt to the new macro-environment, seek for a more reasonable behavior in the course of the institutional change, and try to create a win-win situation.The article is divided into four parts:The first part is on the theory of corporate mergers and acquisitions and an analysis of the current foreign mergers and acquisitions of Chinese enterprises characteristics and trends. At the same time, multinational corporations began new partnerships will be locked in the growing expansion of private enterprises, private enterprises are now in the proportion of the national economy growing, the desire of the international also very strong, foreign investment is gradually inclined operating system flexible, dynamic The private enterprises. The following are some views in the text also to private enterprises is a typical example of Wahaha to do with that.The second part is from the positive and negative sides of the acquisition by foreign investors of China's enterprises, and gives a judge the effect of foreign capital to purchase standards. Think: mergers and acquisitions of more mergers and acquisitions as the embodiment of the impact, but also on the multiple interests of the main game, some positive and negative effects to specific analysis, but did not determine the effect of a clear standard, not only the surface but also to evaluate the effect of the mergers and acquisitions business itself.The third part is the specific analysis of China's enterprises, both done a Game Analysis, and from China Characterization of corporate behaviour, before the preparatory phase of mergers and acquisitions, mergers and acquisitions and mergers in the implementation phase after phase of the integration of businesses affected. And with two typical cases of corporate behaviour lead to the effects of mergers and acquisitions.The fourth part is divided into conclude, by the above analysis, concluded that the acquisition of foreign capital enterprises deal with ways to ex ante: making the foreign mergers and acquisitions, mergers and acquisitions: the acquisition of foreign capital management by objectives and ex post: To improve the effect of foreign acquisitions a summary of logical order. At present, however, China's foreign enterprises show growing merger trend is not only state-owned enterprises, private enterprises and even some outstanding all have attracted more and more attention from foreign capital, in the process, as more mergers and acquisitions and capital operation mode changing innovation, and the behavior of Chinese enterprises in the acquisition process will be reflected in the more problems. These have determined that temporary measures will not become the basis for China's enterprises to conduct their own merger effect of the continuing needs to be further research.This paper analyzes the motivation and characteristics of M&A; Foreign capitals' M&A have positive and negative effects. An intensive research on the current foreign capitals' M&A was also carried out in this situation,motivation and effects by a case. After the analysis of theories and case, this paper poses the corresponding countermeasures on the stage of ahead of M&A, M&A and after M&A.