The Research Of Perfecting The Financing System Of Cross-border Merger And Acquisition Of The Chinese Enterprises

With the rapid development of the integration of the world economy, and the development of science and technology, multinational company has become active day by day, the government has relaxed the economic control gradually, economies continue to deepen mutual infiltration, earth is becoming increasingly"small","the economy without border"is formed. Under existing production conditions, the market competition caused by the development of productivity is increasingly fierce, expand to global field. The wave of Cross-border Merger and Acquisition is forming and developing and then has become a current prominent feature of the world economy in the world economic background.With the development of Cross-border M&A in China, the financing of M&A began to be concerned by theorists. M&A also is especially Cross-border M&A activity needs strong financial support, financing is the key link in M&A, the quality of the financing is not only related to the success or failure of M&A but also has profound influence on the long-term development of the enterprises. At present, for the reason of financing method, financing conditions and financing decision, financing of Cross-border M&A of the Chinese enterprises are unsmooth. Therefore, it is becoming increasingly important to accelerate perfecting the financing system of Cross-border M&A of the Chinese enterprises by using the successful experience of other countries for reference, improving the financing conditions, innovating financing means and methods, and normalizing the financing decision of enterprise.This paper starting from current situation of Cross-border M&A financing of the Chinese enterprises, contrast the financing of Cross-border M&A of the Chinese enterprises and western enterprises from the capital source of financing, the selection of financing method, the function of intermediary in Cross-border M&A financing and the function of government in the financing of Cross-border M&A, and points out the existent four problems in the financing of Cross-border M&A of the Chinese enterprises, including the narrowness and singleness of financing channels, the seriously nonstandard operation in financing, the limited function of financing intermediary, and excessive intervention of government. In addition, this paper does a further analysis of the main reasons of these problems, including the imperfection of relevant laws and regulations, the immaturity of capital market, the unreasonable management structure of enterprises, the difficulties of financing from domestic commercial banks, and low-level service of intermediary.On that basis, the paper puts forward some strategies and suggestion to perfect the financing system of Cross-border M&A of the Chinese enterprises. The microscopic strategies and suggestion include standardizing the financing decision-making mechanism of Cross-border M&A, promoting the strength of M&A enterprises in the round, and broaden the financing channels of Cross-border M&A. And the macroscopic strategies and suggestion include accelerating the development and perfection of our capital market system, strengthening the support of the commercial banks for the financing of Cross-border M&A, making the intermediary play an important role in the financing of Cross-border M&A, and structuring a suitable policy environment for the financing of Cross-border M&A.