The Analyze Of Chinese Enterprise Cross-border M&A Performance

In recent years, with the rapid development of China's enterprises, more and more enterprises go out of the country. And among them, most of them belong to Chinese energy, services, consumer industries. They start to take the initiative to attack the overseas market frequently by cross-border mergers and acquisitions for overseas expansion. Then whether the cross-border mergers and acquisitions can really increase their level of performance, which is an issue that has begun to attract the business community and academia in today's strong concern. To address this issue, the paper will use these three methods of accounting study methodology, event study methodology and case study methodology to conduct in-depth theoretical and empirical analysis and research of the listed Chinese enterprises's actual performance of cross-border mergers and acquisitions.In this paper, the first part recalls the major theory of cross-border M & A, which introduces the domestic and foreign Research Status in the field of research , the system and methods for the analysis of the article. All of these laid a theoretical foundation. The second part firstly intruduces the history evolution process of foreign cross-border mergers and acquisitions, and then analyzes the development Status of current international enterprises cross-border mergers and acquisitions and key features; Subsequently, we take China, this merging developing country , as as the main subject which we study. And we intrude Chinese Cross-border M & A history evolution process and the development Status . And then put forward the exposed problem during the development. Then, the article analyze and evaluate the theory of performance of cross-border M & A, which specifically discussed two sides of the definition of performance and impact of factors. The third and four parts is the focus of this paper. The third part, first of all, analyze and evaluate the basic principles of accounting study methodology, event study methodology and case study methodology and their different characteristics and defect. After comparative analysis, we put forward the final proposed organic combination of three methods, and which is to study Chinese enterprises' cross-border M & A level of performance. The four part will be on the basis of last part analysis to accounting study methodology, event study methodology to test and analyze the selection of samples. First of all, this paper, from the operating results of cross-border mergers and acquisitions perspective," use a typical sense of financial targets to make a use of the factor analysis to establish a comprehensive score system. According this system , the overall sample and classification sample will be scored to evaluate their long-term integration of performance rating. Then, by using this event study methodology, we are from the perspective of the market reaction to study the incident response of the stock in the capital market. By investigating the impact of the main shareholders' revenue impact of M & A ,we will spy the actual results. This section finally uses a methodology which is different from the fore empirical analysis of the statistical methods. This methodology is at the case analysis point of view (this paper, the Industrial and Commercial Bank merger), to analyze carefully the specific mergering incident. To seek to get the typical significance from the specific case of gains and losses, to dialysis the outstanding issues of Chinese enterprises in specific transnational mergers and acquisitions.The fifth part of this paper will use all above theoretical and empirical analysis and research results to evaluate Chinese recent performance level of cross-border M & A, and conclude that now Chinese enterprises cann't conduct a satisfied performance of cross-border M&A in the short term because of objective and subjective reasons. According to the problems which exist in Chinese enterprises' M&A, we put forward the related policy recommendations.