Research On The Performance Of The Chinese Enterprises' Overseas M&a

In recent years, the number and scale of Chinese enterprises'overseas mergers and acquisitions is increasing. The industries and fields in which they are involved are keeping expanding. And this becomes the important form of implementing the strategy of "going out". However, the performance of Chinese enterprises'overseas M&A has become the focus of debate. Based on the empirical studies of Chinese enterprises'overseas M&A performance, this paper is trying to answer the question and to provide countermeasures so as to improve the performance and the success rate of Chinese enterprises'overseas M&A.The content of this paper includes four parts: The first chapter demonstrates research object, the significance and the innovation. And the related research achievements at home and abroad are reviewed and evaluated. The second chapter summarizes the situation of our national enterprises'overseas M&A. It relates the FDI theories, analyses the motives of overseas M&A, describes the history and current situation of Chinese enterprises'overseas M&A and emphasizes the traits of overseas M&A. The third chapter is an empirical analysis of the performance of Chinese enterprises overseas M&A. Using the factor analysis method, it establishes the evaluating system of listed companies overseas M&A from the profitability, operation ability, solvency, business structure and growth, makes the performance of domestic listed companies'overseas M&A in 2001-2005, and analyzes the performance differences in different industries, different holding ratio and different principal parts. The fourth chapter is to illustrate the conclusions and optimize countermeasures and suggestions for Chinese enterprises'overseas M&A.The conclusions of this paper is as follows: First, the performance of Chinese listed companies on overseas M & A overall is on the rise; Second, the performance of manufacturing enterprises is different, for the machinery, fabricated metal products, electronics and information industry trends to better performance; Third, the performance trend of holding companies and non-controlling enterprise was the opposite; Fourth, non-state-owned enterprises overseas M & A performance is better than the state-owned enterprises.The paper proposes three suggestions to optimize the Chinese enterprises'overseas M&A: For one thing, the government should further encourage and support qualified Chinese enterprises to "go out", and provide better policies and services for its overseas mergers and acquisitions; For another, the government should encourage the non-state-owned enterprises to participate in overseas M&A; Additional, the enterprises should be based on non-controlling M&A mainly.