Study Of Factors Affecting Cross-border M & A Performance Of China's Listed Companies

Chinese enterprises are increasingly using transnational M&A gain advanced technology, enhance the competitiveness of their products, expand the international market, promote international influence, and also the cross-border mergers and acquisitions in emerging countries experience is not enough. In transnational M&A, how the performance of Chinese enterprises has changed, and which factors will affect our country enterprise of performance, there will be analyzed in the research paper.Through a brief review of the transnational M&A performance evaluation theory and the theory of the factors, the paper chose the enterprise financial index as the indicator which evaluate the performance of the cross-border M&A. Chose 17 Listed companies'M&A events from 2001 to 2008, through establishing comprehensive performance score model, using the principal component method to extract the three main factors and drawing the sample enterprises'comprehensive performance score of the year before the M&A, the year,the next year and the second year. Finally, we found that the performance presented a kind of such phenomenon, which first decline after rising in the four years, but totally, the performance didn't exceed the year before the M&A.Next, This article collected 21 manufacturing Listed companies' M&A events from 2001 to 2007, chose the international experience, M&A square asset scale, national cultural differences, host country development level, M&A scale and the right of the objects which were the explanatory variables and main business growth of the second year which was the explained variables. The empirical results showed that: international experience, M&A scale and the right of the objects, these three variables were the significant impact factors of the performance, while M&A square asset scale, national cultural differences and host country development level did not have obvious influence.Finally, to improve the performance of our enterprises'M&A, the article put forward the following recommendations:in the enterprise level, to enhance the capability of self-directed innovation, Strengthen investigation dynamics perfect talent incentive system and good resource integration after across-border merger and acquisition.